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Turning Commercial Real Estate On It's Head: The Women Real Estate Investment Summit · Between Two Chairs - Demystifying Commercial Real Estate

0:00
Welcome to Between Two Chairs, demystifying commercial
0:04
real estate, the podcast that brings you the
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latest insights and trends on the South Florida
0:09
commercial real estate market with your hosts,
0:12
Fernando Arencibia Jr. and Jennifer Wollman.
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In each episode, we dive into the world of commercial
0:18
real estate and break down complex concepts to
0:21
make them accessible for everyone. Whether you're
0:24
a real estate professional, a curious investor
0:27
or just interested in the South Florida market
0:30
in general, Between Two Chairs is the podcast
0:32
for you. So pull up a chair and join us. Welcome,
0:48
everybody, to another episode of Between Two
0:50
Chairs. My name is Fernando Reisivia. I'm with
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me, as always, is the bus driver. That is Jennifer
0:58
Wolman. Jennifer, say hi. Hi. And I want to clarify,
1:01
I was never the bus driver. I was only a passenger.
1:05
See, this is part of the problem because, you
1:08
know, in my mind, you're driving the bus. The
1:10
fact that you don't know you're driving the bus
1:12
is concerning. This bus. I'm sorry. I thought
1:16
you meant the bus at the women's real estate.
1:18
It's a little concerning to the people that are
1:20
riding the bus that the bus driver doesn't know
1:22
that. They're driving the bus. I'm driving the
1:24
bus. Let me grab the steering wheel. I love it.
1:28
I love it. So Jennifer, you got to do one of
1:31
the, I think one of the coolest things. Because
1:34
even though I don't attend, I love seeing all
1:37
the posts and social media, all the energy that
1:39
is generated by these women investing in real
1:43
estate conference that Beth Asor has put together
1:46
year over year. I know you're an incredible supporter
1:49
of this event and you attend every year. So this
1:53
is. An episode that I always look forward to,
1:56
because now I get to really get to know a little
1:58
bit about what you guys were talking about. And
2:00
you were in the room. You have so much FOMO when
2:02
I take pictures of everybody. I do. I get a lot
2:05
of FOMO. Until he was there this year. Oh, my
2:07
goodness. And Dina's. Wow. Really? Yeah. Oh,
2:12
man. I didn't do any selfies with them, because
2:15
for some reason, whenever I take pictures at
2:17
that summit, they look right, but they post upside
2:20
down. OK, first of all, we have got to figure
2:23
this out. you know and maybe maybe your daughter
2:26
your daughter Corina can give you can give you
2:29
some pointers. No it's only it's the weirdest
2:31
thing. I'm sorry but it happened at the CREI
2:33
as well. You started posting pictures. They couldn't
2:36
figure it out by the way. The pictures come upside
2:39
down. I have never seen that before. I don't
2:42
know why it keeps happening but we got to figure
2:45
something out. I like turning commercial real
2:47
estate on its head. Talk about branding. Oh,
2:53
she's fast, ladies and gentlemen. She is fast.
2:56
I love it. So tell me a little bit about the
2:59
experience this year. So, yeah, as you mentioned,
3:02
this is my favorite conference of the year because
3:05
it is the one conference that has propelled me
3:10
to really move not my career, but my investing.
3:14
A lot of times we go to conferences to help build
3:17
our careers, to help build. our business, but
3:20
those are sideline ways to build your wealth.
3:24
Whereas this gives you hands -on instructions.
3:27
It's for women in a safe space to be able to
3:31
share their knowledge or lack thereof and their
3:33
dreams and wishes and goals. So this was the
3:37
sixth year I've been to every single one of them,
3:39
including the one that didn't happen because
3:42
I was, I think, the only person who registered
3:44
right before COVID. And so Beth obviously gave
3:47
me the money back and we did. into it. And then
3:49
during COVID, she decided to take it online.
3:51
And I think that that was actually the huge push
3:55
that we needed because people were dying to get
3:58
knowledge and information and see other people
4:00
and stuff. And so her mission is to increase
4:04
the number of women who invest in real estate.
4:06
She had heard a statistic at one of the conferences
4:09
years ago that she had attended that said that
4:13
only 3 % of commercial real estate is owned by
4:17
women. and meaning owned by women, not where
4:21
they were a co -signer on a husband's loan or
4:24
brought into the deal for financing or whatever,
4:27
but where they actually owned the deal. So she
4:30
threw out this year that her goal is to increase
4:33
that to 30%. We have no idea how we're necessarily
4:37
gonna measure that other than by, we stand up
4:40
every year, like who's invested because of this.
4:44
you know, for the first time. You know, I had
4:46
invested before, but in single -family residences,
4:50
and I had been involved in one office syndication
4:52
before. But meeting this group of women who are
4:56
so incredible, I mean, some of the things, like
4:58
this year, there was another military wife. It
5:00
seems like every year there's either somebody
5:02
who was in military service or who's a military
5:05
wife, and they're trying to figure out how to
5:07
make income in the United States while they're
5:09
overseas. And their stories are incredible. These
5:12
women, you know... Not only are they dealing
5:15
with moving all the time and having families
5:18
that work in a position that's extremely stressful,
5:22
they're doing things that a lot of other women
5:25
are afraid of. They're afraid of failing. They're
5:27
afraid of doing this. Like fear, if it's in their
5:29
vocabulary, they have the courage to overcome
5:32
it and do it anyway. And so we meet all these
5:35
great women and they tell you what they're doing,
5:38
how they're doing it. But I mean, down to the
5:39
details. Like this year, the Her name is Susie
5:45
Sebier, and she was living overseas. I want to
5:49
say she was in Germany. I think she was in Germany,
5:52
because another military woman was here from
5:55
Germany. She flew all the way from Germany to
5:57
attend this conference. Susie started investing
6:01
in multifamily real estate while she was overseas
6:04
in Oklahoma. And so she goes through the whole
6:07
story, how they did it, how she started learning
6:10
about it, how she managed properties, being overseas,
6:14
how she found the deals, how she financed the
6:19
deals, et cetera. And I think she owned something
6:22
like 700 units. Now it's insane. Anyway, so this
6:27
conference goes through all of the steps that
6:32
are needed. It helps you connect with other people.
6:35
and these women give of their knowledge and their
6:39
time so freely. I've invested with several of
6:42
them over the years because it was stuff that
6:45
I never really wanted to own. Like I knew it
6:48
should be in my portfolio, but I didn't want
6:50
to deal with the headaches. I invested with Natasha.
6:52
We've interviewed her before. I invested last
6:55
year in a hotel. I invested in a car wash. So
6:59
different things that normally, like I'm not
7:01
going to go out and buy a car wash because I
7:03
don't want to deal with the business. but I like
7:05
the idea of the accelerated depreciation that
7:09
I could get to offset some of my taxes, et cetera.
7:12
Just to give you an idea, some of the quotes
7:15
and, you know, anybody who knows Beth, I mean,
7:17
you can't meet Beth and not immediately love
7:21
her and embrace her. She's just one of these
7:24
people who create so much impact in the life
7:28
of everybody she touches. And she's very passionate
7:31
about her mission and her... goals. And so some
7:36
of her quotes as she was opening up the conference
7:39
were, silence doesn't build wealth and fear doesn't
7:42
build legacy. There was another sentence in there,
7:44
but I couldn't write fast enough. But I thought
7:47
those are super, super strong. And the idea behind
7:51
the silence doesn't build wealth is, you know,
7:53
the old days we were all taught, you know, you
7:55
don't talk about sex, money and religion. Well,
7:59
her point here is if you're not talking about
8:02
money, you're not aware. And she told a story
8:06
of how she thought she was making really good
8:09
money until one woman who was in the same field
8:13
as, you know, who was also a CRE broker said,
8:18
you know, I couldn't believe it. They finally
8:19
gave me the raise that I wanted up to X. And
8:22
Beth was like, what? what do you mean that's
8:25
how much you make? And it was like three times
8:27
what Beth was making. And she's like, if that
8:30
woman hadn't had the courage to tell me what
8:32
she was making, right? Because we think if we
8:35
talk about money, we're bragging or we're breaking
8:39
the taboo or we're... was showing off or whatever
8:43
it is, right? So I loved that story. And so all
8:47
of these women who do the deal, so it starts
8:49
out, well, it's two full days. So the first day,
8:52
it's all panel discussions with different women
8:54
coming up who have invested what they invest
8:57
in, what they do. There's always a theme. Last
9:00
year's theme was think bigger. This year's theme,
9:03
which I love, and I'll get into the story later,
9:06
is by the block, B -U -Y the block. And she came
9:11
up with this before. the woman who introduced
9:14
her came on stage and told her story. But the
9:19
whole setup is so that she interviews different
9:23
women investors the first day. And then the next
9:26
day or later on the first day, we all break out
9:29
their different breakout rooms and each of the
9:31
speakers has a breakout room where they talk
9:34
about a topic or they do a deep dive on a deal
9:38
or we had a woman that she's actually an AI.
9:42
specialist who also invests in a ton of real
9:45
estate. And she talked about how she uses AI
9:48
to help her with her investing. There was another
9:51
woman who was amazing too. She's an attorney
9:54
and she owns like a bunch of property, but she
9:57
didn't speak about her property in her deal.
9:59
She spoke about creative financing that she's
10:02
used both as an attorney and as a buyer and seller
10:05
of commercial real estate. So then you go into
10:07
these breakouts and in these breakouts, the ones
10:09
who are doing the deals talk specifically about
10:11
the money and they show you this is how much
10:14
I invested this is how much I made this is how
10:17
much I invested this is how much I made and you
10:19
get a really good overview and it helps you connect
10:23
the dots with your goals and your background
10:26
and your expertise whether it's expertise in
10:29
investing or whether for a lot of us in the room
10:32
a lot of us in the room are just commercial brokers
10:34
right in your experience attending these conferences
10:37
and observing what becomes aside from the mental
10:40
block and the fear. Once you overcome that and
10:43
you go out and you make that effort to invest,
10:46
what is the biggest obstacle you would say? Is
10:49
it a lack of access to capital or not knowing
10:52
how to put a deal together? Mostly it's... the
10:57
thought of lack of access to capital or the actual
11:01
lack. Like our first, I don't know if it was
11:04
our first year, but it was one of the first conferences.
11:07
It must have been the second or third year because
11:09
we were already at the Meridian. But they did
11:12
a panel of speakers of lenders and they were
11:16
women lenders and there were three of them on
11:19
stage and at the AST. And most of them had been
11:23
doing commercial lending for 10 years or more.
11:26
said in all of your years what percentage of
11:29
women have applied for and gotten a loan and
11:33
like in one woman said never another woman said
11:37
less than 1 % And I can't the other one, I think,
11:41
also said, like, never unless she had a male
11:43
co -signer. So that was one. And Beth does bring
11:48
in her own lenders. And you and I know from putting
11:51
deals together for our clients and stuff, too,
11:53
that it depends on your story and your experience
11:56
and everything else, but also knowing which type
12:00
of lenders to go to. Right. So a lot of the community
12:04
banks and the local banks do a better job than
12:07
the nationals do. of lending independently. And
12:11
now there are some banks that are doing, trying
12:15
to do a better push and they're saying, okay,
12:18
we need to increase the number of women that
12:20
are getting loans because they realize that,
12:24
especially like in single family homes and stuff,
12:26
the number of women that are the main buyers
12:30
are now women versus before it was men or married
12:33
couples, right? And that number has increased
12:36
exponentially. So that's one thing. Another quote
12:40
that she had was, sunlight builds confidence
12:42
and confidence builds courage. So she says, even
12:46
though you might be afraid, afraid of failure,
12:49
afraid of not getting the financing, of looking
12:51
stupid, of whatever it is, get over it and just
12:54
have the courage to move forward in spite of
12:56
the fear. And then she says, growth does not
12:59
happen in comfort, which you and I talk about
13:01
a lot. We talked about that when we, you know,
13:04
jumped, you know, left our cozy jobs before.
13:07
and started AvantiWay commercial. We always say,
13:10
you know, be comfortable being uncomfortable.
13:12
And she pushes that all the time. And then her
13:16
other thing is, you know, do do the hard things
13:18
on purpose because most people don't want to
13:21
do the hard things anyway. So that was kind of
13:24
that was what kicked off. Say that again. So
13:27
who said that about do the hard things on purpose?
13:30
Beth. Beth, okay. Yeah. How do you interpret
13:34
that statement? Do the hard things on purpose?
13:37
Well, so, you know, especially like I think of
13:39
it like from a broker's standpoint, right? It's
13:42
really easy to find properties if you go on the
13:45
MLS or you go on the third party platforms. It's
13:48
easy to get information off of there. But boots
13:52
on the ground, walking, talking, picking up the
13:55
phone, calling the owners and tenants in the
13:59
neighborhood is a lot harder. But it's then just
14:02
going on your third party platform and saying,
14:05
oh, this is the asking rent. This is the, you
14:08
know. So that's that's a hard thing. Consistency.
14:12
And this is my interpretation. This isn't Beth
14:15
saying what's hard. You know, consistency is
14:17
really hard. Being consistent, especially being
14:20
consistent. when you're not getting results.
14:22
And we talk about this often too, is that, you
14:25
know, we do live especially with social media
14:29
and Amazon and Amazon, right? We live with this
14:32
instant gratification society and it's only accelerating
14:37
because everything's happening so rapidly that
14:41
we expect a text. Like if I text you. You know,
14:45
I want I want an answer within, you know, even
14:47
if it's just a thumbs up or I'll get right back
14:49
to you or whatever within like seconds almost,
14:52
you know, so I think and and if we don't get
14:55
that when we're doing our social media or we
14:58
don't get an instant yes, when we do a phone
15:02
call, you know, Beth shared an experience at
15:04
the end of the conference, we get on a bus, which
15:07
is why I said I didn't drive the bus. I was just
15:09
on the bus. But we get on the bus and she takes
15:12
us by the. that she owns and then we went by
15:16
a property that Natasha bought and toured that
15:19
and you know she's telling the story about how
15:22
she was in touch with somebody for I don't know
15:25
like nine years before she was able to buy the
15:28
property and she's when she did get it you know
15:31
the big guys were like oh my god you got so lucky
15:34
I can't believe you got that property you know
15:36
we've been after them forever and they're like
15:38
she's like well how long they're like 12 months
15:40
and she's like honey try nine years right like
15:42
I don't if I would have that stamina, right?
15:44
And we spoke about this when we were training
15:47
an agent the other day who said, you know, I
15:49
want to go after this listing. It was listed
15:52
before. It's not listed anymore. How many times
15:54
do I call and reach out and everything else?
15:57
And we said forever. You know, if it's something
16:00
that you really want to get, it's forever. And
16:03
you have an example of a client that you worked
16:05
with for 10 years and it wasn't even a client.
16:08
Right. It wasn't a client for 10 years. You just
16:11
consistently kept in touch, providing value,
16:14
etc. And 10 years later, it became value, became
16:16
a client, sorry, because you provided value to
16:19
that person over 10 years. And I think those
16:22
are the hard things. Right. Because 10 years
16:23
is a long time. See, when I hear that statement
16:26
about doing the hard things on purpose, what
16:28
I get out of it is that there's an opposite to
16:32
that statement, which is doing the hard things,
16:35
not on purpose, meaning that you're going to
16:38
have to do the hard things regardless. But it
16:41
is a totally different mindset to jump into it
16:45
and say, I'm going to do that hard part first
16:48
rather than avoid it. And then inevitably I have
16:52
to I have to deal with it. Right. Because the
16:55
on purpose part is what's powerful about that
16:57
statement to me. Right. But this isn't really
16:59
to me. This statement isn't eat the frog first.
17:02
Everyone says eat the frog first. Right. Right.
17:05
And to me, this isn't this is more no like, look
17:10
at the hard part of whatever your goal is. Yeah.
17:13
And, you know, don't try to take the easy way
17:15
out or sidestep and like do the hard thing. And
17:18
a lot of times, Beth tells these stories and
17:21
I'm like, oh, my God, I would never say to you
17:23
is that and I've heard that before as well. Eat
17:25
the hard first, do the things that that create
17:28
butterflies in your stomach first, anything that
17:30
scares you first that I get. But there are people
17:32
who just believe that I might never have to eat
17:36
the frog. So for me, the statement is you're
17:38
going to have to eat the frog anyway sooner or
17:41
later. And it might not. The frog may not be
17:44
the phone call or the the person in person or
17:46
the knocking on the door or whatever. It might
17:48
be that, you know, now you're going to have to
17:50
find another job or you're going to have to do
17:52
other things because things are not working out.
17:54
It is inevitable. You're going to have to eat
17:56
the frog. So you whether you do it first or in
17:59
the middle or whatever, but do it on purpose.
18:01
Don't let it, you know, jump to you. Don't let
18:04
it happen to you. Don't let it happen to you.
18:06
intentional so that I really love that statement
18:08
I think that that's very powerful and then I
18:11
took another note and I can't remember if this
18:14
was from so when you when you're in the in the
18:17
breakout session and you guys are breaking down
18:20
deals are you able to do like a Q &A or is it
18:22
just present I know we do Q &A and it was so
18:27
cool, like Mandy McCallister, she is one of the
18:30
founders of program, like a motivational program
18:33
and networking program called GoBundance, but
18:36
she also owns, she's also a big multi -family.
18:38
the investor. And she says, look, I consider
18:41
myself multifamily, but I knew this woman who
18:45
was very, very good at short term rentals. And
18:49
I found this opportunity of a motel and she's
18:51
like, a motel is kind of like multifamily. They're
18:54
little units. They're not, you know, they don't
18:55
have a lot. And so I partnered with the short
18:58
term rental person and we bought a motel about
19:00
an hour outside of where she has most of her
19:03
stuff. And she says, and the reason I felt comfortable
19:07
buying it was because of this woman here who
19:10
owns motels. And I picked her brain and we spoke
19:13
and we talked. And so. You have these connections
19:17
that you're able to say, hey, you know, this
19:20
is where I think I want to go. How do I get there?
19:22
And we always talk about connecting the dots.
19:25
And one of the women there who introduced Beth,
19:28
it was goose bump and tearful moment because
19:31
she was there last year. And, you know, with
19:35
the think bigger and she's like, you get home
19:38
from this conference like most conferences and
19:40
your brain's going a million miles a minute and
19:43
you're trying to figure out if you do. conferences,
19:45
right? You always try to have takeaways, right?
19:48
At least what are your three takeaways? And what
19:50
are you going to implement from the conference?
19:52
Because if you're just going to collect business
19:54
cards and sit there and be spoken to, you're
19:56
not really doing conferences, right? So she did
19:59
like a debrief with herself and went through
20:01
her notes and started connecting the dots. And
20:05
she owns luxury short term rentals in a couple
20:09
of them in Miami and in North Carolina. And she
20:12
wanted to expand. a little bit and do something
20:15
else. And so she started connecting ideas from.
20:20
last year's conference and she's like, okay,
20:23
I remember this woman said by the block, which
20:26
is where we got the name from for the where Beth
20:29
took the inspiration for this year. And this
20:32
was before she heard this woman's story. And
20:35
this woman who said by the block is an investor
20:38
in luxury student housing. It was hers. And then
20:43
another idea was from another woman who says,
20:46
you know, we only buy in secondary and tertiary
20:49
markets because There's not as much competition.
20:52
It tends to be an easier entry point. And so
20:55
she started taking her notes and piecing them
20:58
together. And she picked a community. She picked
21:01
an area that she was familiar with because they
21:04
had gone to school there, both she and her husband.
21:07
And she said, I'm going to start looking there
21:10
and playing with this idea. She bought two and
21:14
a half acres of, I mean, parcel by parcel within
21:17
one year. And now she's building student housing.
21:22
And it was like a goosebump moment. And like,
21:25
Beth is like, this is the best story ever. And
21:28
the woman said, I never would have had, I mean,
21:31
she refinanced her house. Like she's like, we
21:33
were almost ready to pay off our house and we
21:36
refinanced it and took out a ton of equity to
21:38
be able to do this. Like she says, I never would
21:41
have done that if I didn't have. have this group
21:44
and this network pushing me and sharing ideas.
21:47
And she had a lot of help from the woman who
21:50
was a luxury student housing person and another
21:53
woman who was there who develops, who does ground
21:55
up development in Orlando. And that was also
21:58
from a previous summit. So anyway, so that's
22:02
the kind of that's why I say to me this conference
22:05
is the best. I mean, if you're a woman that already
22:09
invests. in real estate, you need to be there
22:12
to share your story and meet people if you're
22:15
looking for funding for your deals because we
22:17
invest in each other's deals. We get a lot of
22:21
opportunity to be presented deals. None of them
22:24
like none of them are endorsed by Beth, right?
22:27
It's just a platform where we get together and
22:30
you put in, you know, I have a deal, I want to
22:33
invest in a deal. What do I want to do? There
22:35
were a lot of people there that were doing fix
22:38
and flips, including land flip. So super, super
22:42
interesting. And then it opens up your eyes to
22:44
things that, you know, I'm like, oh, okay. So
22:48
have you, have you ever sat down to write down
22:51
what all of these, you know, obviously you've
22:53
been going to a conference for, for a number
22:55
of, you know, number of years and you have been
22:58
presented by these women that have invested,
23:01
you yourself are an investor, you, you've participated
23:03
in the deals, you know, have you looked at what
23:05
are the commonalities among all of these? investors.
23:09
So it's really interesting. And this question
23:11
came up actually from an ICSC panel that Beth
23:15
was on with our friend, Jennifer Forbes. And
23:19
it was a women's panel up at ICSC. And Jennifer
23:23
said, look, I got into this at the same time
23:25
because these were women who have been in commercial
23:28
real estate for a really long time when they
23:30
were the minority. And Jennifer said, I was a
23:33
tomboy. I was a tomboy boy growing up. And you
23:37
look at Jennifer Forbes and you're like, you
23:38
are a tomboy because she's always dressed to
23:41
the nines. She's, you know, very, very feminine.
23:43
She was like, I was a total tomboy. And so Beth
23:45
said, I'm sorry, I love that. I was a tomboy
23:48
too. And then she asked how many people on this
23:50
panel were tomboy and they all raised their hand.
23:52
In this group of women, they, she asked this
23:55
year, how many of you were tomboy and three quarters
23:58
of the room raised their hand. So I thought that
24:01
was super interesting too. Anyway, so I think
24:04
that's one of the commonalities. The other commonality
24:07
is, and it's funny because there's no real other
24:13
commonality in the sense that there are a lot
24:15
of introverts that they're like, oh my gosh,
24:17
like you don't understand me getting up here
24:19
is scarier than any deal I've ever done. And
24:22
other ones who are super bubbly and are willing
24:26
to talk about everything all the time and they're
24:29
extroverted, I think. The big thing for most
24:33
of the women is that they just, they'd been thinking
24:36
about it for a while and they did the research
24:39
and they just decided to do it and they'd figure
24:42
it out as they go. None of them knew everything.
24:45
They all talk about the failures that they have
24:48
because they said, you know, you go on TikTok,
24:50
you go on Instagram and everything's perfect
24:52
and every, and I love that they share that because
24:55
when I first started investing, I was like, oh
24:59
my God, that person's so like, look, they have
25:00
all that stuff and everything went great, right?
25:03
You know, I buy a property and a hurricane blew
25:06
through and the septic tank, you know, totally
25:08
flooded. And my tenants had to leave because,
25:11
you know, the septic tanks were all floating
25:13
in this area. So, and it ended up being fine.
25:16
We ended up making really good money on the,
25:18
on the property, but those things happen. But
25:20
people don't always share the bad, right? They
25:23
just share the good. And so these women are like,
25:26
you know, yeah, the deals and that's the other
25:28
thing they're like this. was a nightmare. And
25:30
they tell you, this is what happened. It looked
25:32
great. It looked this. But this is what happened
25:35
as I was developing it. Or this is what happened.
25:39
The financial crisis happened three weeks after
25:42
we closed. Or COVID happened the minute I got
25:46
my last tenant in. And they talk about it. And
25:49
they talk about how they get through the rough
25:51
spots or what they had to do. And then at the
25:55
end, they show you the numbers. And they're like,
25:57
so you're not me. money from day one probably
26:00
you know so you're gonna have headaches you're
26:03
gonna have so the fact that they literally open
26:06
up their you know their whole information and
26:10
experience 100 % transparency and these are women
26:14
who don't give up the other thing that I find
26:16
that I think it's very impactful and we've had
26:19
this conversation even with our own with our
26:21
own agents is that they have a point of view
26:25
They all have parameters within which they want
26:29
to invest. Like you mentioned, the person that
26:32
says we invest in second and tertiary markets,
26:34
it doesn't mean that you cannot deviate once
26:36
you have your set. But every successful investor
26:40
I have found has a very specific thesis for their...
26:47
We call it the buy box. So like I have my buy
26:50
box. I love buying on my own. This is what I
26:53
want to invest in. But like I don't want to like
26:56
with multifamily, I'm not going to go out and
26:59
buy a multifamily. Jennifer Woolman is not going
27:01
to. But I love investing in it. Like same thing
27:05
with a car wash. I'm not going to go buy a car
27:07
wash. But I love the benefits of what it has,
27:10
you know, and and what it allowed me to do. So
27:14
I'm happy to invest in that. And that's the other
27:16
thing is like, if we're the GP, we're focusing
27:20
the general partner in a syndication, or if I'm
27:23
buying by myself or my family, I'm buying within
27:25
my buy box. But that doesn't mean I'm not going
27:28
to invest in somebody else's buy box, right?
27:32
Because that allows me diversity, diversity of
27:35
area. It also allows me to learn about different
27:38
asset classes. There's another asset class that
27:40
I'm looking at that I really like. And after
27:43
this year, I'm starting to put you know, connect
27:45
the dots and everything. And I think eventually
27:48
probably in the next probably three years, two
27:50
to three years, I'll probably end up buying for
27:53
our family that that asset class. But I'm dipping
27:56
my toes in the water to learn more about it as
27:59
an LP. Yeah. So I'm limited partners. I love
28:02
it. Yeah, yeah, yeah. That's awesome. Where do
28:04
you see this conference growing? We were just
28:07
talking about that last year because we've had
28:09
it for, I think, three years now at the Meridian
28:12
and Dania Point, which is an amazing hotel by
28:15
the way if you guys ever need a place to do something
28:17
it really is very nice for an event for sure
28:20
the service is amazing the food is amazing the
28:24
staff is helpful they're smiling the independent
28:27
retailer awards was there too Yeah, a while ago,
28:31
a couple years ago. Yeah. So anyway, so we've
28:34
been doing it there. And just yesterday I was
28:37
speaking with somebody who was there and we were
28:39
talking about next year and kind of debriefing
28:42
from from this year's conference. And we're like,
28:44
I don't know, it's getting pretty big. We don't
28:46
know if we're going to be able to fit everybody
28:48
in the same place. And it was great because there
28:52
are a handful of us that go every year. Yeah.
28:55
But there were so many new people this year.
28:58
We're always trying to bring in new people and
29:01
like moms bring their daughters, right? I went
29:03
twice with Corinna and you try to bring in other
29:07
women that you think have the interest or the
29:10
desire to learn more and who want to invest in
29:14
real estate and give them that safe space to
29:17
learn. So I don't know if it outgrows it. Like
29:21
Beth always does an early release if at the end
29:24
of the conference you buy for next year. we have
29:26
no idea what the date or where the location is.
29:29
And that was the first. Well, that tells you
29:32
how impactful it is to the people that show up.
29:34
And now it doesn't go on sale for the rest until
29:37
September, until September, when we know the
29:40
date and we know, you know. So one last thing
29:42
I wanted to ask you, because I've always heard
29:44
about the genesis of this idea and this three
29:48
percent. Do we know if that number has moved
29:49
at all? Don't know, because we keep trying to
29:51
find where it came from. And it was from a conference
29:55
that she was out with a big like national lender
29:58
or something. and we've been trying to find that
30:00
quote. We don't know how we would measure the
30:02
30 % either, especially like when you buy real
30:05
estate, a lot of times it's in an LLC and you
30:08
can't see who owns it or who's, but I think a
30:12
lender, most lenders would be able to track that.
30:14
We'd be able to track that for sure. Well, that's
30:16
awesome. Any last? Parting thoughts? Any last
30:20
parting thoughts? Let me see. Oh, so let me give
30:23
you a quote from one of the keynote speaker was
30:27
a woman named Erin Bradley. She had some great
30:31
quotes and she's an investor in real estate.
30:35
She and her story is amazing. You know, she had
30:38
this desire. She had a mortgage company and she
30:41
wanted to move. And she's like, oh, if I move,
30:43
I'm going to let people down. Whatever she moved
30:45
and her business exploded. she opened up another
30:48
branch in the city where she moved. She has a
30:52
company. She's a public speaker. It's called
30:53
Pursuing Freedom. And you can follow her on Instagram.
30:57
But she had a couple of great quotes. She said,
31:00
let imposter syndrome be the inspiration that
31:03
drives you. And then she says, we get used to
31:06
tolerating less than our full potential. And
31:10
I thought that was we get used to tolerating
31:12
less than our full potential. Wow. Right. I thought
31:15
that was really good. And then she said, let
31:19
go of who you've been and embrace who you are
31:22
going to become. Like we keep saying, oh, you
31:24
know, one day I want to do this, one day I want
31:26
to do that. She goes, life is unknown. You know,
31:29
you might not get that one day. And she said,
31:32
so if there's something that you want to do that
31:35
you're putting off, so do this statement. I wish
31:38
I could. X, Y, Z, go live somewhere else in this
31:43
little town that you wanted to move to, but,
31:45
and you write down the excuse, and then you write
31:48
down the because, and then you do it anyway.
31:53
and she said she's now lived in that town for
31:56
10 years and they're doing amazing and her business
32:00
has grown and she was actually able to sell her
32:03
business and do what she wanted her I would be
32:06
a public speaker right and so now she created
32:09
this pursuing freedom company and she's doing
32:13
extremely well so I thought those are the type
32:15
of motivational insights that gets us out of
32:18
our head and think for sure You know, because
32:20
it's really easy to say, oh, I want to take that
32:23
vacation, but I've got work. I've got this conference.
32:26
I've got the kids. I can't really afford it.
32:28
Whatever excuses we make. Right. Those are the
32:31
buts. And then, you know, I want to do this because,
32:35
you know, I want to do this because I want to
32:37
slow down or I want to change careers or because
32:40
my husband retired or because my kids moved there,
32:44
you know, whatever it is. And she goes and then
32:46
you come up with the real you come up with your
32:49
why. And the because is kind of your why. That
32:51
is an important, a very, very important starting
32:54
point is to have a really big why. Right. You
32:57
know, because the path is to the point of those
33:01
investors that have shared with everybody that,
33:04
you know, it doesn't it looks shiny from the
33:07
outside, but it is a lot of work and you have
33:09
to overcome a lot of things to make it happen.
33:12
Well, thank you, everybody, for joining us. on
33:15
the bus ride on another exactly so look what
33:18
is your buy box I think that that is an important
33:21
aspect. I think that's a great way to sum up
33:25
something that is a little bit more complex.
33:27
How about you? Will you be attending the Women
33:30
Real Estate Investments Summit next year? It
33:32
looks like it is very impactful and very powerful.
33:35
I do have FOMO every time my partner goes every
33:38
year, but I'm so glad that, you know, that we
33:41
have these moments of debrief. And for me, definitely,
33:44
I love that statement of do the hard things on
33:47
purpose. I think that that that makes a lot of
33:50
sense. So for Jennifer and I, thank you for pulling
33:52
up a chair and joining us until next time. Say
33:56
bye, Jennifer. Bye. Beep beep. so the other day
42:50
I'm rushing out of the house like I usually do
42:54
and I'm a little hungry so I wanted to get you
42:59
know grab some breakfast so I made my version
43:04
of a banana bread it was toast and a banana that's
43:10
what I'm that's what I'm down to okay Kareen
43:14
karina karina all right that's what i'm that's
43:17
what i'm down to all right toast and a banana
43:20
that's all right it's all right it worked out
43:29
i'm just i'm just loving your laughter jennifer
43:31
is like well she did say that she had to work
43:35
on breaking you out of um out of out of banana
43:39
banana bread jail yeah I love it. You're ready.
43:49
What's her name? Banana. We are property caffeinated.
43:55
We're ready to go. I don't know about property.
43:58
Property caffeinated. I guess I am because my
44:02
tongue is stuck.