Month: April 2017

26 Apr 2017

The Biggest Factor That Helped Me Buy a $3,075,000 Property – Interview with Kim Somers Egelsee

I have to admit I was scared.

I took a deep breath as I signed the check request for $75,000.  If we didn’t get the $3,075,000 we needed to purchase this 77-unit building plus the $500,000 to renovate it, we would lose the $75,000 earnest money.  We had never bought an apartment building before.  Up to this date, the largest thing we’d ever managed was a duplex.  I looked at my husband.  He seemed a little pale.  I’m sure I did too.  I took his hand in mine.  “Let’s do this,”  I said.

A week later we put in an offer for another building – 51 units, selling for $1,800,000.

Three months later, we sat toasting at an elegant restaurant in Albuquerque on the day we closed escrow and became the owners. That week we bought two buildings in Albuquerque – 128 units total.  We raised over $2.2 million dollars from private investors and got bank loans totaling $3,900,000.  Even though we’d never done anything like this before, we were able to acquire two properties at the same time.

How were we able to do that?

Here we are signing the papers to purchase that property.

I think one of the biggest factors was confidence.

I’m not particularly special.  I didn’t have the money sitting in my bank account or a trust fund somewhere.  I didn’t have an extensive database of contacts or any special contacts that made the process easier.  I didn’t have much relevant experience.  I didn’t have anything that made me particularly unique or stand out (at least not in anyway that was helpful), but I had confidence in myself and my resourcefulness.  I needed that confidence.

It took confidence to pack up our daughter and drive 12 hours to Albuquerque to check out a market that first time. It took confidence to approach brokers, property managers, and lenders to say – give us your time and get into business with us.  It took confidence to put in Letters of Intent to Buy, saying we’d pay millions of dollars when we had no ability to do that by ourselves.  It took confidence to ask people to partner with us.  It took confidence to ask for $50,000 minimum investments and say “Trust us.  We will take good care of your money and return it with friends.”  It took a lot of confidence and hope, and we did it.  I knew we couldn’t do it alone, but I had confidence in our ability to be resourceful and get it done.

I have confidence that if you trust in yourself, you can do it too.  And if you don’t have that confidence yet, you can develop it.

A couple weeks ago, I interviewed my dear friend and bestselling author, coach, award-winning TedX speaker, and Confidence Expert, Kim Somers Egelsee.  In this short, but powerful video she shares some great exercises to start gaining more confidence right away.  Check it out and let us know your thoughts in the comments.

[embedyt] https://www.youtube.com/watch?v=zsrWnPRoEx8[/embedyt]

 

P.S. Please excuse the poor quality of the sound.  The amazing content that Kim shared more than makes up for the sound IMHO.

 

15 Apr 2017

How Can You Invite In Financial Miracles?

A few weeks ago, I interviewed for Real Estate Investor Goddesses one of the people I most admire in the world – Barbara Stanny.  She’s the author of numerous best selling books about women and money including Overcoming Underearning, Secrets of Six Figure Women, Prince Charming Isn’t Coming, and Sacred Success.  I recommend all her books.

In preparation for our interview, I re-read her latest book: Sacred Success – A Course in Financial Miracles.  This book is all about helping women achieve wealth and power – on their own terms – as women.  It’s about inviting in miracles.

I completely resonate with this concept because it’s what we are about here at Real Estate Investor Goddesses.  It’s certainly how I try to live my life – and my life feels pretty magical because of it.

When people ask how we found our properties in Albuquerque, I sometimes give a more complicated answer than what happened.  I’ll talk about how we assessed the market and built the team, but that’s not quite an honest answer.

The honest answer is that my husband and I were completely guided to it.  As if by magic we met a woman at a networking event who told us about Albuquerque.  She introduced us to our broker (he was her nephew).  My husband did research to confirm what we were guided towards, but I mostly just trusted that sense inside that told me “yes, this is it.”

With relative ease and grace we were able to acquire two buildings under asking price even though we were new in the market and were not the highest bidders.  It was a financial miracle.

This, I believe is the power we have as women.  This is what Barbara Stanny talks about in her book and why I was so excited to interview her and share her interview with you.  You can find it here.

Also, save the date.  On Saturday, May 27 from 10-6, I’m going to be co-leading a one-day retreat in Santa Fe Springs, CA.  It’s called Step Into Your Magical Self – A Transformational Creative Women’s Retreat, and it’s going to be a fun, powerful, experiential day of art, music, and interactive talks to help you to live as your most magical self.  Click here to find out more and to register.  I hope to see you there.  Until then, share in the comments how magic and miracles have shown up in your life.

 Monick Halm is the co-founder of Real Estate Investor Goddesses.  She is a real estate investor with over 12 years of investing experience in single family, multi-family, mobile home parks, flipping, and syndication. She is also a certified interior designer, Feng Shui expert, author, speaker, certified NLP and money coach, and attorney.  Monick is passionate about real estate, design, and helping women to thrive.

14 Apr 2017

It Actually Is Who You Know – 3 Ways to Build Relationships With the Right People

Real Estate is a relationship business.  Who you know and who you are working with can make all the difference in what deals you get and how much money you have access to.  You need relationships with great service providers (agents/brokers, lenders, property managers, CPAs, contractors, attorneys, etc.) and with great potential partners (deal and investment partners).

Without these right relationships you either (a) can’t get a good cash flowing property deal at all (especially in a competitive market), or (b) you can’t run it well if/when you do acquire it.

A lot of people think that’s not fair.  It’s true, it’s not fair.  Fair or not, that’s the way it is.

There is something you can do about it though…

You absolutely can get yourself some of those right relationships!

So how do you do that?  There are three ways to do this.  They are the three things I’ve done that has made the difference in my real estate investing career and has allowed me to acquire over 1,000 units and raise over $2.5 million dollars in 14 months.

The 3 Steps to Building Strong Relationships Are:

1.  Think About Who You Already Know

You are already connected to a lot more people than you think.
Make a list of all the people who you know that are involved in real estate.  They could be service providers or investors themselves.

Surf your Linked In connections, contacts database, or your Facebook friend list to jog your memory.  You probably know more people than you thought you knew.

Next think about who you know that’s influential – who might know of someone that could help you.  Everyone you know has at least 10 contacts and sometimes hundreds or thousands of other contacts.  You are likely only one or two degrees of separation from anyone you would want to meet.

2. Put Yourself in Situations Where You’ll Meet the Right People

The connections we have that have enabled the pretty extraordinary results we’ve accomplished have not been by accident.  We have purposefully put ourselves in the room with people that are doing real estate (and life) at the highest levels.  We have invested a lot in conferences and mentorship, and I believe it has paid off.

I just got back yesterday from spending 9 days at sea with 195 incredible real estate investors on the Real Estate Guys’ Summit at Sea.  It was a large investment of time and treasure, but it’s paid off in terms of what I’ve learned and who I was able to connect with.

This is me and my husband with Robert Kiyosaki, author of Rich Dad, Poor Dad.  It was pretty awesome to get to know the man whose book set me on this course to being a full time real estate investor.
At the Real Estate Investor Summit at Sea with Kenny McElroy, author of the “ABCs of Real Estate Investing,” Kyle Wilson, Jim Rohn’s 18-year business partner, and other incredible friends.
At the Summit with Tommy Hopkins, sales guru and author of “How to Master the Art of Selling”  Here he was teaching me his famous cork trick.

 

Not everyone is able to go to as many conferences and events like I do (and I go, so I can report back and share what I’m learning with you), but you all have the ability to get yourselves to events where you’ll be able to connect with the right people to take you to the next level.

If you’re able to get to Southern California, then there are two events I would like to invite you to.

First, on Thursday May 11 I will be speaking at an LA Women in Real Estate Event about “The 7 Main Factors to Being a Successful Syndicator.”  It’s happening from 5 – 6:30 p.m. at the Olympic Collection, 3rd Floor Ballroom,11301 W Olympic Blvd, Los Angeles, CA 90064.  There is no charge for this event. Mark your calendar.

Second, on Saturday May 27, I am co-leading a one-day retreat – Step Into Your Magical Self – A Transformational Creative Women’s Retreat.  It’s going to be like no other event you’ve ever been to with an absolutely incredible group of women.  In this retreat you’ll learn how to invite in more abundance, confidence creativity and love in your life as if by magic.  Click here for details and registration.

Attend these and other events, and seek to meet as many people as you can.  When you meet these great people, make sure to follow up.  And do step 3.

3. Show Up And Be of Service

The way to get the best people to work with you is not to focus on how they can help you, but to focus on how you can help them.

Look for ways to be of service and to solve their problems.

You may be wondering, “why would someone want to work with me?  I’m new or not as successful as they are.”  They will want to work with you if you provide an opportunity and/or can help them solve a problem.

We have a neighbor who manages a private equity real estate fund.  She’s done over $1.5 billion dollars in transactions.  My husband and I were just starting out in real estate syndication, but she was willing to partner with us.

Why?  Because we had the time and focus to find a deal.  She was too busy at her job to do any of that leg work.

Her considerable experience and Roladex were of obvious value to us and opened doors that we as newbies would not have been able to open.  Our time and energy was of value to her too. Also, we had the experience and contacts from our mentors to offer.

In the end, we were not able to do a deal with this neighbor – her schedule was really too crazy even with us doing the lion’s share of the work – and we ended up partnering with others.  Having had her on our team – even temporarily – allowed us to secure a couple deals however.

We found another great partner with more experience and a much larger investor database than us.  He was happy to partner, because at that point we had two deals in hand and a great local team in place – property management company, broker, attorney, CPA, and lender.

We showed up, did the work, and found ways to be of service. Continuing to do that has opened us up to many more opportunities and contributes to our results.

Those are my three steps to creating relationships.  What are you doing to set up strategic relationships in your life? Please share in the comments.

 Monick Halm is the co-founder of Real Estate Investor Goddesses.  She is a real estate investor with over 12 years of investing experience in single family, multi-family, mobile home parks, flipping, and syndication. She is also a certified interior designer, Feng Shui expert, author, speaker, certified NLP and money coach, and attorney.  Monick is passionate about real estate, design, and helping women to thrive.