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Old Dawg's REI Network with Bill Manassero

Welcome to the Old Dawg's REI Network where cash flow is king, real estate investing the means, so you can enjoy your retirement dreams! Your host is Bill Manassero who started investing in real estate at the youthful age of 58 years. In this show, he will share his real-life successes and blunders as he seeks his quest to acquire 1,000 doors/units in 6 years. This podcast is a fun, information-packed program that features knowledgeable, engaging guests who will provide practical and easy-to-understand tips on how to succeed in real estate investing. Geared toward 50plusers who are approaching retirement or already there, each episode addresses real estate investing in light of the challenges of retirement living and fixed incomes. Emphasis is on immediate cash flow, short-term strategies, passive income infrastructures and building a legacy for your family’s future. The show guests will include actual real estate investors, as well as industry experts, who share tips on how real estate investing is a viable means for generating additional retirement income now. You’ll hear from real investors doing real deals, making real money and building real wealth in the "perfect storm" of today's real estate arena. Whether you're a beginner, intermediate or advance investor, you'll learn not only the real world knowledge and skills you need today, but also the mindset necessary to grow your real estate portfolio at your pace -- to meet your investment goals. No hype, no sales pitches. Just the information, skills, mindset and insight that will help you succeed. To enjoy podcast episodes not shown here, visit http://www.olddawgsreinetwork.com.
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Jun 6, 2016

Hear how a brilliant Harvard educated attorney left a plush New York law firm to pursue real estate investing full-time.

About Jonathan

Jonathan Twombly is a graduate of Harvard College and Columbia Law School.  Since 2013, he has run Two Bridges Asset Management LLC, a multifamily investment platform based in Brooklyn, New York, focusing on long-term buy and hold acquisitions in the southeastern United States.  Two Bridges currently operates more than 400 apartments in the Carolinas.  Before forming Two Bridges, Jonathan was a partner in the multifamily investment firm, TRB Investment Group LLC.  Prior to entering real estate, Jonathan practiced commercial and real estate litigation for more than ten years at large law firms in New York, Boston, and London.  He lives in Brooklyn, New York, with his wife and two children

Additional information on his background

  • Practiced law for 12 years on & off
  • Did not enjoy being part of a large firm
  • Wanted to be able to be an “owner” over a “service provider”
  • Recession in 2007-08 left him with little work to do. Began researching real estate deals online in his slow period
  • At first thought REI would be something on the side
  • Had some real estate litigation experience but not much

His Light Bulb Moment

He didn’t really have a single “lightbulb moment” that said “real estate is it!” but gradually, through various circumstances and events began to realize that real estate investing was his best option.

His earliest interest in real estate

  • Disenchanted with life in corporate law.
  • Grew up around real estate. His father taught architectural history and would take Jonathan to look at interesting buildings in New York area.  He looked at lots of buildings.  
  • As a kid he used to like to look at the New York Times Sunday Magazine real estate listings and dream of owning one of those homes one day.

Looking for different career options

  • Considered management consulting.
  • Looked at finance and equities investing but saw big challenges – when the recession hit it was very bad.
  • Real estate investing seemed most viable and intriguing. Would look at properties online but it he thought, “How could I buy enough of the 2-4 unit buildings to replace my income and survive.” Thought multifamily was the way to go.

Making Contacts

  • Started networking to see what other opportunities were out there.
  • Commercial broker in New York said, the only way he'd make it in New York Real Estate is if someone with more experience asked to partner.  
  • A few weeks later, he met that person at a networking event who said they were forming a real estate investing firm and wanted him to partner.
  • He started his first real estate investment firm with that partner.

Forming Companies

Forms First Company But Short Lived

  • First couple deals did not go well – one the lender terminated. Another they terminated.
  • Partner had different approach and philosophy. Not so much a mistake but just different approach

Formed Second Company - Two Bridges

  • He knew if he formed his own company he could grow at his pace
  • More control of the deals
  • Able to leverage early experience

Types of Deals He Targeted

  • Off-Market
  • Only B&C class properties
  • Already stabilized
  • Already cash flowing well but can be improved
  • Close to other properties they own so they can share expenses with same PM firm
  • Can hold for 10 years

Where His Deals Come From

  • Established network of brokers in his target area that provide steady deal flow
  • Professional rehabbers

Investing Out of Town

  • Targeted southeast
  • Upstate South Carolina
    • Used 2010 Census info to determine the area was right for him
    • Population was growing
    • Had friends in Charleston to help build the team
    • Key investor contact in the area
  • Had to be fairly close to NY
  • Area had to be growing faster than the country as a whole

Goals for Current Business

  • Double size of portfolio in the next few years
  • Establish an investment fund and more later on
  • 5 years from now have first
  • Wants to get to the point where he can finance his deals with his own money

Advice for Those Getting Started

  • Whether you look at deals through syndication by sponsoring a deal or doing your own deals. Minimize risk.  Look at good cash flowing deal.
  • Avoid high risk, high reward
  • Buy the biggest property you can afford – economies of scale are better
  • Multifamily is preferred

Rap-Up-Session

How Can People Reach Jonathan

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