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Building Winning Real Estate Teams with Kimberly McCall · The Academy Presents podcast

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  Did you know that 90 % of the world's millionaires
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  invest in real estate? Well, I'm Angel with the
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  Academy Presents Real Estate Investing Rocks,
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  and I'm here to help you if you want to go for
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  your piece of that pie. Are you new? Are you
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  new to this and you just don't know where to
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  start? It's okay. Are you someone that has invested,
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  but you feel stuck, you feel like you've lost
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  momentum, you don't know where to really head
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  from here? Are you a seasoned real estate investor
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  who is doing great but maybe you just want to
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  hone a few skills here and there? This is the
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  place for you. The Academy Presents Real Estate
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  Investing Rocks podcast will connect you with
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  industry experts so that you can save time, avoid
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  costly mistakes, and begin living the life you've
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  dreamed of all through real estate investing.
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  You're already taking the first step. Just by
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  joining us here today. Listen to you talk about,
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  you know, your husband being more extroverted
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  than you. It makes me think of, there was a meme
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  one time and it was like a lady and her husband
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  and they were on a flight and they were both
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  in the middle seats. They weren't together. They
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  were both in middle seats and the wife is like,
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  I'm so uncomfortable. You know, I've bumped into
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  the guy next to me. I keep apologizing to him
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  profusely. You know, I'm, I'm, I've got my arms
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  tucked in and my legs tucked in and my husband's
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  across the aisle for me. They're sharing beef
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  jerky and I'm pretty sure somebody is coming
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  to, so I'm pretty sure he's in somebody's wedding
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  now. It was like, it just makes me, it makes
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  me think about people that are even when they're
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  in the same role, like even when Jason and I
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  are talking to investors, we have a very, we're
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  different and, but we're still the same. Like
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  if we're in a room talking to people, like we're
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  in an event. Maybe he gets the conversation.
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  Well, maybe I get it going but when it turns
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  to numbers That's him And so he just kind of
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  takes over the conversation and I can stay or
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  I can go start another conversation And then
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  he'll catch up to me later But he's We just we
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  attract different people People are attracted
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  to us as a couple but then people also are either
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  attracted to him or they're attracted to me As
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  far as like my style or his style So we're just,
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  we're different, but we're still, what we're
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  doing sometimes is very much the same. And if
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  you think like back to like Matt Faircloth and
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  even Liz, they talk about like the four main
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  roles. So you've got like the hunter, which is
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  your acquisitions person. You've got the money.
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  That's the person that's raising the capital.
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  You've got the hammer, which who's like your
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  asset manager. And then there's one more and
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  I always forget it. The brains. There's the brains.
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  I forget what the brains do, but anyway, there's
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  four. And what Jason and I realized was that
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  we both kind of do the money part. He, he's more
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  of a hammer than I am when it comes to the asset
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  management piece, because I don't like, I don't
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  like to be mean. Like sometimes I am mean just
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  because I'm blunt. I don't realize I'm being
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  mean, but like I don't conscientiously and maliciously
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  go out to be mean. That is not me. It makes me
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  uncomfortable. I don't like it. Um, but we take
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  on the pieces of the asset management part that
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  we can do well. So whereas he can be like, look,
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  this is what the numbers are saying. And this
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  is what we need the numbers to say. Not cook
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  the books, but you want to do something to make
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  these numbers work. And I can go on site and
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  stand for eight hours in the concrete. And it
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  was very hot. It was like June or something.
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  It was hot. And I can stand out there and make
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  sure things get done. I'm probably not the person
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  that should be talking about this is where we
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  are this is where we need to be and this is what
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  you need you to make it happen. So we kind of
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  split that up and then there's other people on
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  our team that have other roles in asset management
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  too. And then when it comes to like you're looking
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  at all the other pieces like for the acquisitions
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  it used to be that I would find deals because
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  I'm the one that's on the on the emails I'm getting
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  the text messages but now he's fielding the calls
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  too because he thinks it's kind of fun now. because
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  he knows enough about the deals before they ever
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  get on the phone so that he can talk intelligently
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  about, not that he can't talk intelligently about
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  it anyway, but with him being an introvert, he
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  likes to really have his thought processes solidified
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  and thought out before he gets in a call. Whereas
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  I'll just wing it, I don't care. It's not that
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  I don't care, it's that I'll just wing it. I
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  may or may not remember the majority of the conversation.
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  Whereas he's got it almost all planned out. He's
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  thought of their responses in ways that he was
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  going to respond based on responses. And he's
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  a planner when it comes to that. But he's got
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  brokers that will talk to him. I've got brokers
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  that will talk to me. And so even within that
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  piece of it, we attract different people. I love
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  that. I do. I did want to ask like, the brain,
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  is that possibly like the, I'm a big advocate
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  for sponsors, especially when people are starting.
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  I talked to a lot of people that, again, that
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  are brand new. And so I'm a huge advocate for,
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  for having sponsors, someone that can handhold,
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  someone that will, you know, we don't know what
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  we don't know. And when we work with someone
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  that's been doing this for years, beyond even
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  Fannie Freddie, let's say I had all, all the
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  money in the world and could qualify and purchase
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  a property and a business, right? Like we talk
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  about, like we're buying a business. Even if
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  I had the ability to buy it outright, I would
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  like to do it with someone that has experience.
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  And I think that's why I'm like pro -education.
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  And maybe it could be my own self -doubt sometimes,
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  but I really, I know. from experience that I
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  don't know everything and, and it's a good thing
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  to get help. And so I'm a big hand holding, um,
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  sponsor promoting, um, person for when it comes
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  to our teams and roles, like having, um, having
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  a person that can take the lead and show us the
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  way is something I definitely advocate for. When
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  I think, I think the brains is that experience
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  is the number cruncher. So like the underwriter.
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  So Jason has that one in the bag. Um, But at
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  the same time, I know some numbers just don't
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  ask me why they go up or down. But for me, it's
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  more like, what's our current debt service? I
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  can tell you what our current debt service is.
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  I can tell you what it was before. I can tell
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  you what the difference was and what the draw
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  was. Because once I've heard a number, if I hear
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  it and think, OK, I need to remember this, I'll
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  remember the number. And so that's really helpful
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  in meetings. We were like, oh man, well, how
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  much did it increase with that first draw? And
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  I'm like, well, it used to be XYZ and now it's
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  this. And I'm like, you know, it's maybe 350
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  and some change or like 353. And they're like,
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  how do you remember that? But I don't know why
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  they go up and down, but I remember numbers,
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  just the numbers themselves. And so that's kind
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  of where I guess I kind of get some of the brain
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  credit, but only because I can like it's a it's
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  a just function like just I can regurgitate something
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  that I remember whereas Jason is like actually
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  manipulating and looking at the pro forma's and
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  doing all of those things um and then like when
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  you're so we had the hunter we talked about the
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  brains talked about the hammer and now I'm forgetting
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  the other one oh the money no no yep so when
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  we talked about like how we're doing our capital
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  raising and we talked about like the asset management
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  piece and then he's the brains and like we don't
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  we don't necessarily have people that sit in
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  just those four roles and like we've also things
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  are getting kind of scary people are doing some
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  shady things and so like we brought Jason's sister
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  and her husband on Well, Jason, his sister and
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  his brother -in -law, they're all computer engineers.
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  So they can all do numbers. But the other thing
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  Sarah can do is Sarah can read legal documents.
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  Like she can go through them page by page, find
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  the mistakes, get her list of questions, and
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  that is not a strength of mine. So I think one
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  of the coolest things about us being relatively
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  new in the active side and Sarah and Alan coming
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  from being LPs also, is that we're not stuck
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  in these roles that we think we have to be in.
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  So we have a lot of ebb and flow. And I think
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  that that can be really important. Not so much
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  as in everybody should be like a jack of all
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  trades. I had a lot of people get really frustrated
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  with me and tell me they were giving me tough
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  love by telling me I was never going to be able
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  to raise money if I didn't understand the numbers.
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  And I was like, I don't I don't think that's
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  true. Oh, yes, it's true. I would never put money
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  with you because you don't know the numbers.
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  OK. So then, you know, you're not my tribe. It
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  is a tough line. I know I I always tell people
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  I was raised old school. I was raised to know
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  the numbers, know the numbers, underwrite, underwrite,
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  underwrite, like crazy. And then now I've, you
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  know, grown and moved into a place where we say,
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  you know, dive into what you love. If you don't
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  like underwriting, don't underwrite. And so it's
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  hard for me because I still have the old, like,
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  the way I was raised thought. I definitely let
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  people know you should be able to look at the
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  underwriting template and So just like this is
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  the bottom line. Okay, well, we know in the business
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  plan, it says we're going to increase the rents
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  $200. Like, do you know how? Or do you know why?
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  Do you know how we can do that? And things like
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  that, like, you know, just just know some things
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  because people that have high net worth individuals
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  that have money will be able they will be asking
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  you hard questions and just to be prepared. And
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  so we go over things like that. I love that you
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  have someone that can read. legal documents like
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  that's you know we talk about like ground team
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  we I call it a ground team people that like are
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  not necessarily on our GP team all the time but
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  having someone that will help you read those
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  documents and make sure everything is um yeah
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  there's even other pieces that she takes on so
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  like she she went through like everything that
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  was online versus what was being put in the reports
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  and so she's like because um one of the property
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  management softwares i forget what it's called
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  but it has an online portion for maintenance
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  and for units so that you know whether a unit's
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  been turned it's in process wherever it's at
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  so she actually sat down and compared the two
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  and then put and then drafted an entire email
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  that said unit it says this here and this here
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  unit it says this here and this here and went
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  through like i don't even know like 12 or 15
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  units where she found discrepancies and specifically
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  wanted to know why does it say this is why does
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  it say it's ready over here and over here it
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  says it's a heavy turn and so she went there
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  and like every single one of them was addressed
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  and I was like whoa now maybe she's the hammer
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  yes yes I like that and what it was it was just
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  so matter of fact it wasn't nobody got defensive
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  or anything it was just very matter of effect
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  and just I like it Roles, they do cross. They
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  do cross. And when you're on the same team, it's
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  not a bad thing. Like, hey, sometimes when you
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  are so deep in this, I forget to look from this
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  angle. And so having that help and being able
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  to rely on the team is golden. I talk to a lot
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  of people that want to just surely raise money.
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  And then we talk about, like, well, I have a
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  duty. I do have to. I'm not an SEC attorney,
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  but I will let you know. you know, you're gonna
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  have to do something. So what else? So when we
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  talk about that crossover and having, you know,
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  there's all these different roles, so be prepared.
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  Like you're gonna have to do something. So what
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  else do you like? So that's what I was like.
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  Now on a couple of deals, since our first one,
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  I've been on a couple more since then. And yeah,
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  it is the marketing, it is the social media and
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  it's things that I get to help with that I actually
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  like. So it doesn't have to be hard. We have
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  one lady that loves market research. Like, great.
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  Do the market research every month and send us
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  articles that we can put in our investor newsletter.
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  So we have some people that are really good writers.
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  And they could just beautifully write the investor
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  update. And I'm like, that is amazing. You made
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  that sound fantastic. And not that it's a bad
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  deal or anything, but just. the ability, verbose
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  ability. It's like there's things that people,
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  you know, like, what are you good at? You know,
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  do you like to write? Do you like to talk to
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  people? Do you like the numbers? Do you like,
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  yeah, do you like to go through these financials
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  or, or these units and, and see discrepancies?
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  I know when I was taught, they called it an investigator.
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  They're like, now you get to turn your investigator
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  hat on. And I was like, oh my god like that blew
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  my mind I was like okay I'm an investigator I'm
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  so excited like I'm gonna go through there with
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  my magnifying glass I felt like I was like yeah
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  you know and it's just going through and seeing
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  you know these numbers line up this one doesn't
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  like what happened so um that that's I think
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  one of the most probably the most helpful thing
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  that that we really got in the very beginning
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  when we started with Joe was that He said, okay,
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  here's two questions. Send these out to five
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  people and let me know what they say. Well, I
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  send it out to 10 thinking five people would
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  respond. But the two questions were like, what
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  do I do that I do better than anybody else that
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  you know? And what do I do that you think is
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  my natural talent? And I was like, who knows
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  what people are going to say? Now seven people
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  responded and they all basically said the same
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  thing. I will talk to anybody. I will build an
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  instant relationship with that person. And half
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  the time I have that person doing something for
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  me about the end of the night. And I was like,
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  what the heck? And so I really started honing
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  in on that. And so this was where we really made
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  the decision that numbers were never going to
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  be something I had to do. Because if I took time
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  to learn how to underwrite, Every minute that
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  I spent learning how to underwrite was a minute
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  taken away from me building my superpower even
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  stronger. And at the end of the day, even if
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  all I did was underwrite for eight hours a day
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  for a month solid, I'd still just be a beginner
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  and I'd be nowhere near where Jason is. And so
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  why does it make sense for me to waste my time
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  learning something that he's amazing at that
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  I'm never going to be as amazing at? And at the
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  same time taking that time away from my superpower
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  And so I really decided and Jason decided that
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  we were gonna stay in our superpowers And if
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  we pick up the other stuff along the way through
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  osmosis or whatever great But I am not ever actively
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  trying to figure out how to underwrite things
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  It's I don't have to and for the people that
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  told me that I would never be able to raise money
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  because I didn't know numbers They weren't just
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  a little bit wrong. They were Like exponentially
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  wrong awesome now is raising capital hard. Oh
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  my god But like we we raised seven figures on
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  our first race we raised seven figures on our
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  second race That's awesome. And that's the beauty
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  team. Yeah, like you have Jason and that's So
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  amazing. I love hearing stories like that. Like,
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  tell me what your guys's superpowers are and
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  how, how to work together. Yeah, I like that.
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  No, and it's, I mean, it was, it's funny now
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  because people that know me are like, where's
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  Jason? I'm like, what? And they're like, well,
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  we're not going to ask you the numbers. And at
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  first it hurt. I was like, well, I'm not dumb.
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  But then I was like, wait a second. This is awesome.
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  I don't ever have to do this. And so it was really
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  awesome that people understood. You know what?
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  I'm going to talk to Jason because I want to
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  talk about the numbers and they just knew that
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  that wasn't something that it. What I do know
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  is going to be very superficial, whereas Jason
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  can deep dive it as far deep as you want to go,
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  right?