WEBVTT
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[SPEAKER_02]: Most people are taught to analyze commercial real estate by looking at the property itself, the rents, the numbers, and the cap rate.
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[SPEAKER_02]: But what is some of the biggest opportunities?
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[SPEAKER_02]: And the biggest risks sit outside of the property.
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[SPEAKER_02]: In today's episode, we're talking about a commercial real estate framework that looks at zoning, at city planning, at the highest and best use, and everything that can go wrong before a deal is ever done.
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[SPEAKER_02]: It is a refreshing way to think about analyzing opportunity and risk, and honestly, it may change how you look at commercial investing.
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[SPEAKER_02]: Let's get into it.
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[SPEAKER_01]: So Daniela, you have lost $70,000 during your first deal.
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[SPEAKER_01]: Tell us about that story, but most important.
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[SPEAKER_01]: The skill sets and the changes that you had to make move in on as you acquire new deals in your own journey.
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[SPEAKER_00]: absolutely.
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[SPEAKER_00]: So I actually think back at this fondly, which is strange, but I do.
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[SPEAKER_00]: I cut my teeth in real estate and create a finance.
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[SPEAKER_00]: So I've learned how to purchase property without banks, credit, your own cash, nationwide, and I found it a transaction management company because I was so risk-averse to this.
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[SPEAKER_00]: I didn't understand how you're supposed to do that legally across 50 states.
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[SPEAKER_00]: And so, I broke all of the initial investment rules.
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[SPEAKER_00]: I saw a really sexy deal in Ben Dork, and I'm in California.
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[SPEAKER_00]: And in California, it takes the arm and a leg and a hand basket to get into a deal.
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[SPEAKER_00]: And it does too in Oregon, and especially the little resort towns.
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[SPEAKER_00]: I
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[SPEAKER_00]: bought something that I didn't understand, and I bought something in a market, I didn't understand, and I trusted somebody who said they knew their market.
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[SPEAKER_00]: So I basically was like, you know, how it is, red flags everywhere, and because the numbers seem so good, I did it anyways.
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[SPEAKER_00]: and it really was a midterm rental play.
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[SPEAKER_00]: It had an H away, it was a condominium, that sort of thing, but it was beautifully designed.
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[SPEAKER_00]: Everything was new, it was in a middle of a multi-million-dollar neighborhood, right next to a university.
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[SPEAKER_00]: I'm going.
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[SPEAKER_00]: What can go wrong?
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[SPEAKER_00]: What can go wrong?
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[SPEAKER_00]: Well, turns out a lot can go wrong.
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[SPEAKER_00]: You know, the fun about midterm rentals is that you have to pay all of the things no matter what, because you never know when you're gonna get a guest, same thing a short term, right?
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[SPEAKER_00]: Utility stay on, everything stays on.
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[SPEAKER_00]: And I could not rent this thing out to save my life.
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[SPEAKER_00]: I mean, you think about like all of the marketing strategies that people talk about online, all of the YouTube's I did ever rethink, and I couldn't get it rented out for more than four weeks, and I started just hemmerging every month, hemmerging the mortgage, the bills, the this, the dot, HOA, cut your weeds or whatever was next.
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[SPEAKER_01]: It was something that was next.
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[SPEAKER_00]: And at the end of it all, I was trying to offload it to an investor pretty much at what I paid.
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[SPEAKER_00]: I was just so done.
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[SPEAKER_00]: I was probably leaking six grand a month and even that for somebody in the Bay Area doing, you know, high income earner, that's just, it's ridiculous.
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[SPEAKER_00]: And I found out this investor knew her market, and she did the thing I never did.
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[SPEAKER_00]: I learned so much from this.
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[SPEAKER_00]: She sat and she parked on the street for two days.
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[SPEAKER_00]: And she called me and she said, did you know that your two doors down from a halfway house for juveniles that just got out of juvenile prison?
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[SPEAKER_00]: And I said, I'm sorry, I'm sorry, what?
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[SPEAKER_00]: and she goes, this is a facility for kids that had drug problems that were in juvenile hall that came out and she goes, I was sitting there and I noticed a young girl in her shorts and a tank top chain smoking in the snow.
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[SPEAKER_00]: And I thought how strange.
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[SPEAKER_00]: And then I saw what looked like a hotel cart, a cleaning cart going door to door and she goes, this is weird.
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[SPEAKER_00]: Maybe some luxury student housing situation?
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[SPEAKER_00]: and then she looked up the site and I at the time this is so embarrassing but I was a planning commissioner.
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[SPEAKER_00]: I know how to look up sites and parcels and permits and development and I didn't even think to do this and so she asked me some pointed questions and I will never ever forget this.
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[SPEAKER_00]: She goes,
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[SPEAKER_00]: This is a multi-million dollar neighborhood and this is on a court.
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[SPEAKER_00]: And it's a tight court.
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[SPEAKER_00]: If you were an elderly person, would you want to live next to a facility like this?
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[SPEAKER_00]: If you were a mom like you are with three young kids, would you want to live next to a facility like this?
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[SPEAKER_00]: If you were anybody, would you want to live next to a facility like this, and those are just such awfully hard questions because the truth is, if you had your brothers and you had the economic choice, you simply would not, and that's when I knew I had to dump it.
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[SPEAKER_00]: I was like, okay, this is it, and you know, it took money and time to dump it.
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[SPEAKER_00]: And so,
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[SPEAKER_00]: I think from that, just came this incredible MBA.
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[SPEAKER_00]: You know, I've always been really big into education on the first of my family to go to college.
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[SPEAKER_00]: I'm the first to my family to get a master's degree.
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[SPEAKER_00]: I really wanted to get a PhD.
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[SPEAKER_00]: And it was like, ah, late, I could never have paid for this.
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[SPEAKER_00]: I broke the golden rules, but I also did all of the things to try and hedge against the mistakes I made.
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[SPEAKER_00]: And it still didn't matter
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[SPEAKER_00]: circumstance that I couldn't get around.
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[SPEAKER_00]: So that made me feel not crazy, which was great, because I was punishing myself for months for making these mistakes right.
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[SPEAKER_00]: How could I be so stupid?
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[SPEAKER_00]: And then it made me realize, oh, if I can survive this,
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[SPEAKER_00]: I'm totally gonna do this again.
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[SPEAKER_00]: And I was very lucky because that money that I lost was a K1 from a business that I earned.
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[SPEAKER_00]: I did not go into debt losing that money.
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[SPEAKER_00]: And that is the message, oh my God, the second I found this that I thought, thank God, I turned that lesson, you know.
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[SPEAKER_01]: I want to dissect this in so many directions, but one that I really want to point it out, we are about almost 600 episodes.
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[SPEAKER_01]: And what I really love about your answer, Danielle, that is different from, I'm not going to say all of them, but majority of women that we talked about when we ask about the mistakes that they have made and the lessons that I have learned,
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[SPEAKER_01]: and isolation, they learn on their own.
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[SPEAKER_01]: And what you are pointing out on this situation that I think it's more and more eminent is that you are relying on somebody else that is saw what you didn't see.
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[SPEAKER_01]: Despite your experience, despite your background, I think a lot of women that have the experience
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[SPEAKER_01]: they are going through deals, partnerships, and like, what can go wrong?
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[SPEAKER_01]: I already check all the marks over here and women that are listening.
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[SPEAKER_01]: This is such a beautiful example and I would not forget that example ever.
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[SPEAKER_01]: If I see you, whatever I see, you're like,
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[SPEAKER_01]: The MBA example, this is the MBA example.
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[SPEAKER_01]: I think we need to lean in on more of those core relationships with people and double down.
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[SPEAKER_01]: I believe versus, well, I have the experience, I don't need to rely on anybody here, but I'm not missing anything and just go for it without stress testing.
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[SPEAKER_01]: So I'm curious, moving forward, what did you do different?
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[SPEAKER_00]: Oh my gosh, what didn't I do different, seriously?
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[SPEAKER_00]: It completely changed my perspective.
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[SPEAKER_00]: And what I did was one, I realized, I've never been to a residential again.
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[SPEAKER_00]: Like, I cannot believe I lost this much money for something that was worth this much.
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[SPEAKER_00]: And yeah, I'm going, all right, I'm a commercial girlie, we're done.
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[SPEAKER_00]: We're done with the little blow in this popsicle stand.
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[SPEAKER_00]: This is not for me, because if I'm ever going to lose this money, this much money again, it's going to be for a serious facility bringing in something serious.
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[SPEAKER_00]: and I grew up in flex industrial warehouses.
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[SPEAKER_00]: So I knew how to run a facility like that, how to manage that asset as a business owner.
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[SPEAKER_00]: And so I thought, you know what, if I'm gonna do commercial though, I'm gonna be mean, I'm a total, I don't know if you've ever heard this word, but I'm an ethnographer.
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[SPEAKER_00]: So that basically means when you wanna learn something, you become obsessive about it, you've gotta learn everything.
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[SPEAKER_00]: However, advantageous or disadvantageous that is, it becomes like I need to know every nook and cranny of this, and I'm risk-averse, especially after that experience.
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[SPEAKER_00]: So, I decided to become a commercial broker.
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[SPEAKER_00]: I'm going, I gotta do deals for other people.
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[SPEAKER_00]: I gotta understand structure.
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[SPEAKER_00]: I gotta understand when to bring in creative finance, when to bring in DSTR, all the different debt products.
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[SPEAKER_00]: I want to be underwriting for other people and here from other investors, why doesn't this trip center work?
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[SPEAKER_00]: Why doesn't this padside work?
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[SPEAKER_00]: Why doesn't this work from McDonald's when Burger King is right here?
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[SPEAKER_00]: I wanted to learn how to not do one play on a parcel.
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[SPEAKER_00]: I never even think about the asset class anymore.
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[SPEAKER_00]: No more one play on a parcel.
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[SPEAKER_00]: I need three plays on a parcel regardless of the asset class.
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[SPEAKER_00]: And I needed to think about that like a broker.
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[SPEAKER_00]: And so that's what I started.
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[SPEAKER_00]: That's how I started to do things differently.
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[SPEAKER_02]: Our tells more about that.
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[SPEAKER_02]: Walk us through that thinking, because that's a mindset.
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[SPEAKER_01]: Not common.
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[SPEAKER_01]: The brokers that I talk to, it's latency one line, one line, one option.
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[SPEAKER_01]: This is it.
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[SPEAKER_01]: God bless.
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[SPEAKER_02]: Good luck to you.
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[SPEAKER_02]: Well, and what stage are you thinking about?
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[SPEAKER_02]: So walk us through that a little bit.
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[SPEAKER_02]: That thinking and also at what, you know, point, do you have the listing?
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[SPEAKER_02]: What does that look like in terms of stage?
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[SPEAKER_00]: Yeah, so I think for me, you know, the commercial brokerage industry is full of a lot of not-nice people.
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[SPEAKER_00]: And I grew up in a business with all older men, and I, you know, it was always challenging.
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[SPEAKER_00]: And so I wasn't, it wasn't so much the gay keeping,
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[SPEAKER_00]: or the condescension that bothered me, it was access.
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[SPEAKER_00]: Because in order for a commercial broker to be successful, we trade information, we trade data, right?
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[SPEAKER_00]: And so my examination of a parcel begins at the very beginning.
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[SPEAKER_00]: I have somebody called me and goes, hey, look.
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[SPEAKER_00]: I need to lease my space.
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[SPEAKER_00]: I need to sell my space.
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[SPEAKER_00]: I want to buy something.
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[SPEAKER_00]: I go perfect.
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[SPEAKER_00]: Where are you?
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[SPEAKER_00]: The first thing I do is pull up CRECSI.
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[SPEAKER_00]: I prefer CRECSI over co-star personally.
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[SPEAKER_00]: And I really start to dig into zoning because I'm an x-planning commissioner, right?
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[SPEAKER_00]: Everything is limited by zoning.
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[SPEAKER_00]: What can we do here?
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[SPEAKER_00]: You want to rent out to a gym concept.
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[SPEAKER_00]: Yeah, can't have gyms in this zoning district, right?
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[SPEAKER_00]: And people think they can get variances so easily, but I've seen so many people go broke thinking they can get a variance after the fact, whether it's a lease, a purchase, whatever it is, right?
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[SPEAKER_00]: So it's at the very beginning, Liz, at the very freaking beginning, I am sitting there because one, I'm going, I have to differentiate myself between other brokers.
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[SPEAKER_00]: And I have to give this person options because this person is me.
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[SPEAKER_00]: I am this person.
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[SPEAKER_00]: They're an investor, they're a business owner, they're trying to hedge against risk, they're trying to find something, whether it's at value ad, into stabilization or something that's totally stabilized.
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[SPEAKER_00]: So I have to know my proverbial.
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[SPEAKER_00]: shit, right?
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[SPEAKER_00]: And I've got to give them all the options.
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[SPEAKER_00]: And I don't know if it's, you know, brokers have a tendency to really, really specialize, like the really killer brokers out there, like most investors, right?
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[SPEAKER_00]: You niche down in your sub-market.
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[SPEAKER_00]: What you do?
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[SPEAKER_02]: Is it commercial?
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[SPEAKER_02]: I think it.
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[SPEAKER_01]: I feel that they are like, guys, I'm shops.
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[SPEAKER_01]: vanilla chocolate.
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[SPEAKER_01]: That's it.
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[SPEAKER_01]: That's it.
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[SPEAKER_01]: That's it.
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[SPEAKER_01]: That's all you're trying to tell.
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[SPEAKER_01]: They sell listen vanilla is awesome.
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[SPEAKER_01]: Go ahead, purchase it, and then you can get a variance.
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[SPEAKER_01]: I've seen and it happened, and then you go for it.
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[SPEAKER_01]: It's horrific.
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[SPEAKER_00]: So after I look at the parcel, is I actually I use Claude.
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[SPEAKER_00]: and I conduct avoids analysis.
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[SPEAKER_00]: And I go, hey, I want to know every void in this market.
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[SPEAKER_00]: I don't care if it's an industrial park, if it's an office void, the word void analysis?
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[SPEAKER_00]: Yes, you were trying to find the void in the market, right?
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[SPEAKER_00]: Because if I'm trying to rent out a space, or if I'm trying to place a concept, or a business owner, one, I need to know what the zoning limits, and then I need to know who's going to survive there and who needs to thrive there.
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[SPEAKER_00]: right and so I go who it's monopoly bay it's the best monopoly ever in the world because then you start to really think as a planning commissioner I want to sell badly to affect change in retail court or in my city.
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[SPEAKER_00]: That's how much I was able to accomplish, except for policy.
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[SPEAKER_00]: But as a broker, you are able to bring in concepts that change the entire fabric of a community.
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[SPEAKER_00]: I brought in a Sephora.
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[SPEAKER_00]: I brought in a tutoring center for autistic children.
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[SPEAKER_00]: I brought in this, but you only can do that if you're able to think about the parcel beyond the building and you're able to think about uses.
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[SPEAKER_00]: So as an investor, I didn't just wanna buy a car wash on a main drag.
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[SPEAKER_00]: I wanted to buy a car wash on a retail corridor that was on a hard corner that had drive through access that I knew I could ground lace or that I could do multiple other things with.
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[SPEAKER_00]: So how did I go from that losing the 70K to here?
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[SPEAKER_00]: A lot of grit, resilience, dedication to losing money.
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[SPEAKER_00]: I didn't make a lot, I didn't make money for a long time.
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[SPEAKER_00]: Brokers do not make money for a long time.
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[SPEAKER_00]: Especially, you can stay in it.
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[SPEAKER_00]: You know, the sale cycle is nine months to a year.
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[SPEAKER_00]: And so, you have to sort of have that ability to commit.
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[SPEAKER_01]: Let me just summarize based on my Brazilian interpretation, my brain, right?
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[SPEAKER_01]: What I'm hearing from you is that when real investors come and they're analyzing a deal or a property to purchase, sometimes they have tunnel vision, they're only analyzing the asset itself versus let me go one step further or three or four step further and they
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[SPEAKER_01]: is an ideal and zoning allows for that to happen and would they even want to come over here.
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[SPEAKER_01]: So it's a much more complex planning than simply doing the math if the cash flow of the rent is going to pay the mortgage or allow for that investment to have any sort of return on investment.
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[SPEAKER_01]: Did I get that right?
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[SPEAKER_00]: Yes.
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[SPEAKER_00]: For me, the cap rate is just the gatekeeper.
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[SPEAKER_00]: It's just a very, it's the first thing and it's like out of the way this isn't significant.
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[SPEAKER_00]: I look at the price for square foot and I look at the void because at the end of the day, your investment will never, ever, ever be stabilized if you can't backfill it.
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[SPEAKER_00]: If you can't backfill it and hold the red, your asset means nothing.
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[SPEAKER_01]: But Danielle, tell me, this is not common conversation that we have out there.
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[SPEAKER_01]: Liz, share your experience, but what I hear is that brokers are selling it, that asset.
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[SPEAKER_01]: What you do with it, good luck to you.
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[SPEAKER_01]: Well, they're not very good at their jobs then.
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[SPEAKER_00]: I mean, would you want to buy something that someone just said, hey, all the works out.
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[SPEAKER_01]: To be honest with you, I didn't know that you existed or that that's available, that to go even further.
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[SPEAKER_01]: I thought that that was my only, my, my job to figure all the shit down the road.
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[SPEAKER_01]: Or analyze it and think about, I didn't see it as like we together.
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[SPEAKER_01]: as a broker and in an investor, we are putting this plan to make it work.
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[SPEAKER_02]: Let me ask a quick question from a clarification perspective on that lean, right?
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[SPEAKER_02]: Because most of the commercial brokers I've personally dealt with have been more specialized in multi-family, right?
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[SPEAKER_02]: So that's one specialty, if you will, then like you're saying, in terms of retail, warehouse, flex space,
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[SPEAKER_02]: all other kind of niches within commercial.
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[SPEAKER_02]: I understand what you're saying with those niches.
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[SPEAKER_02]: My experiences with multi-family have been different from what you're saying because it is that is the use, that is the focus unless you're going to create a lot of value.
16:39.287 --> 16:40.047
[SPEAKER_02]: It's not like this.
16:40.607 --> 16:49.390
[SPEAKER_01]: Unless somebody tells you about the no broker, about the use of cell phone towers when they are evaluated, did they tell you about that?
16:50.050 --> 16:50.890
[SPEAKER_01]: On multi-family.
16:52.158 --> 16:53.360
[SPEAKER_02]: no, brokers vote now.
16:53.420 --> 16:53.700
[SPEAKER_01]: Right.
16:53.820 --> 16:54.041
[SPEAKER_02]: Nice.
16:54.061 --> 16:57.886
[SPEAKER_01]: But I learned that from another, another investor that I work with.
16:58.607 --> 17:06.477
[SPEAKER_01]: And then on his multi-family, he also had income from storage and cell phone tower.
17:07.358 --> 17:08.079
[SPEAKER_01]: on top of that.
17:08.620 --> 17:09.581
[SPEAKER_02]: Yeah, I hear you.
17:09.601 --> 17:22.620
[SPEAKER_02]: So the question, Danielle, for you, do you see that what you're saying in the strategy that you're employing is relevant to all commercial, including multi-family, and how, and why it would be an interesting way to discuss this.
17:24.393 --> 17:25.013
[SPEAKER_00]: absolutely.
17:25.413 --> 17:29.814
[SPEAKER_00]: And so, you know, this isn't a fire all that brokers have ever worked with.
17:29.854 --> 17:32.715
[SPEAKER_02]: Now, you know, like the bars here.
17:32.835 --> 17:34.556
[SPEAKER_02]: That clearly I've been accepting the bar.
17:34.596 --> 17:35.276
[SPEAKER_02]: Thank you, Danielle.
17:35.296 --> 17:36.676
[SPEAKER_02]: I've only been at this for 20 years.
17:36.696 --> 17:38.057
[SPEAKER_02]: Did you answer the question?
17:38.077 --> 17:38.417
[SPEAKER_02]: Yes.
17:39.277 --> 17:40.557
[SPEAKER_00]: You're like, I'm firing them.
17:41.097 --> 17:41.878
[SPEAKER_00]: She said yes.
17:42.318 --> 17:42.838
[SPEAKER_00]: Oh, fire.
17:43.018 --> 17:43.478
[SPEAKER_00]: The hell.
17:43.678 --> 17:46.179
[SPEAKER_00]: I will say, I will say, I will say, well, right?
17:46.459 --> 17:50.080
[SPEAKER_00]: Is that my job is not to sell you one time.
17:50.960 --> 17:54.482
[SPEAKER_00]: If you're an investor, you're trading paper.
17:55.163 --> 18:02.487
[SPEAKER_00]: I have got buy and hold guys, and I've got guys, the majority of my people, every five to seven years, they're retrating that asset, right?
18:03.067 --> 18:03.328
[SPEAKER_00]: Right.
18:03.428 --> 18:09.972
[SPEAKER_00]: And so, if I cannot project every way to help them retrace, your multifamily,
18:10.851 --> 18:11.852
[SPEAKER_00]: for a perfect example.
18:12.272 --> 18:13.533
[SPEAKER_00]: I have a right-aid right now.
18:13.894 --> 18:14.674
[SPEAKER_00]: It's been vacant.
18:14.754 --> 18:19.018
[SPEAKER_00]: It's in Pasadena on the main dragon Pasadena beautiful southern California town.
18:19.359 --> 18:21.320
[SPEAKER_00]: I've gotten Gillian's of phone calls on it.
18:21.380 --> 18:23.182
[SPEAKER_00]: It's right next to a vacant parking lot.
18:23.242 --> 18:24.403
[SPEAKER_00]: Right-aid was renting both.
18:24.823 --> 18:27.346
[SPEAKER_00]: They were renting it for way overmarket value.
18:27.386 --> 18:31.349
[SPEAKER_00]: So the landlord already has completely distorted about his
18:32.450 --> 18:44.996
[SPEAKER_00]: ability to recover that kind of rent, right, and it's just unreasonable for most concepts to go there without the parking lot as well, which makes it completely uneconomical.
18:45.196 --> 18:46.417
[SPEAKER_00]: The numbers just don't shake.
18:47.137 --> 18:51.900
[SPEAKER_00]: Well, I have other brokers, another brokerage team that's representing the parking lot.
18:51.940 --> 18:55.942
[SPEAKER_00]: I'm representing the parcel with the right aid, and they're telling me this is a multi-family play.
18:57.183 --> 19:04.288
[SPEAKER_00]: Maybe, but as a planning commissioner, I know about the setbacks, I know about the parking restrictions, I know about the retail obligations, and I'm going.
19:05.606 --> 19:07.888
[SPEAKER_00]: Maybe, how's that going to pencil for you, though?
19:08.428 --> 19:09.849
[SPEAKER_00]: That's definitely not affordable housing.
19:10.410 --> 19:20.097
[SPEAKER_00]: And so, when I think about multi-family and I think about this, I go, somebody actually said it's at a planning commission meeting the mayor once and I'll just share this very, very briefly.
19:20.658 --> 19:28.384
[SPEAKER_00]: Somebody was just in arms that the parcel next to theirs was being built on and all of a sudden they were looking through their kitchen window at a house rather than than the trees.
19:29.124 --> 19:33.127
[SPEAKER_00]: And the mayor said, if you buy a parcel in a residential neighborhood,
19:34.368 --> 19:35.568
[SPEAKER_00]: You only own that parcel.
19:35.948 --> 19:39.289
[SPEAKER_00]: You should have every expectation for every single parcel around you to be built.
19:39.809 --> 19:41.289
[SPEAKER_00]: Same thing goes with your multi-family.
19:41.689 --> 19:45.190
[SPEAKER_00]: You have no idea what's going to happen to the parcels around your multi-family.
19:45.510 --> 19:47.230
[SPEAKER_00]: What's going to devalue that economy?
19:47.530 --> 19:49.851
[SPEAKER_00]: What's going to be... And you're not following it.
19:50.131 --> 20:02.573
[SPEAKER_00]: You more than likely are not having Claude set up co-work to go into that local planning commissioner meeting hub and download those meeting minutes every freaking meeting and doing analysis of any project that's coming close to you.
20:03.133 --> 20:07.996
[SPEAKER_00]: Like that is how you hedge against value in your asset.
20:08.337 --> 20:15.241
[SPEAKER_00]: If you know that three years from now, a UPS facility is going to be built next to you, you're probably going to offload that thing.
20:16.322 --> 20:17.062
[SPEAKER_00]: Probably going to go.
20:17.763 --> 20:20.185
[SPEAKER_00]: You know, and so yes, this concept.
20:21.250 --> 20:23.192
[SPEAKER_00]: you should think through a kaleidoscope.
20:23.712 --> 20:25.193
[SPEAKER_00]: It doesn't matter the asset class.
20:25.233 --> 20:32.099
[SPEAKER_00]: And I will not sit there in front of any other broker or a specialized investor and go, I'm the best multi-family.
20:32.219 --> 20:33.380
[SPEAKER_00]: I'm the best self-storage.
20:33.540 --> 20:35.122
[SPEAKER_00]: I'm the best retail cousin, not.
20:36.441 --> 20:47.414
[SPEAKER_00]: My job is to figure out the highest and best use of the parcel and look at my Rolex for my killer self-storage, my killer retail, my killer dev, my killer multi-family angle.
20:47.754 --> 20:49.136
[SPEAKER_00]: Hey, let's work together on this project.
20:49.156 --> 20:56.744
[SPEAKER_00]: Let's grow broker this thing because you know the multi-family market and I know what can be done on this parcel and I'm bringing you a client.
20:57.265 --> 21:05.513
[SPEAKER_02]: You've heard us say before, real estate is a relationship business, and one of the most powerful ways to build those relationships is through meaningful conversations.
21:05.933 --> 21:08.055
[SPEAKER_02]: That's one of the reasons we love podcasting.
21:08.456 --> 21:15.462
[SPEAKER_02]: It's allowed us to connect with incredible women, build deeper relationships, and open doors to opportunities we never expected.
21:16.323 --> 21:20.809
[SPEAKER_02]: But to keep the show running consistently at a high level, we don't do it alone.
21:21.129 --> 21:32.924
[SPEAKER_02]: We've been an amazing team behind us at social chameleon who handles all the behind-the-scenes work, the production, the content, and distribution so we can stay focused on serving you and growing our business.
21:33.525 --> 21:39.867
[SPEAKER_02]: So if you've ever thought about starting your own podcast or taking it to the next level, they can help you do the same.
21:40.307 --> 21:44.449
[SPEAKER_02]: With social chameleon, you press record and they handle the rest.
21:44.949 --> 21:47.950
[SPEAKER_02]: Check them out at socialchameleon.us.
21:48.070 --> 21:50.411
[SPEAKER_02]: That's socialchameleon.us.
21:51.613 --> 21:56.375
[SPEAKER_02]: But I want really everyone listening is that we often talk with the highs and best use of the property, right?
21:56.775 --> 22:02.218
[SPEAKER_02]: And I think you're going one step further about the parcel, because it isn't just the property.
22:02.298 --> 22:06.440
[SPEAKER_02]: It's the land at which it sits on and there are different restrictions, right?
22:06.500 --> 22:16.344
[SPEAKER_02]: So it's really, and then one step beyond that of what's happening in that kind of close proximity as well as the void analysis as you're discussing, right?
22:17.045 --> 22:17.345
[SPEAKER_01]: Yeah.
22:17.825 --> 22:28.091
[SPEAKER_01]: You're reminding me that I did go to Philadelphia planning course, whatever they call years ago, and they gave me a binder.
22:28.111 --> 22:29.272
[SPEAKER_01]: I'm gonna find it today.
22:29.792 --> 22:31.273
[SPEAKER_01]: That talks about 235.
22:31.573 --> 22:33.734
[SPEAKER_01]: I am finding that thing.
22:33.754 --> 22:37.296
[SPEAKER_01]: It was very thick and it was wonderful and we were very excited.
22:37.316 --> 22:38.777
[SPEAKER_01]: But I forgot what's happening.
22:39.457 --> 22:40.038
[SPEAKER_01]: I forgot.
22:40.938 --> 22:43.460
[SPEAKER_01]: I need to have a pulse on it and I think,
22:44.440 --> 22:50.865
[SPEAKER_01]: Sometimes we are just looking at what is now where versus what it will be.
22:51.406 --> 22:52.867
[SPEAKER_01]: So we are planning ahead.
22:52.987 --> 22:56.930
[SPEAKER_01]: So I'm pulling the binder today, Danielle.
22:57.290 --> 22:58.551
[SPEAKER_00]: Think about this, right?
22:58.952 --> 23:00.193
[SPEAKER_00]: It's so hard.
23:00.333 --> 23:02.735
[SPEAKER_00]: When you learn about this and you start to get involved in this world,
23:03.175 --> 23:25.548
[SPEAKER_00]: it is so hard to learn how and then it's so hard to find the deal and then you have the next set of problems which is the capital and the loan for the debt product and then you have the next problem which is the transition the acquisition the you know and then you have the next you graduate to different sets of problems and you forget you become complacent and please your Lord do not find that binder.
23:25.788 --> 23:26.689
[SPEAKER_00]: I go on the website.
23:26.729 --> 23:28.510
[SPEAKER_00]: I'm a text later on I'm a little bit
23:30.131 --> 23:32.993
[SPEAKER_00]: down low the 10-year plan drop it into the pot.
23:33.393 --> 23:34.634
[SPEAKER_00]: Drop it into the pot.
23:35.515 --> 23:37.396
[SPEAKER_01]: Do not breathe.
23:37.436 --> 23:38.077
[SPEAKER_01]: That's right.
23:38.277 --> 23:41.940
[SPEAKER_01]: I'm downloading it, throwing in Claude and say, summarize it for me.
23:42.000 --> 23:42.800
[SPEAKER_01]: What is available?
23:42.981 --> 23:44.422
[SPEAKER_01]: Forget about the binder.
23:45.275 --> 24:10.278
[SPEAKER_02]: Back in the day, what's coming up, what's preferable, right, right, but now it's now time, time has always been money, but now time is money, tinny, I'll take it on the investor side, right, you live women listening, have invested in different markets, different asset classes, and they're hearing this, they're going, it's very interesting, it's another way to approach it, they're looking at the land and their communities, should I purchase it, should I not?
24:10.838 --> 24:23.044
[SPEAKER_02]: So, what are some of those initial questions as they're considering commercial piece of land, et cetera, that they should start to kind of ask themselves so they can start to do this void analysis?
24:23.064 --> 24:27.806
[SPEAKER_02]: What are some key questions so they can even, is it something even want to pursue or not pursue, right?
24:29.407 --> 24:30.127
[SPEAKER_00]: Absolutely.
24:30.227 --> 24:38.750
[SPEAKER_00]: So, you know, it's going to sound woe, so don't curse to find me, but you really need to ask yourself the question, how do I want my life to feel?
24:39.410 --> 24:41.391
[SPEAKER_00]: What am I trying to accomplish in investing?
24:42.031 --> 24:43.191
[SPEAKER_00]: What am I trying to do?
24:43.291 --> 24:46.712
[SPEAKER_00]: Do I have a really high income full-time job that I'm not trying to disrupt?
24:47.112 --> 24:51.894
[SPEAKER_00]: Because that determines the kind of asset class you're going to either try to
24:56.235 --> 25:04.176
[SPEAKER_00]: People, they see the end result, and they refuse to understand what it takes to get there.
25:04.617 --> 25:07.697
[SPEAKER_00]: And that's why with women, especially, that might be mothers.
25:07.717 --> 25:10.057
[SPEAKER_00]: I mean, I have three super young kids.
25:10.298 --> 25:14.178
[SPEAKER_00]: I had two babies back to back when I started doing this during the pandemic.
25:14.258 --> 25:18.139
[SPEAKER_00]: And I had no idea what it was going to take away from my life.
25:18.179 --> 25:19.799
[SPEAKER_00]: What it was going to, like, this is huge.
25:19.859 --> 25:23.860
[SPEAKER_00]: What it's going to take away from my life in order to create this.
25:24.580 --> 25:25.561
[SPEAKER_00]: I would start with that.
25:26.241 --> 25:30.345
[SPEAKER_00]: I would start with how you see yourself in this market, what you're interested in.
25:30.605 --> 25:31.165
[SPEAKER_00]: Are you really?
25:31.505 --> 25:32.866
[SPEAKER_00]: And this is going to take some time.
25:33.247 --> 25:35.108
[SPEAKER_00]: Investing takes time and it's iterative.
25:35.148 --> 25:36.889
[SPEAKER_00]: This is a fluid commitment.
25:36.970 --> 25:38.070
[SPEAKER_00]: You're going to try something.
25:38.110 --> 25:39.091
[SPEAKER_00]: It's going to taste great.
25:39.511 --> 25:41.573
[SPEAKER_00]: And then halfway through the cup, it's going to get sour.
25:41.873 --> 25:44.315
[SPEAKER_00]: And you're going to go, hmm, nope, this one isn't for me.
25:44.755 --> 25:48.418
[SPEAKER_00]: So I just go, we're told so much to commit.
25:48.818 --> 25:49.399
[SPEAKER_00]: Pick a market,
25:53.542 --> 26:00.206
[SPEAKER_00]: give grace, this takes time, or you will walk yourself into losing 70 grand.
26:00.746 --> 26:12.953
[SPEAKER_00]: You know, so look at the land, look at the sub-market, decide how you want to be a part of this market, what you want your life to feel like, what you're willing to let go of in your life to accomplish this.
26:13.513 --> 26:19.863
[SPEAKER_00]: I'm not huge on, just go find a partner, partnerships take time, and their rate can be very dangerous.
26:20.304 --> 26:28.336
[SPEAKER_00]: So what I would say is find a group of people that love doing what you think you're going to want to do in your community, there's so many professional associations,
26:28.797 --> 26:29.898
[SPEAKER_00]: and hang out.
26:30.758 --> 26:33.200
[SPEAKER_00]: Ask them the brutal questions, right?
26:33.540 --> 26:35.962
[SPEAKER_00]: How to go with the planning committee when we need to try to do this?
26:36.302 --> 26:37.082
[SPEAKER_00]: How did this go?
26:37.483 --> 26:42.446
[SPEAKER_00]: And while you're getting to know people in that market that are going to help you, trust me they are going to help you.
26:43.166 --> 26:47.429
[SPEAKER_00]: You are going to start examining land, figuring out what needs to be there.
26:47.949 --> 26:50.331
[SPEAKER_00]: Looking at the numbers, this is a really other big hot tip.
26:50.351 --> 26:53.893
[SPEAKER_00]: I don't know why I've spent years investing and had no idea this existed.
26:53.993 --> 26:55.974
[SPEAKER_00]: This drove me nuts when I found this out.
26:56.354 --> 27:06.820
[SPEAKER_00]: Easiest way to track the per square foot rents they can seize everything in the market are quarterly reports that exist for every state, every city, and every submarket by J.L.
27:06.900 --> 27:07.901
[SPEAKER_00]: Colliers and Khrishwan.
27:08.501 --> 27:14.326
[SPEAKER_00]: You can just Google them and you could Google them over 10 years so you can see how that market has changed.
27:14.787 --> 27:24.195
[SPEAKER_00]: So when you're talking to a broker and then trying to tell you a thing or two about a thing or two, you are going to pull up those reports and go, well, actually in this sub-market, this is what I'm seeing.
27:24.615 --> 27:28.999
[SPEAKER_00]: So the Proforma is just that, a Proforma.
27:29.840 --> 27:32.641
[SPEAKER_01]: Here's what I want to bring to you, the women in our community.
27:33.641 --> 27:35.221
[SPEAKER_01]: They want to have peace of mind.
27:35.582 --> 27:41.503
[SPEAKER_01]: They want, they were hard to be able to portfolio and they want to make sure that they are enjoying their lives.
27:42.043 --> 27:43.984
[SPEAKER_01]: Time is not on their side, right?
27:44.144 --> 27:52.866
[SPEAKER_01]: They're having kids and want to spend more quality time with people, more quality of time, quality of relationships, quality of projects.
27:53.486 --> 27:54.967
[SPEAKER_01]: They understand that part.
27:56.227 --> 28:01.832
[SPEAKER_01]: There is a mindset shift that I would like you to address is the following.
28:02.572 --> 28:11.440
[SPEAKER_01]: Many were thought that, oh, I need to do residential first or I need to have X amount of doors first.
28:11.780 --> 28:15.863
[SPEAKER_01]: So I can quote unquote graduate to commercial.
28:16.224 --> 28:18.305
[SPEAKER_01]: So they still paint their dudes like...
28:19.246 --> 28:20.767
[SPEAKER_01]: as if it is a linear.
28:21.287 --> 28:22.708
[SPEAKER_01]: How do you address that?
28:22.828 --> 28:26.470
[SPEAKER_01]: Is that true partially true or through it all of the window?
28:26.571 --> 28:27.411
[SPEAKER_01]: How do you see it?
28:28.552 --> 28:33.355
[SPEAKER_00]: Everything that you're learning about residential is replicable in commercial.
28:33.495 --> 28:37.777
[SPEAKER_00]: It's just a different set of sources, a different set of information, and a different set of vocabulary.
28:38.017 --> 28:45.502
[SPEAKER_00]: Do not diminish your intelligence and your ability to be multi-lateral and to live life through a kaleidoscope.
28:45.842 --> 28:46.983
[SPEAKER_00]: And if you don't want your life to
28:47.483 --> 28:57.168
[SPEAKER_00]: feel stressful because you have 10 houses that are cash flowing 150 to 250 bucks and one roof is going to blast out your profit for the entire year.
28:57.429 --> 29:00.790
[SPEAKER_00]: Well, then you probably should graduate to a bigger return asset class.
29:01.931 --> 29:03.652
[SPEAKER_00]: And that is not about experience.
29:04.472 --> 29:05.593
[SPEAKER_00]: That is about education.
29:06.393 --> 29:13.838
[SPEAKER_00]: And it's about getting to know the people in your market that can help you out of a buying, you know, meeting older investors that are willing to do walks with you,
29:15.178 --> 29:21.102
[SPEAKER_00]: Cole calling people, getting coffee, getting to know business owners that have survived in these facilities through different economic cycles.
29:21.482 --> 29:28.847
[SPEAKER_00]: I mean, I have Cole called laundromat owners and spent hours on the phone with them just going, tell me everything about your life in laundromats.
29:29.368 --> 29:31.669
[SPEAKER_00]: Never did I never not once ask them if they wanted to sell.
29:32.430 --> 29:33.290
[SPEAKER_00]: Just talk to me.
29:34.051 --> 29:36.633
[SPEAKER_00]: And by the end of it, I kind of think I want to do this.
29:37.373 --> 29:39.995
[SPEAKER_00]: Well, then you need to call me and I'll walk every laundromat with you.
29:42.426 --> 29:45.249
[SPEAKER_00]: Like the people out there in your community, they want to help you.
29:45.709 --> 29:48.432
[SPEAKER_00]: So don't make excuses that you have to graduate.
29:49.293 --> 29:51.015
[SPEAKER_00]: You just have to start studying something different.
29:51.975 --> 29:52.896
[SPEAKER_00]: She's a different group of people.
29:53.177 --> 29:53.517
[SPEAKER_00]: That's all.
29:54.798 --> 29:58.001
[SPEAKER_02]: Yeah, and especially now, if you think about the baby boomers, right?
29:58.021 --> 30:02.765
[SPEAKER_02]: The baby boomers might be the ones owning these, not just buildings, but businesses.
30:03.345 --> 30:06.247
[SPEAKER_02]: And then they're at a point where they're like, I think I'm done.
30:06.428 --> 30:11.932
[SPEAKER_02]: You know, and I'm sure you're seeing that with sellers and buyers, and how do you leverage that?
30:12.072 --> 30:15.355
[SPEAKER_02]: And some of these folks want to pass on not just the asset, but the knowledge.
30:15.915 --> 30:22.460
[SPEAKER_02]: Like they've been added a long time, they've done certain things well and maybe there needs to be more of an optimization, I'm sure, or what have you, I'm sure.
30:23.061 --> 30:26.764
[SPEAKER_02]: However, I think that that's a piece of all of this right now in terms of who's selling.
30:27.264 --> 30:33.729
[SPEAKER_02]: Are you finding that at all in terms of some of your projects and the sellers, is it trending more or the baby boomers?
30:33.749 --> 30:36.351
[SPEAKER_02]: Just like kind of ready, ready to let that asset go?
30:37.450 --> 30:38.151
[SPEAKER_00]: Absolutely.
30:38.471 --> 30:42.214
[SPEAKER_00]: I mean, I'm dealing with folks that have portfolios like I just want to be with my grandkids.
30:42.535 --> 30:42.755
[SPEAKER_02]: Yeah.
30:43.015 --> 30:44.476
[SPEAKER_00]: You know, I just want this.
30:44.556 --> 30:45.597
[SPEAKER_00]: I just want this.
30:45.657 --> 30:47.539
[SPEAKER_00]: Like I just want to get out of this thing.
30:47.719 --> 30:51.202
[SPEAKER_00]: And it's because at the end of the day, none of it's passive.
30:51.803 --> 30:52.904
[SPEAKER_00]: It's all a business.
30:53.164 --> 31:00.690
[SPEAKER_00]: And so, when you get parked into your multifamily and you feel comfortable and you're starting to get things stabilized and everything makes sense, the world changes because it does.
31:01.531 --> 31:05.094
[SPEAKER_00]: And that's the part that is exhausting for these folks, right?
31:05.354 --> 31:08.456
[SPEAKER_00]: And so some of them, most of them, don't even think they can sell a business.
31:09.177 --> 31:11.619
[SPEAKER_00]: They're just want to get rid of the asset, you know?
31:11.739 --> 31:17.423
[SPEAKER_00]: And I will tell you, every single time, I just look, I just, I go, I just want to know you.
31:18.064 --> 31:19.545
[SPEAKER_00]: Tell me about your life.
31:21.106 --> 31:21.426
[SPEAKER_00]: Dawn.
31:22.598 --> 31:28.302
[SPEAKER_00]: Don, these people have lived through decades of incredible, challenging things they want to share it.
31:29.123 --> 31:31.825
[SPEAKER_00]: And you give them a give them their soapbox, man.
31:32.185 --> 31:34.887
[SPEAKER_00]: Like people over, they call this RV park.
31:35.997 --> 31:36.657
[SPEAKER_00]: Do you want us out?
31:37.058 --> 31:37.118
[SPEAKER_00]: No.
31:37.138 --> 31:58.828
[SPEAKER_02]: Hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold
31:59.989 --> 32:07.652
[SPEAKER_02]: right as they're investing, after they necessarily need to get their license there, if they want to, sure, but it's that thinking, right?
32:07.732 --> 32:11.514
[SPEAKER_02]: And I think that's so valuable Danielle, we can have you on part two.
32:11.554 --> 32:17.997
[SPEAKER_02]: I'm sure we're going to have to have you on another part two here, but where can everyone listening learn more about you and connect with you further?
32:18.886 --> 32:19.267
[SPEAKER_00]: Sure.
32:19.387 --> 32:24.774
[SPEAKER_00]: So I'm on Instagram at the Didyella Divine and the Didyella Divine.com is my website.
32:25.235 --> 32:27.939
[SPEAKER_00]: You can feel free to reach out to me on either modality.
32:28.219 --> 32:31.223
[SPEAKER_00]: I am available and I'm still the woman behind behind the screen.
32:31.363 --> 32:32.625
[SPEAKER_00]: So awesome.
32:32.845 --> 32:33.647
[SPEAKER_00]: Thank you so much.
32:33.667 --> 32:35.429
[SPEAKER_00]: Didyella for your time here with us.
32:35.589 --> 32:35.970
[SPEAKER_00]: Thank you.
32:38.172 --> 32:39.213
[SPEAKER_01]: Thank you for listening.
32:39.493 --> 32:42.676
[SPEAKER_01]: I hope you've found today's conversation valuable.
32:43.096 --> 32:46.719
[SPEAKER_01]: And don't forget to subscribe so you don't miss any future episodes.
32:47.259 --> 32:50.121
[SPEAKER_01]: And share this with a women in your life, Benny Sue here.
32:50.722 --> 32:51.723
[SPEAKER_01]: I'll see you next week.
00:00.431 --> 00:06.914
[SPEAKER_02]: Most people are taught to analyze commercial real estate by looking at the property itself, the rents, the numbers, and the cap rate.
00:07.354 --> 00:09.776
[SPEAKER_02]: But what is some of the biggest opportunities?
00:10.256 --> 00:13.417
[SPEAKER_02]: And the biggest risks sit outside of the property.
00:13.737 --> 00:25.103
[SPEAKER_02]: In today's episode, we're talking about a commercial real estate framework that looks at zoning, at city planning, at the highest and best use, and everything that can go wrong before a deal is ever done.
00:25.643 --> 00:33.945
[SPEAKER_02]: It is a refreshing way to think about analyzing opportunity and risk, and honestly, it may change how you look at commercial investing.
00:34.426 --> 00:35.066
[SPEAKER_02]: Let's get into it.
00:50.648 --> 00:57.351
[SPEAKER_01]: So Daniela, you have lost $70,000 during your first deal.
00:58.392 --> 01:00.993
[SPEAKER_01]: Tell us about that story, but most important.
01:01.713 --> 01:09.697
[SPEAKER_01]: The skill sets and the changes that you had to make move in on as you acquire new deals in your own journey.
01:10.462 --> 01:11.162
[SPEAKER_00]: absolutely.
01:11.403 --> 01:15.484
[SPEAKER_00]: So I actually think back at this fondly, which is strange, but I do.
01:15.504 --> 01:18.606
[SPEAKER_00]: I cut my teeth in real estate and create a finance.
01:19.086 --> 01:29.071
[SPEAKER_00]: So I've learned how to purchase property without banks, credit, your own cash, nationwide, and I found it a transaction management company because I was so risk-averse to this.
01:29.091 --> 01:33.693
[SPEAKER_00]: I didn't understand how you're supposed to do that legally across 50 states.
01:34.573 --> 01:38.095
[SPEAKER_00]: And so, I broke all of the initial investment rules.
01:38.536 --> 01:42.778
[SPEAKER_00]: I saw a really sexy deal in Ben Dork, and I'm in California.
01:43.239 --> 01:46.741
[SPEAKER_00]: And in California, it takes the arm and a leg and a hand basket to get into a deal.
01:47.201 --> 01:50.964
[SPEAKER_00]: And it does too in Oregon, and especially the little resort towns.
01:51.944 --> 01:51.964
[SPEAKER_00]: I
01:53.165 --> 02:01.294
[SPEAKER_00]: bought something that I didn't understand, and I bought something in a market, I didn't understand, and I trusted somebody who said they knew their market.
02:01.874 --> 02:10.943
[SPEAKER_00]: So I basically was like, you know, how it is, red flags everywhere, and because the numbers seem so good, I did it anyways.
02:11.724 --> 02:14.388
[SPEAKER_00]: and it really was a midterm rental play.
02:14.809 --> 02:19.015
[SPEAKER_00]: It had an H away, it was a condominium, that sort of thing, but it was beautifully designed.
02:19.075 --> 02:23.461
[SPEAKER_00]: Everything was new, it was in a middle of a multi-million-dollar neighborhood, right next to a university.
02:23.521 --> 02:23.922
[SPEAKER_00]: I'm going.
02:25.152 --> 02:26.613
[SPEAKER_00]: What can go wrong?
02:27.034 --> 02:28.155
[SPEAKER_00]: What can go wrong?
02:28.235 --> 02:30.717
[SPEAKER_00]: Well, turns out a lot can go wrong.
02:31.138 --> 02:40.807
[SPEAKER_00]: You know, the fun about midterm rentals is that you have to pay all of the things no matter what, because you never know when you're gonna get a guest, same thing a short term, right?
02:40.907 --> 02:42.589
[SPEAKER_00]: Utility stay on, everything stays on.
02:42.949 --> 02:45.371
[SPEAKER_00]: And I could not rent this thing out to save my life.
02:46.052 --> 03:06.660
[SPEAKER_00]: I mean, you think about like all of the marketing strategies that people talk about online, all of the YouTube's I did ever rethink, and I couldn't get it rented out for more than four weeks, and I started just hemmerging every month, hemmerging the mortgage, the bills, the this, the dot, HOA, cut your weeds or whatever was next.
03:06.700 --> 03:08.021
[SPEAKER_01]: It was something that was next.
03:08.781 --> 03:13.803
[SPEAKER_00]: And at the end of it all, I was trying to offload it to an investor pretty much at what I paid.
03:13.883 --> 03:14.784
[SPEAKER_00]: I was just so done.
03:14.804 --> 03:23.608
[SPEAKER_00]: I was probably leaking six grand a month and even that for somebody in the Bay Area doing, you know, high income earner, that's just, it's ridiculous.
03:24.872 --> 03:28.835
[SPEAKER_00]: And I found out this investor knew her market, and she did the thing I never did.
03:29.196 --> 03:30.397
[SPEAKER_00]: I learned so much from this.
03:30.857 --> 03:34.920
[SPEAKER_00]: She sat and she parked on the street for two days.
03:35.861 --> 03:45.349
[SPEAKER_00]: And she called me and she said, did you know that your two doors down from a halfway house for juveniles that just got out of juvenile prison?
03:46.410 --> 03:48.591
[SPEAKER_00]: And I said, I'm sorry, I'm sorry, what?
03:49.432 --> 04:03.376
[SPEAKER_00]: and she goes, this is a facility for kids that had drug problems that were in juvenile hall that came out and she goes, I was sitting there and I noticed a young girl in her shorts and a tank top chain smoking in the snow.
04:04.357 --> 04:05.557
[SPEAKER_00]: And I thought how strange.
04:06.177 --> 04:11.599
[SPEAKER_00]: And then I saw what looked like a hotel cart, a cleaning cart going door to door and she goes, this is weird.
04:11.819 --> 04:14.140
[SPEAKER_00]: Maybe some luxury student housing situation?
04:15.020 --> 04:20.727
[SPEAKER_00]: and then she looked up the site and I at the time this is so embarrassing but I was a planning commissioner.
04:21.187 --> 04:32.820
[SPEAKER_00]: I know how to look up sites and parcels and permits and development and I didn't even think to do this and so she asked me some pointed questions and I will never ever forget this.
04:33.701 --> 04:34.082
[SPEAKER_00]: She goes,
04:35.876 --> 04:38.760
[SPEAKER_00]: This is a multi-million dollar neighborhood and this is on a court.
04:39.260 --> 04:40.261
[SPEAKER_00]: And it's a tight court.
04:40.962 --> 04:45.428
[SPEAKER_00]: If you were an elderly person, would you want to live next to a facility like this?
04:46.769 --> 04:51.595
[SPEAKER_00]: If you were a mom like you are with three young kids, would you want to live next to a facility like this?
04:53.280 --> 05:07.946
[SPEAKER_00]: If you were anybody, would you want to live next to a facility like this, and those are just such awfully hard questions because the truth is, if you had your brothers and you had the economic choice, you simply would not, and that's when I knew I had to dump it.
05:08.106 --> 05:13.067
[SPEAKER_00]: I was like, okay, this is it, and you know, it took money and time to dump it.
05:13.588 --> 05:13.968
[SPEAKER_00]: And so,
05:14.748 --> 05:18.830
[SPEAKER_00]: I think from that, just came this incredible MBA.
05:19.270 --> 05:23.352
[SPEAKER_00]: You know, I've always been really big into education on the first of my family to go to college.
05:23.372 --> 05:24.993
[SPEAKER_00]: I'm the first to my family to get a master's degree.
05:25.053 --> 05:26.514
[SPEAKER_00]: I really wanted to get a PhD.
05:27.174 --> 05:31.176
[SPEAKER_00]: And it was like, ah, late, I could never have paid for this.
05:31.997 --> 05:39.620
[SPEAKER_00]: I broke the golden rules, but I also did all of the things to try and hedge against the mistakes I made.
05:39.700 --> 05:40.801
[SPEAKER_00]: And it still didn't matter
05:43.162 --> 05:45.566
[SPEAKER_00]: circumstance that I couldn't get around.
05:45.986 --> 05:51.694
[SPEAKER_00]: So that made me feel not crazy, which was great, because I was punishing myself for months for making these mistakes right.
05:52.195 --> 05:53.316
[SPEAKER_00]: How could I be so stupid?
05:53.917 --> 05:58.303
[SPEAKER_00]: And then it made me realize, oh, if I can survive this,
06:00.085 --> 06:01.346
[SPEAKER_00]: I'm totally gonna do this again.
06:01.366 --> 06:08.729
[SPEAKER_00]: And I was very lucky because that money that I lost was a K1 from a business that I earned.
06:09.349 --> 06:11.730
[SPEAKER_00]: I did not go into debt losing that money.
06:11.850 --> 06:20.934
[SPEAKER_00]: And that is the message, oh my God, the second I found this that I thought, thank God, I turned that lesson, you know.
06:22.034 --> 06:31.079
[SPEAKER_01]: I want to dissect this in so many directions, but one that I really want to point it out, we are about almost 600 episodes.
06:31.099 --> 06:46.248
[SPEAKER_01]: And what I really love about your answer, Danielle, that is different from, I'm not going to say all of them, but majority of women that we talked about when we ask about the mistakes that they have made and the lessons that I have learned,
06:49.560 --> 06:52.821
[SPEAKER_01]: and isolation, they learn on their own.
06:53.921 --> 07:05.343
[SPEAKER_01]: And what you are pointing out on this situation that I think it's more and more eminent is that you are relying on somebody else that is saw what you didn't see.
07:06.003 --> 07:13.605
[SPEAKER_01]: Despite your experience, despite your background, I think a lot of women that have the experience
07:14.685 --> 07:19.390
[SPEAKER_01]: they are going through deals, partnerships, and like, what can go wrong?
07:19.931 --> 07:26.558
[SPEAKER_01]: I already check all the marks over here and women that are listening.
07:26.778 --> 07:31.824
[SPEAKER_01]: This is such a beautiful example and I would not forget that example ever.
07:32.124 --> 07:34.066
[SPEAKER_01]: If I see you, whatever I see, you're like,
07:34.940 --> 07:37.761
[SPEAKER_01]: The MBA example, this is the MBA example.
07:38.181 --> 07:46.065
[SPEAKER_01]: I think we need to lean in on more of those core relationships with people and double down.
07:46.585 --> 07:58.190
[SPEAKER_01]: I believe versus, well, I have the experience, I don't need to rely on anybody here, but I'm not missing anything and just go for it without stress testing.
07:58.610 --> 08:02.852
[SPEAKER_01]: So I'm curious, moving forward, what did you do different?
08:04.042 --> 08:07.243
[SPEAKER_00]: Oh my gosh, what didn't I do different, seriously?
08:07.783 --> 08:10.104
[SPEAKER_00]: It completely changed my perspective.
08:10.724 --> 08:15.726
[SPEAKER_00]: And what I did was one, I realized, I've never been to a residential again.
08:15.966 --> 08:20.248
[SPEAKER_00]: Like, I cannot believe I lost this much money for something that was worth this much.
08:20.268 --> 08:23.329
[SPEAKER_00]: And yeah, I'm going, all right, I'm a commercial girlie, we're done.
08:23.349 --> 08:25.350
[SPEAKER_00]: We're done with the little blow in this popsicle stand.
08:25.390 --> 08:31.292
[SPEAKER_00]: This is not for me, because if I'm ever going to lose this money, this much money again, it's going to be for a serious facility bringing in something serious.
08:32.112 --> 08:34.353
[SPEAKER_00]: and I grew up in flex industrial warehouses.
08:34.853 --> 08:39.835
[SPEAKER_00]: So I knew how to run a facility like that, how to manage that asset as a business owner.
08:40.335 --> 08:49.479
[SPEAKER_00]: And so I thought, you know what, if I'm gonna do commercial though, I'm gonna be mean, I'm a total, I don't know if you've ever heard this word, but I'm an ethnographer.
08:49.880 --> 08:55.242
[SPEAKER_00]: So that basically means when you wanna learn something, you become obsessive about it, you've gotta learn everything.
08:55.882 --> 09:03.426
[SPEAKER_00]: However, advantageous or disadvantageous that is, it becomes like I need to know every nook and cranny of this, and I'm risk-averse, especially after that experience.
09:03.626 --> 09:05.788
[SPEAKER_00]: So, I decided to become a commercial broker.
09:06.148 --> 09:07.649
[SPEAKER_00]: I'm going, I gotta do deals for other people.
09:07.729 --> 09:08.970
[SPEAKER_00]: I gotta understand structure.
09:09.030 --> 09:13.312
[SPEAKER_00]: I gotta understand when to bring in creative finance, when to bring in DSTR, all the different debt products.
09:13.792 --> 09:18.415
[SPEAKER_00]: I want to be underwriting for other people and here from other investors, why doesn't this trip center work?
09:18.495 --> 09:19.676
[SPEAKER_00]: Why doesn't this padside work?
09:19.736 --> 09:21.857
[SPEAKER_00]: Why doesn't this work from McDonald's when Burger King is right here?
09:22.678 --> 09:26.161
[SPEAKER_00]: I wanted to learn how to not do one play on a parcel.
09:26.281 --> 09:28.063
[SPEAKER_00]: I never even think about the asset class anymore.
09:28.444 --> 09:29.565
[SPEAKER_00]: No more one play on a parcel.
09:29.645 --> 09:32.208
[SPEAKER_00]: I need three plays on a parcel regardless of the asset class.
09:32.308 --> 09:34.811
[SPEAKER_00]: And I needed to think about that like a broker.
09:35.291 --> 09:37.013
[SPEAKER_00]: And so that's what I started.
09:37.193 --> 09:38.675
[SPEAKER_00]: That's how I started to do things differently.
09:39.155 --> 09:40.215
[SPEAKER_02]: Our tells more about that.
09:40.355 --> 09:42.936
[SPEAKER_02]: Walk us through that thinking, because that's a mindset.
09:42.956 --> 09:43.596
[SPEAKER_01]: Not common.
09:43.816 --> 09:48.637
[SPEAKER_01]: The brokers that I talk to, it's latency one line, one line, one option.
09:49.257 --> 09:49.757
[SPEAKER_01]: This is it.
09:50.217 --> 09:50.738
[SPEAKER_01]: God bless.
09:51.298 --> 09:51.938
[SPEAKER_02]: Good luck to you.
09:52.618 --> 09:54.818
[SPEAKER_02]: Well, and what stage are you thinking about?
09:54.878 --> 09:56.139
[SPEAKER_02]: So walk us through that a little bit.
09:56.179 --> 09:59.639
[SPEAKER_02]: That thinking and also at what, you know, point, do you have the listing?
09:59.940 --> 10:01.860
[SPEAKER_02]: What does that look like in terms of stage?
10:02.619 --> 10:10.465
[SPEAKER_00]: Yeah, so I think for me, you know, the commercial brokerage industry is full of a lot of not-nice people.
10:11.406 --> 10:17.831
[SPEAKER_00]: And I grew up in a business with all older men, and I, you know, it was always challenging.
10:18.512 --> 10:22.294
[SPEAKER_00]: And so I wasn't, it wasn't so much the gay keeping,
10:23.075 --> 10:26.016
[SPEAKER_00]: or the condescension that bothered me, it was access.
10:26.556 --> 10:31.917
[SPEAKER_00]: Because in order for a commercial broker to be successful, we trade information, we trade data, right?
10:32.118 --> 10:38.079
[SPEAKER_00]: And so my examination of a parcel begins at the very beginning.
10:38.579 --> 10:40.680
[SPEAKER_00]: I have somebody called me and goes, hey, look.
10:41.833 --> 10:42.874
[SPEAKER_00]: I need to lease my space.
10:42.934 --> 10:43.815
[SPEAKER_00]: I need to sell my space.
10:43.855 --> 10:44.615
[SPEAKER_00]: I want to buy something.
10:44.635 --> 10:45.476
[SPEAKER_00]: I go perfect.
10:46.016 --> 10:46.537
[SPEAKER_00]: Where are you?
10:47.297 --> 10:49.279
[SPEAKER_00]: The first thing I do is pull up CRECSI.
10:49.799 --> 10:52.021
[SPEAKER_00]: I prefer CRECSI over co-star personally.
10:52.681 --> 10:56.925
[SPEAKER_00]: And I really start to dig into zoning because I'm an x-planning commissioner, right?
10:57.165 --> 10:58.926
[SPEAKER_00]: Everything is limited by zoning.
10:59.366 --> 11:00.888
[SPEAKER_00]: What can we do here?
11:02.306 --> 11:05.287
[SPEAKER_00]: You want to rent out to a gym concept.
11:05.667 --> 11:08.668
[SPEAKER_00]: Yeah, can't have gyms in this zoning district, right?
11:08.828 --> 11:16.430
[SPEAKER_00]: And people think they can get variances so easily, but I've seen so many people go broke thinking they can get a variance after the fact, whether it's a lease, a purchase, whatever it is, right?
11:16.970 --> 11:24.612
[SPEAKER_00]: So it's at the very beginning, Liz, at the very freaking beginning, I am sitting there because one, I'm going, I have to differentiate myself between other brokers.
11:24.652 --> 11:27.173
[SPEAKER_00]: And I have to give this person options because this person is me.
11:28.093 --> 11:29.014
[SPEAKER_00]: I am this person.
11:29.434 --> 11:39.341
[SPEAKER_00]: They're an investor, they're a business owner, they're trying to hedge against risk, they're trying to find something, whether it's at value ad, into stabilization or something that's totally stabilized.
11:39.361 --> 11:41.242
[SPEAKER_00]: So I have to know my proverbial.
11:41.757 --> 11:42.957
[SPEAKER_00]: shit, right?
11:43.037 --> 11:44.638
[SPEAKER_00]: And I've got to give them all the options.
11:45.298 --> 11:52.381
[SPEAKER_00]: And I don't know if it's, you know, brokers have a tendency to really, really specialize, like the really killer brokers out there, like most investors, right?
11:52.501 --> 11:53.761
[SPEAKER_00]: You niche down in your sub-market.
11:53.921 --> 11:54.242
[SPEAKER_00]: What you do?
11:54.442 --> 11:55.162
[SPEAKER_02]: Is it commercial?
11:55.222 --> 11:55.782
[SPEAKER_02]: I think it.
11:56.262 --> 11:58.083
[SPEAKER_01]: I feel that they are like, guys, I'm shops.
11:58.523 --> 11:59.624
[SPEAKER_01]: vanilla chocolate.
11:59.904 --> 12:00.264
[SPEAKER_01]: That's it.
12:00.785 --> 12:01.125
[SPEAKER_01]: That's it.
12:01.145 --> 12:01.365
[SPEAKER_01]: That's it.
12:01.385 --> 12:03.087
[SPEAKER_01]: That's all you're trying to tell.
12:03.347 --> 12:05.529
[SPEAKER_01]: They sell listen vanilla is awesome.
12:06.009 --> 12:09.152
[SPEAKER_01]: Go ahead, purchase it, and then you can get a variance.
12:09.292 --> 12:11.633
[SPEAKER_01]: I've seen and it happened, and then you go for it.
12:12.374 --> 12:13.035
[SPEAKER_01]: It's horrific.
12:13.415 --> 12:17.898
[SPEAKER_00]: So after I look at the parcel, is I actually I use Claude.
12:18.819 --> 12:20.539
[SPEAKER_00]: and I conduct avoids analysis.
12:21.219 --> 12:24.680
[SPEAKER_00]: And I go, hey, I want to know every void in this market.
12:24.780 --> 12:28.681
[SPEAKER_00]: I don't care if it's an industrial park, if it's an office void, the word void analysis?
12:29.861 --> 12:33.662
[SPEAKER_00]: Yes, you were trying to find the void in the market, right?
12:34.162 --> 12:46.004
[SPEAKER_00]: Because if I'm trying to rent out a space, or if I'm trying to place a concept, or a business owner, one, I need to know what the zoning limits, and then I need to know who's going to survive there and who needs to thrive there.
12:46.664 --> 12:57.583
[SPEAKER_00]: right and so I go who it's monopoly bay it's the best monopoly ever in the world because then you start to really think as a planning commissioner I want to sell badly to affect change in retail court or in my city.
12:59.254 --> 13:02.296
[SPEAKER_00]: That's how much I was able to accomplish, except for policy.
13:02.857 --> 13:09.982
[SPEAKER_00]: But as a broker, you are able to bring in concepts that change the entire fabric of a community.
13:10.442 --> 13:11.343
[SPEAKER_00]: I brought in a Sephora.
13:12.024 --> 13:14.486
[SPEAKER_00]: I brought in a tutoring center for autistic children.
13:14.826 --> 13:23.132
[SPEAKER_00]: I brought in this, but you only can do that if you're able to think about the parcel beyond the building and you're able to think about uses.
13:23.352 --> 13:27.716
[SPEAKER_00]: So as an investor, I didn't just wanna buy a car wash on a main drag.
13:28.396 --> 13:37.063
[SPEAKER_00]: I wanted to buy a car wash on a retail corridor that was on a hard corner that had drive through access that I knew I could ground lace or that I could do multiple other things with.
13:37.603 --> 13:41.166
[SPEAKER_00]: So how did I go from that losing the 70K to here?
13:41.186 --> 13:45.690
[SPEAKER_00]: A lot of grit, resilience, dedication to losing money.
13:46.912 --> 13:49.553
[SPEAKER_00]: I didn't make a lot, I didn't make money for a long time.
13:50.994 --> 13:53.295
[SPEAKER_00]: Brokers do not make money for a long time.
13:53.375 --> 13:55.296
[SPEAKER_00]: Especially, you can stay in it.
13:55.916 --> 13:58.397
[SPEAKER_00]: You know, the sale cycle is nine months to a year.
13:59.178 --> 14:05.361
[SPEAKER_00]: And so, you have to sort of have that ability to commit.
14:06.061 --> 14:11.405
[SPEAKER_01]: Let me just summarize based on my Brazilian interpretation, my brain, right?
14:11.765 --> 14:30.298
[SPEAKER_01]: What I'm hearing from you is that when real investors come and they're analyzing a deal or a property to purchase, sometimes they have tunnel vision, they're only analyzing the asset itself versus let me go one step further or three or four step further and they
14:33.920 --> 14:40.164
[SPEAKER_01]: is an ideal and zoning allows for that to happen and would they even want to come over here.
14:40.604 --> 14:56.654
[SPEAKER_01]: So it's a much more complex planning than simply doing the math if the cash flow of the rent is going to pay the mortgage or allow for that investment to have any sort of return on investment.
14:56.934 --> 14:57.655
[SPEAKER_01]: Did I get that right?
14:58.330 --> 14:58.610
[SPEAKER_00]: Yes.
14:59.311 --> 15:01.594
[SPEAKER_00]: For me, the cap rate is just the gatekeeper.
15:01.814 --> 15:06.258
[SPEAKER_00]: It's just a very, it's the first thing and it's like out of the way this isn't significant.
15:06.699 --> 15:14.687
[SPEAKER_00]: I look at the price for square foot and I look at the void because at the end of the day, your investment will never, ever, ever be stabilized if you can't backfill it.
15:15.681 --> 15:20.142
[SPEAKER_00]: If you can't backfill it and hold the red, your asset means nothing.
15:20.562 --> 15:25.844
[SPEAKER_01]: But Danielle, tell me, this is not common conversation that we have out there.
15:26.564 --> 15:32.805
[SPEAKER_01]: Liz, share your experience, but what I hear is that brokers are selling it, that asset.
15:33.205 --> 15:35.186
[SPEAKER_01]: What you do with it, good luck to you.
15:36.266 --> 15:37.927
[SPEAKER_01]: Well, they're not very good at their jobs then.
15:39.108 --> 15:42.971
[SPEAKER_00]: I mean, would you want to buy something that someone just said, hey, all the works out.
15:43.291 --> 15:51.416
[SPEAKER_01]: To be honest with you, I didn't know that you existed or that that's available, that to go even further.
15:51.456 --> 15:57.981
[SPEAKER_01]: I thought that that was my only, my, my job to figure all the shit down the road.
15:58.721 --> 16:02.484
[SPEAKER_01]: Or analyze it and think about, I didn't see it as like we together.
16:03.682 --> 16:08.947
[SPEAKER_01]: as a broker and in an investor, we are putting this plan to make it work.
16:09.528 --> 16:13.491
[SPEAKER_02]: Let me ask a quick question from a clarification perspective on that lean, right?
16:13.752 --> 16:19.437
[SPEAKER_02]: Because most of the commercial brokers I've personally dealt with have been more specialized in multi-family, right?
16:19.537 --> 16:25.142
[SPEAKER_02]: So that's one specialty, if you will, then like you're saying, in terms of retail, warehouse, flex space,
16:25.883 --> 16:27.864
[SPEAKER_02]: all other kind of niches within commercial.
16:28.464 --> 16:30.864
[SPEAKER_02]: I understand what you're saying with those niches.
16:31.385 --> 16:39.227
[SPEAKER_02]: My experiences with multi-family have been different from what you're saying because it is that is the use, that is the focus unless you're going to create a lot of value.
16:39.287 --> 16:40.047
[SPEAKER_02]: It's not like this.
16:40.607 --> 16:49.390
[SPEAKER_01]: Unless somebody tells you about the no broker, about the use of cell phone towers when they are evaluated, did they tell you about that?
16:50.050 --> 16:50.890
[SPEAKER_01]: On multi-family.
16:52.158 --> 16:53.360
[SPEAKER_02]: no, brokers vote now.
16:53.420 --> 16:53.700
[SPEAKER_01]: Right.
16:53.820 --> 16:54.041
[SPEAKER_02]: Nice.
16:54.061 --> 16:57.886
[SPEAKER_01]: But I learned that from another, another investor that I work with.
16:58.607 --> 17:06.477
[SPEAKER_01]: And then on his multi-family, he also had income from storage and cell phone tower.
17:07.358 --> 17:08.079
[SPEAKER_01]: on top of that.
17:08.620 --> 17:09.581
[SPEAKER_02]: Yeah, I hear you.
17:09.601 --> 17:22.620
[SPEAKER_02]: So the question, Danielle, for you, do you see that what you're saying in the strategy that you're employing is relevant to all commercial, including multi-family, and how, and why it would be an interesting way to discuss this.
17:24.393 --> 17:25.013
[SPEAKER_00]: absolutely.
17:25.413 --> 17:29.814
[SPEAKER_00]: And so, you know, this isn't a fire all that brokers have ever worked with.
17:29.854 --> 17:32.715
[SPEAKER_02]: Now, you know, like the bars here.
17:32.835 --> 17:34.556
[SPEAKER_02]: That clearly I've been accepting the bar.
17:34.596 --> 17:35.276
[SPEAKER_02]: Thank you, Danielle.
17:35.296 --> 17:36.676
[SPEAKER_02]: I've only been at this for 20 years.
17:36.696 --> 17:38.057
[SPEAKER_02]: Did you answer the question?
17:38.077 --> 17:38.417
[SPEAKER_02]: Yes.
17:39.277 --> 17:40.557
[SPEAKER_00]: You're like, I'm firing them.
17:41.097 --> 17:41.878
[SPEAKER_00]: She said yes.
17:42.318 --> 17:42.838
[SPEAKER_00]: Oh, fire.
17:43.018 --> 17:43.478
[SPEAKER_00]: The hell.
17:43.678 --> 17:46.179
[SPEAKER_00]: I will say, I will say, I will say, well, right?
17:46.459 --> 17:50.080
[SPEAKER_00]: Is that my job is not to sell you one time.
17:50.960 --> 17:54.482
[SPEAKER_00]: If you're an investor, you're trading paper.
17:55.163 --> 18:02.487
[SPEAKER_00]: I have got buy and hold guys, and I've got guys, the majority of my people, every five to seven years, they're retrating that asset, right?
18:03.067 --> 18:03.328
[SPEAKER_00]: Right.
18:03.428 --> 18:09.972
[SPEAKER_00]: And so, if I cannot project every way to help them retrace, your multifamily,
18:10.851 --> 18:11.852
[SPEAKER_00]: for a perfect example.
18:12.272 --> 18:13.533
[SPEAKER_00]: I have a right-aid right now.
18:13.894 --> 18:14.674
[SPEAKER_00]: It's been vacant.
18:14.754 --> 18:19.018
[SPEAKER_00]: It's in Pasadena on the main dragon Pasadena beautiful southern California town.
18:19.359 --> 18:21.320
[SPEAKER_00]: I've gotten Gillian's of phone calls on it.
18:21.380 --> 18:23.182
[SPEAKER_00]: It's right next to a vacant parking lot.
18:23.242 --> 18:24.403
[SPEAKER_00]: Right-aid was renting both.
18:24.823 --> 18:27.346
[SPEAKER_00]: They were renting it for way overmarket value.
18:27.386 --> 18:31.349
[SPEAKER_00]: So the landlord already has completely distorted about his
18:32.450 --> 18:44.996
[SPEAKER_00]: ability to recover that kind of rent, right, and it's just unreasonable for most concepts to go there without the parking lot as well, which makes it completely uneconomical.
18:45.196 --> 18:46.417
[SPEAKER_00]: The numbers just don't shake.
18:47.137 --> 18:51.900
[SPEAKER_00]: Well, I have other brokers, another brokerage team that's representing the parking lot.
18:51.940 --> 18:55.942
[SPEAKER_00]: I'm representing the parcel with the right aid, and they're telling me this is a multi-family play.
18:57.183 --> 19:04.288
[SPEAKER_00]: Maybe, but as a planning commissioner, I know about the setbacks, I know about the parking restrictions, I know about the retail obligations, and I'm going.
19:05.606 --> 19:07.888
[SPEAKER_00]: Maybe, how's that going to pencil for you, though?
19:08.428 --> 19:09.849
[SPEAKER_00]: That's definitely not affordable housing.
19:10.410 --> 19:20.097
[SPEAKER_00]: And so, when I think about multi-family and I think about this, I go, somebody actually said it's at a planning commission meeting the mayor once and I'll just share this very, very briefly.
19:20.658 --> 19:28.384
[SPEAKER_00]: Somebody was just in arms that the parcel next to theirs was being built on and all of a sudden they were looking through their kitchen window at a house rather than than the trees.
19:29.124 --> 19:33.127
[SPEAKER_00]: And the mayor said, if you buy a parcel in a residential neighborhood,
19:34.368 --> 19:35.568
[SPEAKER_00]: You only own that parcel.
19:35.948 --> 19:39.289
[SPEAKER_00]: You should have every expectation for every single parcel around you to be built.
19:39.809 --> 19:41.289
[SPEAKER_00]: Same thing goes with your multi-family.
19:41.689 --> 19:45.190
[SPEAKER_00]: You have no idea what's going to happen to the parcels around your multi-family.
19:45.510 --> 19:47.230
[SPEAKER_00]: What's going to devalue that economy?
19:47.530 --> 19:49.851
[SPEAKER_00]: What's going to be... And you're not following it.
19:50.131 --> 20:02.573
[SPEAKER_00]: You more than likely are not having Claude set up co-work to go into that local planning commissioner meeting hub and download those meeting minutes every freaking meeting and doing analysis of any project that's coming close to you.
20:03.133 --> 20:07.996
[SPEAKER_00]: Like that is how you hedge against value in your asset.
20:08.337 --> 20:15.241
[SPEAKER_00]: If you know that three years from now, a UPS facility is going to be built next to you, you're probably going to offload that thing.
20:16.322 --> 20:17.062
[SPEAKER_00]: Probably going to go.
20:17.763 --> 20:20.185
[SPEAKER_00]: You know, and so yes, this concept.
20:21.250 --> 20:23.192
[SPEAKER_00]: you should think through a kaleidoscope.
20:23.712 --> 20:25.193
[SPEAKER_00]: It doesn't matter the asset class.
20:25.233 --> 20:32.099
[SPEAKER_00]: And I will not sit there in front of any other broker or a specialized investor and go, I'm the best multi-family.
20:32.219 --> 20:33.380
[SPEAKER_00]: I'm the best self-storage.
20:33.540 --> 20:35.122
[SPEAKER_00]: I'm the best retail cousin, not.
20:36.441 --> 20:47.414
[SPEAKER_00]: My job is to figure out the highest and best use of the parcel and look at my Rolex for my killer self-storage, my killer retail, my killer dev, my killer multi-family angle.
20:47.754 --> 20:49.136
[SPEAKER_00]: Hey, let's work together on this project.
20:49.156 --> 20:56.744
[SPEAKER_00]: Let's grow broker this thing because you know the multi-family market and I know what can be done on this parcel and I'm bringing you a client.
20:57.265 --> 21:05.513
[SPEAKER_02]: You've heard us say before, real estate is a relationship business, and one of the most powerful ways to build those relationships is through meaningful conversations.
21:05.933 --> 21:08.055
[SPEAKER_02]: That's one of the reasons we love podcasting.
21:08.456 --> 21:15.462
[SPEAKER_02]: It's allowed us to connect with incredible women, build deeper relationships, and open doors to opportunities we never expected.
21:16.323 --> 21:20.809
[SPEAKER_02]: But to keep the show running consistently at a high level, we don't do it alone.
21:21.129 --> 21:32.924
[SPEAKER_02]: We've been an amazing team behind us at social chameleon who handles all the behind-the-scenes work, the production, the content, and distribution so we can stay focused on serving you and growing our business.
21:33.525 --> 21:39.867
[SPEAKER_02]: So if you've ever thought about starting your own podcast or taking it to the next level, they can help you do the same.
21:40.307 --> 21:44.449
[SPEAKER_02]: With social chameleon, you press record and they handle the rest.
21:44.949 --> 21:47.950
[SPEAKER_02]: Check them out at socialchameleon.us.
21:48.070 --> 21:50.411
[SPEAKER_02]: That's socialchameleon.us.
21:51.613 --> 21:56.375
[SPEAKER_02]: But I want really everyone listening is that we often talk with the highs and best use of the property, right?
21:56.775 --> 22:02.218
[SPEAKER_02]: And I think you're going one step further about the parcel, because it isn't just the property.
22:02.298 --> 22:06.440
[SPEAKER_02]: It's the land at which it sits on and there are different restrictions, right?
22:06.500 --> 22:16.344
[SPEAKER_02]: So it's really, and then one step beyond that of what's happening in that kind of close proximity as well as the void analysis as you're discussing, right?
22:17.045 --> 22:17.345
[SPEAKER_01]: Yeah.
22:17.825 --> 22:28.091
[SPEAKER_01]: You're reminding me that I did go to Philadelphia planning course, whatever they call years ago, and they gave me a binder.
22:28.111 --> 22:29.272
[SPEAKER_01]: I'm gonna find it today.
22:29.792 --> 22:31.273
[SPEAKER_01]: That talks about 235.
22:31.573 --> 22:33.734
[SPEAKER_01]: I am finding that thing.
22:33.754 --> 22:37.296
[SPEAKER_01]: It was very thick and it was wonderful and we were very excited.
22:37.316 --> 22:38.777
[SPEAKER_01]: But I forgot what's happening.
22:39.457 --> 22:40.038
[SPEAKER_01]: I forgot.
22:40.938 --> 22:43.460
[SPEAKER_01]: I need to have a pulse on it and I think,
22:44.440 --> 22:50.865
[SPEAKER_01]: Sometimes we are just looking at what is now where versus what it will be.
22:51.406 --> 22:52.867
[SPEAKER_01]: So we are planning ahead.
22:52.987 --> 22:56.930
[SPEAKER_01]: So I'm pulling the binder today, Danielle.
22:57.290 --> 22:58.551
[SPEAKER_00]: Think about this, right?
22:58.952 --> 23:00.193
[SPEAKER_00]: It's so hard.
23:00.333 --> 23:02.735
[SPEAKER_00]: When you learn about this and you start to get involved in this world,
23:03.175 --> 23:25.548
[SPEAKER_00]: it is so hard to learn how and then it's so hard to find the deal and then you have the next set of problems which is the capital and the loan for the debt product and then you have the next problem which is the transition the acquisition the you know and then you have the next you graduate to different sets of problems and you forget you become complacent and please your Lord do not find that binder.
23:25.788 --> 23:26.689
[SPEAKER_00]: I go on the website.
23:26.729 --> 23:28.510
[SPEAKER_00]: I'm a text later on I'm a little bit
23:30.131 --> 23:32.993
[SPEAKER_00]: down low the 10-year plan drop it into the pot.
23:33.393 --> 23:34.634
[SPEAKER_00]: Drop it into the pot.
23:35.515 --> 23:37.396
[SPEAKER_01]: Do not breathe.
23:37.436 --> 23:38.077
[SPEAKER_01]: That's right.
23:38.277 --> 23:41.940
[SPEAKER_01]: I'm downloading it, throwing in Claude and say, summarize it for me.
23:42.000 --> 23:42.800
[SPEAKER_01]: What is available?
23:42.981 --> 23:44.422
[SPEAKER_01]: Forget about the binder.
23:45.275 --> 24:10.278
[SPEAKER_02]: Back in the day, what's coming up, what's preferable, right, right, but now it's now time, time has always been money, but now time is money, tinny, I'll take it on the investor side, right, you live women listening, have invested in different markets, different asset classes, and they're hearing this, they're going, it's very interesting, it's another way to approach it, they're looking at the land and their communities, should I purchase it, should I not?
24:10.838 --> 24:23.044
[SPEAKER_02]: So, what are some of those initial questions as they're considering commercial piece of land, et cetera, that they should start to kind of ask themselves so they can start to do this void analysis?
24:23.064 --> 24:27.806
[SPEAKER_02]: What are some key questions so they can even, is it something even want to pursue or not pursue, right?
24:29.407 --> 24:30.127
[SPEAKER_00]: Absolutely.
24:30.227 --> 24:38.750
[SPEAKER_00]: So, you know, it's going to sound woe, so don't curse to find me, but you really need to ask yourself the question, how do I want my life to feel?
24:39.410 --> 24:41.391
[SPEAKER_00]: What am I trying to accomplish in investing?
24:42.031 --> 24:43.191
[SPEAKER_00]: What am I trying to do?
24:43.291 --> 24:46.712
[SPEAKER_00]: Do I have a really high income full-time job that I'm not trying to disrupt?
24:47.112 --> 24:51.894
[SPEAKER_00]: Because that determines the kind of asset class you're going to either try to
24:56.235 --> 25:04.176
[SPEAKER_00]: People, they see the end result, and they refuse to understand what it takes to get there.
25:04.617 --> 25:07.697
[SPEAKER_00]: And that's why with women, especially, that might be mothers.
25:07.717 --> 25:10.057
[SPEAKER_00]: I mean, I have three super young kids.
25:10.298 --> 25:14.178
[SPEAKER_00]: I had two babies back to back when I started doing this during the pandemic.
25:14.258 --> 25:18.139
[SPEAKER_00]: And I had no idea what it was going to take away from my life.
25:18.179 --> 25:19.799
[SPEAKER_00]: What it was going to, like, this is huge.
25:19.859 --> 25:23.860
[SPEAKER_00]: What it's going to take away from my life in order to create this.
25:24.580 --> 25:25.561
[SPEAKER_00]: I would start with that.
25:26.241 --> 25:30.345
[SPEAKER_00]: I would start with how you see yourself in this market, what you're interested in.
25:30.605 --> 25:31.165
[SPEAKER_00]: Are you really?
25:31.505 --> 25:32.866
[SPEAKER_00]: And this is going to take some time.
25:33.247 --> 25:35.108
[SPEAKER_00]: Investing takes time and it's iterative.
25:35.148 --> 25:36.889
[SPEAKER_00]: This is a fluid commitment.
25:36.970 --> 25:38.070
[SPEAKER_00]: You're going to try something.
25:38.110 --> 25:39.091
[SPEAKER_00]: It's going to taste great.
25:39.511 --> 25:41.573
[SPEAKER_00]: And then halfway through the cup, it's going to get sour.
25:41.873 --> 25:44.315
[SPEAKER_00]: And you're going to go, hmm, nope, this one isn't for me.
25:44.755 --> 25:48.418
[SPEAKER_00]: So I just go, we're told so much to commit.
25:48.818 --> 25:49.399
[SPEAKER_00]: Pick a market,
25:53.542 --> 26:00.206
[SPEAKER_00]: give grace, this takes time, or you will walk yourself into losing 70 grand.
26:00.746 --> 26:12.953
[SPEAKER_00]: You know, so look at the land, look at the sub-market, decide how you want to be a part of this market, what you want your life to feel like, what you're willing to let go of in your life to accomplish this.
26:13.513 --> 26:19.863
[SPEAKER_00]: I'm not huge on, just go find a partner, partnerships take time, and their rate can be very dangerous.
26:20.304 --> 26:28.336
[SPEAKER_00]: So what I would say is find a group of people that love doing what you think you're going to want to do in your community, there's so many professional associations,
26:28.797 --> 26:29.898
[SPEAKER_00]: and hang out.
26:30.758 --> 26:33.200
[SPEAKER_00]: Ask them the brutal questions, right?
26:33.540 --> 26:35.962
[SPEAKER_00]: How to go with the planning committee when we need to try to do this?
26:36.302 --> 26:37.082
[SPEAKER_00]: How did this go?
26:37.483 --> 26:42.446
[SPEAKER_00]: And while you're getting to know people in that market that are going to help you, trust me they are going to help you.
26:43.166 --> 26:47.429
[SPEAKER_00]: You are going to start examining land, figuring out what needs to be there.
26:47.949 --> 26:50.331
[SPEAKER_00]: Looking at the numbers, this is a really other big hot tip.
26:50.351 --> 26:53.893
[SPEAKER_00]: I don't know why I've spent years investing and had no idea this existed.
26:53.993 --> 26:55.974
[SPEAKER_00]: This drove me nuts when I found this out.
26:56.354 --> 27:06.820
[SPEAKER_00]: Easiest way to track the per square foot rents they can seize everything in the market are quarterly reports that exist for every state, every city, and every submarket by J.L.
27:06.900 --> 27:07.901
[SPEAKER_00]: Colliers and Khrishwan.
27:08.501 --> 27:14.326
[SPEAKER_00]: You can just Google them and you could Google them over 10 years so you can see how that market has changed.
27:14.787 --> 27:24.195
[SPEAKER_00]: So when you're talking to a broker and then trying to tell you a thing or two about a thing or two, you are going to pull up those reports and go, well, actually in this sub-market, this is what I'm seeing.
27:24.615 --> 27:28.999
[SPEAKER_00]: So the Proforma is just that, a Proforma.
27:29.840 --> 27:32.641
[SPEAKER_01]: Here's what I want to bring to you, the women in our community.
27:33.641 --> 27:35.221
[SPEAKER_01]: They want to have peace of mind.
27:35.582 --> 27:41.503
[SPEAKER_01]: They want, they were hard to be able to portfolio and they want to make sure that they are enjoying their lives.
27:42.043 --> 27:43.984
[SPEAKER_01]: Time is not on their side, right?
27:44.144 --> 27:52.866
[SPEAKER_01]: They're having kids and want to spend more quality time with people, more quality of time, quality of relationships, quality of projects.
27:53.486 --> 27:54.967
[SPEAKER_01]: They understand that part.
27:56.227 --> 28:01.832
[SPEAKER_01]: There is a mindset shift that I would like you to address is the following.
28:02.572 --> 28:11.440
[SPEAKER_01]: Many were thought that, oh, I need to do residential first or I need to have X amount of doors first.
28:11.780 --> 28:15.863
[SPEAKER_01]: So I can quote unquote graduate to commercial.
28:16.224 --> 28:18.305
[SPEAKER_01]: So they still paint their dudes like...
28:19.246 --> 28:20.767
[SPEAKER_01]: as if it is a linear.
28:21.287 --> 28:22.708
[SPEAKER_01]: How do you address that?
28:22.828 --> 28:26.470
[SPEAKER_01]: Is that true partially true or through it all of the window?
28:26.571 --> 28:27.411
[SPEAKER_01]: How do you see it?
28:28.552 --> 28:33.355
[SPEAKER_00]: Everything that you're learning about residential is replicable in commercial.
28:33.495 --> 28:37.777
[SPEAKER_00]: It's just a different set of sources, a different set of information, and a different set of vocabulary.
28:38.017 --> 28:45.502
[SPEAKER_00]: Do not diminish your intelligence and your ability to be multi-lateral and to live life through a kaleidoscope.
28:45.842 --> 28:46.983
[SPEAKER_00]: And if you don't want your life to
28:47.483 --> 28:57.168
[SPEAKER_00]: feel stressful because you have 10 houses that are cash flowing 150 to 250 bucks and one roof is going to blast out your profit for the entire year.
28:57.429 --> 29:00.790
[SPEAKER_00]: Well, then you probably should graduate to a bigger return asset class.
29:01.931 --> 29:03.652
[SPEAKER_00]: And that is not about experience.
29:04.472 --> 29:05.593
[SPEAKER_00]: That is about education.
29:06.393 --> 29:13.838
[SPEAKER_00]: And it's about getting to know the people in your market that can help you out of a buying, you know, meeting older investors that are willing to do walks with you,
29:15.178 --> 29:21.102
[SPEAKER_00]: Cole calling people, getting coffee, getting to know business owners that have survived in these facilities through different economic cycles.
29:21.482 --> 29:28.847
[SPEAKER_00]: I mean, I have Cole called laundromat owners and spent hours on the phone with them just going, tell me everything about your life in laundromats.
29:29.368 --> 29:31.669
[SPEAKER_00]: Never did I never not once ask them if they wanted to sell.
29:32.430 --> 29:33.290
[SPEAKER_00]: Just talk to me.
29:34.051 --> 29:36.633
[SPEAKER_00]: And by the end of it, I kind of think I want to do this.
29:37.373 --> 29:39.995
[SPEAKER_00]: Well, then you need to call me and I'll walk every laundromat with you.
29:42.426 --> 29:45.249
[SPEAKER_00]: Like the people out there in your community, they want to help you.
29:45.709 --> 29:48.432
[SPEAKER_00]: So don't make excuses that you have to graduate.
29:49.293 --> 29:51.015
[SPEAKER_00]: You just have to start studying something different.
29:51.975 --> 29:52.896
[SPEAKER_00]: She's a different group of people.
29:53.177 --> 29:53.517
[SPEAKER_00]: That's all.
29:54.798 --> 29:58.001
[SPEAKER_02]: Yeah, and especially now, if you think about the baby boomers, right?
29:58.021 --> 30:02.765
[SPEAKER_02]: The baby boomers might be the ones owning these, not just buildings, but businesses.
30:03.345 --> 30:06.247
[SPEAKER_02]: And then they're at a point where they're like, I think I'm done.
30:06.428 --> 30:11.932
[SPEAKER_02]: You know, and I'm sure you're seeing that with sellers and buyers, and how do you leverage that?
30:12.072 --> 30:15.355
[SPEAKER_02]: And some of these folks want to pass on not just the asset, but the knowledge.
30:15.915 --> 30:22.460
[SPEAKER_02]: Like they've been added a long time, they've done certain things well and maybe there needs to be more of an optimization, I'm sure, or what have you, I'm sure.
30:23.061 --> 30:26.764
[SPEAKER_02]: However, I think that that's a piece of all of this right now in terms of who's selling.
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[SPEAKER_02]: Are you finding that at all in terms of some of your projects and the sellers, is it trending more or the baby boomers?
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[SPEAKER_02]: Just like kind of ready, ready to let that asset go?
30:37.450 --> 30:38.151
[SPEAKER_00]: Absolutely.
30:38.471 --> 30:42.214
[SPEAKER_00]: I mean, I'm dealing with folks that have portfolios like I just want to be with my grandkids.
30:42.535 --> 30:42.755
[SPEAKER_02]: Yeah.
30:43.015 --> 30:44.476
[SPEAKER_00]: You know, I just want this.
30:44.556 --> 30:45.597
[SPEAKER_00]: I just want this.
30:45.657 --> 30:47.539
[SPEAKER_00]: Like I just want to get out of this thing.
30:47.719 --> 30:51.202
[SPEAKER_00]: And it's because at the end of the day, none of it's passive.
30:51.803 --> 30:52.904
[SPEAKER_00]: It's all a business.
30:53.164 --> 31:00.690
[SPEAKER_00]: And so, when you get parked into your multifamily and you feel comfortable and you're starting to get things stabilized and everything makes sense, the world changes because it does.
31:01.531 --> 31:05.094
[SPEAKER_00]: And that's the part that is exhausting for these folks, right?
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[SPEAKER_00]: And so some of them, most of them, don't even think they can sell a business.
31:09.177 --> 31:11.619
[SPEAKER_00]: They're just want to get rid of the asset, you know?
31:11.739 --> 31:17.423
[SPEAKER_00]: And I will tell you, every single time, I just look, I just, I go, I just want to know you.
31:18.064 --> 31:19.545
[SPEAKER_00]: Tell me about your life.
31:21.106 --> 31:21.426
[SPEAKER_00]: Dawn.
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[SPEAKER_00]: Don, these people have lived through decades of incredible, challenging things they want to share it.
31:29.123 --> 31:31.825
[SPEAKER_00]: And you give them a give them their soapbox, man.
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[SPEAKER_00]: Like people over, they call this RV park.
31:35.997 --> 31:36.657
[SPEAKER_00]: Do you want us out?
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[SPEAKER_00]: No.
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[SPEAKER_02]: Hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold on, hold
31:59.989 --> 32:07.652
[SPEAKER_02]: right as they're investing, after they necessarily need to get their license there, if they want to, sure, but it's that thinking, right?
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[SPEAKER_02]: And I think that's so valuable Danielle, we can have you on part two.
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[SPEAKER_02]: I'm sure we're going to have to have you on another part two here, but where can everyone listening learn more about you and connect with you further?
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[SPEAKER_00]: Sure.
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[SPEAKER_00]: So I'm on Instagram at the Didyella Divine and the Didyella Divine.com is my website.
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[SPEAKER_00]: You can feel free to reach out to me on either modality.
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[SPEAKER_00]: I am available and I'm still the woman behind behind the screen.
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[SPEAKER_00]: So awesome.
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[SPEAKER_00]: Thank you so much.
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[SPEAKER_00]: Didyella for your time here with us.
32:35.589 --> 32:35.970
[SPEAKER_00]: Thank you.
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[SPEAKER_01]: Thank you for listening.
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[SPEAKER_01]: I hope you've found today's conversation valuable.
32:43.096 --> 32:46.719
[SPEAKER_01]: And don't forget to subscribe so you don't miss any future episodes.
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[SPEAKER_01]: And share this with a women in your life, Benny Sue here.
32:50.722 --> 32:51.723
[SPEAKER_01]: I'll see you next week.
