Tom Kaiman is the founder of Mia Rose Holdings, a St. Louis-based real estate development firm with nearly $1B in assets under management and over 3,000 apartment units developed. Before becoming a prolific builder, Tom was a professional hockey player and earned a degree in civil engineering. His unique background in sports, construction, and entrepreneurship has shaped his mission: to build high-quality multifamily housing at a lower cost basis while prioritizing team alignment and community impact.
In this episode, Tom shares his full-circle journey from skating rinks to development sites, highlighting his investment philosophy, construction-first strategy, and passion for long-term wealth creation. He breaks down how Mia Rose self-funds pre-development, structures deals with recourse loans, and aligns team incentives by making every partner an owner. He also discusses the challenges of real estate timing, the power of reading, and why understanding money supply and inflation is critical for every investor. Whether you’re a developer, investor, or entrepreneur, this episode delivers tactical insights and hard-won wisdom.
Connect with Raj:
Twitter: twitter.com/ItsRajTut
LinkedIn: https://www.linkedin.com/in/rajtut/
Instagram: instagram.com/ItsRajTut
TikTok: https://www.tiktok.com/@itsrajtut
Connect with Tom:
LinkedIn: https://www.linkedin.com/in/tom-kaiman-07ba9612/
Timestamps:
00:00 Why Mia Rose spends more on units than amenities
01:13 Meet Tom Kaiman — From hockey to nearly $1B in AUM
02:16 Childhood, family, and hockey career path
04:21 Civil engineering and first job with Walton Construction
05:10 How Rich Dad Poor Dad sparked an entrepreneurial drive
06:48 Building the Maryville University Hockey Center
08:46 Nonprofit structures and public-private partnerships
10:26 A five-year project that changed his view on development
15:02 Applying team-first thinking from hockey to real estate
18:17 No employees — How Mia Rose built a partner-only firm
20:39 Why success is addicting and retirement isn’t the goal
26:12 The Mia Rose development formula: 4 deals a year
31:03 Finding land and vetting city relationships
33:13 Why 150–200 unit suburban walkups are the sweet spot
34:29 Exit strategy and why affordability matters
37:18 Spend in-unit, not on chandeliers
39:00 Lessons from early deals and constant model evolution
42:12 Pre-development risk and self-funding explained
44:22 Why they subordinate development fees
45:58 Friends and family raise — but family office is next
47:16 What makes a deal work today (or not)
49:40 Target returns: IRR, equity multiples, and risk
50:40 How being a builder is their competitive edge
53:02 Staying hands-on in construction pricing
57:07 Direct sourcing and focus trade-offs
59:38 Cutting markup chains without losing control
01:00:00 Flywheel strategy: 4 builds a year, into perpetuity
01:02:54 Hole-in-one advice: Read more, understand money
01:07:00 The 41% money supply stat that shocked Tom
If you're looking to sell us a 40+ unit multifamily property in the St. Louis region, or another part of MO/IL, please email deals@storyboardliving.com
Connect with us at our Website: https://storyboardliving.com/
LinkedIn profile: https://www.linkedin.com/company/storyboard-living/
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56 mins