EP002: Why a Florida Investor Buys Rental Properties in the Midwest [Case Study with Tom Krol]

If you’re ready to build financial freedom through real estate investing, it’s important to invest in the best markets. More often than not, that means purchasing investment properties outside of your backyard. Here to share how he overcame the hurdle of wanting to run his business from his home in Florida is Tom Krol!

Tom Krol is a real estate investor who, until recently, focused primarily on wholesale real estate. Today, Tom earns a passive income for his family by investing in buy and hold properties with Morris Invest.

On this episode of Investing in Real Estate, Tom is sharing his experience getting started in buy and hold real estate, and what he learned from purchasing investment properties in the most profitable markets. You don’t want to miss Tom’s insight into the world of buy and hold real estate!

More About This Show
Tom got his start in real estate after he lost his job; he knew it was time to make a significant change. He saw his brother was profitable in the industry, and he decided to replicate that success. Tom began purchasing wholesale real estate properties.  

Although he considers this enterprise a great adventure, Tom wanted to stop trading his hours for dollars, and start building a passive income for his family.

That’s when Tom read The Millionaire Real Estate Investor by Gary Keller, and decided to make the jump. Tom purchased his first buy and hold real estate investment in his Florida neighborhood.  

Quickly, Tom discovered the drawbacks of owning properties in his own backyard. He found that investing close to home wasn’t the most cost-effective choice, nor did it contribute to helping him reach his goals.

In the last few years, Tom has expanded from that first rental property in Florida to owning eight rental properties, primarily in the Midwest.

On today’s show, Tom and I discuss the importance of acquiring properties in the correct market, and how to manage your properties based on your lifestyle goals. Tom gives his advice for new investors, and we also talk about why it’s important to be detached from your properties.

Don’t miss this episode of Investing in Real Estate to hear more about why Tom considers buy and hold real estate investment life changing, and what happened when he tried to manage his own properties.

If you're ready to begin building a passive income through real estate,

We’re ready to talk about your goals, and we want to help you earn legacy wealth for you and your family. 

On this episode you'll learn:

  •   How identifying his Freedom Number helped Tom start producing passive income, and how you can too!
  • Why hiring a property manager can be a game changer in your investment properties.
  •  The difference between wholesale real estate and buy and hold real estate.
  • The importance of being unattached from your investment properties.
  •  The two major problems with purchasing properties in your own backyard.
  • And much more! 

Episode Resources
Tom Krol’s website
The Four Spiritual Laws of Prosperity by Edwene Gaines
Like Morris Invest on Facebook
Find your Freedom Number!