Jalal Abuimweis (@thekingofmiamirealestate) is a real estate mogul who has built a booming business in South Florida. He shares expert strategies to help you get started in real estate – or if you’re already in the game – to grow your portfolio WITHOUT breaking the bank. Some of his tips include how to make below-market offers that win, how to anticipate upcoming real estate trends and get ahead of them, who you should rely on for market advice, and how to diversify your holdings strategically. Plus, he shares his very powerful story of overcoming homelessness and relying on grit, hard work, and fortitude to build a sprawling business.
What excites him the most about the real estate game:
“I get this high when I get in the process of finding the deal and negotiating it and taking it from a ‘no’ to a ‘yes.’ That, to me, is the most exciting part.
The danger of not studying the market:
“For somebody who has been buying and turning over properties for years, it’s almost like they don’t know how to stop and that’s when they buy more than they chew because they neglect studying what’s happening … because what they’ve been doing has been working for years so they keep going along with it and then they realize they’re too deep in it.”
Should you seek advice before purchasing real estate:
“I think something that is really underrated, that I don’t think many people do properly, is to really talk to people who have been there before you, and understand how bad times get, and what did they do about it. And don’t just take advice on what they did, also take from their advice what they didn’t do.”
On making lower-than-market offers:
“Recently we started making offers on office buildings. We’ve never done that before. … I don’t underwrite anything! I see the listing at five million, I make an offer at two-and-a-half. It’s ten million, I make an offer at five. And if they answer back, then we underwrite. Because if they’re willing to respond and they’re willing to work with me on the numbers, then I’ll actually underwrite, and we’ll make a proper, better offer. So, my advice would be to make good offers that serve you.”
On being homeless:
“After I got fired by Grant (Cardone), I went to get my real estate license. As a realtor, you do not get a salary. So, between the day I got my license and the day I got my first deal which made me about $1,400 bucks and it was a rental, there was eight months where I slept between my car and the office where I had my license. … I am pretty grateful for the experience. It plays a big part in where I am at today.”
What was life like growing up in Jordan:
“Life in Jordan was amazing. I got what I wanted from it on a personal level. Didn’t learn much about money, other than I was trying to sell candy in school and stuff. But I got all the nurturing I needed there – the family, all the good stuff. The foundation, which is technically very much more important than the money.”