Ryan Twomey - 500 Units in 4 Years
Ryan Twomey is the co-founder and Managing Partner of TR Capital Partners, a real estate investment firm with ownership in over 500 Units. Ryan started in financial services before transitioning into a role as an operations analyst for the parent company of the NYSE. He decided to purchase cash-flowing real estate starting in 2021 and quickly pivoted to commercial real estate, specifically apartment buildings, where he found the most efficient path to financial freedom. He quit his day job and started pursuing real estate full time. He now lives a life by design, choosing to work when he wants, and spending time with his family.
In this episode, you will be able to:
- Learn how Ryan was able to unlock the path to financial freedom through real estate investments.
- Discover powerful real estate syndication investment strategies for long-term wealth growth.
- Maximize your returns with the tax benefits of real estate investing.
- Learn the essential steps to start and grow a successful real estate investment firm.
- Explore the strategies for scaling your real estate portfolio to 1000 units and beyond.
The key moments in this episode are:
00:00:00 - Investing in Large Properties
00:01:33 - Ryan's Background and Journey
00:03:23 - Why Real Estate
00:08:21 - Taking Imperfect Action
00:11:34 - Learning from Mentors
00:13:22 - Overcoming Setbacks
00:16:42 - Finding Investors
00:22:28 - The Power of Community and Intentionality
00:23:55 - Tax Benefits of Real Estate Investing
00:28:38 - Connect with Ryan and TR Capital Partners
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Read the full transcript:
Ryan Twomey
The more sophisticated people who have invested in a lot of these larger properties before are far easier to have a conversation on a deal specific level with. So for them, it's mostly do we operate the property well, what's our track record, you know, what returns am I going to get? And pretty much do we know, like and trust you? It's, that's more of a simpler conversation because they understand what, you know, syndications or group investing is.
Mike Swenson
Welcome to the REL Freedom show where we inspire you to pursue your passion to gain time and financial freedom. Freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together. Hello everybody. Welcome to another episode of RELl Freedom where we talk about building time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. If you want to get started on your real estate investing journey, check out our website, Freedom through Real Estate dot com. That's Freedom through Real Estate Dot com. We've got a lot of great information in there about people who have invested. All these great episodes that we record, the stories that people tell. And the goal is really just to inspire you. I think that real estate is a great opportunity for people to build wealth. My guest today will also back that up. But there's a lot of great opportunity here and it's about getting started, finding your path and kind of refining your path as you go. So please reach out if you've got any questions or you want to get started. So for today, our guest is Ryan Twomey. He's the co founder and managing partner of TR Capital Partners, an investment firm firm located out in Massachusetts. That's where you guys are primarily investing? Investing in a couple areas as well. Ownership in over 500 units. And your method is. Is syndication. So excited to hear your story, Ryan, and, and have you share with us.
Ryan Twomey
Yeah, for sure. Yeah. We recently got into syndication a few years ago. But just a little backstory to myself. I'm obviously the co founder of TR Capital Partners. I have one other primary partner that I work with among other people on our team. But I started my career in financial services doing wealth planning for all different typ investors. Later transitioned to an analyst role with the parent company of the New York Stock Exchange. And the jobs paid well, but they took up pretty much all of my time. So with the goal of working for myself and having complete control over my schedule, I began investing in real estate and scaling to have that income pay for my expenses and my lifestyle essentially. So we started small. We were Doing complexes and duplexes. We can see the light at the end of the tunnel per se as we scaled. But then we ran into all the landlord horror stories and we went through evictions, all the maintenance stuff. Pretty much drained our bank account. And so we knew we had to make a pivot in our business business plan. We hired a mentor business coach and revamped our whole entire process. And that's when we got into syndications. That was about two years ago. Since we've done that, my partner and I have both been able to quit our corporate jobs and we started that company, TR Capital Partners, where we've built up a community of investors that have acquired 574 units with a larger goal of getting about 1,000 units in that portfol over the next three to five years.
Mike Swenson
So I started out when I graduated from college interviewing for financial advisor type roles and thought that's where I was going to end up going. Ended up working for a nonprofit for 10 years. But yeah, it's awesome to see where you're going. So talk a little bit about when you're deciding to go into something like real estate because we have a lot of people that have started in other industries want to get into real estate. Like what was it about real estate that is enticing to you and what made you get over the leap? Obviously, you know, it took a little time to get some some traction and then quit your job. But talk about kind of starting to plant those seeds in real estate.
Ryan Twomey
Yeah. So we created jobs about five years after starting in January. It'll be five years. But the main goal was life, lifestyle design. Like I said, I had the jobs. They paid well, they weren't exactly fulfilling. You know, I didn't enjoy waking up and going to work every day. So I want to start separating my time from my income through cash flowing assets and a big thing I realized when I was dealing with people that were wealthier investors from my old financial advising role was 90% of people similar to when I started my career. They don't really have a plan for their investment strategy. They max out the 401k or IRA, they'll save some money. Whatever else is left they might throw into stocks or crypto. They're essentially gambling to hopefully they have enough for retirement. But there's two main issues with that, at least for me. I didn't want to work in Corporate America for 40 years and investing like that was never going to allow me to plan an escape. And I often refer to this strategy as the Hope and pray method where you're doing the right things, what you're told, what you're supposed to do. But in reality, for me at least, I was parking money into something I didn't fully understand and hoping it would eventually be enough to retire on. Which for most people, as we know, doesn't really end up working out well. They either downgrade their lifestyle in retirement or have to work part time jobs. So knowing that, I had to completely pivot and this is right around Covid, so I had extra time to do so. So I changed everything and actually started being intentional with my investments and focused on cash flowing assets. Real estate was just my vehicle of choice. As you know, there's other ways to do it. I thought this would be the best one for me. And over time our approach has evolved since those landlord days. But you know, the same concept applies where if I can have cash flow coming in every month or every quarter that pays for my expenses, you're technically financially free at that point. So that's the goal we're building towards.
Mike Swenson
I remember being part of the conversations at my company when we first launched a retirement plan. And so this is when I work for a nonprofit and you know, they had no idea what they were doing, right? Like they're just given a list of options, like here, choose these and these and these. Here's kind of what it is, here's kind of what it does. Here's the projected returns over the last 20 years, the last 10 years, the last five years. And you can balance your portfolio this way. But at the end of the day, you know, when I was talking with people that were choosing that, they had no clue what they were picking, right? And for some people, they're okay with that. I think for a lot of people, they like the idea of they're more in control of what they're investing their money in. And obviously you hear that in the conversations of the people that you talk to. Or it's like, hey, you know, I may live a ways away, but I can go drive to that house or I can drive to that apartment building, I can go knock on the door. Because it's physically real, right? It's not a piece of paper, it's not a stock, it's not a number on a spreadsheet, but it's a physical property and there's so many benefits there that people don't fully give weight to them over investing in other options. But yeah, it just shows that I think people like control over their investments and they like that it's something tangible.
Ryan Twomey
Yeah, I'd agree with that. And another reason I started focusing on the cash flow part was right out of college, one of my family members, he got laid off from a job he worked at 25 years or something like that. He only had a few years left to retire, but that just turned his whole world upside down because he was doing those things that we were talking about, the 401ks putting money in stocks. But it doesn't spit off any money to you to help you with your lifestyle. So the second he got laid off, which was out of his control, his essentially his income was just wiped out. He got a small severance and they kind of push you along your way. But there's no way for him to pay for his lifestyle. So that's a part of it too is it? Not only you can take control of your future in your lifestyle design, but it also gives you peace of mind when you have your expenses at least covering, you know, a mortgage and electric bills so you can keep the lights on while you go do search for a job if that's the case and that happens to you as well. So that's, that's another reason to kind of provide you a little safety net and more security. But it's kind of weird that people think that the job is the secure thing when in fact things like that can happen and it's really just out of your control.
Mike Swenson
Right. It's, it's secure until it's not secure at any given time. They can come and take that away. So have you ever heard the phrase you're the average of the top five people that you hang around? Well, real estate agents, I'm excited to increase your five with you. We're launching the Real Freedom Investor Agent tribe to help you get educated and connect with others to build your real estate investing journey and also to help you along the way as you're working with real estate investors. So come check it out on our website realfreedom.com go to the store. We have a membership, we have a mastermind group and private coaching to help you stay accountable to your real estate investing goals and to make sure that you connect with like minded people to accelerate your progress and to cheer you on along the way. Check it out. RealFreedom.com click on the store. Now when you got your start in real estate, obviously going from not real estate to starting in real estate, right. There's, there's kind of some ideas of like what lane am I going to choose? Kind of walk me through your process of some of those ideas that were percolating around in your head trying to decide, okay, what do I do? How do I get some experience? And then we can kind of talk about how that scaled.
Ryan Twomey
Yeah, so I didn't really. I just dove in headfirst. I had zero real estate experience, zero knowledge of any type of instant real estate at the time. What happened was, and this probably is a common story among a lot of people when they're first starting is I read rich dad, poor dad and learned about, you know, cash flow, deeper into assets and liabilities, things like that. He's obviously a big real estate guy, so that's kind of what sparked my interest. And like I said, this is right around Covid. So I had a lot of time to work from home and crunch numbers, do what I needed to do, teach myself and my, my partner, my now business partner at the time was we were both living at home and he was asked me do you want to go get an apartment together as rent a place just like the rest of our friends were doing? And I said no, how about I just teach you what I'm learning myself and we go try to buy a triplex and be the landlords live for free. At the time I didn't know it was called house hacking. But that's how we got started. Essentially we would meet up every couple days at one of our parents house, you know, over zoom, whatever it might be, built out our plan over, you know, six to eight months or so to get ourselves at least somewhat educated on what we were doing and then just started submitting offers. Dove in headfirst. We renovated our first property with friends, beer and pizza. Like we didn't have to pay for much. Thankfully at the time all of us were a little young, so we had the time to do that. But that's kind of how we got our start. And it just came from taking a lot of imperfect action and then pivoting along the way. I'm sure there's going to be a lot more pivots as we continue to scale, but you know, we're continuing to refine our processes based off of experiences, new information or just things we didn't know before.
Mike Swenson
I think for a lot of people it's. It's getting over that hurdle. Right. There's so many things, you know, podcasts like this out there, websites, blogs that you can go read up on best practices. But at some day you've gotta take action and you've gotta do something. And like you said, it's imperfect action. And enough imperfect action over time is gonna get better and better and better. And so, you know, you kind of have to be okay choosing something that, yeah, it may be a wrong decision, but you've got to be able to take that risk because you're not going to know if it's the right decision until you're in it. And so for people listening to this that are, you know, on the sideline, you're still kind of researching, right? Researching how to start. You got to find a way to get in the game, however that looks. Find a way to get started. Because for you, like, I'm sure there's just a ton of valuable lessons that you learned about what I would do differently, what went right, what went wrong, and then figuring out, okay, shoot, we can do this with this size property, now we can move to something larger.
Ryan Twomey
Exactly. It's just that first step. And again, we can all analyze things and read the books and listen to the podcast. I was, I did that for like 12 months. The only reason probably I pushed forward was because my. My friend and now partner asked me to move into a place. I just needed that little spark. So I was in that position too. You know, I understand what, how you can feel. It's. It's a little nervous to take action. One thing that did help me when we did scale larger, this is after the small stuff into the syndication side was I started connecting and, and being intentional, going back to that word about my network. So I started actually meeting with people who were in positions that I wanted to be in in the future and learning directly from them. That's how we found our mentor who helped us revamp our business. And that's how we were able to scale in the past couple of years to over 500 units. Was just pretty much learning from people that have been there, done that, and make sure we don't make the same mistakes. It's almost like a cheat code when you're, when you're looking to grow anything. So that can apply to any area of your life, really.
Mike Swenson
Now I'm curious, did your mentor. Because I know a lot of folks when they, when they get into apartments, you know, the mentor kind of helps with the financing side or kind of being a guarantor on a loan or kind of lining up some of that stuff because, you know, as people are going, right, you don't necessarily have the assets to be able to get the loan, or you're still kind of working through that, especially going from no experience to some experience. And so kind of talk through that process for people that maybe have concerns or uncertainty about getting the loan, like, oh shoot, I could, I could never get a loan. How do you do that? You move to a commercial property.
Ryan Twomey
Yeah. So you're going to have to find someone who has a net worth equal to or exceeding the value of the purchase. Which is something I didn't know at first because, you know, you would go through the small stuff, just a credit pull. You know, if you don't have a debt, you can get that loan. So you don't want to have to connect with these people anyways. If you do, if you do want to scale and build that relationship because they're going to be what's called the sponsor or the key principal and they need to sign on the loan for you actually to get that mortgage for the larger properties. So you have to be strategic in that way as well. Funny enough, I actually haven't have not done a deal with my mentor. I actually paid him to coach us. So it was like the opposite, but we want to do it in the future. But it did open doors for me to join a network of people, which is his contacts that I was put in front of a bunch of different sponsors or these key principals and I had opportunities come from them where I was able to go and code GP alongside them on specific deals. So it's really just again, building your network relentlessly. I call it like a web of connection. You know, the more people know you, the more you can refer to each other. And typically those good larger deals aren't available to the public. You know, they run in small circles, whether that's with the brokers or these sponsors I'm talking about. So you want to connect with them regardless. But it does, it's a little, you know, nerve wracking at first because you're a rookie in a way. But you just have to put yourself out there, figure out where the kinks are on like your pitch or your value proposition and just work it out as you go. Repetition will breed, you know, competence, which gets you confidence down the road.
Mike Swenson
I still remember, you know, our first apartment building that we got. Somebody that was mentoring me said like Mike, you just have to get it under contract and then you figure it out from there. And you know, I was somebody that grew up in, on the residential side of real estate. So it's like for me it always started with get the loan approval, you know, have that proof of funds letter to be able to show somebody when I make the offer. And you know, getting into commercial real estate It's. It's different, right? It's. You're putting together that offer first, and then you're kind of putting all those pieces together. And the nice thing is, is once you do it your first time, you never have to have your first time doing it again, right? You'll be able to. To build off the experience that you had. So talk through maybe that first deal, like, you know, where did it come about? Or kind of how did you find it? And then maybe talk through some of those learning pieces that you had as you kind of put your first deal together.
Ryan Twomey
The first deal we actually tried to code GP on, we. We failed. So we actually, right out of the gate, first thing, put earnest money deposit down, everything like that completely failed. It was mainly because we couldn't get the enough capital to close. So about a week before we supposed to close, the lender pulled the deal from us. However, we did bounce back pretty quickly. About two months later, we closed on our first deal, which was in Louisiana. It was actually not even apartments. It was an RV resort. Again, that opportunity came from networking. So I connected with someone who was another sponsor, but he primarily invests in San Diego or as a limited partner at this point, and I was not going to invest in California. However, I was able to still nurture the relationship. He was a great guy. We hit it off. This was just all over Zoom as well, and he referred me to the person that he does LP investments with. He's been doing this for like 15, 20 years. He's had great success. He told me about his track record, and we met him, you know, on Zoom, nurtured that relationship, and eventually the opportunity came to help manage the asset and raise capital for this RV resort. So again, it just came from meeting others and telling people the value that we can bring as well as where we want to be in the future as far as our business. So going back to my mentor, he always says to whatever you're looking to do, make sure you do with intentionality and have your what, your why and your how figured out. You know, what do you want to accomplish, why do you want to accomplish it, and how are you going to get there? So we kind of take that approach with everything. And I think, especially when you go in to meet these sponsors, if you have that outlined, you'll stick out, you know, ahead of 99% of people because you'll have very. You'll be very clear on the goals you're looking to achieve.
Mike Swenson
Now, for a lot of people, they'll. They'll look Up. Okay, we've. We've got a way to find deals right now. We've got a way to. To kind of find money. And for some people, they're like, you know, I'll start with my friends and family. For some people, they're like, I'm not going to talk to my friends and family. I don't want to talk to them. And then it comes to like, okay, how. How do I find this money out there? How do I find those people that want to invest in that? So kind of talk through how you're able to tackle that hurdle.
Ryan Twomey
Yeah, I actually just had this conversation earlier today, and because people don't want to talk to friends and family, they feel like they're going to be, you know, ostracized, whatever it might be. I always say start there, because three things are going to happen. They're either going to be interested and maybe invest. They might know someone they can refer you to who invests in real estate or does these types of deals. Like, you don't know, maybe they know someone that you don't. Or you just get the repetition in and you work the kinks out. Because it's going to feel sloppy at first, especially if you're new at this, and that's going to just help you along the way in the future when you do talk to strangers or people you've never met before, because the first impressions matter in, like, so much, especially when they're talking 50, $100,000 investments. So I would say first, start with friends and family. If worst case scenario, you work out the kinks, they're not going to hate you. You'll still see them, still see them on Thanksgiving and Christmas, and, you know, they're not going to just completely turn their back on you. I will say so. When I started, I didn't have a big community or friends and family that had a ton of capital they could invest. So I had to strategically do it through building myself a brand. And again, just going and meeting people face to face or over LinkedIn, Facebook things. So on LinkedIn, that's kind of where my. My main, you know, content per se goes, is strictly just educating people, kind of showing them what I've done, telling my story of where I was to where I want to be, why I'm doing it, and people resonate with that. And, you know, you're not going to get a huge pool of leads right away. We still don't. We get a couple a week maybe, but that's enough. If you build a genuine relationship to be able to have a win win scenario where you're helping them and then they're help, they're help closing the asset. So it kind of goes back to, you want to find people that have specific goals, a certain mindset and what they're looking to do with their investments. And mainly that is tax benefits, appreciation, cash flow, among, among other things that they can help fill whatever pain point it is in, in their life. And usually that's going to be someone that you can relate to. So if you are starting fresh, try focusing on someone that is either maybe does a past job you had or your current job if you're, if you're still in a W2, kind of like a past life you live. So that way you can resonate fully and your story actually hits home. So when you're explaining this stuff, it might he a little bit more of an urgency for them to actually move money into one of your properties. It's not easy. There's no, you know, playbook per se on how to do it. But it just comes down to relationships.
Mike Swenson
In the end, I tell people it's, it's kind of like a magnet, right. Like if you're putting your story out there, you're going to attract the people that are attracted to things that your story attracts, you know, and so in those ways, like you don't have to try to be something you're not, you just have to be yourself and the right people are going to raise their hand for people that reach out to you. I'm curious, you know, somebody that's never met you before, they've seen your social media posts or something like that and they reach out. Are these typically people that have never invested before? Are they people that are like, I've always been kind of curious, like tell me more how that works. I'm curious to hear kind of how those initial conversations go when you're, you're connecting with somebody you've never met that's, you know, kind of approached you on social media.
Ryan Twomey
Yeah. So it's, we have a mixed, a mixed bag. I will say the more sophisticated people who have invested in a lot of these larger properties before are far easier to have a conversation on a deal specific level with. So for them it's mostly do we operate the property well, what's our track record? You know, what returns am I going to get? And pretty much do we know like and trust you? It's, that's more of a simpler conversation because they understand what, you know, syndications or group investing is for the people that are new. I always stress to people this is not for everyone. It sounds great, but you have to have a certain mindset, specific investment goals and a certain, certain way of thinking about money to actually take advantage of these opportunities. So we look for people that we tell this them on the initial zoom calls or whatever it might be. We look for people that have a long term vision, that are risk, that have a tolerance for risk. Because just like any investment, there is a risk tolerance. In my opinion. I believe real estate, we can control the risk a more and then also we want them to have fun. We want them know like and trust each other. This is going to be a long term investment. Essentially you're marrying someone for three to five or five to seven years. So we want to make sure that you're on the same page. Everything's fully transparent and you understand what you're getting invested in before we ever have you wire funds as well as you're in a position to do so. So, you know, typically minimum investments are anywhere from 50 to $100,000. If you have $55,000 in cash to your name and you want to invest $50,000, can you tell us that? Probably tell you to wait a little bit and get that bank balance up a little because we don't want you to be panicking in case, you know, a car breaks down or something else happens. So I do stress that it's not for everybody. But you want to outline your again your what, why and how first and then choose the vehicle that fits your needs. Like I said before, mine was cloud freedom and cash flow to pay my lifestyle. I thought that the traditional landlord route was the way to go. Obviously you're pretty much just creating another job. It's not really passive income per se. So we made the shift and now we're doing things to be more passive in the sense of we're not managing tenants every single day. And knowing that that deters a lot of people from investing in real estate in the first place. That's why we created our company to help them get those benefits without the hassles of being a landlord.
Mike Swenson
There's a ton of benefit here because people that have money that they want to invest, they want to put it with somebody that they know like and trust and they want to put it in, in a spot where they feel like it's going to grow. And at the same time, most of them are, you know, busy professionals, busy in other industries. Great, you can continue to do that and then work with somebody like you that's full time in real estate now that's able to understand that, identify a good property, get it under contract, you know, do the proper due diligence, make sure that it's suitable. And so it's kind of that, you know, best of both worlds. You have a chance to invest into a more sophisticated asset that takes some knowledge to get into and yet it's not going to suck up your time. You're just doing that connection through a great relationship.
Ryan Twomey
Exactly. And I always stress, I can't over stress the power of community too. So you know, we didn't really start scaling a lot until we joined a network of people surrounded ourself with intentionality. So I can't overstate the power of it when it comes to building wealth or business or relationships in general. You know, everything changed when we started being intentional joining communities similar to the one we run now. And they're most likely filled with growth minded, very successful investors or like minded people like yourself. So when you build these relationships, you do start to get access to deals you never even knew existed and find out about new strategies to build wealth and save on taxes like stick it to Uncle Sam a little bit and you can invest together at scale. Like we obviously wouldn't have access to these larger deals if we didn't know these communities of people. So that's another thing as well. So the deals we do now again aren't really accessible to the public. So being a part of these communities makes it even more important to at least get your foot in the door and see what's, see what's out there because a lot of people don't even know these exist.
Mike Swenson
Yeah, you mentioned the tax piece and that's kind of the thing that is tough for people to get their brain wrapped around because they just think like, oh, there's a tax benefit, but you don't necessarily see what that benefit is till you experience that benefit. And for some people, like it's like, oh wow, this is way bigger than I thought it was going to be. And especially for high net worth individuals, like they've got cash coming in, they're, they're really concerned about how can I, you know, save on taxes. And so this is a huge benefit for very wealthy people because there's a lot of great benefits by, by investing in real estate. And so I've learned that too, where, you know, I think starting out like you said, starting with kind of duplexes, fourplexes, that sort of thing, your goal was to get cash flow, to be able to grow. So you're so concerned about cash flow. But I think longer term, I mean, the cash flow is obviously really important, but the benefits on the taxes can't be understated as you continue to grow and get bigger.
Ryan Twomey
Yeah, I call it phantom income because no one talks about it. You can't really measure it until the year is over. But a lot of people do specifically invest in deals like this on real estate in general or other commercial assets strictly to have tax write offs at the end of the year. This is, right now is kind of a frantic time for some people to go and find deals because they almost need to deploy capital into specific assets so they can reduce their tax bill. Now, obviously you don't really see the tax hits until you are making a lot of money. However, there are so many things you can do with the tax code when you invest in real estate or different assets to write off a lot of what your earned income or passive income was. Now, I'm not a tax professional, so I can't really give much advice about it, but I do know that we have, which I'm sure you're familiar with, cost segregation studies and these different types of things that we can do to really leverage that benefit. And I forget who said this, but I heard a quote that the tax, the tax code is essentially a playbook on how to avoid taxes. And the government incentivizes businesses and real estate entrepreneurs and real estate. So if you can take care of those two things, you'll most likely be able to lower your tax burden assuming you do it in the right way.
Mike Swenson
And I think that's the challenge because we always say, like, you know, obviously we're not tax professionals. And so we say talk to a tax professional. And they have to do that, right? To see, to experience, like, okay, here is the benefit of investing in this piece and you know, having that invested in some deals and been doing this now for a few years. Like, you see, like, oh, geez, that's really a big deal to be able to have those tax benefits. So if you're listening to this, like when we say, go talk to your cpa, go talk to your cpa because there's a lot of really cool benefits out there that you're missing out on by not investing in real estate.
Ryan Twomey
Yeah, I mean, we'll send out a K1 report. So I tell investors, I'm like, we'll send you what's called a K1 report at the end of the year. Essentially just give it to your cpa. They'll know exactly what to do with it. But as you get more sophisticated and more assets under your belt in these types of deals or whatever other deals you're doing, you probably want to revisit your taxes, like, quarterly and talk to an advisor, because there are strategic ways that you can do certain things to make sure that you're set up for the end of the year so you're not panicking in December trying to deploy money. So I'm a big advocate of. I always want to know where I stand, because I want to see how I can fill that gap. And that's where, again, got to go back to control. I feel like I could say like a control freak, but I want to make sure I'm the one that can go. Can push myself to get to whatever that gap is I need to be so that you need to know where you're at in relation to where you want to go in order to do that again. Taxes is something that's probably our biggest expense in our lifetimes, but it's poorly managed for most people. So if you don't have a cpa, if you're not meeting with them on a regular basis to try to do that, I would recommend it. It's definitely changed a lot for me. So I think as you continue to grow, your wealth is a very important tool to have in your toolbox.
Mike Swenson
What does your future look like? Where are you guys going to continue to target as you continue to grow?
Ryan Twomey
So we're focused in Springfield, Massachusetts. That's Western Mass. So essentially what the state has been doing is putting funds into the major cities to revamp them, making more modern, things like that. So they started in Boston, you know, 20 years ago. Whenever it was, that's pretty much done. They moved to Worcester, which is the central Massachusetts, which is actually where I live now. And they're rebuilding the entire city with new apartment complexes. The Red Sox farm team came here. There's a lot going on, and the next stage is Springfield. So our goal is to get into Springfield before the growth is placed into the market. That way we can get a 2 to 2.5x equity multiple on whatever we're buying. So in the next three to five years, we're looking to get about 1,000 units in that market. We already own 120 something, 122. So we're just looking to expand that portfolio and take advantage of the different programs, incentives, things like that that the city is offering because they are incentivizing growth. Growth. So we're very strategic in where we invest. That's kind of a high level overview of why. There's many other reasons, but we'll be focused in Western Massachusetts for probably the next three to five years through syndications or different JV opportunities depending on the size of the property.
Mike Swenson
So as I, as I take my sons out to go visit the Basketball hall of Fame, I can go see all your buildings, right?
Ryan Twomey
You can. And you should definitely shoot me a text or an email and we'll meet up to you in person like an hour away. So cool.
Mike Swenson
Well Ryan, thank you so much for coming on and sharing your story for people that want to reach out to you and learn more. How can they do that?
Ryan Twomey
So you can reach out to me directly on LinkedIn if you want. At Ryan Twomey, just look for the real estate guy. I think I'm the only one. And if you want to learn more about our company and see if it's a good fit for our types of deals, you can visit our [email protected] and Schedule A call with our team. You'll also get a free free ebook, the Passive Income Playbook that I actually wrote recently. So there's a ton of other educational material on there for new and seasoned investors. And as an mentioned, we're always looking to expand our investor community and have several opportunities coming in the next couple years. But we are regulated by the sec, so we have to have those necessary steps to go through before to see if you even qualify before we send opportunities. So be sure to reach out and we can connect briefly to potentially start building that relationship value of future opportunities and figure out if it's even a good fit for what you're looking to do.
Mike Swenson
Thank you so much for coming on, Ryan, sharing your story and best of luck to you guys as you continue to grow.
