EP171: From Scratch To Building A $300,000,000 Company
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5 years ago, in the depths of darkness, our lives shattered like glass.
Our once-thriving fashion empire crumbled overnight, leaving us with nothing but hollow echoes.
Our biggest client’s announcement wiped out 95% of our income, plunging us into a pit of financial despair. We were lost, directionless, and drowning in desperation.
Yet, in the midst of this suffocating quicksand, we found a glimmer of hope.
For our own sake and the ones we love, we knew we had to act swiftly. 🙌
With trembling hearts, we took a leap of faith into the world of apartment investing, praying it would be our lifeline amidst the storm.
So, wait… how did two girls from the fashion world go from having zero experience in multifamily apartment investing with no piles of cash to sit on, and no rich uncle or friends to support us, to start building this growing business? 😵😵
You see, we’re known for our “jump first, and build our wings on our way down” attitude, but this time, we knew it wouldn’t fly.
While apartment investing can be a very lucrative and scalable business if you do it wrong, it can turn into a total disaster.
3 crucial things you MUST know
So in order to avoid the disaster, there are three crucial things you MUST know before diving in, and not having them could cost you a fortune!
We are going to show you what those three things are as well as the thing Lady Gaga would do if she started her own apartment investing business and at the end of this episode, we’re gonna reveal our scorecard sort of speak of our apartment investing business.
Alright, let’s start with the first of our three keys to launching a thriving apartment investing business, and in order to explain we’ll need to tell you about the Medici family.
The Medici family, a powerful and influential dynasty originating in the 14th century, provides a timeless example of the significance of community and relationships in growing a business.
While their reputation in banking is well-known, their success wasn’t solely attributed to their financial prowess.
The Medicis grasped the importance of fostering connections and building a strong community. 😘😘
They nurtured relationships with both influential figures and common people, ensuring they remained connected to their community’s needs.
Their involvement as civic leaders, leading the Republic of Florence and holding papal office, further strengthened their bonds with the public. They also contributed to public works, directly benefiting the community and solidifying their name as benefactors of the city.
Now, in the world of multifamily apartment investing, the notion of “build it and they will come” doesn’t hold water.
Success in this realm is rooted in building trust and rapport with investors.
You must establish yourself as someone they know, like, and trust.
Remember, while properties are constructed with bricks and mortar, real estate deals are built on a foundation of trust and strong relationships.
➡️ Here’s a common misconception that many new apartment investors fall victim to – neglecting to build relationships with passive investors.
This often happens because they feel intimidated when it comes to talking to investors and raising funds – they think they’re asking for people’s money.
They fear that no one would want to invest with them, and self-doubt starts creeping in.
But here’s the truth – this fear is unfounded and can mess with your mind big time!
So, don’t let it get the best of you!
The crucial fact to remember is that the real estate market already has trillions of dollars invested, and it’s not just the big institutional investors making all the moves.
In reality, most real estate investments are made by ordinary folks like us – AKA retail investors.
The key is to find where these investors hang out and start building relationships with them – it’s as simple as that! 😎😎
Here’s the exciting part: unlike some businesses that require a massive customer base to be profitable, multifamily apartment investing works differently.
You don’t need to deal with an overwhelming number of investors. All you need is a handful of interested investors to kick-start your journey.
So, let go of those fears and doubts and focus on connecting with potential investors.
You’ll be amazed at the opportunities that await when you build strong relationships in the world of apartment investing!
Let’s make this super easy with some simple math, shall we? 🤓🤓
If you add just 10 passive investors to your database every month, in a year, you’ll have a whopping 120 passive investors – that’s 120 people who potentially can and/or will invest with you!
Now, picture this: you present an investment opportunity, and only 40% of them jump on board. That’s still 48 investors!
Each one invests, let’s say, $50,000, which is a typical minimum.
Crunching the numbers, that adds up to a mind-blowing $2,400,000! 😍😍
Impressive, right? So, here’s the moral of the story – start building your investor list today!
The sooner you start, the sooner you’ll be on your way to raising big bucks for your deals.
Let those numbers motivate you to take action.
➡️ Alright, here’s the second secret to thriving in this exciting realm!
No matter if you’re a first-timer or a seasoned pro, this one’s for everyone – it’s all about finding the right “who,” not getting tangled up in the “how.”
When you start out on your apartment investing journey, you’re revved up like a high-octane fuel drag car, full of motivation and excitement. But watch out! That fire can burn out fast if you focus solely on the “how.”
It can get overwhelming, frustrating, and exhausting, leading you to lose your passion and maybe even throw in the towel.
So, what’s the solution?
It’s time to shift your mindset and start asking “who” can help you out.
No, it’s not about being lazy; it’s about tapping into the power of delegation and collaboration.
Imagine a bee colony – each 🐝 bee has a specific role and sticks to it.
The queen lays eggs, the worker bees gather nectar and pollen, the drones assist with mating, and they all care for the larvae. No bee tries to do it all; they focus on their unique talents.
And guess what? The colony thrives because each bee excels at its given role. The queen doesn’t waste time gathering nectar, and the worker bees don’t fret over laying eggs.
Everyone plays their part, and the colony buzzes with efficiency and success!
So, take a page from the bees’ book.
Embrace your strengths and passions, and let the right “who” handle the rest.
It’s time to ditch the old task-driven mindset and hop on the people-driven expressway to success!
Let’s bee 🐝 great together!
➡️ Now, we are going to let you in on the secret techniques that the top consultants in Hollywood use to help A-List stars overcome the biggest problem every apartment investor ever faces.
So, Lady Gaga is one of the greatest and most confident performers of all time, with hundreds of millions of adoring fans hanging on to her every move, we I mean who can get away with wearing a raw meat dress?
Except, she’s not, she’s a total imposter– well at least that’s how she feels about herself.
And the crazy thing like us, she also is afraid of being judged despite being an icon and it never goes away no matter how successful you become.
This is the thing that holds celebrities, athletes, and famous people back, and when we first started multifamily apartment investing it was also holding us back as well.
Because it wasn’t about clothing, fashion, or designs, this was a whole new world for us.
We used to think, who are we to talk to people about their finances?
I mean we just lost our entire business and income.
We’re not Warren Buffet, Ray Daylio, or even Scrooge McDuck, we didn’t even own a single apartment at the start. And although we did manage to have a very successful fashion business, and had a few single-family rentals, nobody cared.
Or, at least, that’s what we told ourselves and that’s why we didn’t go 10 toes deep right away because we felt like imposters.
So to get around this, we turned to the most secretive hack and Lady Gaga did too!
Let us explain, Lady Gaga had a huge problem, she still feels “like a loser kid in high school.”
And to flip this, Lady Gaga starts her day by reminding herself of her talents and skills.
This technique empowers her to overcome fears and achieve incredible things.
It’s not about faking it; it’s about recognizing your worth and value.
This is called focusing on the gain, not the gap. It’s all about shifting your focus from the gap to the gain. Instead of comparing yourself to an idealized version or external standards, celebrate your accomplishments and progress.
As author Ben Hardy and Dan Sullivan describe in their book, The Gap and the Gain, “Being in the GAIN means you measure yourself backward, against where you were before. You measure your own progress. You don’t compare yourself to something external. You don’t measure yourself against your ideals.”
And this is the same thing that Lady Gaga does each and every day to get over her fears and accomplish amazing things.
Now, here’s how you can do it too – super easy, we promise! Each day, pump up your confidence to 120% and reflect on your gains:
1️⃣ Look at your life right now — what are all the GAINS you can think of?
2️⃣ Define success in your own terms, and measure your progress accordingly.
3️⃣ Ask yourself — what are my wins from the past 90 days?
4️⃣ Learn from your experiences, whether positive or negative, and focus on what worked.
So, back to our start in the multifamily apartment investing business, even as total newbies in the space, we focus on our gains, what we know how to do, and what we can achieve.
And guess what?
Fast forward just 5 short years, and we’ve soared to unimaginable heights!
🌈 From zero apartments to a whopping $300,000,000 multifamily apartment portfolio across the US – can you believe it?
We are living proof that dreams can become reality when you take action and believe in yourself. 😏😏
And here’s the best part – it’s all thanks to the three game-changing tips we’ve shared with you in this episode.
Those ⭐ golden nuggets have been the driving force behind our success, and they can do the same for you!
So, it’s your turn now – go out there and conquer the world of apartment investing!
Thrive, succeed, and unleash your full potential. Remember, if we can do it, so can you!
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