Making Moves: Young Entrepreneurs in the Spotlight

Some would say the key to success involves a lot of components.  Those people believe that you must have all the stars in alignment and possess great skill and knowledge before you can ever make it big.  The truth is, that’s most often not the case.  For example, in the case of Alex Hodara and his real estate brokerage (and subsequent reality web show, Making Moves) just two ingredients – a great idea and a college student with a ton of drive – have equaled success.  Of course a dash of creativity and some help from friends and colleagues along the way have added to his accomplishments, but Alex’s determination and unwavering focus on his goals have unquestionably been what has catapulted him to achieve what many thought was impossible.

The really exciting part of Alex’s story involves his recent launch of Making Moves.  This reality show, broadcast (for now) only online, chronicles the dynamic and exciting daily lives of young entrepreneurs who run five businesses, including Hodara Real Estate Group, which has been coined “The first student-run real estate agency” by CNBC.  Be sure to watch the latest episode, in which Alex is checking out the YoungEntrepreneur.com site to listen to the Aquarius Young Entrepreneur music video.  Very cool!

Recently we caught up with Alex Hodara, and below is an inspiring interview, in which he explains how he has accomplished so much with so little, in such a short period of time.

How, while still in college, amidst one of the most difficult economic climates in history, and with no funding, were you able to start a successful real estate brokerage?

I have been able to be successful thus far because I refuse to quit and have taken advantage of my position in life. Let me first say that I never really considered myself a “real estate person”; in fact I really knew nothing about real estate when I got my license freshman year.  I have always been very entrepreneurial and when I got to school I just wanted to do something… different.  So I went out, got the license, and decided I would make real estate into a passion project.

I took incredible risks when I started freshman year.  I didn’t have a car to take my clients out on showings (and my parents wouldn’t let me bring my car up because they thought the whole real estate idea was ridiculous) so I spent almost every penny I had saved up in high school on taking cabs out for showings.  At one point I almost bankrupt myself, but I planned it out so I would be paid my first big commission before I ran out of money.

My freshman and sophomore years I rented real estate in the Boston University area, and then my junior year I got my second level of licensing and started the first student-run real estate brokerage.  I knew I had two years to build a cash cow which could support me (the rental and sales brokerage), so when I graduated I could have the freedom to follow any dreams I wanted (creating a reality show, starting a record label, a property management company, a real estate academy, a green building company) – and that is exactly what I did.

The economy has not affected me really because I am in a very recession-proof real estate market (by luck – I am not that smart!).  During a recession, more students go back to school so they do not have to enter the job market.  More students equals more demand for off-campus student housing – ipso facto more business for us.  Now, that is just on the rental side – on the investment sales side, the high demand for housing makes the CAP rates for investment properties go up!  So it is really a win/win for us.

Honestly though, this business could have been anything, it did not have to be real estate.  I could have started any other business and I would have put as much heart into it.  I am glad I fell into the real estate world though. It is very rewarding!

What are your intentions with the reality show?

A lot of people do not really get why I started the reality show, but in my eyes it was the best move I have ever made.  A LOT of people say to me, “Couldn’t you be making more money if you just focus on real estate?” or “Are you even making any money from this?”  These people just do not get it; this show is a present to myself.  I deserve it.  I have worked so hard during college to get good grades and build a business I can continue; I deserve to have a little fun and spend my earnings on a passion project.  Sure I could focus everyday on doing deals and make a ton more money, but there is plenty of time for that.  I have set myself up to follow a passion project, and so far it has been an unbelievable experience! (And FYI I am still making money. I have a whole staff of real estate agents doing deals.)

I made the show for a few reasons (and these are ranked in order of importance):

1. Open doors. In the two months I have started this show I have expanded my network to an entirely new level.  The show lets people get a real feel for what we have accomplished and shows them we are very average people with big dreams and a crazy work ethic. This is just a short list of cool doors that have been opened: we were tweeted out by B.o.B, featured in the Boston Globe, and I was called by a star of HGTV.

2. Get the word out about what we have accomplished to inspire entrepreneurs.  Everyday I wake up to emails from young entrepreneurs looking for advice and telling me what I have done is inspiring to them – do you know how rewarding that is!? It means the world to me.  I love that the majority of people look at the show and say, “Hey I could do that too!” Because it is true; anyone can do what we have done. You just have to stop thinking about doing it and make moves already.

3. Improve my businesses. We have gotten rental and sales customers who saw our show and decided, “Hey I want to rent through them!”  Real estate agents have a really bad reputation – especially in our area.  By showing that we not only know what we are doing, but have a laid back, fun atmosphere in the office, we are prepping customers before they even walk in the door. Also, we have a lot more people coming through the academy because they want to make moves!

4. Get on a network. The show “as is” is not really a mainstream TV type show, but it would be awesome if a network saw promise in what we are doing and decided to create a show based around it.

Where do you see Hodara Real Estate Group going in the future? Would you ever consider pursuing an advanced degree?

HREG will always be a breeding ground for young entrepreneurs to learn the rental and sales game.  I hope to open brokerages in other college towns very soon – but I do not really want to reveal too much about my plans just yet.  HREG will definitely get more involved in investment deals (those are my favorite deals to do by far).  I don’t really see myself getting an advanced degree, but you never know.

Adam Toren

Adam Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Matthew, of Kidpreneurs and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley). He’s based in Phoenix, Ariz.