Tips for Your First Deal with Annie Dickerson and Jerilee Lapinid-Garcia

Episode 64 of the Diary of an Apartment Investor Podcast with Annie Dickerson and Jerilee Lapinid-Garcia, hosted by Brian Briscoe. Transcript by – please forgive any errors.

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Brian Briscoe 0:00

Well, that said, Jerilee we have any on the line here. What do you want to ask her?

Jerilee Lapinid-Garcia 0:04

What was one thing that you learned during your first syndication that you couldn't necessarily prepare for?

Annie Dickerson 0:13

One thing I learned was that you have to start raising capital before you have to deal. We found a great deal or a partner through this partnership. And then we put it out and we waited and it was crickets. Even though people had money to invest, they needed to learn what these opportunities were about. And so now we do the majority of our work in between deals, so that when that deal open, all those questions have already been answered.

Brian Briscoe 0:50

Welcome to the Diary of an Apartment Investor Podcast with your host Brian Briscoe. In this podcast we bring some of the top professionals in the apartment investment field to discuss various aspects of the apartment investing journey, with the sole purpose of educating listeners to make wise investment decisions. The Diary of an Apartment Investor podcast is sponsored by Four Oaks Capital, bringing you high yield returns through apartment complex investing. This is journal entry number 64. And part of our Ask the Expert series today we bring on any Dickerson's Our experienced investor and Jerilee Lapinid- Garcia as our aspiring investor. Keep listening to hear about some of the things you cannot prepare for multifamily investing and the benefits and drawbacks of being a woman in the field. But before we do that, just reminder that we have a brand new website for the podcast. It's a diary of an apartment investor calm. I'd appreciate it. If you go check it out. Tell us what you think. And now the show welcomes the diary of an apartment investor podcast. I'm your host Brian Briscoe with four oaks capital. I'm very excited for today's show. It's one of our Ask the Expert episodes. And we have two amazing people on the line with us right now. We've got a woman with a tonne of experience in in this business, Annie Dickerson and a very motivated and energetic aspiring investor, Jeremy Lippincott Garcia. So Annie is a real estate investing expert with over a decade of real estate investing experience. She and her business partner Julie lamb are co founders of good egg investments, a company that helps people invest passively in real estate syndications to get to they have helped hundreds of investors around the country to invest in commercial real estate assets totaling over $800 million. That's a really big number. Now any issue your co authors, we'll talk about their book in a second, and co host of the podcast investing for good, and creators of real estate accelerator, a top rated online mastermind programme designed to help people learn how to raise private capital for real estate investments. Now that's very impressive. Andy that said, welcome to the show.

Annie Dickerson 2:43

Thank you for having me. I'm thrilled to be here with you and your listeners, Brian.

Brian Briscoe 2:46

Thanks a lot. So first, first of all, let's let's talk about your books called investing for good. Can you tell us a little bit about it?

Annie Dickerson 2:53

Absolutely. You know, as we started good egg investments, we realised there are a lot of people out there even people who had invested in real estate for multiple years, who had no idea that they could invest passively in syndications. And so we started just little by little, okay, so what's one thing that they need to know? Okay, our cap rates important, okay, let's define that. Okay. Another thing, what about hold time? What about risk, and we started piecing together all these pieces through our blog and our video content, but then we realised there wasn't an end to end like start to finish introduction into how this whole world works. So we packed that all together into the book investing for good. Awesome.

Brian Briscoe 3:36

Yeah, I think that's, that's something people need. I mean, I had done single family houses for a long time. You had several, and I never knew that this.

Annie Dickerson 3:45

Yeah, I know, right? Yeah, me neither. I had been investing for 10 years ish before I discovered this and totally on accident.

Brian Briscoe 3:55

Yeah. I stumbled across a BiggerPockets book by Brandon Turner. And that's what opened my my eyes to the multifamily world. But had I not stumbled across that book. I just be, you know, blissfully ignorant, I guess maybe accumulating more single family properties. But now, you told me earlier that you would have a giveaway code for listeners of this show. Can you can you tell us a little about that?

Annie Dickerson 4:19

Absolutely. So for anybody who's listening who is new to syndications, you want to learn more about this world, we have a free copy of our book for you. I mean, just pay shipping and handling for us if we can get it out to you. But to get that you just text the word book to 41404.

Brian Briscoe 4:37

Okay, and we will have that information in the show notes. So if anybody's listening and doesn't have a pad and pencil or with them, just scroll on the show notes and that information will be there for you. Alright, so thanks a lot for that that offer I really appreciate it and I'm sure a lot of our listeners are going to take you up on that one. But that said, let's let's talk a little bit more about you. Can you tell us a little bit about your background and your history What got you into apartment investing?

Annie Dickerson 5:02

Sure. Well, the first thing to know about me is that I never ever in a million years thought I would invest in real estate. There wasn't something I grew up around wasn't something even when my husband and I house hacked our first duplex in DC wasn't something I thought would be my main gig, it was always something that my husband and I were like, oh, okay, this makes sense, buying a duplex living in one unit renting out the other. Okay, let's do that for a while. And then let's buy another one. And let's buy another one. And after we had accumulated four, duplexes, we call them Alpha, Bravo, Charlie, and delta. So we're collecting these small multi families. Now we live in the very expensive Bay Area. And there's lots of rules and restrictions here, as you know, with rent control, and things are tightening up every year. And so we started to think about, is this practical for us to continue to invest locally? Or should we expand out of state? So a few years ago, we decided to start investing out of state but still in small multifamily. We still did not have apartments. In our minds. We were just like, Okay, well, let's maybe buy a four Plex, somewhere else. Yeah. So we started looking, when you live in the Bay Area, and you start looking anywhere else, pretty much it looks like everything's on fire sale,

Brian Briscoe 6:21

dirt cheap. So yeah,

Annie Dickerson 6:24

it's it's dangerous. It's really dangerous. So we started looking, we zeroed in on Huntsville, Alabama, as a market that fit a lot of our criteria. And I still remember the first property that I looked at, there was a four Plex for about $200,000. And here, you cannot even get a studio apartment for $200,000. And so I call up the broker, and I'm like, so can you tell me what's wrong with this property? Is it in a bad area? Is it like lots of deferred maintenance? He's like, No, actually, it's good school district. It's like low crime, great residential neighbourhood. Like, are you kidding? Okay, give me five of those 10 of those, I'll take whatever you got. And so we just started buying up a bunch, and very quickly scaled our portfolio. And then what happened was friends and family started to get interested. He said, Oh, my gosh, teach me to do what you're doing. And I said, Okay, pull up a chair, I'll show you exactly how to do it. First, you got to figure out the market, then you talk to a broker, then you talk to a lender, then you do your due diligence, you run the numbers, all this stuff, and going down the list. And I just watch time, and again, as their eyes just glaze over. And I'm like, oh, shoot, there goes another one. But then I had enough of these conversations to where I realised that, hey, there are a fair number of people that I know, that have money that they want to put into real estate, but they don't have the time. They don't have the interest. They're scared. But I figured it out. I can do it, maybe on their behalf. At this time, I still had no idea about syndications. I was just like, okay, maybe instead of a four Plex, I can set my sights on a 10 unit. Or maybe I'll go big, maybe maybe like a 15 unit, right. And so I started down this path. And as I'm researching how to structure this, that is when I discovered syndications, and I realised that this was a powerful wealth generation tool that the wealthy were using for generations, and they never told the rest of us about it. And so that lit a fire under me. And I said, Okay, well, if this is working for the upper class, then it's the it's got to work for the rest of us, too. We just got to get that information out there. Yeah. And so that's how I became passionate about apartments indications.

Brian Briscoe 8:49

Yeah, that's fun. That's funny. I mean, I've lived in in California a couple of times, you know, in, in homes that are three quarters of a million dollars, you know, and they are regular homes. I mean, yeah, you transplant the home to any other city than us. And they're worth half that or less so. But nice. So So you started in DC, which is where I'm at right now. How many how many duplexes you have in DC? And did you have any in San Francisco as well?

Annie Dickerson 9:17

So we had two duplexes in DC on the same block, actually, in Columbia Heights. At the time we were living there, it was about two blocks away from the only target in the city. So I knew I didn't know what a path of progress was back then. But I knew that something was happening there in that neighbourhood. And so we bought there. Then we left we went to Vancouver because I went back to school to study game design. Vancouver's model is very different. The rents are much lower in comparison to the buy price. So I didn't quite the model didn't quite work there. We can cash flow there. And then when we moved to the Bay Area, we bought another couple of duplexes in Oakland, and we're still living in one right now. Nice, nice nice.

Brian Briscoe 9:59

So started duplexes then you move to to Huntsville, and incidentally, we looked at a property recently in Huntsville and 50,000 a door is still a decent price there. And then Class C class assets outside of Huntsville are about 30 to 50,000 a door right now still so I still think it's funny. I mean, just just the whole sticker shock idea. I had sticker shock the opposite direction. Yeah. The first time I was in the market to buy a property was when I was moving to Southern California. And this was 2006. And I remember getting pre approved for a loan that was $300,000 you know, and where I grew up, that would have bought a really big nice house. Yeah, I'm like, $300,000 this is gonna be awesome. We're gonna buy a really nice place to live in San Diego by the beach. No, I mean, you know that so yeah, I ended up getting the opposite direction sticker shock where I found that 2700 square feet, right? Yeah, no yard facing a brick wall. To the freeway, you know, so all Yeah, so your backyards up against the freeway? But yeah, we I mean, it's, it's good to you took advantage of that. And, you know, I can see that light bulb moment coming a mile away. You know, like, all your friends out? Geez. You know, do I have to do this? Yeah. Um, so what was your first big multifamily?

Annie Dickerson 11:19

Our first deal that we did after we after my partner, Julian, I launched good egg investments was actually it was a smaller multifamily is a portfolio of 112 units. Actually, it was in Huntsville. It was one of the few c classes that assets that we have in our overall portfolio. We've now done 25 more syndications after that first one. And so that first one was a really great learning experience for us is a C class asset are two of them, actually. And it was in a market that I knew well, because I was personally investing in Huntsville. And so it was, I mean, we still own them to this day. And I can't say that things have been completely smooth sailing, because obviously, the world has changed a lot. And the properties have changed a lot. And Huntsville as a market has grown a tonne. So we've seen some really great things and some surprises. But when you have a good general partnership team, you can come together and address those surprises, and then figure out a good plan. Yeah,

Brian Briscoe 12:27

yeah, that's absolutely key. And I should have asked the question, how did you and Julie come together? Hi, yeah, I'm going I'm going back and forth in the chronology here. But

Annie Dickerson 12:37

yeah, that's an important thing is how do you find your partner super important? And we coach a lot of people who are going at it alone, they're working full time job, they're trying to do this on the side, and they're like, I need to find a partner, I how do I find a partner? And I think what's key is first knowing your strengths and your weaknesses. So I knew going in actually, before I became an entrepreneur, I had nine jobs, nine jobs and 10 years after college, because I was just trying to fit in and try to find my spot. I went from teaching fourth grade to game design to instructional design for companies. And through it all, I learned exactly where my strengths and weaknesses were. So when I, when we launched good egg investments. I knew, okay, I love design. I love marketing. I love educating people. I don't love all of the meetings. I don't love all the legal stuff, all of the tough questions. And I happen to meet Julie at a real estate conference. And she and I got together. And almost immediately we, in our conversation, we realised that our skill sets were very complementary. If you put her in front of a computer, and you said, okay, write a blog post, she would sit there all day long, staring at the blank screen not knowing what to write. And I'm the exact opposite. You couldn't stop me from creating content. And where is she? What gets her out of bed is she loves those investor conversations. She's like, throw me those hard questions. I want to figure those out. And I'm like, I freeze up and I'm like, I don't know, this is like a live person. How do I deal with this? I'd much rather create a video create a blog. And so that's how we came together is that we knew that we were very complementary, but we were trying to help the same people which were busy working moms and parents to help build passive income for their families.

Brian Briscoe 14:38

Yeah, I think there's there's two really big keys right there is number one, you've got to network you've got to put yourself out there so if you're looking for a partner, you know you can't be you know, like the junior high school dance or the middle school dance you know where you're sitting on the edge of the of the of the gymnasium, you know, you've got to get out there and dance number one and number two, I wasn't

Annie Dickerson 14:58

you though. Brian. You Were you must have been suave in middle school just like, oh, there we go swab a floor.

Brian Briscoe 15:05

salutely Yeah, so I just like every other, you know, 12 year old boy, I had to work up my courage, you know, it's just like, okay, okay, okay, there's a girl right there, I'm gonna ask her to dance. Okay, I find that it's almost the same thing. 30 something years later, you know, first call with a broker, it's like, Okay, I'm going to call the broker, I'm going to call a broker, you just have to do it. And you go out there, you put yourself out there, you meet people. And you look for people who are complimentary to your skill set. And I think those are, those are two huge keys. And it's actually a very common trend among people who are successful in this business. So good. So so you and Julie got together and started out good egg investment started with 112 unit portfolio in Huntsville. Nice. And what have you guys done since then? I know good egg is I've actually been following you guys for about a year, year and a half now. So tell him Tell me a little bit about good egg and what you guys do?

Annie Dickerson 16:04

Yeah, yeah, so we've done a lot since then, I think we've done 26 syndications to date. For the most part, we've co sponsored deals. So we have a short list of sponsor teams that we know really well again, through networking and through knowing that their skill sets complement ours. And each of these teams focuses on a different market and sometimes a different asset class. And we've we've been able to stay in touch. And what happens is when they find a great deal in their local market, they'll come to us and say, Hey, do you want to partner up on this deal? And when we look at the deal, and we think about our investors and our investors goals, then we can say, okay, yes, we think our investors really love this, or no, this doesn't quite hit the returns or the whole time or whatever it is that our investors are looking for. And so we really have the two parts of the business. One is our investors and really making sure that they're educated and taken care of, and then also the the investment side, so not only helping those investors to understand what these opportunities are about, but really giving them the opportunity to invest alongside us. And so finding those really great deals and then bringing them to our investors. So we've done that across 26 syndications at this point in mostly, they're mostly commercial, multifamily syndication,

Brian Briscoe 17:31

right, what areas do you guys like the best?

Annie Dickerson 17:35

We love most markets that have strong job growth, population growth, and job diversity. Those are the three key things we look for. And on top of that, of course, we look for markets that we have strong partners in. And so across our portfolio, most of our properties are in the Dallas Fort Worth area in Texas, and a few different markets in Florida and then the Carolinas.

Brian Briscoe 18:05

Yeah, I love the Carolinas myself. That's where our as our primary areas is, is South Carolina, North Carolina, Georgia, but eventually we might branch out and you know, get to Texas markets or other markets. But right now all of our partners have tied to Caroline's anyway, I love absolutely love the Carolinas. So any that said, something I'd like to ask everybody is what is your primary motivation or your big burning? Why for doing what you do?

Annie Dickerson 18:31

I love this. It's such an important question. And mine the answer for my big burning Why is a my favourite seven letter word freedom. And I used to say it was my family, I'm investing for my family, but I knew it was something deeper than that. And that's really, it's about the freedom of time, freedom of purpose, freedom to do what I love. And that includes spending time with my family, travelling with my family, as well as helping others through what we're doing. And so I love that, you know, as, as the COVID pandemic has come across, you know, and I've had to shift my work schedule, I've been able to do that. But I can still take my kids to the park in the on a Tuesday morning, and then take investor calls in the afternoon or take meetings and work on blog posts. And I love I just love the freedom that it gives me.

Brian Briscoe 19:32

Yeah, you know, and if you dove into my big burning why it's you know, it's it's very similar. You know, I want the same freedom that you're enjoying right now, when you're tied to a W two or active duty like Jeremy and I both are you know that that's that we have a different take on what our time looks like. But so next question for you. What's next for you? Yeah, so

Annie Dickerson 19:54

one really exciting thing is that we I mentioned we've co sponsored About 26 deals, and we are just on the cusp of doing our very first deal end to end ourselves. And so we're circling a few different properties. We actually recently brought on an acquisitions analyst. And so she's actually travelling to a few different markets to meet with brokers as we speak, and to tour different properties. And we are in the process right now of we've got this one deal in mind, and we're trying to put together an all female team. So we've got us our acquisitions analyst, also a woman, other people who can bring some capital to the table, asset management experience and whatnot. And we just, you know, as you know, commercial real estate is such a male dominated field and to be able to bring together a rockstar, all women team, it's a dream. It's a dream come true. Yeah.

Brian Briscoe 20:57

Yeah, that's amazing. And I've said this many times before on the podcast, you know, I'm, I'm intentionally bringing a lot of women on the product podcast, it was about a month, month and a half ago, I kind of realised that I was unintentionally perpetuating the male dominance of the industry. So yeah, I think that's awesome. You know, and definitely, you know, make sure make sure you broadcast it from the top of mountains, you know, when when it finally gets done. Absolutely. That said, we have another amazing woman on the line with us right now. So we have Jerry Lee Lapidus Garcia on the line with us. You know, Jared Lee was born and raised in the Philippines, moved to United States in 2000, and in 2008, and enlisted in the United States Air Force, and she is still active duty. Now in the Air Force, she worked as a civil engineer Squadron where she learned the basics of building real property from the ground up, and she oversaw 13 and a half million dollars in real property. While she was stationed in Florida. She is now part of the cyber team with US Air Force, and she's got associate's degrees in mechanical, electrical technology and cybersecurity as a real estate. She has an Airbnb in Florida and is trying to get into the multifamily game. So that said, Jerilee, welcome to the show.

Jerilee Lapinid-Garcia 22:12

Hi, Brian. Thanks for having me.

Brian Briscoe 22:14

Yeah, not a problem. You're finally it's great to finally get you on the show. We've been talking about this for for a really long time now. So

Jerilee Lapinid-Garcia 22:20

yeah, I'd forgotten that I'd even ask about it. But when you reached out to me, you said, You said that email to me for some reason, my emails are going to junk mail. So yeah,

Brian Briscoe 22:30

yeah. And that was that was interested in because we had talked about it once and you said you wanted to do it. And you weren't responding to my emails. I'm just like, you know. And finally, I reached out to you, I don't know if it was like Facebook Messenger. Facebook. Yeah. But I reached out to you on Facebook Messenger. And we realised that, you know, just the emails, I don't know what's wrong with my email address, but just we're going straight to your junk mail. But anyway, great to finally have you on the show. And you Why don't you tell us a little bit about your background and your history and what brought you up to investing in apartments?

Jerilee Lapinid-Garcia 23:00

Alright, thanks. So like he said, I grew up in the Philippines. And when I enlisted in 2008, the plan was just to stay in, do my time, do my 20 years, and get another federal job, get another retirement and just live comfortably. About two years ago, we attended a Fortune Builders event. For those that are not familiar, they're more on the flipping side of the house, single family. And I thought it was interesting, but it wasn't something that really got our attention. But about a year ago, I got connected with active duty passive income, and they started a multifamily Academy. And I was like, hey, that sounds interesting. And I remember thinking, Well, you know, only rich people get to do that. But I might learn a thing or two, at the very least on maybe I could help run one of them. Yeah, the more I learned about it, the more I'm like, you know what, this is something that I really would like to do. And that's when I started seeing like, possibilities of things that could happen, I suppose to when we went to that Fortune Builders event, it was just, to me, it was a lot more work than what we were trying to accomplish.

Brian Briscoe 24:17

Yeah. You know, I see that's a common trend with a lot of people who are in the single family business, you know, it's, it's a lot of work for less rewards. And I'm not saying multi families, not a lot of work. Just Just the scale is different. The same amount of work can produce asynchronous rewards, you know, stealing a term from another really big podcaster. But you mentioned adpi, and I'll bring that up because we actually first met at an adpi meetup. See January in Los Angeles. So yeah, good group of people. So So where are you now in your in your journey?

Jerilee Lapinid-Garcia 24:52

So we're trying to acquire this 50 unit in Florida. It's been I guess, in uphill struggle. There's just a lot of things that I guess I didn't realise that we needed. But having a coach and a mentor and people to ask what I need to do next, or what did I do wrong is has been very helpful. So we're still working on that. And we should be finding out soon if we're moving forward or not.

Brian Briscoe 25:21

Yeah, yeah. So you got a deal under contract? And let's just move back to the team a little bit. How did you meet the other people on your team?

Jerilee Lapinid-Garcia 25:28

So two people? Well, three of them. One is my sister. And then the other two people. That's the main the first people that I got it I partnered up with, I worked with them when I was in Florida. Oh, they're both active duty Air Force. Okay. And as we were moving forward, and we're learning so the things that we were missing is when we started reaching out to people that we knew to fill the gaps that we couldn't find ourselves.

Brian Briscoe 25:56

Yeah, nice. Nice. Yeah, I mean, partners are important, it's important to have good partners. And it doesn't matter where you find them just definitely partner up and makes you know that there's the old saying many hands make light work or something like that, but it is a lot of work to do multifamily. So. Now, let's ask you the same question that I asked me a couple minutes ago. What is your big burning? Why? What's your big motivation?

Jerilee Lapinid-Garcia 26:18

You know, until Annie said, what she did, I didn't realise that it's similar to what she said, basically, but it's my family. I always said, I'm one of those people that was meant to be a mom. Because when somebody asked me, How do you know when you've made it? I said, Well, when I have that big house, big mansion, not necessarily just for my ego, but I want a big house, so I can adopt as many kids as I can, and take care of them. And just keep doing the same thing.

Brian Briscoe 26:46

Yeah. And I think in a previous conversation, you talked about you you had a drive to help a lot of orphans. Is that right? You tell us a little bit about that?

Jerilee Lapinid-Garcia 26:55

Yeah, so it was a different podcast that I was listening to. And they mentioned George Mueller. And so I looked him up. And he and his lifetime had helped over 10,000 children, the phrase orphanages, and basically everything was done through faith, because he didn't really ask for anything. But that kind of gave me that more is innate, why? on why I wanted to have that big house and all the these kids, I want to change the lives of children, whether it's through adopting them opening up an orphanage maybe, or even our future properties, we can have education for kids, and other things that will help them personally, and help them grow be the best versions of themselves.

Brian Briscoe 27:45

Yeah, there's a lot of directions you can go. I mean, you can just just providing clean, safe housing for children is a really big deal, you know, clean, safe, affordable housing, you know, a place where they can grew up in a safe environment is a lot for a lot of kids. So anyway, that speaks volumes to your character. You know, I love your your big burning, why, you know, helping, helping kids out. And that's, that's something that I think is is, you know, near and dear to most people's hearts. But so thank you for that. And also thank you for your your service to the country in the Air Force. Appreciate it. Thank you. Yeah. Well, that said, Surely we have any on the line here. What do you want to ask her?

Jerilee Lapinid-Garcia 28:26

Hi, Annie. One of the things that I've kind of struggled with already is imposter syndrome. Do you feel that? And like, how do you get over it when you do?

Annie Dickerson 28:38

Yeah, that's such a key one, especially as women I think in such a male dominated space, it's easy to think, oh, who am I? Why would people want to invest with me? What experience do I have? Right? And then you get trapped in this ongoing spiral. And it is definitely something that I've struggled with. And my partner, Julie, she struggled with it too. And we have a fantastic business coach, and we talked to him about it. And one thing he had us do was think outside of real estate. Think of all of the previous things that you have done your accomplishments like joining the Air Force your accomplishments as part of the Air Force. Was there a time in your life when you thought I couldn't possibly be in the Air Force? I couldn't possibly do what I do what you currently do in the Air Force, right? there probably was a time when you thought, Oh my gosh, I could never do that. And look at you today and you've figured it out along the way. And it's the same with getting into multifamily or any new endeavour is you've got to think was there a time in the past when I thought something was impossible, and through sheer will and my character and my skill set, I was able to get to a point where I mastered it. Yes. Okay, well, multifamily is no different. And so I think once we worked through that with him We realised Oh yeah, we do have it within us to get to that point. And you have to remember that for most of your investors who are going to be investing with you in these deals, you are far more of a real estate expert and real estate nerd than all of them. And you know far more about the risks and the benefits and the markets and the data than they do. And so that's all you need to know you're not an imposter to them. Because they're looking up at you and thinking, Oh, my gosh, jerilyn, you know, so much she knows so many people in the real estate space, she has such a great track record. And that's those are the people that you want to show your experience to. And so for them, you have tonnes of experience.

Brian Briscoe 30:54

And any I'll add to that it's not just women that get imposter syndrome, I had the same thing. I had the same thing coming up, you know, yeah. And at a big event in Northern Virginia, retired Air Force guy, we had talked a couple of times, I remember him putting his hand on my shoulder, we were sitting in the corner of a big auditorium. He just pointed, he's like, look at all those people out there. Like, none of those people are any better than you are. And a lot of them are doing it. And for me, that was that was one of those moments where I just thought I heard him say that. And for the next two days at that event, as I was talking to everybody, I was focusing on that exact comment. And I realised these are just regular people, and they're all doing the exact same thing. And you know what, you can do it too.

Jerilee Lapinid-Garcia 31:45

Yeah, that's great. Thanks. And that's great advice. I never even thought about that. When I started. As a generator mechanic. I didn't know what I was doing. I knew what a wrench was. But that's about it. So thank you. The next thing I was wondering, is, like you said, it's a male dominated industry. What were some of the struggles, I guess, in the beginning that you may have had, and what what were some of the benefits of being a woman in the Yeah, male dominated industry.

Annie Dickerson 32:20

I remember one of the first real estate conferences, commercial real estate conferences that I went to, it was the first time in my life, I'd ever gone to an event where there was a line out the men's room, and I could just waltz into the women's room, and just, yeah, you know, get in get out. And I was like, What's going on here? And then I realised the discrepancy. And it is it's it's hugely intimidating from brokers from fellow syndicators. And what I find is that a lot of men in this industry, not all of them, Brian, you're one of the good ones, but a lot of them tend to talk a lot of jargon, right? It's like the bro locker speak, you know, locker room speak. And it's like, oh, well, I did this. And I did that. And when I get into one of those conversations, I'm just like, Okay, well, guys, I'm gonna just be over here. So it took some getting used to, to be able to be part of those conversations to be comfortable in those conversations to assert myself in those conversations. But I think one thing that has really helped me is to just seek out the other women in the room and to find those connections. Because often their motivations are similar to mine. They're working to generate passive income for their families to help other people. And often we can connect on a level that sometimes I just can't, it's like, when I went to college, I, when I went to high school, all my friends were were Caucasian, because I was, I was in this area that had very few Asians. And so all my friends were Caucasian, I went to college, and even though it was a melting pot, all different cultures and ethnicities, I looked around the room and I realised, wait, my closest friends happened to be Asian. And I said, Wait a second, I'm Asian. And there was this lightbulb moment. And I think it's the same with women. It's not intentionally that I push men out. It's just, you know, when I get in a room, and I'm networking, often, I can form those connections faster and deeper with other women. And so we've been able to lift each other up in especially in this male dominated space. So that's what I would say is that sometimes it seems men are speaking a slightly different language. And you'll get used to it and you'll be able to assert yourself but definitely seek out the other women in this space. I find that women and men in this space both are often really willing to help and to share.

Brian Briscoe 34:56

Yeah, and I would say in your current profession, you're probably About the same boat, because the military is a pretty male dominated system, you know, and, and you talk about the the lines to the to the bathrooms, that's like every military event ever, you know, so? Yeah,

Jerilee Lapinid-Garcia 35:14

yeah, that's very true. That's awesome. Thank you. I just have one last question, what was one of the things or one thing that you learned during your first syndication that you didn't necessarily you couldn't necessarily prepare for like you learned it on the spot.

Annie Dickerson 35:35

One thing I learned was that you have to start raising capital before you have the deal. So many of the podcasts I listened to so many, even my mentorship programme that I was part of at the time, it was all such a focus on getting the deal, getting the deal, if you get a good deal, the money will come, the investors will come. And we tried that we found a great deal or a partner through this partnership. And then we put it out and we waited. We're like, okay, here's the great deal. Alright, was covers the money, and it was crickets. And we're like, oh, shoot. And so then we backtracked. And then we had to, you know, start calling, people start being more proactive. Because we realised there was this gap. Even though people had money to invest, they needed to learn what these opportunities were about, they needed to be comfortable with the themselves, to understand the risks and to make sure that this was the right opportunity for them. And that takes time. And when you have an active deal, under contract time is not a luxury that you have, you have to like, go, go go. And so now what we do is we do the majority of our work in between deals. And we do a lot of education. We do webinars, we do videos, we do courses. And we're just talking to investors about previous deals that we've done, or even theoretically, theoretically, hey, if we were to get our next deal under contract, here's roughly what it would look like. Here's roughly the characteristics of the markets that we're looking at. We've even put sample deals in front of investors to say, This is similar to what we're looking for just to walk them through. So that before that time that that clock starts ticking on that deal under contract, that we can take the time to answer all those investor questions beforehand, so that when that deal opens, now, when we send out a deal alert, all those questions have already been answered is just that deal is a variation on a deal, a sample deal, or a previous deal that they've already seen. They've already had most of their questions answered. So when they see that deal, they're like, yep, this looks very similar. Boom, boom, boom, that looks good. They put in their soft reserve. And it's a much more efficient process now.

Brian Briscoe 38:02

Well, educated investors are the best type, because if they understand the deal, they understand the risks, they understand the rewards. You know, I love that answer. That's, that's, that's perfect answer, you know, educate the investors do everything you can for that. And when it comes time, the money raised it gets easier and easier and easier. I say my, my biggest lesson learned is the numbers are going to change. You know that that's something we've seen on everything we've done, you know, we get something under contract. Just remember, your numbers are always going to change. When you do do due diligence, you're going to find new things, you're going to you know, costs may go up, they may go down, but that was my biggest lesson learned. The numbers are always going to change. So anyway, that said, we're about out of time right now. So I'm going to ask both of you one final question. And you go first, how can our listeners learn more about Eddie Dickerson?

Annie Dickerson 38:55

absolutely the best way to go the best place to go to find out everything about all that we're doing with our investments as well as our courses or coaching anything else. You can find it all at our website, good egg investments, calm and if any of your listeners want to reach out to me directly. I'm an Annie at good egg investments calm. Alright,

Brian Briscoe 39:15

so there you go. And once again, that information is going to be in the show notes. Don't worry about writing it down. If you don't have something with you right now. Go to the show notes and tap it and it'll whisk you away to her website. Generally same question for you. How can how can our listeners learn more about you

Jerilee Lapinid-Garcia 39:31

can definitely find me on LinkedIn. My handle is Jolie dash LG. You can also email me Jerry Lee at Lippincott investments calm or you can just give me a call or text at 310-465-5390 All right,

Brian Briscoe 39:46

once again, all that will be in the show notes. So you want to talk to generally contact your learn more. You got some resources right there. Well, ladies, thank you so so much for for coming on the podcast today. Appreciate your time today. I learned a lot I Got a lot of fun and hope you guys get to.

Jerilee Lapinid-Garcia 40:02

Oh yeah, definitely. Thanks, Brian. Thanks, Annie.

Brian Briscoe 40:04

All right, and that's a wrap.

Thank you for listening to the tiger one apartment investor podcast today brought to you by four oaks capital. If you'd like to know more about how to invest in apartment buildings or want to be a guest on our show, visit our website at four oaks capital comm slash podcasts or email us directly. If you're still listening, you obviously like the show. So pull out your phone, app, subscribe, and leave us a five star rating on your favourite podcast app. And we'll see you again next week.

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