Ed Hermsen’s first multifamily deal fell in his lap, and he got it done fast.
But because that initial success came somewhat easy, Ed hadn’t taken the time to work on his mindset.
He didn’t have a morning routine. He hadn’t practiced writing down his goals. And no one was holding him accountable to take the next steps.
That’s why it took Ed a full two years to buy his second apartment building!
Ed is a former mortgage banker turned full-time real estate investor with a portfolio of four multifamily properties and two RV parks.
He is also the creator of Campground Ventures, a YouTube channel designed to educate investors on the ins and outs of RV parks.
On this episode of Financial Freedom with Real Estate, Ed explains why he’s the exception to the Law of the First Deal and describes what he did to get back into multifamily investing.
Ed opens up about why he’s self-funded all his deals so far, and we challenge him to overcome his fears around real estate syndications.
Listen in for Ed’s insight on the benefits of investing in RV parks and learn why you need MINDSET plus ACTION to grow your portfolio and achieve financial freedom with real estate!
Ed’s current real estate portfolio
- 4 apartment buildings, 22 to 100 units
- 2 RV parks in TX and NC
What inspired Ed’s shift from SFHs to multifamily
- Wasn’t building passive income
- Educated via Michael Blank platform
Why it took Ed 2 years to do his second deal
- Consumed by 9-to-5 in mortgage banking
- Lack of reflection and accountability
Why Ed finally got back in the multifamily game
- Wanted out of mortgage business
- Power of writing down goals, AM routine
Why Ed has self-funded all his deals to date
- Overwhelmed by paperwork, responsibility
- Doesn’t feel comfortable with legalities
How Ed might overcome his fears re: syndications
- Hire SEC attorney with expertise in field
- Automate processes with investor portal
Why Ed wants to consider multifamily syndications
- Likes winning and losing with others
- Has heart to help people grow
Ed’s approach to investing in RV parks
- Look for poorly run mom-and-pop parks
- Expand spaces available (45 to 212)
- Automate booking process
The benefits of investing in RV parks
- Mix of long-term and month-to-month
- ‘Make payment or gone’
What challenges Ed faces in running RV parks
- Must win over locals with clear rules
- Dealing with local municipalities
Connect with Ed Hermsen
Email [email protected]
Connect with Michael Blank
Email [email protected]