Tiago Ribeiro paced the lobby of the Four Points by Sheraton hotel in Tampa on Saturday night searching for a miracle. He had 24 hours to find someone who could lend him $30,000 to buy a foreclosed property in Fort Myers.

“Ask me about a 35% APY (investment) opportunity,” read the laminated sign hanging from his neck.

Tiago Ribeiro wears a sign enticing attendees to an investment opportunity at the Real Estate Raw seminar hosted by Ben Mallah on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]

Ribeiro and 160 others paid $250 a pop to attend an event put on by Tampa Bay real estate mogul and YouTube personality Ben Mallah.

A high school dropout, Mallah got his start buying dilapidated apartments, fixing them up and renting them through Section 8 and other federal government programs. Now he lives in a $16.5 million gulf-front mansion, drives a Rolls-Royce (or a Bentley, depending on the day) and wears a thick gold chain with a blingy medallion in the shape of a dollar sign.

“You can do it,” Mallah preached to the crowd from behind his signature aviator sunglasses. “I know it, I’ve seen it, I’ve done it.”

Since the start of the COVID-19 pandemic, droves of wannabe real estate investors have flocked to Florida chasing the promise of streets paved with gold. But rising interest rates, home prices and insurance costs have created hurdles for newcomers looking to get rich quick.

“It’s a very tough market right now,” Mallah told the Tampa Bay Times. “It’s impossible to find a decent deal.”

Ben Mallah, left, speaks on stage with his sons during his Real Estate Raw seminar on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]

Last year, Mallah sold off some of his assets, including an $8.7 million home in Belleair, a $28 million hotel in Fort Lauderdale and several shopping plazas.

He started holding events like this one to connect with fans and maybe help some people along the way.

There was no rehearsal beforehand. Mallah and his sons got up on stage and spoke to the crowd off the cuff. They pledged to stay as late as they needed to take make sure everyone would get their chance to chat with them and snap a photo.

A group of dancers in colorful showgirl outfits came out to shake and shimmy for the crowd during a break.

The point is to have a good time, Mallah said. He’s not interested in selling his followers instructional courses or raising money for his real estate ventures, he said. That’s already a crowded space.

“It’s not a gimmick,” he said. “It’s not a seminar. It’s about meeting people, networking.”

This message has helped him gain a loyal following. On Saturday, there were fans that flew in from New York, Pennsylvania, Ohio and Michigan to see him.

Elizabeth Robles, 35, said she’s been watching Mallah’s videos and attending his events for a decade. He was the one who inspired her to move from Las Vegas to Clearwater and purchase her first condo.

“He’s very motivational,” she said. “He makes you want more from life.”

Even if, in this economy, that means working harder to get it.

Elizabeth Robles listens to Ben Mallah speak during his Real Estate Raw seminar on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]

For Ribeiro, success came easy at first.

The Orlando native took advantage of historically low interest rates in 2021 and snagged his first home in Orange County for $200,000. He then bought his parents a home in Osceola County and moved in with them so he could rent out the first house.

He figured buying a third property would be a breeze. But it hasn’t panned out that way.

“Sellers have us in a chokehold right now,” he said. “There’s really nothing good available for a fair price.”

Adriana Crisanti, a bartender in St. Petersburg, attended Saturday’s event seeking guidance. During the height of the pandemic, her bar was flooded with real estate agents bragging about how much money they were making.

“I thought I could do the same,” said the 28-year-old.

Adriana Crisanti listens to Ben Mallah speak during his Real Estate Raw seminar on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]

Crisanti got her real estate license seven months ago but still hasn’t sold her first home. It’s been discouraging, both for her and for her clients who have lived in the area for a long time.

“They’re not accustomed to the change that’s going on,” she said.

In January 2019, the median sale price across Tampa, St. Petersburg and Clearwater was $225,280. Now it’s $400,000, according to the most recent data from Greater Tampa Realtors.

While higher home values can lead to more profits, it also makes it harder to get started, said Casey Lawhorn, 31. After building a sizable portfolio of rental properties in his home state of Kentucky, he was inspired in part by Mallah to start doing business in the Tampa Bay area in 2020. He moved down last year.

Finding deals has been a challenge in an increasingly crowded market. Sometimes he feels like David battling Goliath, competing for the same homes as large investment firms.

“Back home you could offer under listing,” he said. “Here you could offer $80k over listing and still be outbid.”

Attendees to a Real Estate Raw seminar by Ben Mallah make their way to the ballroom on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]

Mallah told the crowd it’s something he’s dealt with too — corporations coming in with cash offers that the average person could not afford. Sometimes you can beat the big guys by being more nimble — offering better terms and shorter time frames to close the deal. Other times, there’s nothing you can do.

That’s because making money in real estate often comes down to timing, Mallah said.

“Sometimes you’ve got to be patient and you’ve got to wait.”

Ribeiro, 25, wasn’t able to find an investor Saturday but he’s not giving up. Even if this property doesn’t pan out, he has faith the next one will.

He didn’t grow up rich. He has a day job as a consultant but 75% of his net worth comes from his real estate holdings, he said.

Though he’s faced more obstacles than he initially bargained for, real estate still feels like an industry where it’s possible to make something out of nothing.

“Anyone can get into it,” he said. “All you have to do is work hard and learn the market.”

Tiago Ribeiro listens during a Real Estate Raw seminar hosted by Ben Mallah on Feb. 24 in Tampa. [ LUIS SANTANA | Times ]