Starting on the ground floor of a construction company, Sidney Torres swept floors and cleaned windows of newly sold homes. He was getting a taste of real estate and that sparked an interest in flipping houses. According to a report by Bloomberg, he eyed his first target, but his less than $40,000 a year salary was a problem. That didn’t stop Torres.
“So I went to my grandmother. I asked if she would help me with this. She says, ‘You have 60 to 90 days to figure out what you want to do. If you’re still passionate, I’ll cosign and help you get your first deal done.’”
The rest, as they say, is history. His grandmother cosigned the loan and Torres bought his first investment property and his real estate career took off. The self-made entrepreneur has managed to build an empire of more $300 million-worth of real estate development and he is the host of The Deed, a new CNBC show that premiered on March 1. The show highlights the realities of house flipping.
“In the show, I work with individuals who can’t go get money from the bank. Some of them have involved family and friends in buying something. If I didn’t have the help to get started, I wouldn’t be where I am today, so it’s important to pay it forward.”
Developing real estate isn’t Torres’ only success. He also formed a a successful sanitation company and launched a crime-fighting app, which helped reduce crime in New Orleans’ French Quarter. His involvement in the Big Easy has fueled speculation he may consider a run for mayor.
“I don’t know, have you ever heard of anyone do reality and run for office. The polls show that I could win if I ran today. But I really think I would be better off working with someone who’s going to be the mayor. We’ll see what happens.”