Welcome to the CRE Clarity Podcast with Jeremy Goodrich. Our guest today is Joseph Cornwell, multifamily investor and the host of the Best Ever Podcast. In our conversation, we talk about Joseph’s transition from law enforcement to real estate investing, strategies for scaling a multifamily business, and tips for finding the right people for your business and stepping into a leadership role. Don’t miss this episode!
Learn more about Joseph and his story at creclarity.com!
“Real estate at the end of the day is a people business. If you understand the people part, you can have success in any area of real estate.”
01:00
Joseph started his career as a police officer in Cincinnati. After working 5 years, he realized that he wanted something different in life and found his passion in real estate investing. His law enforcement background equipped him with many interpersonal skills, such as conflict resolution and understanding people’s motivations, which have been useful in the real estate field.
As his real estate business grew, Joseph recognized the need to build and manage a team. He focused on creating strong and scalable systems, so his employees always have clear instructions and understand their roles.
“You’re never going to find someone who cares about your business as much as you do. And if you do, that’s a problem, because it’s your business.”
17:30
Joseph shares the key steps for transitioning from working in your business to managing it:
- Define your goals: Identify what truly fulfills you. Do you want to be personally involved in daily tasks, or scale your business?
- Find a scaling strategy: Discover alternative ways to add value to your company while delegating operational tasks.
- Find the right people and trust them with the right responsibilities. It’s a number’s game, so you will have to hire and fire people before you find the right ones for your goals.
- Build your team: Find the right people and trust them with the right responsibilities. Be prepared to hire and fire people often before you find the right ones for your goals.
“The Midwest is a “get rich slow” type of investment, and I think that’s a lot safer and reliable.”
24:23
Toward the end of the conversation, Joseph shares what he’s most excited about in the CRE world right now. He sees a revitalization in the Midwest markets as many millennials move to the suburbs. It’s a stable and growing market without significant ebbs and flows and rents are steadily increasing.
Finally, Joseph shares one point of clarity with the listeners. You have to be consistent in everything you’re doing. Once you have some foundation, don’t be afraid to expand markets, locations, and asset types.
About our Guest, Joseph Cornwell
Joseph Cornwell has lived near Cincinnati, Ohio his entire life. He is a host on the BEST EVER CRE podcast and is actively seeking to acquire single and multi-family rental properties. As a real estate agent, he works with investor clients and also owns and operates a general contracting company in Cincinnati, Ohio, specializing in large renovation projects for other investors.
Joseph has successfully flipped one home and currently owns 125 units across 15 properties. He possesses extensive experience in buy-and-hold real estate, creative financing, and has executed deals ranging from 1 to 99 units. Holding a license as a Real Estate Agent in Ohio, he has facilitated numerous commercial and residential transactions for clients, overseeing the purchase and sale of hundreds of investment properties over the past 7 years. Additionally, Joseph has managed millions of dollars’ worth of large renovation projects, both within his own portfolio and for other clients.
Mentioned in the show:
- His Facebook
- His Instagram
- His LinkedIn
- Best Ever Podcast
- www.shineinsurance.com/reiclarity
- The REI Clarity Framework
Need an instant insurance ballpark for your next Multifamily deal?! Answer 9 simple questions and we’ll give you a sense of what insurance should be. Visit us here for everything you need to know: https://www.shineinsurance.com/ballpark/
Special thanks to Joseph Cornwell for taking the time to share so many great insights with us
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Until the next time, We truly appreciate you listening.
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Show produced by Eni Horvath
