It sounds like a note from “Forbes 30 under 30.” However, Patrick Jeune’s is a different kind of 30 under 30. Before his 30th birthday, the founder of JP Holdings, LLC, flipped more than 30 properties and made more than $30 million in real estate sales.
Now 32, Jeune was struggling to rent a house with his colleagues for $2,000 about 12 years ago when he was a student at Temple University. According to him, his decision to venture into entrepreneurship was inspired by his struggles to rent a house during his university days. In addition, he considered the sector lucrative considering the rent he was paying.
“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 told The Philadelphia Tribune.
He bought his first property, a four-bedroom house, for $27,000 with the support of his mother. Jeune raised the money by throwing parties and renting out other properties for his landlord. He subsequently acquired a line of credit from Wells Fargo to help renovate the house so he could rent it out.
“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, according to The Philadelphia Tribune.
The real estate entrepreneur sold his first house after graduating from Temple, putting him on a path to start flipping homes in South Philadelphia’s Point Breeze and North Philadelphia’s Brewerytown neighborhoods as well as buying 20 units in the Cedar Park area of West Philadelphia.
Jeune describes his journey to hitting $30 million and counting as a blessing and has started giving back to society by teaching the business to others. For his 30th birthday party, he invited 15 people to dine with him and shared advice about how to get started in real estate.
And in less than 60 days, the Philadelphia native transformed four people into real estate investors. “I feel like I figured it out. This is something that I want to share because I know that there are a lot of people out there who are trying to figure it out, too,” he said.
Aside from investing and selling properties in the Philadelphia area, Jeune is hoping to expand to other cities in America.