Podcast Summary
Emphasizing the importance of a larger pie in real estate investing: Learn from experts, expand your portfolio with refinancing, and explore passive investment opportunities for growth.
It's better to have a smaller share of a larger pie than a 100% of a small one in real estate investing. This was emphasized by Brandon Turner during the Bigger Pockets Podcast Show 306, where he shared his experience of refinancing two properties and adding significant equity. He also highlighted the importance of learning from experts like their guest, who discussed the 7 steps for choosing a market and the 3 C's for raising money. Additionally, they introduced listeners to investment opportunities like PPR Capital Management for accredited investors seeking passive income without property management headaches and Rent to Retirement for those looking to invest with no money down. Overall, the episode provided valuable insights and actionable advice for real estate investors at various stages.
Empowering Female Investors: Monique Hallum's Inspiring Journey to 1000 Units: Monique Hallum, a successful real estate investor, encourages women to take action and seize opportunities, sharing her journey from accidental house hacking to managing over 1000 units through strategic partnerships, market selection, and fundraising.
Vacasa, a reliable property management company, aims to simplify vacation home ownership by maximizing income and providing peace of mind. For female investors, Monique Hallum's inspiring story emphasizes the importance of taking action and embracing opportunities in real estate. Starting from accidental house hacking, Monique transitioned from a few small deals to over 1000 units in a year through partnerships, market selection, deal sourcing, and fundraising. If you're a female investor who's made at least 10 deals, consider applying to share your story on the BiggerPockets podcast. For all investors, remember to encourage and support each other, making real estate an inclusive space for everyone.
Meeting a mentor shifts perspective and opens new opportunities: Seeking out a mentor can provide valuable insights and guidance, leading to new opportunities and growth in real estate investing
Meeting a mentor can significantly shift your perspective and open up new opportunities in real estate investing. Monique shares how she and her husband were struggling to find a financially viable 4plex in LA when they met Robert Helms, a successful real estate investor and host of The Real Estate Guys Radio. Robert's advice to invest where the numbers make sense and leverage capital and credit to spread risks changed Monique's perspective and led her to explore new possibilities. This encounter was a turning point for Monique and her husband, leading them to new opportunities and growth in their real estate journey. It's important to be open to meeting new people and seeking out mentors, as they can provide valuable insights and guidance that can help you achieve your goals.
Discovering a profitable alternative to law: Understanding market trends and building a reliable team are key to success in house flipping. Ensure improvements pay off in sale price.
Becoming a lawyer may not be the best career choice for everyone, as many find it to be a challenging and unenjoyable experience. Instead, the speaker discovered the world of house flipping, which can be profitable if done at the right time in the market. To be successful in flipping houses, it's essential to have a solid understanding of the market and its trends, as well as the ability to put together a reliable team of contractors who can work efficiently. Additionally, it's crucial to ensure that any improvements made to the property will pay for themselves in the sale price. The speaker shared their personal experience of flipping houses in LA during a favorable market cycle and making a profit, but acknowledged the ebb and flow nature of the business.
Finding the Right Real Estate Partners: Character, Commitment, and Capacity: To build successful real estate partnerships, focus on character (integrity, honesty, trustworthiness), commitment (dedication, shared values), and capacity (ability to contribute effectively).
When it comes to real estate investing, finding the right partners is crucial. Monique shared her experience of how having a partner helped her take the first step and build a successful career in real estate. She emphasized the importance of evaluating potential partners based on three key characteristics: character, commitment, and capacity. Character refers to a person's integrity, honesty, and trustworthiness. Commitment means being dedicated to the project and sharing the same values. Lastly, capacity refers to having the ability to contribute effectively to the partnership. By focusing on these three C's, investors can build strong, long-lasting relationships that lead to successful deals and projects. Remember, in real estate, it's not just about the business transaction; it's about building meaningful partnerships.
Assessing Commitment, Character, and Capacity in Partnerships and Hiring: When partnering or hiring, evaluate commitment to ethics and long-term relationships, character including integrity and trustworthiness, and capacity for expertise and quality results to build successful, long-lasting partnerships.
When considering partnerships or hiring professionals, it's crucial to assess their commitment, character, and capacity. Commitment refers to their dedication to ethical business practices and long-term relationships. Character involves their integrity and trustworthiness. Capacity pertains to their expertise and ability to deliver quality results. These three aspects can significantly impact the success or failure of a business deal or project. For instance, in real estate, settling for a cheaper, less experienced agent or contractor may result in lost opportunities and additional costs down the line. By focusing on the 3 C's, you can make informed decisions and build successful, long-lasting partnerships. Additionally, when scaling up your business, such as in real estate syndications, it's essential to learn new skills and invest in mentorship and training. Syndications involve a group of investors coming together to purchase larger properties, with active investors managing the asset and passive investors providing capital. By focusing on the 3 C's in this context, you can ensure a successful partnership and maximize returns for all involved.
Leveraging Strengths in Real Estate Syndications: Syndications bring together knowledgeable, hardworking individuals and passive investors, allowing for increased returns and learning opportunities through pooled resources and expertise.
Syndication is a powerful tool for bringing together knowledgeable, hardworking individuals and passive investors with capital to create mutually beneficial real estate investment opportunities. By leveraging each other's strengths, investors can pool their resources and expertise to acquire and manage properties, leading to increased returns and learning opportunities for all involved. The passive investors benefit from the ability to invest in real estate without the need for active involvement or extensive knowledge, while the active investors gain access to additional capital and the invaluable experience of managing a property. Ultimately, syndications create a win-win situation, allowing individuals to grow their wealth and expand their knowledge base in the real estate market.
Learning from real estate syndications beyond financial returns: Actively participating in real estate syndications offers valuable insights into various aspects of the deal, from building relationships to understanding different types of loans and lenders, leading to greater earning potential and personal growth.
Gaining experience through active involvement in real estate syndications provides valuable knowledge and wisdom that goes beyond just the financial returns. While passive investing also offers learning opportunities, actively participating in a syndication allows for a deeper understanding of various aspects of the deal, from building relationships and managing projects to learning about different types of loans and lenders. To find potential investors, Monique recommends connecting with real estate groups where individuals are already educated about real estate and interested in investing. It's essential to ensure that investors understand the deal and its risks before investing. Overall, the experience and knowledge gained from actively participating in real estate syndications can lead to greater earning potential and personal growth.
Networking and reliability are key to attracting and retaining real estate investors: Building a network through real estate groups and following through on commitments, no matter how small, are crucial for attracting and retaining real estate investors. Good character, commitment to the deal, and understanding of the investment also matter.
Building a network and doing what you say you'll do are crucial elements in attracting and retaining real estate investors. The speaker shared that most of her investors have come from real estate groups and through networking. She emphasized the importance of having good character, commitment to the deal, and capacity to understand the investment. The speaker also highlighted the significance of following through on commitments, no matter how small they may seem, as it builds trust and credibility. She shared a personal experience of how failing to do so can negatively impact business relationships. By focusing on networking and reliability, real estate investors can expand their reach and build a strong investor base.
Honesty and reliability key in real estate investing: Invest where it makes sense considering population, job growth, economy, landlord friendliness, business friendliness, market cycle, and familiarity for successful real estate investments.
Honesty and reliability are crucial in real estate investing. Don't make promises you can't keep, and don't say you'll do something if you're not sure you can follow through. Monique's advice is to invest where it makes sense, not just where it's convenient. When determining a potential market, consider population and job growth, a diversified economy, landlord and business friendliness, and the market cycle. A market with all seven factors is more likely to be successful. Familiarity with the market is also essential. Remember, being honest and reliable builds trust, and trust is the foundation of any successful real estate investment.
Success in real estate investing relies on market knowledge and partnerships: To succeed in real estate investing, focus on market knowledge and forming strategic partnerships, enabling you to leverage expertise and resources for larger deals and a bigger pie for all involved.
Successful real estate investing requires extensive market knowledge and the right partnerships. Dallas, for instance, has varying neighborhoods with significant differences in desirability and potential investment success. Finding the right market involves considering various factors and being familiar with the area. In the first year of syndicating, the investor acquired several properties, including a mobile home park in Jacksonville, North Carolina, and apartment buildings in Albuquerque, New Mexico, through partnerships. This strategy allowed them to focus on their strengths, such as money raising, while leveraging the expertise of others. Syndications enable investors to bring together top-level talent to work on larger deals, resulting in a bigger pie for all involved. Rather than attempting to do everything alone, it's essential to recognize the value of collaboration and splitting the pie fairly.
Being flexible leads to greater opportunities and wealth creation: Flexibility and adapting to new opportunities and resources can lead to success in investing and business partnerships.
Being flexible and having a diverse set of skills or resources can lead to greater opportunities and wealth creation. Brandon used the analogy of having a full tool belt to tackle various home renovation projects, and the same concept applies to investing and business partnerships. Successful investors and coaches adapt their strategies to their resources and environment, rather than trying to force a square peg into a round hole. Monique's success in real estate investing came from her flexibility and ability to adapt to different opportunities and partnerships. By focusing on her strengths and finding the right market and partners, she was able to build wealth and do "huge deals." This mindset of being open to new opportunities and resources is a valuable lesson for anyone looking to build wealth or succeed in their chosen field.
Discovering the right resources and connections: Leveraging therapy for personal growth and specialized services for time-saving investments can lead to financial success and less stress.
Therapy, such as the one offered by BetterHelp, can provide valuable insights into personal priorities and help individuals accomplish their goals with less stress and more clarity. Meanwhile, in the real estate industry, investors can save time and hassle by using specialized services like NREIG for insurance needs. Monique shared an intriguing deal about developing a workforce housing RV park in Lake Charles, Louisiana, where there's a high demand for housing due to massive construction projects. She found the opportunity through relationships and structured the deal with investors having a debt interest at first, earning them a 6% return. Overall, these examples demonstrate the importance of discovering the right resources and connections to achieve personal growth and financial success.
Creativity and relationships are crucial in real estate development: Be creative in deal structuring to meet needs, relationships are essential for project success, and aim for long-term hold to maximize profits
Relationships and creativity are key in real estate development. The speaker shared a deal where they structured an investment with a parking lot development, which was still in the development stage but had already generated interest. The deal was structured such that investors would receive their money back with a 6% return within 3-4 years, and then convert to equity. Negotiations involved the lease and development timeline, and the project was funded with syndication debt. The speaker noted that relationships were crucial in securing the permit for the project and that it's essential to be creative in structuring deals to meet the needs of all parties involved. The plan is to hold the property for 15 years, with 70% of the profits going towards paying back investors until their money is returned, and then converting to equity. The speaker emphasized that relationships are your net worth in real estate development and that being creative in deal structuring can benefit everyone involved.
Women's unique advantage in real estate investing through relationship building: Creating supportive communities and mentorship opportunities can help overcome hesitation and lack of knowledge, encouraging more women to invest in real estate.
Women have a unique advantage in real estate investing due to their natural ability to build strong relationships. However, many women are hesitant to enter the field due to lack of knowledge and fear. To address this, creating supportive communities and mentorship opportunities for women in real estate can help overcome these barriers and encourage more women to invest. The speaker, Monique, even started her own community called Real Estate Investor Goddesses to provide a safe space for women to learn and grow together. As for Monique's future plans, she aims to focus more on syndications and acting as a conduit for investors, particularly women, to find suitable deals and grow their investments.
Starting a Real Estate Syndication: Education and Preparation: Educate yourself through resources like seminars and seek a mentor to add value in return for guidance.
When it comes to real estate syndication, education and preparation are crucial before taking on the legal responsibilities and seeking investors' funds. To get started, Monique recommends getting educated through resources like The Real Estate Guys' syndication seminar. Market-specific appreciation rates should be considered when running numbers on multifamily deals. To find a mentor, focus on how you can add value to them instead of just asking for their help. Offering to bring deals or paying for their mentorship are potential ways to build a mutually beneficial relationship.
Focus on adding value to your mentor: To effectively seek a mentor, focus on how you can add value to them rather than just asking for their time and expertise for your own gain.
In order to effectively seek out a mentor, it's essential to focus on how you can add value to them rather than just asking for their time and expertise for your own gain. Monique, a guest on a podcast, emphasized that mentorship involves an exchange of value, and it's not always monetary. She advised against approaching potential mentors with demands, such as asking them to analyze deals or do work for you. Instead, she suggested being other-focused, figuring out what you can bring to the table, and seeing if that aligns with their needs. Monique also shared examples of ineffective approaches, such as asking to "pick their brain" or offering to bring value by having them figure out what you can do for them. By shifting the focus to how you can help your mentor, you'll increase the likelihood of forming a mutually beneficial relationship.
Believing in one's deservability and abilities is crucial for real estate investing: Believe in your abilities, find supportive resources, and take action confidently for successful real estate investing
Having the right mindset is crucial for successful real estate investing. Monique, a yogi and investor, emphasized the importance of believing in one's deservability and abilities. She also shared her passion for traveling and her inspiration to help one million women achieve financial independence. On a practical note, investors can find Monique at realestateinvestorgoddesses.com for women-focused content and vipdashassets.com for investment syndication. Additionally, BiggerPockets Agent Finder can help investors find investor-friendly agents to navigate the real estate market and achieve financial freedom. Remember, it's not about timing the market but rather time in the market, and taking action with confidence is key.
