Lifelong Entrepreneur Builds Real Estate Investing Business
Dan Gorman, a noted entrepreneur in the real estate industry, has a vast professional background. Although he graduated with a degree in electrical engineering, his first major accomplishment was founding United Property Group. This venture landed him a position as a big player in the business world.
Dan’s career stemmed from the influence of his early family life. His father was a home builder, which got Dan interested in construction. This led him to purchase 44 units of property near the University of Cincinnati. It taught him the ups and downs of the business. Eventually, he ended up buying a foreclosed 168-unit apartment complex in Ohio. This is the deal that cemented his life in property investment. Through the years, he has managed to buy homes and apartment complexes that have made him millions.
Gorman’s First Big Break
When Gorman was able to earn his first million, it was a turning point in his life and career. Until that time, he admits to never having more than $10,000 in his bank account. He explains that the most exciting part of his investing business was acquiring the 168-unit property. It lit a fire in him that made him feel internal success and made him realize how far he had come.
Over the years, Dan has fine-tuned his buying and selling strategies. He uses much of his profits to reinvest into other property deals. He explains to potential investors that opportunities are all around. “It is essential to keep your mind open to the possibilities that come from buying cheap, upgrading, and selling high,” Dan says. For example, he recently purchased a strip center that was a bit old. However, with a few changes, he transformed it into a thriving piece of property that attracts new tenants.
Investing in Dollar General Stores
Most people know the Dollar General store brand. These businesses are popping up everywhere. Gorman has acquired 12 of these properties. Thanks to the 15-year triple-net leases, Gorman believes that his risks are relatively low. His strategy is to analyze the market and the locations of his stores and to forecast how things are going to look down the road. Within a year, he plans to begin trimming his portfolio and shedding some of the stores that are under-performing or that are in extremely remote locations. These may be replaced with other properties. His advice to future investors is to update their portfolios with leases that do not expire simultaneously.
Mixing Things Up
Dan Gorman has been very lucky to enjoy success. Many people wonder why he has decided to invest in various sectors instead of one area that has brought him the most profit. He explains that he loves numbers. He relishes finding a smart deal and uncovering a way to close it. It energizes him like nothing else. He would love to be able to take a break and bask in the glory after closing a beneficial deal, but he is always drawn back in and continues to search for the next deal. The challenge keeps him going.
He explains that it is important to be prepared. When opportunity knocks, especially if it is something that brings a personal interest, you should never be afraid to pursue it. Dan has never been afraid to pursue something that piques his curiosity and that seems like an excellent deal. Even if success is not great, it provides an experience that teaches you what to do differently in the future.
Gorman continues to differentiate between the people who do nothing but save their money and the people who are willing to take chances. To Gorman, it is always possible to start over. This is why he is always willing to take a risk on a good deal.
Besides Dan‘s investing business in America, he has also established a company in Rwanda. Through this venture called United Property Group Africa, he has developed a way to build an affordable concrete home without much hassle or time. He began with four homes and is now on the verge of being approved to build a 200-unit neighborhood.
Words of Wisdom
Gorman has proven to be a successful entrepreneur and real estate investor. His years of experience allow him to pass on advice to others who are looking to begin an investing business. He believes in working with integrity. This includes integrity toward tenants and employees. He states that faith plays a large role in his dealings as well. He believes that everything works out in the end. However, he cautions people to walk away when a good deal cannot be made.
Dan understands that the financial market has changed drastically since he first got started. He advises others that growing a business requires getting chunks of money to make purchasing possible. Bank dealings are quite challenging. These institutions want to make sure buyers have “skin in the game.” His tip to help acquire cash involves flipping properties. Having a nest egg provides assistance when emergencies strike. For example, if a unit goes empty or a major appliance breaks, there is money available to cover the loss.
Dan explains that setting goals is important. If a person expects to own a large apartment complex, it is important to comprehend how much cash is necessary. Then, it is possible to establish a plan to accumulate this amount. In the end, this raises the likelihood of gaining success.
Thanks to the advice of Dan Gorman, other entrepreneurs may begin investing in real estate with success. Following his strategies and his experiences in the business world, it is possible for individuals who want to follow in his footsteps to achieve their goals.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.