From Hollywood to Housing: How Tom Carter Transitioned from Raising $100M for Films to Building Affordable Housing

Introduction: Why Tom Carter’s Story Matters

What does it take to raise over $100 million in one industry and then successfully pivot into another? Tom Carter, a film producer turned real estate investor, shows us that the skills you build in one arena can transform lives in another. After decades of raising capital for Hollywood film projects, Tom has redirected his expertise toward multifamily real estate and affordable housing.

In this episode of the Affordable Housing & Real Estate Investing Podcast, hosted by Kent Fai He, Tom shares how storytelling, risk management, and relentless persistence shaped his career. More importantly, he reveals why affordable housing became his mission—and how investors, developers, and advocates can follow the same path.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments.

How Did Tom Carter Transition from Film to Real Estate Investing?

Tom’s career in Hollywood involved producing films, raising money from investors, and piecing together complex financial structures. He raised over $100 million for films by combining equity with subsidies and location-based incentives.

But he noticed a key difference when he pivoted into real estate:

• Film returns were unpredictable, dependent on audience tastes.
  
  

• Real estate offered tangible, stable assets with clear risk mitigation strategies.
  
  

Tom explained it this way: “In film, we’d say A plus B might equal C—or maybe nothing. In real estate, A plus B equals C, and sometimes D, E, or F too. The math just makes more sense when the asset is tangible and stable.”

What Habits Make You “Worthy” of Raising Capital?

When Tom set out to learn real estate, he didn’t rely on hype or shortcuts. Instead, he built discipline:

• Underwriting five deals a day: Even while running two media companies and raising kids, Tom committed to analyzing five apartment deals nightly until he understood cap rates, migration patterns, and local market dynamics
  Tom Carter »»» From Raising $10…
  

• Studying mentors: He joined masterminds, surrounded himself with experienced operators, and sought advice from people ahead of him.
  
  

• Investor-first mindset: Just like in film, Tom focused on protecting capital, building trust, and structuring deals with contingencies.
  
  

This relentless practice made him “worthy” of investor trust. As Kent shared: “Confidence comes from evidence. You can’t fake it. You build it by doing the work, just like Tom did.”

Why Did Affordable Housing Become Tom Carter’s Mission?

Tom’s motivation goes beyond profits. In his twenties, he experienced housing insecurity firsthand, at one point living in his car.

That memory fuels his mission today.

He realized that when housing is unstable, hope becomes nearly impossible. By investing in affordable housing, Tom believes he can provide dignity, stability, and opportunity for working families.

“If we can relieve the pressure of just paying rent, families can dream bigger, plan more, and thrive. That’s the goal for me.”

What Lessons Can Real Estate Investors Learn from Film Producing?

Film producing taught Tom several lessons that apply directly to affordable housing development:

• Risk mitigation is everything: Whether in movies or apartments, protecting investors must come first.
  
  

• Creative financing works: Just as films use subsidies and tax credits, housing deals can leverage LIHTC, HUD loans, and local programs.
  
  

• Team matters most: A project succeeds when backed by experienced operators, not just spreadsheets.
  
  

• Transparency builds trust: If Tom doesn’t know the answer to an investor’s question, he promises to go find it—never fake it.
  
  

These principles form the backbone of his real estate journey.

Key Insights from Tom Carter’s Story

• Raising $100M in Hollywood taught Tom that relationships and trust drive capital.
  
  

• Underwriting five deals daily sharpened his real estate instincts faster than any textbook could.
  
  

• Affordable housing became his mission after experiencing homelessness firsthand.
  
  

• Risk mitigation and investor stewardship are transferable skills between industries.
  
  

• Confidence is not a gift—it’s earned through disciplined practice.
  
  

Best Quotes from Tom Carter

“If I’m the steward of someone else’s investment, I have to think about whether the risk is worth it, how we’re mitigating it, and who’s on the team.”

“You make money when you buy the deal, not when you sell. Risk mitigation has to be set up upfront.”

“Knowing what it feels like to have a roof just one inch above your head drives me to create safe, affordable homes for others.”

“You miss 100% of the shots you don’t take. I’d rather walk onto a set—or into a deal—and figure it out than stand on the sidelines.”

Common Questions This Episode Answers

How do you transition from another career into real estate?
By applying transferable skills, committing to daily practice like underwriting, and surrounding yourself with mentors who’ve done it before.

Why is affordable housing important for investors?
It provides both financial returns and social impact, helping families secure stable housing while delivering reliable cash flow.

What skills are critical to raising capital?
Transparency, risk mitigation, and an investor-first mindset are more important than flashy pitches.

How can new investors gain confidence?
Confidence comes from doing the work repeatedly—underwriting deals, analyzing markets, and building evidence you can trust yourself.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments.

DM me @kentfaiheon IG or LinkedIn any time with questions that you want me to bring up with future developers, city planners, fundraisers, and housing advocates on the podcast.