Rich Scola’s journey from Navy veteran and firefighter to co-founder of a company deploying nearly $2 billion in real estate investments shows what is possible in real estate investing.
His path is proof that perseverance, networking, and staying focused on long-term goals can turn a beginner with no formal business background into a leader in the real estate investing world.
Scola describes himself as a “D-plus student” who barely graduated high school. He joined the Navy, then worked as a New York City police officer and later as a firefighter. His public service career ended when he developed health complications after his work at Ground Zero during the 9/11 attacks. Forced to reinvent himself, he found his new calling in real estate.
Starting Fresh in Real Estate
In 2006, Scola moved to Charlotte, North Carolina, and earned his real estate mortgage license. He started attending local real estate investor association meetings to build connections and learn.
He entered the market during the housing collapse, one of the toughest times to start. But instead of quitting, he focused on wholesaling properties and flipping houses. Those early years taught him how to spot opportunities and build relationships with other investors.
The real breakthrough came in 2011 when a friend connected him to a private equity firm that wanted to buy single-family rentals. Together, they purchased 527 homes in Charlotte in a $26 million deal. This jumpstarted his career and introduced him to institutional investing.
By 2014, Scola and his partners had acquired about 3,500 homes across multiple markets. Their portfolio was later rolled into Tricon American Homes, where Scola joined the executive team. There, he helped expand the company’s single-family rental business across 16 different markets.
Watch the full interview with Rich Scola to hear his journey from Navy vet to real estate mogul, plus key investing strategies for long-term success.
Keys to Real Estate Investing Success
Scola credits his success to a few core principles that he believes any investor can apply:
- Stay in motion: “Doors open up when you’re in motion in life. Getting started and staying active creates opportunities.”
- Be patient: “Success happens slowly. There’s no way to make it happen as fast as we want.”
- Continuously improve: “Always have the right mindset to improve and humble yourself to learn from other people.”
- Fail forward: “I made a lot of mistakes, lost money on deals, but I would just encourage people not to give up and fail forward.”
For beginners, he recommends starting with wholesaling. Finding good deals is the fastest way to add value, and once you find deals, investors with capital will want to work with you. Even in tough markets, the right deal attracts money.
Building the Right Team
As an investor grows, building a strong team becomes essential. Scola believes in putting “the right person in the right seat,” borrowing from Jim Collins’ book Good to Great.
His company uses the Predictive Index assessment to match people’s personalities to the roles they are most likely to succeed in. This approach has allowed his businesses to scale from small teams of 10 employees to over 100.
For newer investors, he recommends partnerships instead of trying to do everything yourself. Sometimes, giving up a piece of profit in exchange for expertise can create bigger wins long-term.
A Long-Term Market Strategy
Today, Scola co-leads Home Source, a company focused on long-term buy-and-hold strategies. Their approach is to hold properties for 20–30 years, creating steady rental income and long-term appreciation.
Their property criteria are simple:
- Built after 1990
- At least 3 bedrooms and 2 bathrooms
- Minimum of 1,000 square feet
- A one-car garage
- Located in areas with good schools
Home Source invests across North Carolina, Georgia, Alabama, Oklahoma, Arkansas, and Florida, with expansion plans in Tennessee and Kansas City. Interestingly, 31% of their current portfolio comes from wholesalers, proving how important deal finders remain in the business.
Despite interest rate changes and housing market shifts, Scola is confident about the future. He remains “long-term bullish on single-family rentals” because, as he says, “everybody needs a place to live.” For his company, market downturns simply create new buying opportunities.
Takeaways for New Investors
Rich Scola’s story shows that you don’t need a perfect background or formal business training to succeed in real estate investing. What you need is action, persistence, and a willingness to learn.
- Start where you are. Wholesaling is one of the best entry points for beginners.
- Stay consistent. The best opportunities come to those who stay active in the market.
- Don’t fear mistakes. Every failed deal can teach you something.
- Build a team as you grow. The right partners and employees make scaling possible.
- Think long-term. Buy-and-hold strategies can create wealth that lasts for decades.
As Scola puts it, “There’s always another bus in real estate. Even if you miss out on a deal, you can go anywhere in the world and do it until you’re ready to drop in the grave because it’s just a fun business.”
Frequently Asked Questions
Q: How can beginners start real estate investing with limited funds?
A: Wholesaling is a proven entry point because it requires little capital. Focus on finding deals, then partner with investors who have money but lack time or deal flow.
Q: What markets is Home Source currently investing in?
A: Home Source is active in North Carolina, Georgia, Alabama, Oklahoma, Arkansas, and Florida. They also plan to expand into Tennessee and Kansas City.
Q: How does Home Source evaluate properties?
A: They target homes built after 1990, with 3+ bedrooms, 2 baths, and at least 1,000 square feet, located in school districts with decent ratings.
Q: Is real estate still a good investment in uncertain markets?
A: Yes. Scola believes housing is always essential. Market downturns often create better buying opportunities for long-term investors.
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