EP. 66 // Leveraging LinkedIn to Grow Your Portfolio w/ Amanda Sokol
Today we have the Queen of Linkedin and the Founder of Sokol Enterprises: Real Estate Investor Amanda Sokol.
If you've ever wondered how to actually grow your real estate investment portfolio, this is the episode you've been waiting for. Seasoned investor Amanda Sokol, with over 15 years of experience, is here sharing her wealth of knowledge and perspective in real estate investing.
Amanda shares her journey, beginning with her first triplex purchase during college, and culminating with her current project - a 27 unit scattered site requiring a cool 1.6 million. Along the way, she's refined a successful strategy of buying, renovating, and refinancing multiple properties, buying single family homes for as little as $50,000 in South Jersey and walks us through how you could do the same.
Real estate investing isn't without its challenges, and Amanda is no stranger to them. Delve into the complexities of structuring deals, understanding the capital stack, and the art of raising money. Amanda candidly shares her experiences with large projects, sharing the issues of ownership, and the struggles she faced in raising funds for her own deals. She gives an honest account of her newest deal, and the need for 1.6 million in funding, offering a glimpse into the real and raw side of real estate investing.
Aside from her vast investing exploits, Amanda talks about how she created a system to maintain her work-life balance and keep her organized, and how you can implement such a system in your own life. Furthermore, she shares her experience hiring an executive assistant, and how that move allowed her to reclaim her time. This episode is truly a goldmine of information for both budding and seasoned real estate investors. So tune in, and let Amanda Sokol enlighten you!
In This Episode:
0:00 Challenges and Success in Real Estate
13:10 Real Estate Financing and Deal Structuring
21:28 Raising Money for Real Estate Deal
24:40 Securing Deals Without Brokers
37:00 Creating an Efficient Executive Assistant Manual
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Speaker 1
00:00
I think banking is by far the most sexist industry. It took me a lot of deals to prove to them these mystery people that sit in credit. You know that I am capable of doing what I've been doing for 15 years, wow. And that's why I started saying I'm gonna screw you guys, I'm gonna give you all hard money. And that's what I did Three, two, one go, all right today we have Amanda Sogol.
Speaker 2
00:37
If you don't know Amanda, just go on LinkedIn. She's probably the most famous. I don't know about most next to. Barbara Corcoran right Next most famous real estate personality on LinkedIn. She's an absolute killer. She's an amazing at finding off market direct to seller large multifamily commercial investment opportunities. She's raised a ton of money for ground up construction opportunities. She owns 300 plus units right and not for nothing. She is a single mom of two beautiful kids. She's an absolute monster and an inspiration. Amanda, thank you so much for making it on the show today.
Speaker 1
01:22
Thanks for having me.
Speaker 3
01:24
We're pumped about this. If you wanted some insight into how famous Amanda is on LinkedIn, she posted about us getting a reservation for her in Miami and that day and I didn't think anything of it I was like, oh yeah, sure, that day I got like 3,400 LinkedIn requests Holy crap. I was like what is going on? And people are messaging me like, can you get me reservations? I'm like this isn't what I do, guys. I do real estate. It was absolutely crazy, so no it's a pleasure.
Speaker 1
01:55
My last post, I think, got five, I don't know. It was like 500,000 views or something.
Speaker 3
02:02
Impressions.
Speaker 1
02:03
Yeah, impressions whatever.
Speaker 3
02:04
That's insane.
Speaker 1
02:04
I still call them my friends. I don't know what do they call it on LinkedIn? They're not your friends.
Speaker 3
02:08
Connections yes, 500,000. Yes, that's crazy.
Speaker 1
02:13
Yeah, it was so crazy, it got like 2,000 likes yeah.
Speaker 3
02:19
What's the?
Speaker 1
02:19
secret. It was so, and it was a picture of the house that I'm gonna sell and it was just about a story about how I bought this one house at a sheriff's sale for 51,000, and how it appreciated, and basically I was like stay in your lane. That's where I started. But I'm coming back and doing deals like that again because that's what makes the most sense right now. And for some reason I didn't even think people would read it because it was long. But yeah, I got bombarded with messages and people trying to give me money and I'm like I'm just not set up for that. You know what I mean. So it was a lot.
Speaker 3
03:00
That's amazing.
Speaker 1
03:01
Yeah, and totally unexpected.
Speaker 2
03:02
I read that post. It was really good advice. Once you start getting outside your comfort zone trying to, the shiny object comes in. That's when things start to go bad. But you could make a ton of money at stuff that you're already good at.
Speaker 1
03:17
I mean so much money of single families you can take them, rent them out. I mean it's a lot of work but I feel like I can make more doing that than like right now. I'm trying to do a deal which I actually just got the terms from the partner today and I was like what's the point of owning 5%? Of this building for whatever value, that is, when I could buy five single families for that. So I don't know. I guess it depends.
Speaker 3
03:44
That's how you started, right. You started with a single family.
Speaker 1
03:47
Yeah, so I started in single families so I actually bought. My first deal was my triplex I lived in in college. I did seller financing and I just had a horrible landlord. I didn't want to be a landlord and it was West Philly, so at the time wasn't really the nicest place on earth, and so he seller financed it to me and that was my first deal. And then I moved to South Jersey and bought single families and during that time period it was like the crash from 08.
04:14
So you could get a single family home around me for like 50 to 70 grand and it needed work, right. I remember one I bought for $42,000. And I would go to the sheriff's sales and I'd buy them there, but I would just renovate them and rent them out. So I tried to stay all in for $100,000. And then the rent would be anywhere from like $13,000 to $1,600. And so they would cash flow like $400 a month per house and I'd refi'd, get all my money back Wow and plus some. So each deal usually I'd get anywhere from between like $10,000 and $20,000 on the refi. I've refied them like four times.
Speaker 3
05:00
No way.
Speaker 2
05:01
That's for money? Yeah, it is. I'm curious, so obviously I know what seller financing is. But, for those that don't what is seller financing and what were the terms of the seller financing that you had? On, if you remember on that first deal.
Speaker 1
05:15
I don't remember, it was so long ago.
Speaker 3
05:19
You were a college student.
Speaker 2
05:20
Yeah, how the hell did you even figure out seller financing as a student.
Speaker 3
05:24
Did you have a real estate background?
Speaker 1
05:25
No, so I worked at the sheriff's office typing the sheriff's deeds.
Speaker 3
05:29
Oh, no way.
Speaker 1
05:30
I would always talk to those guys. They're all investors and I would like ask and he was just a bad landlord, like, didn't do any upkeep on the place and it was just a mess and I think my portion of the rent was $200 maybe.
Speaker 3
05:46
That just kind of shows you what it looked like.
Speaker 1
05:49
Yeah, I had a guy that was sleeping on the front porch. This is like West Philly, like 20 years ago. Yeah. So he just wanted to unload it. So I didn't have any money. But I was like I'll buy it and he was like, all right, we came to some sort of agreement. I honestly don't remember what it was, but it was nothing. I think it was like $150,000 maybe, Maybe less.
Speaker 3
06:11
It was a triplex. Ok, what were the other tenants like?
Speaker 1
06:15
It was 36 in Spring Garden. They were all college students.
Speaker 3
06:18
Yeah, I went to.
Speaker 1
06:19
Drexel, so it was my college apartment.
Speaker 3
06:22
Right right.
Speaker 2
06:24
You know what? You have such a crazy story it would be nuts for us not to hear it. Can you just kind of walk us through your journey in life and how you ended up in real estate?
Speaker 1
06:37
Yeah. So I bought that when I was in college and then my ex-husband is a real estate attorney, so he does foreclosure prevention, so short sales, deed and lose all that stuff, and he got really busy and needed help. So I started working for him and I got a lot of deals that way, because deals would fall apart and people would be like, what am I going to do now? I got to like relist it, or when they did short sales they would do a pre-approved price. So I already knew what the bank wanted and some of them made sense. So I would buy some deals that way and it just kind of fell into place.
Speaker 3
07:14
This is like 08-ish.
Speaker 1
07:16
This is after 08. So this is like 2010, 2011. This is like when I bought most of them, like 2010, probably 2016. And then after that single family started going through the roof. But that was really how I started gaining momentum. And then I kind of started networking through the law firm with more people, so that like more investors and stuff, and I just kept doing it and really it was my job to lose money because I was offsetting his income. So I wasn't really trying to make anything. It was my goal was to make it so that we had depreciation and write-offs. So I didn't really even make money until my divorce Well, until 2020, I guess, yeah. So then I had a whole bunch of tenants. So then I got all these tenants and COVID happens and I had all these people that just stopped paying.
08:16
And I still had to pay them mortgages and stuff. So I started brokering loans and I did that in equity and that's how I started doing that, that I could actually make money and still lose money.
Speaker 3
08:28
That's crazy. So you're backs against the wall. I guess you have what ED tenants at the time and how many are paying.
Speaker 1
08:40
Most of them were paying. There was probably about $1,000. Five that weren't. But the five that weren't paying didn't pay for so long. So one went on like a cross country trip. Another went to Disney with his whole family. I'm like that must be nice. Like you haven't paid your rent, like there was nothing you could do, like in Jersey you couldn't get people out, and like there was programs, but like they had to apply for the program and like they're like eh, you know I'm not doing that and they would use the money, but I don't know what they did with their money. But they weren't paying their rent for like two, three years.
Speaker 3
09:13
Wow.
Speaker 1
09:14
There's nothing I could do about it. The courts were closed.
Speaker 3
09:16
Yep.
Speaker 1
09:17
So it was really rough. So I was able to like broker loans, which in COVID was so hard, because I'm sure, as you guys know, it was impossible, yeah, like I had a hotel. I remember the one deal in Atlantic City during COVID that was like my first deal.
Speaker 3
09:31
There's no way you got that done.
Speaker 1
09:33
I got financing on it. They never built it, though, but I did get it. So what? And it was like this weird bank out of like Los Vegas or something.
Speaker 3
09:44
Celtic Celtic bank. If you gave me like what's the hardest deal to get done in COVID, I would say hotel in Atlantic City, Never gonna happen.
Speaker 1
09:52
I'm not. So I went to work for my friend and he was like, listen, you're like. He was like you're gonna hear a thousand no's, you only need one yes. And I was like, all right, like I can do this, and I must have called every lender on the planet Like there was one that would do it. That was it.
Speaker 3
10:10
Oh, my God.
Speaker 1
10:12
Yeah, it was awful.
Speaker 3
10:13
But you got it done.
Speaker 1
10:14
Yeah, I did, but they never built it. I actually saw him recently in Atlantic City and I was like, do you ever build a hotel? And he said no.
Speaker 3
10:21
But he took the financing.
Speaker 1
10:23
No, so it never like went through.
Speaker 3
10:25
Never.
Speaker 1
10:26
But I did get it, but no, yeah, he didn't do it, Damn. Yeah, I know it would have been a good story. I was like I got it but it didn't happen.
Speaker 3
10:34
I helped build that building right there. Yeah, all right. So then I guess your brokering loans, that's supplementing your income, and then you started doing bigger stuff.
Speaker 1
10:44
Yeah, and so I started doing equity too. So I was like, oh, I can get two points on equity and a point on debt. I'm like this is great, I'm going to do both. Then I get to do the whole thing, and then it's like three points. So that's why I started doing equity. And then I started seeing, as a broker, like you get everybody's PFAS right. And I'm like wait, I have more properties than these people, I have more experience than these people, I can do this myself. And I think that's really what changed me was realizing you think real estate developer, you think they're like you know at least I did right.
11:27
They're like millions of dollars in the bank and they're like I don't know. I think it was what I thought and then I realized this isn't what I think at all. They have some of them have barely any money and I'm, like you know, really trying to sell them to the bank, and I'm like I don't know. I think they can do this.
Speaker 3
11:45
I think they can do this. Seems like it.
Speaker 1
11:49
Yeah, I don't know. They kind of built something like this before. We're in student housing, now they're trying to build, like you know, some industrial complex. I'm like, yeah, but yeah. So after that then I was like, oh, I'm going to start doing bigger stuff, and that's kind of where I got the inspiration.
Speaker 2
12:08
To start segueing into finding off market multifamily, those larger ones yeah.
Speaker 1
12:14
So then I have all these relationships from just being in real estate forever, so from being a broker, then from raising the equity, you get to know a lot of family offices and stuff and I have a lot of friends that are in real estate. I feel like when you're in real estate you attract real estate people, like all my friends are in real estate. And then they would come to me and they'd be like hey, I have this deal my grandma left me and do you know anybody that'll buy it or would you buy it? And I'm like no, but I'm sure I can find you somebody. And that's when I'm like I don't really call that many people. Maybe I'll call like five people that I know, and then, if I can't find anybody that way, I'll put it on LinkedIn and, believe it or not, this whole deal is that way, yeah.
13:03
I believe, it yeah, Like I don't even know how, but it's a very powerful thing. Linkedin.
Speaker 3
13:10
I feel like learning the financing aspect of real estate makes the rest of it become a whole lot easier.
Speaker 1
13:17
Yeah.
Speaker 3
13:17
Once you realize, ok, well, this is a deal, this is who's going to find it, this is the amount of money you're going to need to raise, like once you understand that conceptually, then it becomes kind of just fitting the puzzle together.
Speaker 1
13:29
Yeah, and I went to school for finance and economics so I knew how to do a pro forma. I knew how to do all that stuff already, but definitely like to grow. You need to know numbers and you need to know like capital stack. And I still feel like deal structuring. I totally geek out on how people structure their deals. Like I love that stuff. And I have a deal now where I'm trying to figure out like what is the best way to approach this, because I need 1.6 million. I don't have it and it's like I was like OK, I'll bring in somebody. Usually I'll bring in a money partner. So I was going to bring in a money partner. They had a 1031. But they got stuck in litigation. Their deal's not closing. So I was like, ok, great, I was on vacation. Of course, this happens while I'm away, so I can't really like look for money while I'm away.
14:18
I'm in the Bahamas, so I was like all right, let me just put it out there, I put it on LinkedIn or maybe I put it on Instagram I forget One of the two and somebody reached out to me, but it's just not like the terms I'm used to getting. So I feel like I don't know if I'm being difficult or what, but I don't know if money is harder to get now. But yeah, definitely like. I think something we don't really talk about is how much of these big projects these people really own. Like people would be like oh, I have, you know, thousands of units, whatever it's like. Do you own 8% or 4%?
Speaker 3
14:55
of those.
Speaker 1
14:55
Do you know what I mean? I think that's one thing that I'm still kind of learning is ownership. Like because when I have the single families and I buy the smaller multis, I can own all of that myself, yeah, but like for me to do bigger stuff, I got to give up a lot of ownership 100% of 80 single families is a lot. That's.
Speaker 3
15:16
I mean a lot of people. You know we speak to the 1,400 doors but I'm like you know, 3% of 1,400.
Speaker 1
15:24
Yeah, so like. Is that the norm, though? Is it norm to get like 3% if you're a syndicator? Is that what they get paid?
Speaker 3
15:31
I think it just depends right.
Speaker 2
15:32
It's like the way that everyone's being taught in these blue classes is like the guy who finds the deal gets 30% right, the guy who's asset managing gets 20%, the guy who's signing the loan guarantor gets 15%, the guy who raises the money gets 30%, and then there's like 10 people raising money on the 30% side. So everyone's getting a little tiny pieces and you end up having a team of 20 general partners and, yes, everyone ends up with like a microscope, like a tiny piece of a big deal and it's like it's not worth it.
Speaker 1
16:11
So, on this deal, it's like 20. I can probably talk about it because it won't be out right. So it's 27 units and it's in my town, which is great for me because I can literally walk to all of them. So their scattered sites, there's five of them and I'm getting a good deal on it. But it can only get 70% in LTV right now, right, and so that puts me at like 1.6, the closing, and for me to go out and raise that money would take forever. And then I have like 10 people that I gotta get 100 grand from, and so I went to this one company and thought maybe they would do it, but they literally offered me like three percent.
Speaker 3
16:58
Of the whole deal.
Speaker 1
16:59
Of the whole deal, what?
Speaker 3
17:01
Because they're putting up all the money. Yeah, that's crazy. No, that's that's.
Speaker 1
17:04
So don't do it right.
Speaker 3
17:05
No, that's absurd yeah.
Speaker 2
17:07
What's the deal? Talk to us, Maybe we could do. We could raise it. Yeah, maybe we could help you out Seriously.
Speaker 1
17:11
Like you guys raise, I just can't raise money for myself. I don't know what it is Like. I need to get over that hurdle, but like I can't, it sucks.
Speaker 3
17:18
It's actually easier to raise for other people. Absolutely it is.
Speaker 1
17:20
I think that's what it is, Definitely Like. People keep telling me it's a mindset. I don't think it is. It's not a like I don't know.
Speaker 2
17:27
You know, I just I have this problem too With reaching out to friends and family invest, yeah, I'd. I'd much rather talk to some stranger.
Speaker 1
17:37
Yeah.
Speaker 2
17:38
Because, for some reason, your friends and family are the last people to believe in you. Even after you built up a portfolio, they're still like you are degenerate. When you're 15 years old, it doesn't feel like that, like it feels like they're like.
Speaker 1
17:52
hmm, is she like and you're?
Speaker 3
17:54
like Well, for me it's easier to say like yeah, my buddy's the man, he's got this deal, he's crushing it, I'm putting money in and I'm I think you should do versus like I'm the man. I'm crushing it. I just don't like to talk to myself up that way.
Speaker 1
18:08
I'm glad I'm not the only one, Cause people are like you. Need to get over that. Yeah, easier said than done, yeah, so yeah, I don't like to raise money for myself, for my own deals At all.
Speaker 3
18:18
Just pretended, somebody else is.
Speaker 2
18:19
I know so talk to us about this deal, amanda, what do you got cooking?
Speaker 1
18:24
Yeah, so let me, let me end up with 3%. I was like yeah, he was like you when you can roll your acquisition fee into it. And then he gave me a huge acquisition fee on it I think so I'd take that instead. I'm pretty sure that was that position?
Speaker 2
18:38
It's like they're a hundred grand, oh wow. Yeah, so you're buying it. For what? What do you buy in this 27?
Speaker 1
18:44
unit for Four million.
Speaker 2
18:45
Four million.
Speaker 1
18:46
Yeah.
Speaker 2
18:46
What's the rent now?
Speaker 1
18:49
It doesn't need much so it's pretty much occupied.
Speaker 3
18:52
Okay.
Speaker 1
18:53
And there's like one vacant unit. You know, it's like a longterm play, it's not like a short value ad play.
Speaker 2
18:59
Sure, what do you think the property's worth when you in about like a year or two?
Speaker 1
19:04
So I have a doubling the NOI. So the rents are really low and he did like really crappy rentals. Like there's like five different floors Like that to me is like not okay. Like I'm big on like everything looking pretty and nice and he'll do carpet, tile, vinyl plank, and it just looks like crap.
Speaker 2
19:24
It just looks like crap.
Speaker 1
19:24
Yeah, so like who still put carpet in rentals, it's crazy.
Speaker 3
19:30
Yeah, like you're replacing it every time. Yeah, every time, yeah.
Speaker 1
19:34
And vinyl planks like the same price, if not cheaper. So yeah, so the NOI, I think, is going from like 237 to 446.
Speaker 2
19:43
Whoa 446. Yeah, so you're buying, you're all in. Let's say, 5 mil with the rental.
Speaker 1
19:49
Yeah, that sounds right.
Speaker 2
19:51
So you're all in. You're going in at a 9% yield to cost over like a two year period, you think?
Speaker 1
19:57
Yeah, I think two years is safe. Yeah.
Speaker 2
20:00
What do you think the cap rates you're trading for out there?
Speaker 1
20:02
So cap rates right now are a little confusing for me, Because you have some people that are still buying stuff at like four and fives Doesn't make any sense, Cause I'm like how Right. And then you see other deals that are, like, you know, sevens. So I would I mean this is a nice area. It's literally I think it was voted like number one place to live in South Jersey.
Speaker 2
20:20
Really Every year hadn't filled.
Speaker 3
20:22
I love that this is where you're from.
Speaker 1
20:24
Yeah, I'm not from there, but I live there, oh you live there. Yeah.
Speaker 2
20:27
From a farm Like a 575 cap, six cap.
Speaker 1
20:30
I would say like a five and a half probably.
Speaker 2
20:32
Five and a half. So you're bringing this to a 466, noi 466,000. Divide that by five and a half cap, you think this thing is going to be worth about eight and a half million.
Speaker 1
20:43
Yeah, Even when I broke them out and tried to like comp them based off the if they were.
Speaker 3
20:48
It's four individual structures. Five, five Mm-hmm. It's a great deal.
Speaker 1
20:53
Yeah, no, it's a great deal and I had another deal that I was trying to do. Fine, there's 60 cents on a dollar Right.
Speaker 2
20:59
Why are you having a hard time raising what, what?
Speaker 1
21:01
what do you Cause I didn't go to people that like I, first of all, I don't have like rich family, yeah yeah, like I don't have. Yeah, I'm on a farm, so, like I you know I don't have that. So I mean I could go to my family, but I'm not.
Speaker 3
21:17
It would take forever, like they each give me like 10, like I don't know yeah.
Speaker 1
21:22
Like that's not happening. So, and like friends wise, I feel like all my friends are in real estate.
Speaker 3
21:28
Put it out on LinkedIn. Yeah, make it a 506.
Speaker 2
21:30
What kind of equity? How are you trying to raise money? Is it dead?
Speaker 1
21:33
I haven't tried, so these guys were the first guys that I tried.
Speaker 2
21:36
Okay.
Speaker 1
21:37
And they were like and then they came back with that and I was like now what do I do, mm? Because I had the 1031 guy Right and we were 50-50.
Speaker 2
21:45
Gotcha.
Speaker 1
21:46
So I went from 50 to three.
Speaker 3
21:48
That's insane. I think you could raise it on LinkedIn.
Speaker 1
21:52
I just put out. I just put it out, one day, On Instagram, and I'm not even kidding.
Speaker 2
21:56
I just needed to raise like 350 grand.
Speaker 1
21:58
Okay.
Speaker 2
21:59
And like in a short period of time. So I was like I don't want to reach out to people, I want them to reach out to me.
Speaker 1
22:04
Yeah.
Speaker 2
22:05
So I post. I don't know if this is SEC, SEC compliant either.
Speaker 1
22:10
Probably not Just say accredited. I think it waves it.
Speaker 2
22:13
Alarm, alarm, alarm. Hit me up if you're looking for 14% returns.
Speaker 1
22:18
Oh, I saw that. Paid monthly. I saw that.
Speaker 2
22:20
Personally guaranteed by me and real estate.
Speaker 3
22:23
Definitely not no probably not.
Speaker 1
22:25
I think the words returns and guaranteed in one sentence.
Speaker 3
22:28
You know what?
Speaker 2
22:29
Let me delete this as we speak right now. Yeah, take that down, you tagged me.
Speaker 3
22:33
I didn't repost, I was like I think this is important.
Speaker 1
22:35
You should have told me man You're like we cannot guarantee return Personally.
Speaker 3
22:40
Oh, you know as long as one of us is in jail, I think we're OK.
Speaker 2
22:44
Wow, josh turns around. It's a shock.
Speaker 1
22:50
Do not do that, all right.
Speaker 2
22:51
So deleted from both Facebook and Instagram, but I got like 15 people heading me up.
Speaker 1
22:56
OK.
Speaker 2
22:56
Super interested in investing, so.
Speaker 1
22:58
I mean With this guaranteed return.
Speaker 2
23:01
I should have said signed personally.
Speaker 3
23:04
Back by real estate, back by real estate you did say that I think, yes, I did.
Speaker 2
23:08
But I feel like you with such a large presence, especially if you do launch like a 506C which allows you to solicit, it's only cost like 15 Gs, but if you put it out on LinkedIn you would raise money like that.
Speaker 3
23:23
Yeah, I think so too, and honestly, you don't even have to necessarily do it. So I have this deal on raising money for If you're interested in investing with me, let me know.
Speaker 2
23:31
And have Anthony over here in this room. Take all the inbound calls.
Speaker 1
23:35
So yeah, so that's the thing, right, I don't even have time to like sort through my messages.
Speaker 3
23:41
And I say 500K minimum.
Speaker 1
23:43
Yeah, oh, so maybe that was like.
Speaker 3
23:46
Yeah, so you get a good limit. So let me get yeah, then you get. All you need is three people.
Speaker 1
23:50
Because I mean think about every person that wants to give you money, wants to meet you right, yeah. You have to find the time to go meet them for coffee. You got to talk to them about the deal. I don't know, it's just. I feel like it's very time consuming. It's a job in itself.
Speaker 3
24:03
Oh, absolutely. Raising money and absolutely.
Speaker 2
24:05
It's a nightmare.
Speaker 3
24:06
Yeah, yeah, it's a living nightmare, I know.
Speaker 2
24:09
So what are you going to do with this deal, amanda?
Speaker 1
24:11
I don't know. So I can't take this 3%, because now I feel like I put it out there on all this and now I'm going to be like you didn't take that.
Speaker 3
24:18
It takes you three weeks to raise the money by the time this podcast launches you might get some people.
Speaker 2
24:25
What do you need to close?
Speaker 1
24:27
So the seller is kind of waiting on me to decide what I'm going to do, because it needed some like capex stuff, so we're negotiating that. So I don't know, it's like finders fee, raise the money. This is what deals in dollars is for I know, I feel like you guys talk to me into trying to raise the money. Maybe this is the first deal I raised my own money.
Speaker 3
24:47
I think you really could. Honestly I think if you said I'm looking for investors on this deal that I have, it's an amazing deal. It's in my hometown, 500k minimum. If you're interested in working with me, let me know. You'd probably get at least just five people that are like what do you give them?
Speaker 1
25:05
Like how does that structure work out?
Speaker 2
25:06
Like then, like you could Honestly this deal cash flows. What was your buying? Cash flows as is cash flows as is, but you're taking out bridge that now is going to do regular regular financing yeah, ok.
Speaker 1
25:19
Lakeland, I think even was going to be like 70% 70%.
Speaker 2
25:22
What is it spit off after you pay the debt service? Two, you're at 266.
Speaker 1
25:29
You said, yeah, I think I want to say it was like it wasn't a lot, it was like 70 grand 70 grand net after the debt service payment.
Speaker 2
25:36
And you need to raise 1.6.
Speaker 1
25:37
I was at like a 1.2.
Speaker 2
25:41
DSDR one two, one, two days. So you only have enough, as it currently stands, to pay a 4% Interest rate. Preff, yeah, on the money. You have to give out some equity. I feel like I'll do like this.
Speaker 1
25:55
So what do I get? Deals and dollars.
Speaker 2
25:58
How do we structure? How do we?
Speaker 3
26:00
structure this deal. I mean, the easy thing is just give away 50%, that's like yeah, it's just normal.
Speaker 2
26:05
I think that I think you could read like this sounds like a freaking great deal If, if you want to talk offline, maybe yeah, I'll be do this, but I do have a million questions to ask you because you're going to question. No, this is good, this is good. So if you guys want it, there you go, before it's too late it's.
Speaker 3
26:26
By the time this is done, by the time it's released, she's gonna be 30%. You get 30%.
Speaker 1
26:32
That's actually my post that I had on LinkedIn was about my deal and hadn't feel, oh yeah, but I didn't say I'm raising money, but I just said I'm circling back to where I started. Oh, that's where I started that that pose. I could do another pose.
Speaker 3
26:45
Now you just said, you just piggyback it.
Speaker 2
26:47
Yeah, you just put my number on your on that post. Call this number. I'll take all the calls.
Speaker 3
26:55
And put them into our deal.
Speaker 2
27:00
All right. So, amanda, you're finding like it's incredibly difficult to find multi-family, larger multi-family investments. Yeah off market. Everyone I mean 95% of the people that we brought on this show, the people I talked to that get these larger deals, are saying Very, very, very impossible, very difficult to get them direct to seller. They're always getting deals to brokers.
Speaker 1
27:25
So Can you share brokers really?
Speaker 2
27:28
you don't mess with them. Can you share with us how you're not messing with brokers, like specific strategies or resources you could share?
Speaker 1
27:35
Um, so the gold? I have so many ways. Okay, one is I have an entire network of wholesalers, so they mainly specialize in wholesaling single-family homes, which is what most wholesaling does, right? So I probably know every wholesaler in Philly, jersey. I I tell them hey, you ever get bigger stuff, give it to me. They don't have the buyers for it, I do, right, so like I'll split fees with them, I don't care, they know I'm not gonna like screw them over. And that's how I get a lot of stuff is.
28:15
Believe it or not, they have a lot of deals. They have no idea what to do with like land and stuff. They're like I don't know anybody to buy this. Like somebody called me for like a you know 48 unit here and he's like what do you think it's worth? They also don't know what to offer, right, they have no idea how, like a lot of them know single families that's what they know or smaller multis. They know that, but they can't, they don't know how to like Really put a value on a building with a commercial component, and so they'll give me a lot of deals that way.
28:46
And then another thing that I give a lot of free advice. So people will call me, ask me questions, and then if I can't help them, they're usually like well, I'll either point them in the right direction or they'll be like maybe I'll sell it. And then I get it that way and I've helped other people like you know, kind of. Then they tell other people, you know, yeah, but I do give out a lot of free advice and generally want to help people. Honestly, I don't like, if I can help you, I will.
29:16
But I do get a lot of deals that way and then people come to me to raise capital in a hurry, like so I'll find. Like you know, if you're like Amanda, I'm, I'm short on my closing, I need a million dollars for tomorrow, I can do that, right, like I can find that money and I like those deals because they're fast. I have like 80 days, so like I need to. Like I can't do a fanny may loan that's like six months long, so like that I can do. And so in those deals sometimes they fall apart and you know, maybe I can't find the money for whatever reason, or maybe there's issues with it. Then they'll be like you know you don't buy it, so I get that too. Yeah, I think it's just having value, like if you can, you know, help people in some sort of way.
29:58
You're like a resource, like a yeah, and you know there's no obligation to me. I don't sign agreements.
Speaker 2
30:05
Blame it on that, really no, I get that paper signed, I don't. I'll tell you what that's freaking great like people sleep on Working with wholesalers. I you know King Kong. Let's get this Monet, the crazy Asian dude no. This takes a tick tock viral guy.
Speaker 1
30:26
I'm gonna get him though.
Speaker 2
30:27
He's the best I love him?
Speaker 1
30:29
Is he in New Jersey?
Speaker 2
30:30
No, he's out in, like Seattle.
Speaker 1
30:32
Oh, okay, that's why he had.
Speaker 2
30:33
He asked me to speak in front of all his students because he has a mentorship program and and I did that and I did it like I tried to drop as much goal and all the tech we use, the software is a skip tracing everything. I just shared everything and Won't we hold like? Nine months later I get a random call. This was like on Wednesday, yeah, like couple days ago. That calls me goes. Hey, I got a deal in Jersey City. Do you think you'll buy it? I said no, I'll never buy for that price back. Help me sell it. Three family, three family.
Speaker 1
31:05
Yeah, you saw it, I got the tax Yo like we ended.
Speaker 2
31:08
We ended up doing a joint signing a joint venture agreement two days ago. We just we just showed it. Today we have an offer for a $280,000 whole selfie. Yeah.
Speaker 1
31:22
Why didn't you want to do it, though? Because when I looked at the numbers, it looked like it made sense.
Speaker 2
31:25
Yeah, which we're just trying to get liquid today.
Speaker 1
31:29
We got a lot of deals going on too many, too many deals is a good problem that have.
Speaker 3
31:36
Yeah, we need to stabilize a couple, a couple of deals.
Speaker 1
31:39
Yeah, so that's what my deals are stabilizing now. Yeah, like I feel like now I need to like, and then you know, you start to get like. What else am I gonna buy?
Speaker 3
31:47
Yeah, what's next.
Speaker 1
31:48
Yeah, what's next?
Speaker 2
31:49
So what talk me through? You told me that you did. You. You have a huge, whole sailor database. How did you go about obtaining that database?
Speaker 1
31:59
Hmm, that is a good question. I don't know so, and I also. I partner with them too. So, if they find something, I bring the money, because you're talking about on these, like single families, it's like 20 grand, yeah, and so I'll be the money part and they're like you know, they'll do the work, do the deal.
32:17
So I got a yeah, I got a lot of deals like. So then we have that relationship now and you know they're more willing to help me, you know, with bigger stuff. I don't know how I met them all. Honestly, I think I've been on their lists for like forever and then I just reach out. Yeah, and then there's not many women that do what I do, so like you're like, yeah, I stick out.
Speaker 3
32:41
You definitely do.
Speaker 2
32:44
Truly beautiful real estate entrepreneur right.
Speaker 1
32:47
Yeah, there's just not a lot.
Speaker 3
32:48
It's like you know, at times I've been like you know, amanda, so cool. I'm like yeah, everybody knows.
Speaker 2
32:54
So yeah.
Speaker 1
32:55
LinkedIn famous yeah.
Speaker 3
32:59
So my question is Like, how, like, how do you do it all? Because I see, you know, I've been following you on Instagram and LinkedIn is like you're always somewhere, you're always with your kids, you're on a vacation, you're doing a deal, like you're everywhere. All like, how do you, how do you do it?
Speaker 1
33:17
Oh, I don't know. I just do it like I just wake up every day. I'm very laid-back, like I'm. One of the things I always say my friends will make fun of me is it's fine, everything's fine. It's like how I go through, like it's like that meme where Everything's burning.
Speaker 3
33:30
It's like it's fine.
Speaker 1
33:31
Yeah, and they just sit in there working. Everything's burning down. That's me like. I'm just like. You know, I'll figure it out, everything's fine, I roll with it. I try to spend as much time with my kids as I can. I try to make the time that I spend with them really valuable. I do work with like a lot of really religious Jews who don't work on Friday and Saturday, so I started using that time to some of my kids. So like on Fridays and Saturdays we kind of just I mean because I'm not busy, I mean that's where.
Speaker 3
34:04
I think they're onto something with that. I it's amazing it really is.
Speaker 1
34:08
it's like it's such a reset, yeah, and it's really it's 25 hours, but like and my kids are obsessed with it, so it's definitely you know, help. I give them a hundred percent of my attention and. I'm not busy, you know, on Saturday.
Speaker 3
34:23
I mean there's other things that could be doing, but I try not to work at all, so unless it's like emergency, yeah, I always like to say that, that I'm part Jewish, but I genuinely love that, like Friday night, saturday, just to like, not work, to disconnect, yeah and I feel like everybody needs it.
Speaker 1
34:43
Everybody needs to disconnect and you know I have a lot of virtual assistants. They help me, so they do my stuff on from Friday to Saturday night. They'll do my, you know, whatever needs to be done. And then I have building them, which I use for property management and what is your team look like?
Speaker 3
35:05
so you're managing all your tenants, all your projects, someone on?
Speaker 1
35:09
site management. Okay, so to my, to my buildings of on site management, so they handle that like, which is great. And then I have a couple of partners who manage under their management company. I have a ton of partners. I don't know how many I have, I have a lot I'm like. I mean because people will be like, oh, do you want to partner with anybody? Like you know, as long as, like, we get along, obviously, like you know, you can learn so much from partnering with somebody, and I think a lot of my partners are good at things that I'm not. Like. I'm not the person that's responsive within minutes, right, like you don't send me an email, I respond right away. Like, that's just not me. I'm more on site. I like to do that and, like I'm dyslexic and I have ADD, so, like, if I sit down to like do my emails, I have to like that's like yes.
35:58
I can't do it like on the road. Yeah, or I'll forget and like. So I really try to just have like computer time and then. But really where I like to be is on site. I like to oversee all my construction and I think that's where I'm most valuable. Is like finding deals, like going out looking at the deals and then being on site and I'm great with tenants. You know all of me and they all know who I am but like I'm sure they do.
Speaker 3
36:28
Everybody knows me, I'm so cool, can I say?
Speaker 2
36:31
one thing about the emails and responding and doing all that Like I get about, I would say about 350 emails a day. I think Eric probably gets about, I think you get I think he did the math there.
Speaker 3
36:47
What is it? On average I get like two a minute, Two a minute, every minute of every day.
Speaker 2
36:53
I think he's got 10 million unread emails. Right, I got like 20,000. 20,000.
Speaker 1
36:58
Yeah, I have a lot too. It's insane.
Speaker 2
37:00
You develop like your own system to like kind of scan through what's important.
Speaker 3
37:03
I'm good at scanning subjects. I'm like oh, like that's, let me look at that.
Speaker 1
37:06
Or like I know that person or like yeah, like you get a lot of spam, crap too.
Speaker 3
37:11
Yeah, I'm on all the transaction emails for all the companies and stuff. So like I see all that.
Speaker 2
37:17
I literally like I was starting to go absolutely nuts. I was working from five am in the morning till like 12 o'clock at night, just trying to keep up with my life, and I was like, if I do this, I don't know if I could keep doing this right. So I talked to my business partner, brendan, who just hired an EA, and he's on this crazy like buy back your time. He's like trying to just figure out how to get his time back so he could spend more time with his kids, right, and so he's given me advice and so over over like a 24 hour period, I spent like 16 hours just going crazy on how to figure out how to work with an executive assistant and I put this crazy manual together within like two weeks, literally. Right now I never have to follow up with anybody on any outstanding assignments I give somebody like I delegated.
38:08
All my emails are cleaned out, they're put into. Here's the ones that you have to read. Here's the ones that you have to respond to. She drafts up responses for me. Here's all the ones that you're waiting for people to respond on, foldered in. All my spam is filtered out. I need this person. My calendar is immaculate.
Speaker 1
38:27
Why don't I have this ready Like color coded and it took me two weeks to do.
Speaker 2
38:31
I could share my manual with you.
Speaker 1
38:32
Yes, I want this manual.
Speaker 2
38:34
But I'm telling you, I pay her $7 an hour in the Philippines.
Speaker 1
38:38
She's a beast, dog animal. Okay.
Speaker 3
38:41
You know what we should do that, josh, we should David's executive assistant manual If you leave us a review. If you leave us a review and subscribe, you can get David's.
Speaker 1
38:51
VA manual. Yeah, I want this VA Cool.
Speaker 2
38:55
Yeah, it's $7. It's $7 an hour and you don't need to pay a $100,000 hour person. Just get a well-spoken highly detailed.
Speaker 1
39:04
I have VA's. They're in the Philippines and they're great, amazing. Yeah, I love them.
Speaker 3
39:09
David's VA manual Just leave us a five-star review.
Speaker 1
39:12
But they had asked me if I wanted them to have access to my email, and I think I was too much of a control freak. I was like no.
Speaker 2
39:18
Yeah, yeah, I'll share it with you. Like just spend like a couple hours reading through it. It's very detailed, but you're gonna have to build out your own like version of it. But it'll give you a guide, right.
Speaker 1
39:29
Do they?
Speaker 2
39:29
do your scheduling, they do all my scheduling. So I manage my brain like here's what I can only do, here's what needs to be delegated and here's things that I need to set up.
Speaker 3
39:39
I started getting phone calls from Aralyn, who's our, his EA.
Speaker 1
39:44
It's his schedule time.
Speaker 3
39:45
Confirming that I'll be attending the meeting with David in 30 minutes. I like that. I was like Aralyn. Don't call me please.
Speaker 2
39:51
Dude, come on, don't talk to Aralyn like that. That's my girl.
Speaker 3
39:55
I am not getting. I'm standing next to you.
Speaker 2
39:57
And she's calling you. Gotta respect Aralyn man.
Speaker 3
40:01
I said Aralyn, I'm standing next to David. I'll be attending the meeting.
Speaker 2
40:04
Yes, thank you. Ok, she could continue calling.
Speaker 3
40:06
She didn't call me. She hasn't called me since.
Speaker 2
40:08
This is the problem.
Speaker 1
40:10
I try to tell it this is horrible, but time is one of those things, though, that you can't buy more of, right? That's what they said, so it's so true. You literally run out of time, and people think I'm rude. I think because they don't respond to their LinkedIn message. Take me a month to respond, but it's because I get 500 messages, and half of them are people trying to tell me something.
Speaker 3
40:29
Yeah.
Speaker 1
40:31
So, and I still have to read it, to go through it. So I gotta get better there, for sure.
Speaker 3
40:37
So I gotta ask a question. I think we've had what? 60 guests, 70 guests, two of them your number two have been female. It's a male-dominated industry. I think there's very few and far between females, besides some attorneys, I guess. How does that play into? To me, I could see it being advantaged. I've also heard it's a disadvantage. Does that even factor into your mind? Is this?
Speaker 1
41:11
I think I go into every transaction, every relationship, just that we're normal, we're friends. I'm probably more of a guy's girl than a girly girl, I guess you would say.
Speaker 3
41:27
Although you're wearing pink pants I know I do we're really bright colors all the time.
Speaker 1
41:35
I don't know why, but I do, and I think that in some aspects there's a long ways to go. So as far as maybe raising money for myself do, I think that it would be easier to raise money for a guy. Probably All right. Sure, I don't know that they feel 100% confident in a woman in that role. I don't know that for sure, though, but it's a feeling. Maybe it's my own insecurity. And then I think banking is by far the most sexist industry the actual banking. Whoever is this? What are they when they send it to credit? I have had loans where I've had to add guys to it, and I think it's taken me a long time to get to a point where I could get past credit on my own.
Speaker 3
42:31
Wow.
Speaker 1
42:33
It took me a lot of deals to prove to them, these mystery people that sit at credit, that I am capable of doing what I've been doing for 15 years.
Speaker 3
42:43
Wow.
Speaker 1
42:44
Yeah, so Jeez, yeah. That I think I mean. Maybe some people disagree with me, but I do think that banking is like an old man's world.
Speaker 3
42:58
Definitely.
Speaker 1
42:58
You know, like a guys, guys, guys. What do they call that I forget.
Speaker 3
43:02
I got milk the boys club.
Speaker 2
43:04
What is it called? The billionaire boys club?
Speaker 1
43:06
Yes, the boys club. That's the old boys club to me is like standard lending and that's why I started saying screw you guys. I'm going to do all hard money and that's what I did.
Speaker 2
43:15
Wow.
Speaker 3
43:16
For a long time.
Speaker 1
43:18
Wow, I mean, I still get hard money. I love hard money.
Speaker 3
43:21
I'll take it.
Speaker 2
43:22
It's quick and easy, man, it's so quick and easy, and time is money. Yeah, amen. I've never had to do any of my own loan loan documents. Thank God for you, eric.
Speaker 3
43:33
Yeah.
Speaker 2
43:34
And Anthony, who's not here with us. I hate detailed work. It's like my living nightmare.
Speaker 3
43:40
I'm great at it, but I can't do it either.
Speaker 2
43:43
It drives me nuts.
Speaker 3
43:45
Thank God for Anthony.
Speaker 2
43:48
So, as a mother of two, you have a boy and a girl. Ok, so, as a mother of two, how do you approach financial literacy? Do you pass down entrepreneurial values to your children?
Speaker 1
44:04
So I try, so I try saying to them I take them with me to work. Right, so I took them to the. I was like they're going to want this one building. I took them to it was a school. It was like a church school and I was converting it to multifamily and I'm like I'm going to take them there. They're going to think this is so cool. Right, it was a rooftop in Philly. You could see the whole skyline. I took them up on the roof and I'm like what do you guys think? And I'm like, no, we don't think you should buy it. And I was like why? And I'm like we really want you to be a teacher instead.
Speaker 3
44:33
What yeah?
Speaker 1
44:35
So, like I was, like you do realize like one day you're going to have real estate. Like they don't yeah, they. My son is trying to understand why other people live in our houses.
Speaker 3
44:43
He doesn't understand. He's five.
Speaker 1
44:45
Yeah. He's like this is our house, Like he doesn't. Like I'm like it's our house with somebody who lives there. They pay to live there. And he's like so we don't, we're not moving there. I'm like no, we've also moved so many times Like I think we've moved five times in two years. Oh yeah, so they don't really. So finally we moved this week and I'm hoping that now this will be like their stable life, like the last time that we moved for a long time.
Speaker 3
45:11
Is it all within the same town?
Speaker 1
45:13
No, we lived in Philly. We've lived like everywhere the place. Yeah, we live with my parents, which was the best. If my parents didn't still live on a farm in Millow Nowhere I would live with them because it was so helpful.
Speaker 2
45:24
Oh yeah.
Speaker 1
45:24
Like my dad made them breakfast, but yeah, Um, I think that they see how hard I work and I'm hoping that that you know sticks and it's tough, it's tough.
Speaker 2
45:39
That's my biggest fear. I, I grew up poor, so did I. I was, I didn't grow.
45:44
I don't know, my mom doesn't hear like yeah, yeah like I grew up surviving like not no abundance of money, and it was tough right, like seeing my parents struggle and I was like at a certain point I was like, fuck this, I'm gonna make a shit ton of money. Yeah, I retire my parents, I'm gonna give my kids the life that you know that I didn't have. But now that I'm, now that I'm a I'm not 28 right now that I'm I'm accumulated a little bit of money.
Speaker 1
46:14
I'm like I want to, I want my kids to kind of suffer a little bit and you realize that you're probably like that Because you grew up yes, right, like I mean I don't do this for the money, really don't like it's not a money thing for me. But I mean I grew up, my dad worked at me and my mom was in school.
Speaker 3
46:31
So like we didn't have any money.
Speaker 1
46:32
Yeah, and they didn't know anything about real estate. So I, you know, do I want to just hand my kids all this stuff? Probably not, you know, maybe I just gotta be a better way. So my parents, my parents.
Speaker 3
46:47
You're weird. I would say well off. My dad sold software work for Oracle and all the stuff. But growing up we were good but he didn't give me anything. Yeah you wouldn't get. My friends would all get money. We could go out if my dad wouldn't give me shit. Never I didn't get a car and you know none of this stuff and I was always like why you like? Why are you such a dick like you know?
Speaker 1
47:08
like, give me money.
Speaker 3
47:10
All of my friends get money anytime they ask, and for me it was like well, what do you do? Would you do lately, do you take out the car? Like what do you? Why do you deserve money? I'm like because I'm your son, like, give me money please. And, and I remember, I love chief like two years after I graduated college, calling my dad. I was like you know. I hated you at the time, but I know that's why I am the way I am. So like thanks, you have the drive exactly.
Speaker 1
47:37
I think some of it you're born with and then some of it you're definitely like raised, yeah, a certain way. But yeah, I mean I used to pick blueberries. I've been working my whole so I would pick blueberries before school. So I walk there in the dark, pick blueberries before school away. Yeah, and that was like in June, and then I love blueberries. I know I would like eat them and like I was on the bucket, breakfast, yeah, and then I would go to school and I worked at Burger King and I'm a vegetarian.
48:05
You always like been a vegetarian. People would be like what do you think of the Big Mac?
Speaker 3
48:08
I'm like, oh or whatever whopper like I don't know.
Speaker 1
48:12
Get the cinnamon buns, the mini ones, wow yeah. So I've always had a job. I've always had multiple jobs. I've always had to work.
Speaker 3
48:19
You had a hustle.
Speaker 1
48:20
Yeah, always. I used to sell designer stuff on eBay when I was in college. That's how I got them the money for to start investing as I would buy. I formed all these Relationships with the guys that like Louis Vuitton and like Gucci and stuff and they would get these like limited editions and they would call me First and then I buy them and I'd sell them for like double on eBay.
Speaker 3
48:40
Wow.
Speaker 1
48:41
Yeah, I don't know. People still sell stuff on eBay.
Speaker 3
48:44
I used to sell the Zippo lighters on. I buy them in bulk and then sell like it. Sell them individually.
Speaker 1
48:49
Yeah, it's like a hustle, like you either have it or you don't. I don't know that you ever learn it. You have to like, really want.
Speaker 3
48:56
Hmm, yeah.
Speaker 2
49:00
So Amanda yourself made millionaire, god bless.
Speaker 3
49:07
What happens?
Speaker 2
49:08
or mindset, do you believe You've contributed to your financial success?
Speaker 1
49:14
I think we're moving limits right. So when people are like, oh, I want to be, I want to have 500 properties, or I want to be, I want to, you know, have two million dollars in the bank, like I guess their goals, but to me there are limits, like that shouldn't be how you think. I'm also very positive. So, like, for me there's problem, there's 20 solutions. Let's just come up with the best one out of those 20. Run with it. That one doesn't work, we'll go to the second one, like, and I try to just, you know, have the most positive, you know, just outlook on life and Work in general. I mean, there's always gonna be problems. It's how you handle them.
49:53
Yeah, and you know, as a landlord you get 50 problems a day and then you know like doing these transactions, like is there ever One that doesn't have a problem.
Speaker 3
50:02
No no, they're awful like why is this going so smooth?
Speaker 2
50:06
Yeah, yeah, yeah like yeah, I had a closing today, signed doctors. I'm like this woman does not know what she's doing. Yeah, it's the wrong, it does not close today and fun to deal dies. Yeah, I'm like you. You feel that one wrong. Why is what again?
Speaker 3
50:22
Well, I was at the bank sending the wire and the wire doesn't go. And then I call the bank. I'm like, why isn't the? Why? She's like, oh, it should go out today. Like it should go out or it is good. She's like well, it should. I'm like well, can we guarantee, because if that's why we send wires, yeah, I was like I'm not. I've sent a million wires, you guys, I've never gotten a. Should go out today. It was insane.
Speaker 2
50:42
What else happened? The insurance got pulled, so our insurance jumped to eleven thousand dollars on a four family Right and Anthony comes and he goes. The deals dad, the deals dad. What do you mean?
Speaker 3
50:56
This all happened in the last like 24 hours just because it went way too smoothly, yeah, and at the end, everything everything, everything goes crazy every time.
Speaker 1
51:06
So you have to be able to handle those problems, but not let them just totally like deviate you and crush you right. Yeah, they can't. You can't let that like Defined you and your day like it just has to be something that happened that day that you were just like alright, I figured out.
Speaker 3
51:21
I just keep picturing the meme with the fire, bernie, and you're just like that's my life.
Speaker 1
51:26
It's okay, I'm like you know what, we'll figure it out. And I say the same thing to my kids, like when they have a problem, every problem has a solution. They not be what you want, but every problem has a solution and we can come up with it together and figure it out.
Speaker 3
51:39
What's what's the saying is it's the man or woman who thinks he can and the man or woman who thinks he can't are both correct, right.
Speaker 1
51:47
Yeah, no, and it's true. It's a mindset. You have to just totally be in in it and want it. And you have to want it really bad, because Every day I feel like I wake up ready for battle somebody is a battle to freaking. Take me out, we're going to war baby. No, it really feels like I take my sword, no, and like who's gonna come at me today? Yeah and someone.
Speaker 2
52:10
I I've been using that mindset every day recently because I'm I've been working a lot and I come in an office I'm like, damn, I gotta run an hour sales training today. Then I got a bang, the phones, you know, and and what's been. What's been putting me in the right mindset is like we're at war and we're in the trenches and we're gonna do this shit together and we're gonna we're gonna smash the desk or blast some music, but we're gonna make some money today. Yeah, I Really appreciate it. I think that's fantastic advice. I know you just said the limitations of goals, but I'm curious what? What are your? What are your aspirations? What are your future goals in the real estate industry?
Speaker 1
52:52
So I have a stream to build a skyscraper. It's like my long time dream, since I was like a kid.
52:58
Wow and I'm obsessed with cranes, so like you know, like if you're in jersey city at any given time, there's like a million cranes in the sky Right and like one like even in like a you know small radius, and I would sit on, like my rooftops when I was doing condos in jersey city, and I would just like watch them and I'm like this is what I want. I want to do this and I have no idea how to do it, so I'm probably a long time out, but that's definitely a huge goal of mine is like to change a skyline, so that, like you know, it's gonna be there forever right, Like you can have a house and it's like kind of cool, like oh, I have that house or I have that apartment building, but like when you have a skyscraper that's not going anywhere.
Speaker 3
53:36
Yeah you know, I mean it'll be there forever. Yeah, it's like a name in that building.
Speaker 1
53:41
I don't know, it's a good question.
Speaker 2
53:43
I was like legacy building. I was like I love it, I'll take 1% for that one.
Speaker 3
53:47
Yeah, we'll give you the money to take like 0.5 bits.
Speaker 1
53:52
I actually thought about going to work for somebody that, like, builds skyscrapers. Like, maybe that's how I learned. Maybe, like I take a break because, like right now to get a deal done seems like. Impossible, yes, yeah it's like maybe this is like I switch it up. I take two years. I learned from somebody, but I don't think I can work for anybody.
Speaker 3
54:11
Not now. I'm thinking about building buildings. All right, building buildings. That's the coolest. That's the coolest thing ever. It is pretty exciting. Yeah, yeah, the steel.
Speaker 1
54:19
Yeah, yeah, the steel watching it. Just you know, go up and and it's, it's a, it's a big. You can't get any bigger than that once you've built that, that's I mean. Where do you go from there?
Speaker 2
54:31
Knowing you, man, that I know for sure that that dream is gonna happen. Um, if the people want to find you, invest with you, reach out to you. Uh, where can they find you?
Speaker 1
54:42
I guess I guess LinkedIn.
Speaker 2
54:45
They're gonna be one of the 10,000. Yeah, no, I mean yeah. So LinkedIn's good Amanda, so called Instagram. Yeah, you have my Instagram if they want to send you a deal. Any, any, yes yeah, definitely.
Speaker 1
54:58
I mean you can send me deals. I try to underwrite them as quickly as I can. I do underwrite my own deals, so any deals that send me. I do go through it myself.
Speaker 2
55:05
Yeah um.
Speaker 1
55:08
So yeah, I mean, send me deals. I love deals.
Speaker 2
55:10
I think that's the one emails that we all open very, very quickly deals and like change how I feel about brokers.
Speaker 1
55:18
Good deals, not with like fake expenses.
Speaker 3
55:20
Amen, I want like real expenses. I love that, amanda. It's been an absolute pleasure. I think, um, hopefully we can find somebody invest in your deal because it sounds great and, uh, let's keep it rolling. This has been.
Speaker 2
55:35
RELEVANT LINKS
ABOUT AMANDA SOKOL
I am the founder of Sokol Enterprises, a buy and hold real estate investment company located in Haddonfield, NJ and Philadelphia, PA. Sokol Enterprises buys heavy value add small to mid-size multi-family properties and small development sites in NJ, PA, Fl. I thoroughly enjoy deal hunting! Any deal I do not purchase, I analyze and typically share on LinkedIn. I’m always happy to make new real estate connections!
