Latest / The Academy Presents podcast / Finding Your Role in Multifamily Investing with Kimberly McCall

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Finding Your Role in Multifamily Investing 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. Hey guys it's Angel and
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  you are here at the Spring REI Rock Summit. Let
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  me get all the words out and we're going to be
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  talking with Kimberly McCall and she has grown
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  exponentially since the last summit and she's
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  learned a lot more. She's been on some deals
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  and so we're going to talk about how you find
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  your role in multifamily. So I will say that
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  you can create a role that is less traditional
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  that's kind of what I did like Jason is underwriter
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  traditional but I do like the relationships and
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  not just like with investors but with vendors
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  you know with different lenders like with people
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  that's what I do I like to talk and I like to
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  you know have friends and so we created a whole
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  new role for me and basically it's a relationships
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  manager and if you go different places to certain
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  companies you'll find relationships managers
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  and I never even knew like it was a real like
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  title I thought we had made something up kind
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  of like our son's name our son is Anson it was
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  Angel and Jason's who was together turned out
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  Anson was a real name we didn't know I love him
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  I love that well thank you thank you I want to
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  say I love that. Like a relationship manager.
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  I don't know what to call it either. So I didn't
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  know like in a real title. I think that's beautiful.
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  It is something that I'm finding my way into
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  that same role. And it's probably why I'm so
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  attracted to you. I'm like, I just want to talk
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  to Angel. She knows everybody and everything.
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  And I just want like, I think it's my most favorite
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  role. And you're right. It's not a it's not a
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  traditional role. A lot of times we we talk about
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  the underwriting the like who's doing market
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  research and who's doing the asset management
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  and all these traditional roles but it is a relationships
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  manager that I like gravitate to so um I didn't
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  even know it was a role like and then it was
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  um so we were at our we were at our bank and
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  we were at chase because we were in the syndication
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  through of the syndication account and the person
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  that we work with is a relationships manager.
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  And then I was at an event and Quest was there
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  presenting. And the guy that's talking is their
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  chief relationships manager. And I was like,
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  what the heck? This is an actual true role in
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  lots of different companies. Wow. Yeah, I think
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  I might need a new name placement tag, Chief
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  Relationship Manager. I love it. Well, I definitely,
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  so I am currently in a position to where I talk
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  with many new investors. And so they come sometimes
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  with real estate experience and sometimes with
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  none. Like, and so we're a lot in between there.
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  And really, the things that we'll talk about
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  is it's like, what do you What are you fond of?
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  What are you attracted to? Do you like talking
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  to people? And I had to express like somebody
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  has to take charge when it comes to these relationships.
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  It's not just investors. It's, yeah, like are
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  you in need of a sponsor and who's going to be
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  the person talking with them? Are you in need
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  of asset management? Say that that's not their
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  cup of expertise, but yet, you know, the sponsor
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  is not going to do that either. So who are you
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  talking to to help? you know, navigate those
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  roles. So from the beginning, you know, you just
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  kind of dive in and talk about the things that
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  you enjoy doing and focusing there. I'm a big
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  advocate of kind of knowing at least the top
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  layer of everything. So you learn to appreciate
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  them more. When I started, I signed up to do
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  asset management. I was like, I want to do asset
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  management. I want to work with people that's
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  already on my team. I tend to get intimidated
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  by talking to people that I don't know. That
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  first initial relationship building is like,
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  I get a little shy. But for someone and you're
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  like, hey, meet so and so, I will talk to so
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  and so all day. But if I seen so -and -so by
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  themselves, I would probably just smile and wave.
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  So, yeah, I just like to, I like to build our
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  after, you know, especially after the first introduction,
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  I like to build on those relationships and teach
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  people how to do that. The asset management I
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  learned was not my role. It took a little, it
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  was a hard, rude awakening in just having to
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  partner with people and and learning so many
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  different aspects of it, I was like, okay, I
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  think I'm going to take my relationship skills
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  and build them and amplify them in different
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  areas of the business because that asset management
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  wasn't as easy as I thought. It's tough. But
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  with that experience, I definitely tell people,
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  don't forget to pay your asset managers because
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  they're a critical part of the team. Well, and
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  there's parts of asset management that you might've
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  been well suited for. Um, so I am, I am not the
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  person that's going to have the tough conversation
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  with somebody. Um, I'm, I can have that conversation,
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  but certainly not at a GP meeting where the,
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  you know, the team, the whole team is there.
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  The property managers are there. The onsite person
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  may be on the call too. I'm not going to have
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  that, that conversation of, you're not doing
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  what we need you to do in front of everybody.
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  I just I can't do it. I didn't like it in the
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  classroom. I don't like it in an adult meeting
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  either because it's like everybody's averting
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  their eyes. They don't know where to look when
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  you're getting onto somebody. And so I'm just
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  not going to do that. I can do it one on one,
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  but not in a group. And so what happened was
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  it was more like I moved out of that part of
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  it. But if something goes, if something is happening
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  on site, I'll drive there. Yeah. and I'll help
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  take care of it. Like when we needed, we were
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  about to lose our liability insurance because
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  rail to rail on the stairway was greater than
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  four inches. Now here was the problem. It grandfathered
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  and was fine in the state. It grandfathered and
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  was fine in the county. The insurance was having
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  an issue with it. So I find out basically the
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  day that we are on our last 24 hours and we're
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  being canceled at midnight and I drive there
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  and Here comes the maintenance guy has a rebar
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  in his hand. I'm like, Mike, come here and he
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  brings the rebar over and I'm like, this is what
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  we're going to use. We're going to go by rebar
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  and we're gonna cut it and weld it in. And so
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  this was like probably about 11 o 'clock in the
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  morning. He went to go by rebar I stayed on site
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  with the floater that we pulled from another
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  property that had a welder and could actually
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  weld it Until he's roughing up and trying to
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  get a place where the weld can grab for the bars
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  to go in place. And I'm there and I'm just standing
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  because there's things I remember. Like when
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  I worked, we had a shave ice stand. And I was
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  the owner's kid, whatever. But I ran the thing
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  from the time I was like 13. I knew how to do
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  shave ice. And I just remembered from way back
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  then, if I sat down, everybody else thought it
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  was break time. And so having those experiences
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  as I was growing up, I knew that the moment I
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  sat down out there, it was break time. So I stood
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  for eight hours on the concrete. I would walk
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  to the jeep and get some of my Coke and then
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  I would come back and stand because it had to
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  be done. We were in the last 24 hours. And I
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  think one stairwell was done by like 4 p .m.
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  and I took pictures and I was sending it to insurance.
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  I was texting it to JT, like I was sending everything
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  everywhere to make sure that they knew, hey,
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  we're doing this. I sent a picture of the receipt.
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  I'm like, look, we've bought the pieces. Here
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  we are. We're taking care of this now. It's going
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  to be getting done. There were 16 stairwells
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  and we only got one done that first day. Yeah.
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  And so, but we were able to keep the insurance
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  and everything was fine. And I can do those kinds
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  of asset management pieces. Yeah. You just need
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  a body there. You need someone to go and make
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  sure that it's getting done. You need someone
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  to oversee how it's being done. I have zero issues
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  with that because I'll crack jokes with people.
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  The guy was Hispanic and so like I would look
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  up how to say something and once I looked it
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  up I knew how to say it but it was like I don't
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  always remember it in my head and he just kept
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  laughing and the next time I saw him on a different
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  property he was like hey speak Spanish. That's
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  my word. I love that. You know, like I can build
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  relationships like that. Yeah. But for the asset,
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  like it's just those, those hard conversations,
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  the tough ones where you're like, you're not
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  doing what you need to be doing. I don't like
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  having those conversations unless they're one
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  -on -one. Yeah. No, that's right on. I, you're
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  right. I do pitch in with, so, and that's the
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  thing like people should, sometimes we don't
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  recognize it as a strength. Right? Like I do
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  a lot of social media and I had no idea that
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  would be a strength. Well, our onsite doesn't
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  do social media. So I have been able to step
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  up and like I'll do the listings and we share
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  a little spreadsheet and I'll send her, you know,
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  some leads. So I do the Facebook listings and
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  I'll pull out, you know, I just say, hey, you
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  know, how, how can they get ahold of you? I'm
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  going to have my onsite reach out to you. They
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  give me their phone number and I pass it on to
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  our onsite. That will follow up. But it was definitely
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  something that I didn't I really didn't consider
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  it a skill. Like it's Facebook. Are you kidding
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  everyone on Facebook? Well, they're not. And
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  so it is something that you can definitely help
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  with the asset management and it's something
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  I enjoy. So the beauty to a multifamily is that
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  it's a team, right? So, and you do get to pitch
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  in, you know, what, what you're like, like we've
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  already said, you pitch in what you're attracted
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  to or what you enjoy doing. And sometimes when
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  we enjoy, enjoy doing it, we don't realize it's
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  a, it's a skill. And so I love going on Facebook
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  and I love everyone's photos, but I shop a ton
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  on marketplace and I've listed a ton on marketplace.
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  So being able to do that for property management
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  has created amazing team dynamics. And we're
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  always like, we get them those apartments filled
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  up and we're like, yeah, teamwork. So that's
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  true. There's things that like I do fit in. on
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  the team side, that is very, very helpful. Yeah.
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  What I would, I mean, see, like if, if the relationships
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  piece is the part you like, I mean, I go to virtual
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  meetups every day and I've been doing it ever
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  since the beginning of COVID. And so how have
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  I met so many people because I go to a lot of
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  stuff and I go to face -to -face stuff too, because
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  Texas opened up pretty early. Um, but I've met
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  a lot of really cool people and it means that
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  I've gotten to learn about things pretty early
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  into adoption, like with CPACE. And so we got
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  to learn about C -PACE and I've met three or
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  four different people that are doing it, but
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  we were able to say when Moshe Orange, when he
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  said, Hey, I'm doing C -PACE. I was able to reach
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  out to him and say, Hey, can you help me? We
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  want to know more about it. And so he was able
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  to, he had a contact at the bank where we got
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  our loan and he was already, he was already talking
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  to them and he, he texted me yesterday and he
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  was like, I didn't forget about you. You know,
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  I'm still waiting to hear back. And I was like,
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  Well, I figured it was going to take a bit. He's
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  like, well, you know, I'm used to working with
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  New Yorkers. They want it now. Yeah. But I told
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  him, I said, well, me harping on you and going
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  to make it magically happen faster. And he's
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  like, tell that to some New Yorkers. I'm like,
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  well, I would, but you know, they are New Yorkers.
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  But it was, I mean, it was those relationships
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  that I wouldn't have. There's other people do
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  and see pace and there were other people I had
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  contact, but I don't know them. And he comes
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  to my marvelous Mondays and we've met and lots
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  of other meetups and stuff. And so I was able
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  to go with someone that I know, that I know isn't
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  gonna lead me astray. And that's what the business
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  is about, right? Like no light trust. I remember
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  like from early, early people have to know like
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  trust you. And so. you know your reputation is
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  all you have in this business and it's a small
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  multi -family world so you know making sure you
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  keep those relationships. Yeah absolutely and
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  that reputation that precedes you whether you
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  realize it or not that's your brand. So whether
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  you think you're branding or you don't think
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  you're branding you are because people learn
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  about who you are they learn your reputation
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  and that is part of your brand. Absolutely. Yeah.
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  There was a quote, man, I wish I remembered it
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  right now. Something about, you know, like your
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  business card and what you say is your, your
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  business card or what you do is your brand or
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  something like that. I'll have to look it up
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  and share. But when you and Jason started, how
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  did you, like, he was always attracted to the
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  numbers or like, how did, like, so I am very,
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  especially with spouse couples. like when it
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  comes to the team. Yeah so Jason is a chemical
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  engineer. Numbers are kind of his thing and he
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  has his doctorate in chemical engineering. He's
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  been doing research in like R &D and heat dynamics
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  and he does CFD which is computational fluid
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  dynamics. So he does modeling and all of these
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  things. So yeah numbers are very much his thing.
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  He also is really he can code and so like he
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  coded our whole spreadsheet. for underwriting
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  it is 100 % his wow that's beautiful yeah so
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  that's numbers are absolutely his thing and he's
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  my 15 year old was like just now realizing the
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  stuff but he and i are actually very much the
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  same but he's an introvert and i'm an extrovert
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  so when he when i'm reading his text i can hear
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  what he's saying And I think it's hilarious.
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  And so then when I read it out to my 15 year
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  old, she's like, why are you laughing? I read
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  out this text. She was like, yeah, that's because
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  you read it in your voice. I'm like, oh no, honey.
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  I read it in your daddy's voice. You just don't
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  realize it's his voice. And she was like, oh,
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  I'm like, oh yeah. Jason and I are like, we are
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  so much the same, but he's not going to say it.
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  And I don't have a filter. So it just comes out.
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  I love that. I do come across a lot of spouse
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  people starting, you know, new investors that
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  are coming into this business and they always,
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  that's the number one question, how does it work?
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  And so a lot, oftentimes I, you know, it's just
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  like finding your role. So what does he enjoy
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  doing? What do you enjoy doing? And do they benefit
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  each other? I know sometimes we, my husband and
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  I are learning, at this point we're leaning towards,
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  we kind of like the same thing. He's way more,
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  extroverted than I am, even though people like
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  I am. But he could talk all day and and just
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  put on this great show. But yeah, we're both
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  more leaning towards the relationships with with
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  investor relations. So we like that. But so it's
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  easy now for us, like we want to do the same
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  thing. But then even though that we want to.
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  do the same role now, you know, the trick is
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  like, okay, now we're going to have to partner
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  with people that fulfill these other roles. And
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  so I get people that are realtors and they want
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  to come into this business. And, you know, so
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  they want to specialize with broker relationships
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  and it's been working. So they, you know, like,
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  Hey, we kind of already speak this language.
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  So they tend to gravitate towards them. I got
• 17:11
  plenty of engineers that love the underwriting.
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  And I get some people that, that have No, no
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  background and no knowledge. So pulling that
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  out of them is what I've been finding a little
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  bit tricky, almost only because of their own.
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  We're just talking about their own. What's that
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  when it's not a false identity, but they imposter
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  syndrome, imposter syndrome. And sometimes people
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  come with that and they think like, no, I'm not
• 17:42
  in it. a real estate investor, I'm not, you know,
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  these things, how can I possibly do this work?
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  But it's like, well, that's definitely your limiting
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  belief. And how do we how do we pull that out
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  of you? And what are you doing? Are you being
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  obsessed? Like when I came, I was listening to
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  every podcast and going to so many virtual meetups
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  and just being completely fully emerged. And
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  we only are what what we do, right? Like what
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  we feed ourselves. And and it will click. It
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  will. at some point, but you have to be active,
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  right? You have to be doing it. And a lot of
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  times, I think sometimes our people say, well,
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  I only have so much time in the day. And it's
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  like getting down to the why and not like deep
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  why beyond beyond. I want to be financially free.
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  Why? Like, what's the feeling? What's the emotion?
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  What is that? That the long term beyond yourself
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  and beyond right now, beyond 2023 to that makes
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  you gravitate to to being fully like I'm in it
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  I'm being fully in where I want to eat sleep
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  and drink multifamily and and just diving in
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  and then really focusing on like okay I am this
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  I'm learning about it every single day and then
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  and then that's when you get to like when you
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  hear so many people speak and they share their
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  experiences and realizing, oh, I do like talking
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  to people. That's the role I want to do, whether
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  I'm talking to sponsors or investors or lenders
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  or anyone that like those relationships is critical.
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  And I'm like, oh, that is a need. the relationship
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  with relationship manager. Since it doesn't have
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  a title and it's something that I didn't ever
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  consider like to be a traditional role, I didn't
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  think that was a need. Jason's been calling me
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  the CRO, the Chief Relationships Officer. Oh
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  really, I love it. I love that. He's great. Is
• 19:48
  better than CRM. Chief Relationship Manager because
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  I don't even use a CRM. So the last thing I need
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  to be called is a CRM. So it was a CRO.