FBF #695 Building Massive Income Streams buying distressed Retail Shopping Centers – with Thomas Jorglewich
Today Flashback Friday episode si from #33 that originally aired on Aug. 17, 2014. Commercial Real Estate Investment expert and the President of Toben Partners, Thomas Jorglewich, started out his real estate career as a sales broker with the Marcus and Millichap. Within a few short years, Thomas realized that although he was making great money as a broker he would never reach the point of financial freedom he strived for unless he got on the other side of the table and started owning real estate versus just selling and making commissions. The next step Thomas took was quitting his job at Marcus and Millichap and taking a position with one of his previous clients, an investor who owned and operated over 1 million sq. ft. of retail space – this was how Thomas would learn the ropes. It wasn’t long before Thomas began building his own RE portfolio and making a name for himself in this industry niche. Thomas currently owns/operates over 100,000 sq ft of retail space, has completed multiple successful ground up developments as well as distressed turnaround deals, and has become quite successful in the opportunistic and value-add retail shopping center space. Toben Partners main focus is strip and neighborhood shopping centers from 10,000 to 50,000 square feet in size in the Northern Atlanta Market In this episode, Thomas will pull back the curtain and talk to us about investing in retail shopping centers and why he feels that any active investor looking for a “TRUE” passive income stream and secure returns should strongly consider adding this investment to their real estate portfolio. In this interview with Thomas you’re going to learn: · Why Thomas prefers retail property types over the other asset classes like multi-family, office, industrial · How getting his start as a commercial RE broker has proven invaluable to his overall success in the industry · How his boots on the ground effort and personal connections with his tenants has resulted in high occupancies at his centers · His unique approach to pre-leasing his spaces and the strategy behind his method · The key components he looks for when considering a new shopping center investment opportunity · Why he prefers to invest in his local market rather than expanding his business into new areas. · And much more…