Fat Property - how did the guy do this? Share your story!

8 Replies

A girlfriend of mine lives at a property recently bought by Fat Property.  It used to be owned by a developer in Houston named Randall Davis who I've got to meet a few times.  I've never heard of Fat Property till I saw this (image).  I called my friend who lives there and asked if anything is different at the property.  She said no, except they can now pay online, work requests online, and stuff like that.  I asked if she met the owner and she said no, but the manager there said he comes in every now and then in shorts and flip flops so maybe she missed him.

Anyway, since this is what I want to do (buy cool buildings), I look up Fat Property.  Silly name yes, and it seems like it's just owned by some guy.  And when I say 'some guy' I mean it's not a big company or investment group.  This just seems to be some guy buying properties.

My first thought is "bullsh**".  As in, this is a group that's pretending to be 'some guy' as a regular guy doesn't buy 1500 units (that's what they claim to have).  But then I thought "why would they do that?".  Though I have my doubts.

Given my dream is to build up a portfolio of cool properties, many like the ones he has, can someone tell me how the heck someone does that?  I mean, is there a path?  Like start with wholesale, after being a wholeseller you fix and flip, then rehab, then burrr then buy and hold then?   Or is it just bough one, sell it, buy a bigger one, sell it, etc.

Can anyone that has built a portfolio of 100's or 1000+ units share your story about how you did it?  I'm not talking about people who had parents that left them $10m or people who sold a san francisco or los angles startup for $1b.  But someone that literally bought a first small property and grew.  I've looked at podcasts on this site (I'm a long time lurker) and books but there are not many stories like that and I'd love to hear them. There are books on syndication but I'd like to stay away from that.  I want to buy these on my own.


Cheers,

John

another link 

Sure it's possible. There are two ways: Start rich and buy a bunch of properties, OR, read, learn, network and take action. Lots of people grow massive portfolios by finding and negotiating great deals and selling off notes against the properties rather than offering equity, which is how one person could do it alone. There are plenty of private lenders out there who are happy to lend to investors who are good at what they do. 

The owner of Fat Property posts in the Houston forum all time. He owns 1000 plus doors in the city. Hit him up he’s usually willing to talk shop or share expertise on the forums. 

Originally posted by @Ryan Johnson :

The owner of Fat Property posts in the Houston forum all time. He owns 1000 plus doors in the city. Hit him up he’s usually willing to talk shop or share expertise on the forums. 

 Thanks.  I'll go try to find a post.  It's under Fat Property?

Originally posted by @Corby Goade :

Sure it's possible. There are two ways: Start rich and buy a bunch of properties, OR, read, learn, network and take action. Lots of people grow massive portfolios by finding and negotiating great deals and selling off notes against the properties rather than offering equity, which is how one person could do it alone. There are plenty of private lenders out there who are happy to lend to investors who are good at what they do. 

Thanks.  I saw an 8 unit that looks perfect.  Looks boring but I can change that!  Doing the math I think I could come up with the downpayment.  So I think maybe I'll just jump in.

 

@John L. Jumping in is the only way to make the magic happen! Find a local investor with some experience in the sector you want to join and ask them to advise you along the way. There are plenty of people out there who'd love to help you for the cost of a cup of coffee or a sandwich. 

Originally posted by @Corby Goade :

@John L. Jumping in is the only way to make the magic happen! Find a local investor with some experience in the sector you want to join and ask them to advise you along the way. There are plenty of people out there who'd love to help you for the cost of a cup of coffee or a sandwich. 

 Thanks Corby.  I have just two townhomes but I am talking to a guy about an 8 unit that seems to work.  That'll likely be my first multi.  I talked to two lenders that'll do it and I think I can scratch up the downpayment.  One is lower rate, but he's recourse vs. non recourse.  I'm trying to figure out just how much 'non recourse' is worth to me.  I think for almost 1/2 point I'd chose recourse. 

Originally posted by @Caleb Heimsoth :

@John L. The owner of this company is on Bjggerpockets, he posts quite often but I think it’s in spurts

 Thanks Caleb.  I searched Fat Property and didn't see anything but I'll keep my eyes open. 

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