Episode 212: Johnny Wolff on how to Unlock Passive Wealth with Real Estate and Innovation

The REI Diamonds Show-Real Estate Investment Podcast

Episode: Join Johnny Wolff, Founder & CEO of HomeRoom Coliving, as he shares the keys to unlocking passive wealth through real estate and how to get a startup off the ground with no money and no experience!

Guest: Johnny Wolff, Founder & CEO of HomeRoom Coliving. Johnny's passion for making cities more accessible and livable for everyone led him to convert a single-family home to a group home for his friends, which sparked the idea of multi-tenant real estate investing – HomeRoom was born.

Big Idea: Today we are welcoming back to the show Johnny Wolff, Founder & CEO of HomeRoom Coliving! Johnny was previously on the episode 194 to discuss getting high return on investment with co-living rentals, and today we’re building on that conversation as we explore the strategies and techniques to achieve maximum returns from real estate investments and innovations. We'll also discuss how to launch a startup without money or experience, and delve into the major changes Gen Z will bring to the way we live and work, such as delaying marriage and living with friends into adulthood.
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Resources mentioned in this episode:
https://livehomeroom.com/
View the Episode Description & Transcript Here:

https://reidiamonds.com/johnny-wolff-on-how-to-unlock-passive-wealth-with-real-estate-and-innovation/

Dan Breslin: Johnny Wolff is the founder and CEO of HomeRoom Coliving. HomeRoom is a YC, that’s Y-Combinator funded real estate management and investment company that has built the technology and team in several well-selected real estate markets throughout the US to allow investors to amplify their real estate rental returns while minimizing vacancy. This can also be done at a distance which we will discuss on the show today. We are also welcoming Johnny back to the show as he was a guest on episode 194, and a lot has happened in that year and a half or so since he’s been on the show.
Today, we’re going to discuss how to get high return on investment with co-living rentals. We also dive deep on how important market selection and deal size can be in generating long-term investment returns and wealth. And we’re going to dive deep on how he and I both think about market selection as well as deal selection. Let’s jump right in. Welcome back to the REI Diamonds Show, Johnny. How are you doing today?
Johnny Wolff: I’m doing really good, Daniel. Nice to see you again.
Dan: Yeah, for sure. So, for listeners who have been around a while, I can’t remember and I will link to the show notes. I think it was about a year and a half ago maybe that we talked. For anyone who maybe didn’t check that episode out yet, why don’t we begin with the quick elevator pitch of business model, if you will, for HomeRoom in the context of the real estate investor audience and why that might be important to them.
Johnny: So, just a really quick two-sentence description is, we help investors purchase homes remotely and rent out each room separately. And the benefits for investors that are going to rent out each room separately and investment property that they buy, is that rents can be substantially higher because you’re chunking down the space, creating additional services for the for the tenants. And so, we’ve seen an average of between 30 and 60% more rent for investors using this model.

Johhny Wolff & I Discuss Passive Wealth:

• Strategies for building passive wealth through real estate investing
• Tactics for launching a startup without money or experience
• Insights into how Gen Z will shape future living trends
  

Relevant Episodes: (There are 212 Content Packed Interviews in Total)

• Getting High Return on Investment through Co-Living Rentals with Johnny Wolff
• Dave Foster on Avoiding Taxes Using 1031 Exchange Real Estate Investing
• Brandon Schwab on Boutique Assisted Living Homes
• Kirby Atwell on Founding a Luxury Home Investment Company