Talk about going hard!
Patrick Jeune, a real estate investor from Philadelphia, purchased 30 houses and garnered $30 million in sales before his 30th birthday, The Philadelphia Tribune reports.
It all started a decade ago when Jeune was a student at Temple University just struggling to pay his $2000 a month rent. “I was just thinking to myself that this guy who owns this property has to be making some serious money if every month we have to come up with $2,000, so that is what kind of sparked the idea for me to go ahead and get into real estate,” he said.
The West Philadelphia native dove head first into the business. He bought his first four-bedroom home with the help of his Mom for $27,000. He raised the money by throwing college parties and renting out other properties for his landlord. After his initial purchase, he acquired a line of credit from Wells Fargo to help renovate the house so he could rent it out. But his first purchase didn’t fast track him to millions. It took time, patience and a lot of lessons along the way.
“I had to learn the hard way that just one property isn’t going to change your life, so I decided to dig more into real estate and identify other ways of scaling and growing the business,” Jeune said.
He sold his first home after graduating from Temple which prompted him to begin flipping houses across North and South Philly. After doing that for some time, he expanded to building brand new homes and selling them above the market rate. Most recently, he purchased 20 units in the Cedar Park neighborhood in West Philadelphia and then, he brought his 30th house.
Thus far, Jeune’s firm, JP Holdings, LLC, has flipped more than 30 properties garnering $30 million in sales with more than 250,000 square feet of construction under its belt, and he has no plans of slowing down anytime soon.
“I feel like it’s a blessing for me to be at the point where I am now, to be able to accomplish everything that I’ve accomplished, so in return, I’ve started to give back,” he told the Philadelphia Tribune.
Jeune has started teaching the business to others, training people on real estate investing and giving tricks of the trade that he learned through various courses and mentors. He is also featured in Wells Fargo’s new cultural engagement campaign, Empowerful, recognized as someone who's broken barriers in education, entrepreneurship and home ownership.
John Lake, vice president of the Multicultural Marketing Strategy team at Wells Fargo said, “What we wanted to do with Empowerful is really help to inspire people in diverse communities. When someone achieves something, it has a ripple effect, on families, on the community. So when we found Patrick we thought like he really did that. When we found out that he was a customer, it really made it a good fit for what we were trying to get out there. We want to be here to help empower people.”
Jeune hopes to parlay his current ventures into even larger undertakings. He eventually wants to acquire land from the City of Philadelphia that he can use to develop affordable housing. He also wants to tap into larger development projects and expand into other cities.
Congratulations on all of your success Patrick! Keep inspiring!
Photo Courtesy of JP Holdings, LLC./The Philadelphia Tribune