Wednesday Feb 21, 2024

E33: Cracking the Code on Recession-Proof Investments with Patrick Grimes

Today on the Champion’s Corner,  we're joined by real estate investor and educator Patrick Grimes. Patrick has lived an inspiring life journey going from engineering whiz to real estate millionaire, proving that with grit and determination, you can bounce back from even your hardest falls. 

Strap in for an adventure as we go behind-the-scenes of Patrick's engineering days, real estate ups and downs, and his ultimate reinvention through education, travel, and strategic partnerships. 

You won't want to miss this inspiring comeback story!

Here are some power takeaways from today’s conversation:


01:38 - His career background 

04:05 - Getting back up after losing everything during the real estate crash

07:51 - Patrick’s outdoor adventures

16:14 - Travel & entrepreneurship

20:38 - Real estate investing and risks

23:34 - Why tap into recession-proof markets

28:36 - A look into debt funds

31:07 - Finding complementary partners

37:16 - Giving back with passive investing strategies

41:30 - Tips for partnership success


Episode Highlights:

[16:14] The Benefits of Travel in Entrepreneurship

Broad perspective: Travel allows entrepreneurs to gain a broader perspective by experiencing new places and cultures outside their normal bubble. This helps open their mindset to different ways of doing things that can be applied back to their business. 

Personal growth: Travel also aids in personal growth and realizing what's truly important beyond just profits. Facing the world independently through travel builds confidence, an important skill for those venturing out on their own as entrepreneurs. 

[24:09] Targeting “Hard to Move” Industries

Patrick looks for areas with diversified employment across industries that are less vulnerable to sudden downturns, such as healthcare, finance and logistics. These "hard to move" sectors are more stable than those dependent on high tech, tourism or manufacturing. By not relying heavily on just one or two boom-based industries like hospitality, properties in these balanced markets hold their value better even when the broader economy contracts. This is because jobs, populations and demand remain more consistent.

[29:55] A Look into Debt Funds

Rather than focusing on risky construction or flip loans, his real estate asset-backed debt fund targets performing assets with conservative loan-to-value ratios around 50-65% of current property value. This approach aims to capitalize on banks pulling back from lending while minimizing risk. The properties are already cash flowing and any downturn would have to drop values significantly below current levels to threaten losing money. It generates steady income through short to medium term loans on low-risk performing assets in recession-resilient markets.

[31:07] Finding Complementary Partners

Finding the right complementary partners can dramatically accelerate any business venture. By leveraging different strengths and expertise, partnerships allow companies to scale more quickly and take advantage of new opportunities. The key is identifying partners who share the same vision and values to ensure long-term strategic alignment. 

Resources Mentioned: 

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