Welcome back to another episode of the Richer Geek podcast, we have Charles Carrillo. He's the founder, and managing partner of Harborside Partners, he has been actively involved in over $200 million worth of real estate transactions since 2006. That is a lot of stuff, and under 20 years, he carries extensive knowledge and renovating, and repositioning multifamily, and commercial real estate. And he also invests in ATM's early-stage tech. And we'll get into some of that.

In this episode, we’re discussing…

• [1:36] Charles Carillo's Background

Started investing in real estate in 2006, initially with a three-family house, followed by various residential and commercial properties.

Actively involved in renovating and repositioning properties, particularly in multifamily and some commercial real estate

• [4:37] House Hacking

Charles explains house hacking, a strategy where you live in one unit of multifamily property and rent out the others.

Recommends utilizing FHA loans for 3-4 unit properties with a low down payment.

Emphasizes the financial benefits of living almost rent-free while building equity

• [7:15] Lessons from Self-Managing

Charles discusses the challenges of self-managing lower-class properties.

Stresses the importance of buying better properties in better areas for long-term success.

Highlights the significance of treating tenants fairly and building good relationships for successful property management

• [11:09] Pros and Cons of Self-Management

Charles talks about transitioning from self-management to third-party management.

Advocates for finding a balance, utilizing third-party management for operational efficiency while still being hands-on with key decisions.

Emphasizes the value of building relationships with reliable contractors, especially handymen.

• [17:27] Scaling and Transition to B-Class Properties

Charles shares the pivotal moment of transitioning to B-Class properties from C-Class for better resilience, control, and predictability.

Underlines the significance of having a solid management system and the ability to scale when working with investors.

• [18:08] Importance of Personal Project Experience

Advises against jumping into syndications without personal project experience.

Encourages investors to gain hands-on experience, learn from mistakes, and prove their ability to manage properties effectively before seeking investor funds.

• [20:46] Minimum Viable Product (MVP)

Charles recommends having a minimum viable product and showcasing a successful self-funded project before pursuing syndications.

Stresses the value of demonstrating competence to potential investors through personal experience.

• [23:27] Where to Find Charles Carillo

Charles provides information on how to connect with him.

Website: Harborside Partners

• [24:56] Podcast and Coaching

Charles hosts a podcast with strategy and interview episodes available on the website.

Offers coaching services, providing one-on-one guidance.

Resources from Charles

Resources from Mike and Nichole

Gateway Private Equity Group | Nic’s guide