Tom Berry | Everything You Need to Know About Wrapable Notes
Tom Berry is an established, seasoned real estate investor and teacher in the greater Houston area. Tom did not achieve success overnight, rather his story is one of humble beginnings. Surprisingly, Tom’s career did not start out in real estate. His initial career path was in corporate management and sales. Like many, Tom dreamed of self-employment and to establish long-term wealth. He decided to take the risk, left his nine to five, and started his first company.
The success was short lived as he soon experienced the financial crash in 2007, forcing him to close the doors on the financial service firm. It was after this that he ventured into the world of real estate investing and he’s never looked back.
Today, with over a decade of real estate investing, Tom is the Founder and Principal Owner of Tom Berry REI, Edgewater Property Management, Galco Properties, an off-market wholesaling company. President and Owner of The Wealth Club, a REI networking and educational organization, a Partner with Prosperity Real Estate, a coaching and mentoring program, and a Partner of an Asset Based lending company, Investor Loan Source.
His courage to pursue his dream allowed him to drastically change everything about his life, and his family lineage. He encourages other entrepreneurs to do the same. “All the businesses I own today were inspired by the challenges I faced when I was starting out. I made a ‘one stop shop’ because that is what I needed; it’s what I wished had been available when I started investing.”
Investor Loan Source was indefinitely created by this asset-based 100% asset based lending, no income or reserve requirements. ILS also provides loan options statewide that aren’t available anywhere else or are underserved in the marketplace. Tom Berry is consistently creating unique and innovative resources to meet the needs of today’s real estate investor.
What you’ll learn about in this episode:
- How Tom and his wife overcame the financial crash which took everything from them
- The markets Tom focuses on with his investing strategy
- How Tom developed the wrapable note
- The wrapable note: what it is and how it works
- Investing in real estate without having a lot of money up front
- How real estate laws differ in several states
- How long it takes for a deal to close with a wrapable note
- What private lenders are looking for in collateral before lending capital
- Tom’s advice for creative investors and young entrepreneurs