WEBVTT
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[SPEAKER_00]: After 20 years as a real estate investor, I've learned something that might surprise you.
00:05.048 --> 00:05.932
[SPEAKER_00]: It's not what you think.
00:06.453 --> 00:09.805
[SPEAKER_00]: It's not about knowing where strategies are chasing better deals.
00:09.920 --> 00:13.586
[SPEAKER_00]: It's actually about the lessons that guide long-term success.
00:14.247 --> 00:16.150
[SPEAKER_00]: And today I'm sharing those three lessons with you.
00:16.190 --> 00:22.200
[SPEAKER_00]: These are lessons that I wish someone had handed me before I spent years learning them the hard way.
00:22.862 --> 00:32.357
[SPEAKER_00]: So if you're a real estate investor looking to grow, you're a portfolio, this episode will change how you think about your next decision.
00:32.377 --> 00:35.202
[SPEAKER_00]: So let's jump in to lesson number one.
00:35.485 --> 00:39.251
[SPEAKER_00]: rushing is more expensive than any bad deal.
00:39.491 --> 00:46.682
[SPEAKER_00]: The biggest mistakes that I've made in literally the 20 years so that I've been investing didn't happen because I didn't know enough.
00:47.062 --> 00:50.147
[SPEAKER_00]: They happened because I moved too quickly.
00:50.647 --> 00:54.593
[SPEAKER_00]: Urgency feels productive, but it's actually very expensive.
00:54.814 --> 01:02.505
[SPEAKER_00]: I'm gonna give you a really quick example of rushing and what that cost me and the company in the long haul.
01:02.789 --> 01:08.335
[SPEAKER_00]: So when ended up happening, was we were selling a property in 18 unit in Philadelphia.
01:08.975 --> 01:10.316
[SPEAKER_00]: We owned it with a group of investors.
01:10.757 --> 01:11.618
[SPEAKER_00]: It was a syndication.
01:11.778 --> 01:13.560
[SPEAKER_00]: And we were selling it for a great profit.
01:14.100 --> 01:26.292
[SPEAKER_00]: And we were going to take every, all their capital, the investors capital, as well as our own capital, plus the profit, and do a 1031 exchange for a larger building, 198 unit building that we were purchasing.
01:26.893 --> 01:30.957
[SPEAKER_00]: And so we found a custodian, but we rushed.
01:30.937 --> 01:32.599
[SPEAKER_00]: to find the custodian.
01:32.940 --> 01:33.821
[SPEAKER_00]: So I just want to say that.
01:34.622 --> 01:46.320
[SPEAKER_00]: And it was $750,000 from the sale of the 18 unit that we were holding in this with this custodian to put into the 198 unit complex.
01:46.901 --> 01:50.886
[SPEAKER_00]: So about two weeks before closing, we were reaching out to the custodian.
01:51.207 --> 01:53.350
[SPEAKER_00]: Nothing came back, no communication.
01:53.330 --> 02:09.567
[SPEAKER_00]: Long story short, this custodian ended up like almost like was a mini Bernie made off and ended up stealing millions of dollars, including our 750,000 from various investors over course of his operations and his business.
02:09.867 --> 02:17.739
[SPEAKER_00]: Long story short, we got to the closing table, we made our investors whole, made it up selling that building and returning all investor capital.
02:18.380 --> 02:25.350
[SPEAKER_00]: It took a while and we turned it around, but that whole process caused such a tremendous amount of stress.
02:25.710 --> 02:27.153
[SPEAKER_00]: Now, we didn't steal the money, right?
02:27.273 --> 02:36.246
[SPEAKER_00]: Obviously, we chose, though, the custodian and in hindsight, when I really get honest with myself, right, it really comes back to moving too fast.
02:36.226 --> 02:38.930
[SPEAKER_00]: So I really want you to think about this for your own life, right?
02:38.950 --> 02:44.799
[SPEAKER_00]: As you're listening, as you're taking microaction to move your portfolio along.
02:45.661 --> 02:49.126
[SPEAKER_00]: I want you to think about the next major decision you have to make, right?
02:49.246 --> 02:50.849
[SPEAKER_00]: Really, sit with that.
02:50.869 --> 02:52.311
[SPEAKER_00]: Think about that next major decision.
02:52.732 --> 02:55.075
[SPEAKER_00]: And now I want you to slow down by 24 hours.
02:55.636 --> 02:57.559
[SPEAKER_00]: Use like that one day rule.
02:57.539 --> 03:04.452
[SPEAKER_00]: notice what sort of like comes up for you and gets clearer for you when you give a little more time to the decision.
03:04.833 --> 03:10.283
[SPEAKER_00]: Now I'm not saying wait weeks and weeks because sometimes people will delay decisions they have to make.
03:10.704 --> 03:17.517
[SPEAKER_00]: I'm not saying that at all, but give yourself space and time so you can really make sure you're making the right call, right?
03:17.697 --> 03:18.699
[SPEAKER_00]: So that's not the number one.
03:19.060 --> 03:20.222
[SPEAKER_00]: Do not rush.
03:20.202 --> 03:26.251
[SPEAKER_00]: into partnerships, do not rush deals, do not rush making these decisions that are going to make an impact on your business.
03:26.712 --> 03:36.927
[SPEAKER_00]: Lesson number two, that is probably one of the most important lessons that I have learned over the course of my two decades as an investor.
03:37.147 --> 03:43.797
[SPEAKER_00]: You're non-negotiables protect you more than any deal ever will.
03:43.777 --> 03:44.759
[SPEAKER_00]: Here's what I mean by that.
03:45.500 --> 03:49.547
[SPEAKER_00]: If a deal requires you to abandon your non-negotiables, it's not the right deal.
03:49.807 --> 03:50.489
[SPEAKER_00]: I'll say that again.
03:50.909 --> 03:56.359
[SPEAKER_00]: If a deal requires you to abandon your non-negotiables, it is not the right deal.
03:56.719 --> 04:03.591
[SPEAKER_00]: No matter how the numbers look, no matter how the partner is shaping up, I like to think of my non-negotiables as my guardrails.
04:03.571 --> 04:18.981
[SPEAKER_00]: But kind of keep me in lines, kind of like going bowling right you're going bowling without those those guardrails if you will that bowling ball would go across the entire you know location so when you ignore them it costs you in the long haul and that's what I want to talk about.
04:18.961 --> 04:27.355
[SPEAKER_00]: I remember from me along the way, you know, projects would look great on paper and then it doesn't fit my kind of like my non-agosibles.
04:27.415 --> 04:29.739
[SPEAKER_00]: It goes against one of my non-agosibles.
04:29.799 --> 04:39.315
[SPEAKER_00]: So as I've gotten clear as an investor over the last two decades, I wish I was clear with my non-agosibles earlier on and I was as growing my portfolio.
04:39.295 --> 04:40.176
[SPEAKER_00]: What does that look like?
04:40.256 --> 04:51.469
[SPEAKER_00]: For me, non-negotiables include time, money, how much money you want to make, how much money you're going to put at risk, how much time you're looking to invest, whether you want to invest in actively or passively, so time and money.
04:51.929 --> 04:53.391
[SPEAKER_00]: And the third part is energy.
04:53.811 --> 04:57.275
[SPEAKER_00]: Is this project going to give me joy, give me energy?
04:57.295 --> 05:04.003
[SPEAKER_00]: Or is it going to like literally take the living energy out of my body if I'm participating in this?
05:03.983 --> 05:10.074
[SPEAKER_00]: So when I'm evaluating projects now, whether to move ahead with them, yes, of course, I want to be financially sound.
05:10.094 --> 05:10.776
[SPEAKER_00]: I want to make money.
05:10.816 --> 05:13.100
[SPEAKER_00]: It needs to be financially sound, right?
05:13.461 --> 05:15.925
[SPEAKER_00]: And, though, there are other non-negotiables.
05:15.945 --> 05:21.115
[SPEAKER_00]: So time money and energy, the fourth non-negotiable that I've added to my non-negotiables,
05:21.095 --> 05:28.104
[SPEAKER_00]: Do I have the ability to teach my children in a like a real-life scenario through this project?
05:28.525 --> 05:30.908
[SPEAKER_00]: That has become increasingly really important to me.
05:30.948 --> 05:42.264
[SPEAKER_00]: I've 12-year-old, I've an eight-year-old, eight-year-old daughter, 12-year-old boy, and if I don't intentionally bring them to projects and teach some lessons, I don't feel like I'm going to be able to impact them as much.
05:42.304 --> 05:44.306
[SPEAKER_00]: And that's a really important one for me.
05:44.687 --> 05:49.313
[SPEAKER_00]: So this project came up about six months ago and it fit those boxes.
05:49.293 --> 05:53.217
[SPEAKER_00]: Time, it would require me to build a team so I don't have to manage the day-to-day operations.
05:53.438 --> 05:53.718
[SPEAKER_00]: Check.
05:54.319 --> 05:56.862
[SPEAKER_00]: Money, it would produce a really strong return.
05:57.362 --> 06:01.327
[SPEAKER_00]: We were able to put our heel lock into the money and then also just get one private lender.
06:01.347 --> 06:03.449
[SPEAKER_00]: I didn't want to syndicate or do anything big.
06:03.469 --> 06:05.912
[SPEAKER_00]: I just wanted one private lender to make the project work.
06:06.353 --> 06:06.613
[SPEAKER_00]: Check.
06:07.254 --> 06:07.994
[SPEAKER_00]: Third, energy.
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[SPEAKER_00]: With this, bring me some joy.
06:09.436 --> 06:14.642
[SPEAKER_00]: And my husband and I have not done like, we haven't done like a ground-up construction project in a really long time.
06:14.622 --> 06:15.844
[SPEAKER_00]: And that would bring me joy.
06:16.125 --> 06:19.792
[SPEAKER_00]: So I was excited by that, especially in our community.
06:19.873 --> 06:20.714
[SPEAKER_00]: It was close to home.
06:21.095 --> 06:23.901
[SPEAKER_00]: The fourth one with my kiddos, it was in my hometown.
06:24.241 --> 06:26.586
[SPEAKER_00]: So the project's actually two miles from my house.
06:26.606 --> 06:27.849
[SPEAKER_00]: So I really love that aspect.
06:27.889 --> 06:30.534
[SPEAKER_00]: So again, it met all my non-negotiables.
06:30.594 --> 06:32.057
[SPEAKER_00]: And I can't just set enough.
06:33.252 --> 06:34.734
[SPEAKER_00]: It has a real estate investor, right?
06:35.355 --> 06:37.859
[SPEAKER_00]: Really to outline what are your non-negotiables.
06:37.899 --> 06:46.592
[SPEAKER_00]: And a great place to start would be to look at your time, money, money in, money you're looking to earn as well as energy.
06:46.952 --> 06:50.217
[SPEAKER_00]: How much energy you'll give to it, what kind of energy you want to have with it?
06:50.257 --> 06:55.345
[SPEAKER_00]: Like are you looking for creativity or to bring you some joy or to
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[SPEAKER_00]: What's the benefit from like an energy perspective?
06:57.791 --> 06:59.234
[SPEAKER_00]: And the fourth one for me is kids.
06:59.455 --> 07:02.401
[SPEAKER_00]: My kiddos, you might have a fourth non-negotiable.
07:03.023 --> 07:05.809
[SPEAKER_00]: So start with that, three are four non-negotiables.
07:05.829 --> 07:11.222
[SPEAKER_00]: So you ensure that the deals don't just pencil out, but they also meet your other requirements, right?
07:11.262 --> 07:12.625
[SPEAKER_00]: That really,
07:12.605 --> 07:14.047
[SPEAKER_00]: really matters, okay?
07:14.648 --> 07:20.979
[SPEAKER_00]: So lesson one was all about rushing, just make sure you do not rush, give yourself an extra 24 hours.
07:21.620 --> 07:27.590
[SPEAKER_00]: Number two is all about your non-negotiables will protect you and keep you aligned with your greater vision of where you're headed.
07:28.252 --> 07:36.165
[SPEAKER_00]: Make sure you identify those three or four non-negotiables when it comes to time, money, energy, and any other things that are important to you.
07:36.145 --> 07:48.738
[SPEAKER_00]: The third lesson I want to share is something a real estate agent shared with me many years ago, and I wish I understood this early on, the market matters more than the deal itself.
07:49.359 --> 07:58.929
[SPEAKER_00]: I'll say that again, always have a pulse on the market as your number one strategy versus being enamored and knowing everything you need to know about the deal.
07:59.429 --> 08:03.013
[SPEAKER_00]: That's important, of course,
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[SPEAKER_00]: but you need to first lead with the market and have a pulse on what's happening in the market.
08:08.162 --> 08:10.866
[SPEAKER_00]: That lesson honestly took me longer than it should have.
08:11.467 --> 08:21.704
[SPEAKER_00]: I remember my husband and I as we grew our portfolio we invested heavily in Trenton New Jersey and in Trenton we we did not study the market.
08:21.764 --> 08:23.567
[SPEAKER_00]: We did not study the trends.
08:23.547 --> 08:38.613
[SPEAKER_00]: You know, and we didn't look at what was happening with the economic shift of the city where people coming to the city where it was the city in terms of supply and demand job creation diversity of jobs all the things that matter as you're looking at a market and I remember talking to him.
08:38.634 --> 08:41.479
[SPEAKER_00]: I remember we were at a Panera bread and we're like, can we afford it?
08:42.060 --> 08:44.103
[SPEAKER_00]: We want to make a difference and it's close to home.
08:44.243 --> 08:46.888
[SPEAKER_00]: That seems like a great place to invest in.
08:46.868 --> 08:52.460
[SPEAKER_00]: And in hindsight, we would have been more successful if we were more refined with the market.
08:53.182 --> 09:05.248
[SPEAKER_00]: And ensuring that you were part of a market that there is a stronger demand than supply, that it's a growing economy, that people are coming to the area versus leaving the area.
09:05.228 --> 09:07.572
[SPEAKER_00]: and all the other economic pieces that matter.
09:08.133 --> 09:19.413
[SPEAKER_00]: So as we've transitioned to other markets, North Carolina, Kentucky, Pennsylvania, Minnesota, Houston, Texas, even, those things matter, right?
09:19.453 --> 09:24.361
[SPEAKER_00]: The economics of that, of that town and as well as the region matter.
09:24.963 --> 09:30.392
[SPEAKER_00]: So as you're really looking in expanding
09:30.372 --> 09:34.421
[SPEAKER_00]: And you consider new markets or what have you go back to the basics.
09:34.441 --> 09:37.408
[SPEAKER_00]: Look at supply and demand and you want to be on the side.
09:37.448 --> 09:43.200
[SPEAKER_00]: Obviously, strong demand lower supply for what you are, what product you are offering.
09:43.220 --> 09:47.149
[SPEAKER_00]: Whether it's that single family rental, whether it's a short-term rental.
09:47.129 --> 09:49.114
[SPEAKER_00]: whether it's a small multifamily.
09:49.174 --> 09:56.493
[SPEAKER_00]: You want to be insure with what you look at in the research that you do that you're more demand than supply, right?
09:57.255 --> 09:58.077
[SPEAKER_00]: Who's moving in?
09:58.538 --> 10:00.082
[SPEAKER_00]: Who's moving out, right?
10:00.884 --> 10:04.092
[SPEAKER_00]: What is being built from a new construction perspective?
10:04.072 --> 10:06.275
[SPEAKER_00]: And where is their growth, right?
10:06.355 --> 10:09.059
[SPEAKER_00]: What's what's the economic drivers of that area?
10:09.400 --> 10:10.161
[SPEAKER_00]: All those things matter.
10:10.722 --> 10:13.426
[SPEAKER_00]: So just remember, market over deal.
10:13.886 --> 10:22.519
[SPEAKER_00]: So to quickly summarize the three lessons from today's mini-sode, here's number one, rushing is more expensive than any bad deal.
10:22.499 --> 10:30.351
[SPEAKER_00]: Second, your non-negotiables always come first and third the market, always, always matters, more than the deal.
10:30.772 --> 10:46.195
[SPEAKER_00]: If this episode has resonated with you and you're creating more clarity confidence and support as you grow, that's exactly why we've created the investor pods,
10:46.175 --> 10:49.761
[SPEAKER_00]: who want clarity, accountability, and consistent support as they grow.
10:50.202 --> 11:01.703
[SPEAKER_00]: You meet twice a month at a small curated group to work through real decisions, real challenges, and real opportunities alongside an expert mentor, and women playing in a similar level.
11:01.683 --> 11:18.898
[SPEAKER_00]: If you're ready to grow with support instead of isolation, you can learn more at mentorship dot the real estate invest her dot com slash pods and remember you don't have to build this alone you don't have to build your business alone do something with what you got from today's mini sod and we'll see you next time.
00:00.031 --> 00:04.426
[SPEAKER_00]: After 20 years as a real estate investor, I've learned something that might surprise you.
00:05.048 --> 00:05.932
[SPEAKER_00]: It's not what you think.
00:06.453 --> 00:09.805
[SPEAKER_00]: It's not about knowing where strategies are chasing better deals.
00:09.920 --> 00:13.586
[SPEAKER_00]: It's actually about the lessons that guide long-term success.
00:14.247 --> 00:16.150
[SPEAKER_00]: And today I'm sharing those three lessons with you.
00:16.190 --> 00:22.200
[SPEAKER_00]: These are lessons that I wish someone had handed me before I spent years learning them the hard way.
00:22.862 --> 00:32.357
[SPEAKER_00]: So if you're a real estate investor looking to grow, you're a portfolio, this episode will change how you think about your next decision.
00:32.377 --> 00:35.202
[SPEAKER_00]: So let's jump in to lesson number one.
00:35.485 --> 00:39.251
[SPEAKER_00]: rushing is more expensive than any bad deal.
00:39.491 --> 00:46.682
[SPEAKER_00]: The biggest mistakes that I've made in literally the 20 years so that I've been investing didn't happen because I didn't know enough.
00:47.062 --> 00:50.147
[SPEAKER_00]: They happened because I moved too quickly.
00:50.647 --> 00:54.593
[SPEAKER_00]: Urgency feels productive, but it's actually very expensive.
00:54.814 --> 01:02.505
[SPEAKER_00]: I'm gonna give you a really quick example of rushing and what that cost me and the company in the long haul.
01:02.789 --> 01:08.335
[SPEAKER_00]: So when ended up happening, was we were selling a property in 18 unit in Philadelphia.
01:08.975 --> 01:10.316
[SPEAKER_00]: We owned it with a group of investors.
01:10.757 --> 01:11.618
[SPEAKER_00]: It was a syndication.
01:11.778 --> 01:13.560
[SPEAKER_00]: And we were selling it for a great profit.
01:14.100 --> 01:26.292
[SPEAKER_00]: And we were going to take every, all their capital, the investors capital, as well as our own capital, plus the profit, and do a 1031 exchange for a larger building, 198 unit building that we were purchasing.
01:26.893 --> 01:30.957
[SPEAKER_00]: And so we found a custodian, but we rushed.
01:30.937 --> 01:32.599
[SPEAKER_00]: to find the custodian.
01:32.940 --> 01:33.821
[SPEAKER_00]: So I just want to say that.
01:34.622 --> 01:46.320
[SPEAKER_00]: And it was $750,000 from the sale of the 18 unit that we were holding in this with this custodian to put into the 198 unit complex.
01:46.901 --> 01:50.886
[SPEAKER_00]: So about two weeks before closing, we were reaching out to the custodian.
01:51.207 --> 01:53.350
[SPEAKER_00]: Nothing came back, no communication.
01:53.330 --> 02:09.567
[SPEAKER_00]: Long story short, this custodian ended up like almost like was a mini Bernie made off and ended up stealing millions of dollars, including our 750,000 from various investors over course of his operations and his business.
02:09.867 --> 02:17.739
[SPEAKER_00]: Long story short, we got to the closing table, we made our investors whole, made it up selling that building and returning all investor capital.
02:18.380 --> 02:25.350
[SPEAKER_00]: It took a while and we turned it around, but that whole process caused such a tremendous amount of stress.
02:25.710 --> 02:27.153
[SPEAKER_00]: Now, we didn't steal the money, right?
02:27.273 --> 02:36.246
[SPEAKER_00]: Obviously, we chose, though, the custodian and in hindsight, when I really get honest with myself, right, it really comes back to moving too fast.
02:36.226 --> 02:38.930
[SPEAKER_00]: So I really want you to think about this for your own life, right?
02:38.950 --> 02:44.799
[SPEAKER_00]: As you're listening, as you're taking microaction to move your portfolio along.
02:45.661 --> 02:49.126
[SPEAKER_00]: I want you to think about the next major decision you have to make, right?
02:49.246 --> 02:50.849
[SPEAKER_00]: Really, sit with that.
02:50.869 --> 02:52.311
[SPEAKER_00]: Think about that next major decision.
02:52.732 --> 02:55.075
[SPEAKER_00]: And now I want you to slow down by 24 hours.
02:55.636 --> 02:57.559
[SPEAKER_00]: Use like that one day rule.
02:57.539 --> 03:04.452
[SPEAKER_00]: notice what sort of like comes up for you and gets clearer for you when you give a little more time to the decision.
03:04.833 --> 03:10.283
[SPEAKER_00]: Now I'm not saying wait weeks and weeks because sometimes people will delay decisions they have to make.
03:10.704 --> 03:17.517
[SPEAKER_00]: I'm not saying that at all, but give yourself space and time so you can really make sure you're making the right call, right?
03:17.697 --> 03:18.699
[SPEAKER_00]: So that's not the number one.
03:19.060 --> 03:20.222
[SPEAKER_00]: Do not rush.
03:20.202 --> 03:26.251
[SPEAKER_00]: into partnerships, do not rush deals, do not rush making these decisions that are going to make an impact on your business.
03:26.712 --> 03:36.927
[SPEAKER_00]: Lesson number two, that is probably one of the most important lessons that I have learned over the course of my two decades as an investor.
03:37.147 --> 03:43.797
[SPEAKER_00]: You're non-negotiables protect you more than any deal ever will.
03:43.777 --> 03:44.759
[SPEAKER_00]: Here's what I mean by that.
03:45.500 --> 03:49.547
[SPEAKER_00]: If a deal requires you to abandon your non-negotiables, it's not the right deal.
03:49.807 --> 03:50.489
[SPEAKER_00]: I'll say that again.
03:50.909 --> 03:56.359
[SPEAKER_00]: If a deal requires you to abandon your non-negotiables, it is not the right deal.
03:56.719 --> 04:03.591
[SPEAKER_00]: No matter how the numbers look, no matter how the partner is shaping up, I like to think of my non-negotiables as my guardrails.
04:03.571 --> 04:18.981
[SPEAKER_00]: But kind of keep me in lines, kind of like going bowling right you're going bowling without those those guardrails if you will that bowling ball would go across the entire you know location so when you ignore them it costs you in the long haul and that's what I want to talk about.
04:18.961 --> 04:27.355
[SPEAKER_00]: I remember from me along the way, you know, projects would look great on paper and then it doesn't fit my kind of like my non-agosibles.
04:27.415 --> 04:29.739
[SPEAKER_00]: It goes against one of my non-agosibles.
04:29.799 --> 04:39.315
[SPEAKER_00]: So as I've gotten clear as an investor over the last two decades, I wish I was clear with my non-agosibles earlier on and I was as growing my portfolio.
04:39.295 --> 04:40.176
[SPEAKER_00]: What does that look like?
04:40.256 --> 04:51.469
[SPEAKER_00]: For me, non-negotiables include time, money, how much money you want to make, how much money you're going to put at risk, how much time you're looking to invest, whether you want to invest in actively or passively, so time and money.
04:51.929 --> 04:53.391
[SPEAKER_00]: And the third part is energy.
04:53.811 --> 04:57.275
[SPEAKER_00]: Is this project going to give me joy, give me energy?
04:57.295 --> 05:04.003
[SPEAKER_00]: Or is it going to like literally take the living energy out of my body if I'm participating in this?
05:03.983 --> 05:10.074
[SPEAKER_00]: So when I'm evaluating projects now, whether to move ahead with them, yes, of course, I want to be financially sound.
05:10.094 --> 05:10.776
[SPEAKER_00]: I want to make money.
05:10.816 --> 05:13.100
[SPEAKER_00]: It needs to be financially sound, right?
05:13.461 --> 05:15.925
[SPEAKER_00]: And, though, there are other non-negotiables.
05:15.945 --> 05:21.115
[SPEAKER_00]: So time money and energy, the fourth non-negotiable that I've added to my non-negotiables,
05:21.095 --> 05:28.104
[SPEAKER_00]: Do I have the ability to teach my children in a like a real-life scenario through this project?
05:28.525 --> 05:30.908
[SPEAKER_00]: That has become increasingly really important to me.
05:30.948 --> 05:42.264
[SPEAKER_00]: I've 12-year-old, I've an eight-year-old, eight-year-old daughter, 12-year-old boy, and if I don't intentionally bring them to projects and teach some lessons, I don't feel like I'm going to be able to impact them as much.
05:42.304 --> 05:44.306
[SPEAKER_00]: And that's a really important one for me.
05:44.687 --> 05:49.313
[SPEAKER_00]: So this project came up about six months ago and it fit those boxes.
05:49.293 --> 05:53.217
[SPEAKER_00]: Time, it would require me to build a team so I don't have to manage the day-to-day operations.
05:53.438 --> 05:53.718
[SPEAKER_00]: Check.
05:54.319 --> 05:56.862
[SPEAKER_00]: Money, it would produce a really strong return.
05:57.362 --> 06:01.327
[SPEAKER_00]: We were able to put our heel lock into the money and then also just get one private lender.
06:01.347 --> 06:03.449
[SPEAKER_00]: I didn't want to syndicate or do anything big.
06:03.469 --> 06:05.912
[SPEAKER_00]: I just wanted one private lender to make the project work.
06:06.353 --> 06:06.613
[SPEAKER_00]: Check.
06:07.254 --> 06:07.994
[SPEAKER_00]: Third, energy.
06:08.034 --> 06:09.076
[SPEAKER_00]: With this, bring me some joy.
06:09.436 --> 06:14.642
[SPEAKER_00]: And my husband and I have not done like, we haven't done like a ground-up construction project in a really long time.
06:14.622 --> 06:15.844
[SPEAKER_00]: And that would bring me joy.
06:16.125 --> 06:19.792
[SPEAKER_00]: So I was excited by that, especially in our community.
06:19.873 --> 06:20.714
[SPEAKER_00]: It was close to home.
06:21.095 --> 06:23.901
[SPEAKER_00]: The fourth one with my kiddos, it was in my hometown.
06:24.241 --> 06:26.586
[SPEAKER_00]: So the project's actually two miles from my house.
06:26.606 --> 06:27.849
[SPEAKER_00]: So I really love that aspect.
06:27.889 --> 06:30.534
[SPEAKER_00]: So again, it met all my non-negotiables.
06:30.594 --> 06:32.057
[SPEAKER_00]: And I can't just set enough.
06:33.252 --> 06:34.734
[SPEAKER_00]: It has a real estate investor, right?
06:35.355 --> 06:37.859
[SPEAKER_00]: Really to outline what are your non-negotiables.
06:37.899 --> 06:46.592
[SPEAKER_00]: And a great place to start would be to look at your time, money, money in, money you're looking to earn as well as energy.
06:46.952 --> 06:50.217
[SPEAKER_00]: How much energy you'll give to it, what kind of energy you want to have with it?
06:50.257 --> 06:55.345
[SPEAKER_00]: Like are you looking for creativity or to bring you some joy or to
06:55.325 --> 06:57.771
[SPEAKER_00]: What's the benefit from like an energy perspective?
06:57.791 --> 06:59.234
[SPEAKER_00]: And the fourth one for me is kids.
06:59.455 --> 07:02.401
[SPEAKER_00]: My kiddos, you might have a fourth non-negotiable.
07:03.023 --> 07:05.809
[SPEAKER_00]: So start with that, three are four non-negotiables.
07:05.829 --> 07:11.222
[SPEAKER_00]: So you ensure that the deals don't just pencil out, but they also meet your other requirements, right?
07:11.262 --> 07:12.625
[SPEAKER_00]: That really,
07:12.605 --> 07:14.047
[SPEAKER_00]: really matters, okay?
07:14.648 --> 07:20.979
[SPEAKER_00]: So lesson one was all about rushing, just make sure you do not rush, give yourself an extra 24 hours.
07:21.620 --> 07:27.590
[SPEAKER_00]: Number two is all about your non-negotiables will protect you and keep you aligned with your greater vision of where you're headed.
07:28.252 --> 07:36.165
[SPEAKER_00]: Make sure you identify those three or four non-negotiables when it comes to time, money, energy, and any other things that are important to you.
07:36.145 --> 07:48.738
[SPEAKER_00]: The third lesson I want to share is something a real estate agent shared with me many years ago, and I wish I understood this early on, the market matters more than the deal itself.
07:49.359 --> 07:58.929
[SPEAKER_00]: I'll say that again, always have a pulse on the market as your number one strategy versus being enamored and knowing everything you need to know about the deal.
07:59.429 --> 08:03.013
[SPEAKER_00]: That's important, of course,
08:02.993 --> 08:07.120
[SPEAKER_00]: but you need to first lead with the market and have a pulse on what's happening in the market.
08:08.162 --> 08:10.866
[SPEAKER_00]: That lesson honestly took me longer than it should have.
08:11.467 --> 08:21.704
[SPEAKER_00]: I remember my husband and I as we grew our portfolio we invested heavily in Trenton New Jersey and in Trenton we we did not study the market.
08:21.764 --> 08:23.567
[SPEAKER_00]: We did not study the trends.
08:23.547 --> 08:38.613
[SPEAKER_00]: You know, and we didn't look at what was happening with the economic shift of the city where people coming to the city where it was the city in terms of supply and demand job creation diversity of jobs all the things that matter as you're looking at a market and I remember talking to him.
08:38.634 --> 08:41.479
[SPEAKER_00]: I remember we were at a Panera bread and we're like, can we afford it?
08:42.060 --> 08:44.103
[SPEAKER_00]: We want to make a difference and it's close to home.
08:44.243 --> 08:46.888
[SPEAKER_00]: That seems like a great place to invest in.
08:46.868 --> 08:52.460
[SPEAKER_00]: And in hindsight, we would have been more successful if we were more refined with the market.
08:53.182 --> 09:05.248
[SPEAKER_00]: And ensuring that you were part of a market that there is a stronger demand than supply, that it's a growing economy, that people are coming to the area versus leaving the area.
09:05.228 --> 09:07.572
[SPEAKER_00]: and all the other economic pieces that matter.
09:08.133 --> 09:19.413
[SPEAKER_00]: So as we've transitioned to other markets, North Carolina, Kentucky, Pennsylvania, Minnesota, Houston, Texas, even, those things matter, right?
09:19.453 --> 09:24.361
[SPEAKER_00]: The economics of that, of that town and as well as the region matter.
09:24.963 --> 09:30.392
[SPEAKER_00]: So as you're really looking in expanding
09:30.372 --> 09:34.421
[SPEAKER_00]: And you consider new markets or what have you go back to the basics.
09:34.441 --> 09:37.408
[SPEAKER_00]: Look at supply and demand and you want to be on the side.
09:37.448 --> 09:43.200
[SPEAKER_00]: Obviously, strong demand lower supply for what you are, what product you are offering.
09:43.220 --> 09:47.149
[SPEAKER_00]: Whether it's that single family rental, whether it's a short-term rental.
09:47.129 --> 09:49.114
[SPEAKER_00]: whether it's a small multifamily.
09:49.174 --> 09:56.493
[SPEAKER_00]: You want to be insure with what you look at in the research that you do that you're more demand than supply, right?
09:57.255 --> 09:58.077
[SPEAKER_00]: Who's moving in?
09:58.538 --> 10:00.082
[SPEAKER_00]: Who's moving out, right?
10:00.884 --> 10:04.092
[SPEAKER_00]: What is being built from a new construction perspective?
10:04.072 --> 10:06.275
[SPEAKER_00]: And where is their growth, right?
10:06.355 --> 10:09.059
[SPEAKER_00]: What's what's the economic drivers of that area?
10:09.400 --> 10:10.161
[SPEAKER_00]: All those things matter.
10:10.722 --> 10:13.426
[SPEAKER_00]: So just remember, market over deal.
10:13.886 --> 10:22.519
[SPEAKER_00]: So to quickly summarize the three lessons from today's mini-sode, here's number one, rushing is more expensive than any bad deal.
10:22.499 --> 10:30.351
[SPEAKER_00]: Second, your non-negotiables always come first and third the market, always, always matters, more than the deal.
10:30.772 --> 10:46.195
[SPEAKER_00]: If this episode has resonated with you and you're creating more clarity confidence and support as you grow, that's exactly why we've created the investor pods,
10:46.175 --> 10:49.761
[SPEAKER_00]: who want clarity, accountability, and consistent support as they grow.
10:50.202 --> 11:01.703
[SPEAKER_00]: You meet twice a month at a small curated group to work through real decisions, real challenges, and real opportunities alongside an expert mentor, and women playing in a similar level.
11:01.683 --> 11:18.898
[SPEAKER_00]: If you're ready to grow with support instead of isolation, you can learn more at mentorship dot the real estate invest her dot com slash pods and remember you don't have to build this alone you don't have to build your business alone do something with what you got from today's mini sod and we'll see you next time.
