Your Network is Your Net Worth with Shannon Robnett and Antoinette Munroe

Episode 209 of the Diary of an Apartment Investor Podcast with Shannon Robnett and Antoinette Munroe. Transcript by – please forgive any errors.

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Brian Briscoe 0:00

Antoinette, we got Shannon on the line, what do you want to ask him?

Antoinette Munroe 0:03

If you were to do it all again? Which path would you take? Now knowing all of the options that you have between kind of digital spaces you can play in,

Shannon Robnett 0:13

I would make sure that I really understood your network is your net worth is I've done more in the last two years than I've done in the previous 20 Because of who I've chosen to align myself with. So by exposing myself to more people, more ideas, looking at more partnerships, looking at how I can work with people like yourself that are in the short term rental space, I don't have to reinvent the wheel. And then I can go over here and I could work with these guys. And I could just do different things. So if there's one thing I would tell you is network network network, because you never know who you're going to pull out of your Rolodex and I'll explain to you what a Rolodex is later. You're never going to know who you're going to need to pull out to make that next deal, pop and make it work.

Brian Briscoe 1:02

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. Welcome to the diary of an apartment investor podcast. I'm your host Brian Briscoe with Porlex capital. Very excited for today's show. We bring you another one of our Ask the Expert episodes with with two amazing people on the line with us. We got Shannon Robinette and we also have Antoinette Monroe. So as typical, we will talk with our you know, experienced investor first. So Shannon, welcome. Thanks, Brian.

Shannon Robnett 1:48

Glad to be here.

Brian Briscoe 1:50

Yeah, thanks a lot. And you know, I've been following you a little bit lately, especially because you're a fellow Idaho. And so I'm excited to hear your story. And tell us a little bit about yourself.

Shannon Robnett 2:01

Well, Brian, I grew up in a real estate household. I'm a second generation builder, developer, fourth generation realtor. Son is actually in the next office. He's a fifth generation realtor. So I grew up I was the I was the one guy that grew up in real estate hating going to the job site, I didn't like anything about real estate, I was going to go to college, I was going to get information systems. And I was going to change the world that way. I quickly realized the value of of what I had growing up. And that's kind of what's propelled me from there. I built everything from schools to police stations, fire stations, city, medical facilities, grocery stores, we kind of done it all. And we wound up in a niche where we are in the ground of development space for large scale, multifamily and industrial. And so kind of what got us where we're at and enjoyed most of the journey.

Brian Briscoe 2:56

Yeah, you know, I think a lot of attentions kind of moved to the ground up, you know, development for multifamily. You know, prices have soared. And I've seen a lot of you know, syndication companies that come into value ads moved into the ground up space. Can you can you talk a little bit about what you like about the ground up development space for multifamily?

Shannon Robnett 3:16

Well, you know, I've often argued that the ground up space is a safer space than the value add, because you're not coming in and buying somebody else's value, you're creating the original value. I mean, you're taking this stones, you're putting it together, you've got an interest reserve built in, you've got a construction window, you've got those things, and you actually have an appraisal that's out there, that's very conservative, so you can't kind of make your own kool aid here. And so the reality is, it's also a space that requires a resume, that's very substantial to be a developer. There's a lot more that goes into it. And so I've always argued that and I think that now that we've kind of consumed the low hanging fruit in the value add space, a lot of people are having to turn to development in order to get product.

Brian Briscoe 4:06

Yeah, yeah, I talked to somebody who's doing developments in Houston yesterday. And one thing that he mentioned is that your basis, your cost basis on developments going to be a lot less than you can purchase anywhere else, you know, and therefore, the potential gain on your investment is a lot higher than on purchasing an existing property, which is something that to me, it's very intriguing. I mean, you can build and take all the profits for yourself and then potentially operate later now. When you do your multifamily developments. Are you selling them once they're developed? Are you guys holding them?

Shannon Robnett 4:42

You know, Ryan, we we developed to a cap eight. So that's really kind of our goal, as you know, cap rates and multifamily are a lot lower than that. And what we've also realized is that there's really two kinds of investors there's that the guy that wants the appreciation A guy that really just wants to cash flow, and it does, where they're at in the deal. If they're combined in a value add, they're both unhappy when the other ones happy, right? Yeah, you got the deal on it. That's where the appreciation guy loves it, you're painting in your chairs by the pool, you're, you know, you're renaming it, all those kinds of things. You're changing management. And that's where the value is created. But the cash flow guy hates that. Now you get cash flow. And this guy, the guy that wants the appreciations board, he's sitting there watching this cash appreciated, 8% not happy, it's not sexy, and he can't touch it. And he can't touch it, then you go to the sale. Now the guy's happy again, the cash flow, guys, Matt, right. Yeah. And I've taken that and we've looked at it, we said, hey, we're going to develop this deal. And we're going to exit our appreciation, guys, and insure our appreciation, guys, without actually selling it on the market, we're going to just move our investors in and out so that there's a little bit of meat on the bone for the guys that want a cash flow, there's an exit for the people that want out, right? And they're going straight into the next development deal. So it works well for all parties. And everybody kind of gets what they want. Plus when you're buying a brand new product, and it's all cash flow, that's all the reason you bought it. It's okay to stay in it for 10 years.

Brian Briscoe 6:15

Yeah. So So sound that sounds like the appreciation folks, you know, they're they're in on the development side and you're recapitalizing, which I would imagine you'd have to because you're you're doing a construction loan to a different loan products you're recapitalizing once you start the lease up. And then you're bringing in your your cash flow investors. Exactly. That's exactly that. I like that. So little something for everybody. So perfect. We're I'm in this in a phase I mean, we we do you know, syndications, you know, we're looking for BC class value add. And, you know, you know, personally, I've invested in a handful of developments myself, just because of the I'm, I'm in a phase of my life where I want the appreciation, you know, and don't really need the cash flow now, but I will later but

Shannon Robnett 7:02

Ryan, you could be having a nice Saturday morning and all of a sudden a realtor calls and said, Hey, that apartment complex you wanted. The Johnsons have is now available, you got 24 hours to underwrite, you know, I'm getting a little older, I don't move that fast, right with the element. We're bringing a product to market right now. We're just going to the fundraising portion of it on 60 units that we put under contract in March. So we've now appreciated we just saw a piece of property two miles from their cell for double what we're under contract on this land for. We're not move quick. We're taking our time our investors are on boarded at the time that they're ready. It's just it's a whole different game. And it's it's more my speed. Right? Yeah.

Brian Briscoe 7:45

Yeah. I like it. Like I said, it's fascinating for me, and excuse me, I think it's something that, you know, I'm very intrigued with and may move into in the future. So you don't have to drive out to Boise and you know, take you to lunch or something. But you know, that said, Give us an idea. Tell us about one of the projects that you guys have done, you know, pick pick your most recent pick your favorite but let's talk a little bit more. You know, me as far as that goes,

Shannon Robnett 8:13

well, we just finished. We just had some investors exit on a deal where it was a 36 unit apartment complex. It was ground up. It was right at $5 million $5.3 million. We had a $6.4 million appraisal on it. Went in, we built it things went fairly plan for living in a COVID world we were in and out 14 months, syndicators accident with 40% on their capital, it was a really slick deal. Everybody got what they wanted. And that was just a simple appreciation playing the market helped us out, we killed it on the way out the door, and everybody got what they wanted. So in 14 months, they're onto what's next. They're in another project, that project is doing the exact same thing. I mean, you know, you don't have to look like a genius in this market will help you with that a lot. It will It will definitely lift that up. But there's coming a point, as I think a lot of us are seeing that the class B and C that are out there are getting harder and harder to find you're paying more for them. There's less meat on the bone. There's still a very, very strong demand. And I think that's where we're jumping in. And we're kind of taking care of that. And we've got about 250 doors coming out of the ground in the next six months here in Idaho.

Brian Briscoe 9:28

Yeah, yeah. And you mentioned the the BNC class what I've seen is the spread between a class and C class has gotten more narrow in the last couple years and you know, it almost makes you scratch your head and think well if I'm if the premium between A and C isn't that big, why am I going to hang out with a C's but

Shannon Robnett 9:49

to Brian, as you look at what the the income is a class people they're the ones that are experiencing the least amount of discomfort with the enterprise just appreciating us quickly. It's the people that are in the B and the C class, the working class Americans that are really getting squeezed for rendering pinched.

Brian Briscoe 10:07

Yeah, they're getting pinched. Yeah, we've seen certain metros and I don't know, I mean, it's it's hard for some people to swallow especially like you said the C C Class tenants. You know, we've seen rents go up 10 15% in certain metros and for for some families, that's, that's difficult. It really is, you know, if you're, if your rents going from 800 to $900. That puts a squeeze on a lot of people. That's, that's something that I think you got to realize is happening. Absolutely. Correct there. All right. So one question that I asked everybody on the podcast is, what is your big burning? Why?

Shannon Robnett 10:46

You know, it's funny because I, I often stumble on that, because I don't have a big burning why I've been raised and, and I was taught this at an early age, I've always asked, why not? When somebody says, you know, what's your Y, your Y is got to overpower doubt, your Y is got to come. Despair, it's got to come against the knows that. But the why not is easier to solve for when somebody says, Hey, you can't do that here. Why not? Well, the city code says, Okay, well, let's go look at this property, it you to a place where you're constantly solving a problem instead of trying to beat down a wall with positivity, right. And so I've kind of always looked at it that, if you're going to challenge me, I'm going to ask you why not like a four year old until one of us dies. And usually the four year olds still standing as the adults. It's really kind of how I've approached life. And me, it's worked pretty good. Because I've gotten into airplane businesses, I live in Puerto Rico for tax purposes, I've done a lot of things because I didn't have to have a burning why? I asked, why not?

Brian Briscoe 11:56

Yeah, you know, I would turn that around and say, you know, maybe your why is the challenge, you know, you like the challenge. You'd like the game, you know, but I do like that perspective. You know, instead of asking, Why ask why not, you know, you know, can I go to space? Why not? You know, that's probably what Elon Musk is asking himself, but why not? Right?

Shannon Robnett 12:16

You know, and that's the reality that has really led me into asking, you know, a lot. I mean, I remember when I was a kid, when I say a kid, 20 years old, 22 years old, trying to figure out what development was all about. And I didn't know that you couldn't just go ask the building official, this question. And so I used to make appointments with the building official, and the girls counter down the building department. And I just go ask them, what about this? And what about that in the nation, they point to the code, and I'd go check it out and go figure it out. So as a self taught developer, in there asking questions of the guy that was going to approve or disapprove of my plan, I was asking the gals at the counter that could help me get it right and get get the application filled out properly. Everybody's like, you do that? And I'm like, yeah, why not? You know, they're the ones that know. And it really what it's just been kind of the underlying core of what I do. I just always ask, why not?

Brian Briscoe 13:13

Yeah, yeah, I like it. I like that perspective. It's a different perspective, basically makes nothing off limits, you know. So speaking of there, there's something that I thought this brought a smile. I was working at the Pentagon my last tour in the minute military. And incidentally, you know, three months ago was the last time I was at the Pentagon, but brand new Space Force, when you walk in the Space Force corridor, there's a big sign that says the sky is not the limit. Anyway. That's something that just made me chuckle. You know, it's, it's, you know, some good Space Force humor, but I think your your WHY NOT philosophy, you is basically looking at the sky and saying, Why is the sky the limit? Okay, can I go higher? Why not? I can go higher. So I love it. I love it. Let's, let's shift gears and one question. You know, last question before we start talking to Antoinette. What's next for you?

Shannon Robnett 14:10

You know, I hate to say it, but it's more of this. Right? I mean, we've got we've got more property we put under contract. We've got some great things coming. We've we are we're actually we've launched a platform in the digital security space. So we are merging the thought process between cryptocurrency blockchain in real estate, we're really taking that to a new level. So we're really we're stepping into a space that is a lot like coin base and crowd Street got together. Maybe we're answering that question of where can you go to get your deal funded and work to create secondary liquidity in market place where most people look at and go, No, you're in there. You're in there till the GP says you're out. That's not always got to be the case. And there's a lot of a lot of things that are happening in the digital security space that are super exciting. And so that's really kind of my new. If somebody asked me and I said, why not? And here we go.

Brian Briscoe 15:09

Yeah, yeah, I think it's a fascinating subject. I mean, just one of the downsides and historical downsides to real estate is the fact that it's typically illiquid or non liquid investment, you know, so once you're in, you're in for the long haul, you know, your intel, you sell your intel a GP sells, but if you can turn around and make the make the investment liquid, then wow, you know, a lot of a lot of good things I think are gonna happen, I think it's also going to flood the market with money, which is also going to push real estate prices higher, you know, you're gonna have a lot more money come in. So, you know, it's just gonna push, keep pushing the envelope. So

Shannon Robnett 15:47

you have I mean, a lot of that is from the GP side of things, how would you like to have to track all of your investors if they wanted to sell off little pieces of this and little pieces of that. But through technology, we created the ability to have that never be the GPS problem, you've got a distributed ledger of all of the transactions that are happening inside this. for all purposes, it's much more transparent. It's much safer, because everybody can see who owns what shares, maybe not at what price, but they can all see what's going on. And now let's just say that the GP gets hit by a bus, there's no reason to worry about anything, because this is all on autopilot with a smart contract, and everything's been programmed in. So there's so many reasons why it will be the wave of the future. It's just a matter of when, when and how people are going to onboard with it.

Brian Briscoe 16:35

Yeah, yeah, I'd like I said, I'm fascinated with that topic, as well. And we've had a couple of investors, you know, for one reason or another, you know, want to try to get out of, you know, investments early. And I would say it's definitely the exception, not a rule. I think we're, you know, probably less than probably around the 1% of the investors that asked, but, you know, just just in the case that we're in, you know, if that was a potential possibility, you know, I think a lot like I said, a lot more people would want to get in, and I think you hit the nail on the head, if you can make it easy for the GP, the GP is gonna jump on board, you know, so, so cool. Cool. All right. Shifting gears one more time. We're gonna bring Antoinette on, so Antoinette, welcome.

Antoinette Munroe 17:16

Thank you. Yeah.

Brian Briscoe 17:18

So tell us a little bit about yourself. And I, well,

Antoinette Munroe 17:21

I am a budding investor. Recently, I got into investing because I wanted to leave my job. I think that's kind of everybody's initial motivation. And when I started investing, it was like a quick five year plan, let's get in must get out cash flow focus. So far, that has actually worked out, I've been able to retire this year at 36. And now I'm looking to like skill and grow and kind of get deeper into this world that I've kind of fallen into by mistake, just a little bit.

Brian Briscoe 17:57

Okay. So what was your career that you just retired from?

Antoinette Munroe 18:01

So I was in CPG, working for food and beverage companies, as a region manager, a selling soda, basically. And that was what I did straight out of college.

Brian Briscoe 18:13

Alright, so selling soda in large quantities, you know, not

Antoinette Munroe 18:17

very large quantities of credit, large colonies. Okay.

Brian Briscoe 18:21

And you said you started getting into real estate investments to get out of your job. You know, what, what type of were you investing passively as an LP were you buying small properties can tell us a little bit more about

Antoinette Munroe 18:33

that. So I actually started with my own property. Initially, it was by a property that was low cost enough that I could pay off at an at an accelerated rate. And to do that, I tried a short term rental. And then that did so well, that I turned into a real estate investor, it was very, like, I just want to make extra cash to pay off my house faster. And if I don't have a mortgage, then I could retire sooner because my expenses would be gone. And then it turned into a business. short term rental was like a huge eye opener. I'm like, Oh, well, it's it's a lot bigger than let me just pay it off and get out of my job within a year. I didn't have to, I didn't need the job anymore. So now it was how do I grow this? How do I get my family on board? How can I show my friends what I've done? So it kinda was a mistake.

Brian Briscoe 19:23

Yeah. Well, I think it was a very good mistake. I would love to make that type of mistake all day every day to be honest with you. So now you are you're in Orlando are your short term rentals also in Orlando?

Antoinette Munroe 19:36

Yes. Although the short term we're in Orlando and and I have long term in Miami. Okay. Yeah,

Brian Briscoe 19:41

I think Orlando is a perfect place for short term rentals. I mean, I'll be I told you this before the show but not without the context. I mean, we're going to be in in Orlando in a week you know, doing the Disney the Universal Studios and everything else. And I think you probably are renting that out to a lot of people, you know, just Just like me, you know, going to Orlando for, you know, the little mini vacations with the kids and whatnot. So you're in a really, really solid hurry to do that. And congratulations for for leaving your your full time job already.

Antoinette Munroe 20:13

Thank you it was the number one goal so I'm excited to see what's next.

Brian Briscoe 20:17

All right, yeah, me too. So I'll ask you the same same question that I asked everybody. I mean, I think you've talked a little bit about it but if you can distill this this down to you know, a couple of senators sentences, what is your big burning? Why a big burning?

Antoinette Munroe 20:33

Why was time freedom, just a freedom of brainspace to do whatever I wanted. Financial freedom. I think now the y is in flux, and it's becoming more of like, who else can do it with me? How do I show my family? How do I get friends on board so they're more people that are enjoying the new things that I've discovered and just giving them access to information that we didn't have or grow up with?

Brian Briscoe 20:59

Yeah, absolutely. You know, and I am curious. I mean, since I just retired from my job you just retired from your job. My why for the longest time was to be able to retire. And once I did retire, you know, finding that new y has been maybe a little difficult. I don't know what's your thoughts on that one?

Antoinette Munroe 21:19

It's definitely difficult there is a little bit the best way I can describe it is like I feel guilty when I wake up in the morning if I don't have like a full page agenda of things to do. It's weird with uh, you know, but not doing anything that urge to be super productive all the time. But I'm, I guess I'm discovering what I want to be as an investor what I would want to go after and because the way I started was so non traditional the, the path that you read about isn't the same anymore it's not buy single family then progressed to a 234 unit then graduate to multifamily now with the way kind of digital intersects with real estate and all of these things, it's like the Wild Wild West, there's so many different ways to do it. So trying to nail down the why for which way I'll say to make it easy, of course, I'm just going to target cash flow because, you know, that's always good. But I'm actually looking for a deeper reason. Right? Yeah.

Brian Briscoe 22:19

Yeah, I think you know, look looking back I wish I wish I would have had a more a deeper why than just get out of the rat race up front, but I kind of did I just haven't quite formulated it into a nice you know, concise statement. Like I used to have it but anyway, that said, Antoinette, we got Shannon on the line. What do you want to ask him?

Antoinette Munroe 22:39


Shannon Robnett 22:40

I had like, he just switches around, guys, you guys are both retired. You guys are the experts. I haven't figured that out. Right. Yeah.

Antoinette Munroe 22:48

It's because you love what you do, Shannon? Yeah.

Brian Briscoe 22:52

Yeah, you can tell you love what you do. Just just by the way you talk about it, your excitement, your enthusiasm. So anyway, yeah. I wish you know, I've gotten the same bug, you know, same enthusiasm, I hope I can keep it up like you have.

Antoinette Munroe 23:08

Big. Alright, I'm gonna take these 15 questions I have and condense them down to three. So I was a little bit about tagging on to what I was saying before is, it's like the wild wild west right now with real estate, that traditional power that you're going to read about in the from the Robert Kiyosaki from the early books. It's not the same anymore, the returns are different. The access to information, it's all different. And having started in short term rental, when I'm looking at deals through a traditional lens, it just, it doesn't add up anymore. It's not so clear as Okay, from single family you graduate to multifamily, when you put something like a high cash flow model, like short term rental in the mix. So I guess my first question is, how do you if you were to do it all again? Which path would you take? Now knowing all of the options that you have between kind of digital spaces you can play in with value add kind of being on the tail end of availability? What would

Shannon Robnett 24:15

you do? I'll tell you, what I would do is I would really kind of, I would make sure that I really understood the phrase, your network is your net worth. Because I've done more in the last two years than I've done in the previous 20 Because of who I've chosen to align myself with who I've chosen to work with. I mean, talk about old dog new tricks, we're just finishing out an apartment complex and and I've got 15 18% of the unit's going to short term rentals, right? To bring in some of that cash flow that that higher cash flowing stuff. And since I own the place, right, I'm in control of the place I'm able to do that. But I didn't know that three years ago, right because I was an employee proximity that so by exposing myself to more people more ideas, looking at more partnerships, looking at how I can work with people like yourself that are in the short term rental space, I don't have to reinvent the wheel. And then I can go over here and I can work with these guys. And I can just do different things. Now we're taking that short term rental space, we're combining it with industrial kitchens. And we're creating a rent by the hour kitchen. Right? Where would you have thought of that, but I've got a couple of guys that are coming out from different places. And that's all because of who I've networked with. Right? So if there's one thing I would tell you is network network network, because you never know who you're going to pull out of your Rolodex, and I'll explain to you what a Rolodex is later, you're never going to know who you're going to need to pull out to make that next deal, pop and make it work.

Antoinette Munroe 25:47

Right. That's, that's kind of what I was targeting, I spent the last six months shopping, kind of traditionally networking with brokers looking for the biggest multifamily I could get from my budget. And when we finally found a deal that fit that criteria, I realized it wasn't actually what I want it because I couldn't do a mixed model. It would be it was affordable. But it's in Madison, Florida, in Madison, Florida short term rental, I couldn't necessarily carve out a few of those units to operate in that model. And that's kind of something I want to stick to. So I had to start over from scratch, realizing that my initial criteria didn't work with what I want it to, to add in. But take

Shannon Robnett 26:27

it from this point of view, go find the biggest syndicator, you can find, figure out how you can work with him and bring your model to him. Now you're going to get the best of both worlds, you're going to get the ability to watch how somebody can take down a $40 million deal, you're going to be able to show him how he can inject another 25% cash or 35% cash into this building over here, this section over there, making his model all that much sweeter. And you're going to create a hybrid between the two of you where you're going to be able to see behind the scenes of what he's doing, and digest that information that you won't necessarily have access to access to on your own, not going to be able to eat that off a podcast, you're going to take years to perfect that model. Plus the fact that when you look at some of these larger scale deals, banks, look at resumes. And when you're attaching yours to his, now you're coming at it, you're going hey, I have something to offer you. I'll show you how I do mine, if you'll let me do it on your product here. And we can work together and then I can learn your model as well. Now you're able to roll that together and you're able to go right downtown Orlando and go, Hey, I see what you're doing here, Mr. Developer, Mr. This miss that. And I want to participate in this is what I bring to the table. What do you say we thought on this together? That's maybe another spin on what you what you're thinking? And instead of trying to do it yourself, putting yourself out there in your network and going, I've got something offer who wants?

Antoinette Munroe 27:54

I love that? And so then the next question would be, where are you finding those folks, because right now participate in kind of local networking or meetup groups that are real estate related. But I have not found a space to kind of challenge myself and get around individuals that are way further than I am. It's very kind of small here. So what are some creative ways, or like the event coming up in October conferences you recommend to kind of surround myself by people,

Shannon Robnett 28:23

conferences are great. But you know, if you just start I mean, let's just be real, Facebook's full of all this kind of information, right? It's a great place to start, right? Just because it's on the internet doesn't mean you believe it's true. But if you

Brian Briscoe 28:34

found Ryan, that's how we met. Yeah.

Shannon Robnett 28:38

I met my wife, but that's just a character judgment flaws that, you know, allow her to weigh up guys like me, but but the reality is, when you look at what that is, you can start to see who's operating in your area. And you can start to see who's in that Meetup group, but really know, instead of looking what you're this, I can buy here, start looking at who's buying here, you know, clear off the charts, look at who's taken down, you know, find the broker and go I don't, I don't want to buy the 400 unit apartment complex, but who just sell the last one to? Right? You're asking a whole different question. Because you're not focusing on something that you can eat. You're not focusing on a Antoinette sized elephant, you're looking at an elephant of a whole different caliber trying to find who took that down and going, Hey, I have a model that I think might work. And I'd love to learn how you do it. Would you like to learn how I do it, and we can split the profits on this or whatever you come up with. But now you're interjecting something. Because here I am. I've paid attention to some friends of mine. I've watched some podcasts. I've done some stuff. And I'm out here on my own. I would love to have somebody like yourself, that would come to me and go, Hey, let me throw down on that with you. I'm going to do what I do. I'm going to show you how to do it. I'm going to by the time I'm done, you're going to have an SOP on every single thing I did. You're going to know exactly why We did it from the beginning to the end, how we furnished it, why we did it this way, why we like this location, and you're going to be able to have that for you. All I want is all your information in exchange. And so you're looking at those people, I think you're going to find that you're going to change your focus and look at a whole different group of people as to who you're going after, to, to put yourself in front of, and those people are kind of easy to introduce yourself to when you're offering to give them something, you're not asking for anything. I have a model, it works really, really well. I'm making 27% or 42%, whatever it is, you got a one sheet, right, it's doing this, it's doing this doing this and I can make this happen for you. I don't want anything.

Brian Briscoe 30:45

Yeah. I mean, I'll tell you something else that really works and proof positive podcast. Okay. The podcast, the value of the podcast has nothing to do with who listens to it. Alright, I reached out to Shannon, you know, and and got him on the podcast without knowing him well reached out to you got you on the podcast without knowing you. Well, a lot of people are very willing to come on to podcasts, you know, when they may not give you the time of day for another phone phone calls. So you know, if you have a targeted podcast that you start, that's another way to get the conversation going with the people that you want, you know, so if you want to look in Orlando, Orlando is a fairly big city, there's a lot of big fish in Orlando, you may want to do like a Florida based multifamily podcast or Florida based air b&b or short term rental podcast, something like that, where you are attracting the type of people that you want to potentially work with later. And then oh, by the way, when you're on the podcast with them, you can ask them whatever question you want. So and if it starts building a relationship, great. Yes. With him, right?

Antoinette Munroe 31:57

Absolutely. Yeah. Yeah, that's kind of that's we're spot on tracking. So we've started a podcast and kind of recorded some episodes not released yet, we're starting to kind of put together a social media strategy. And it's more so to connect to network kind of using that digital space to get access to or to get around people that are interested in some of the same things. So it's really good to hear that that's kind of the same advice that you guys would get. We're just kind of making things up as we go along. But it's good to hear from somebody that is validated that is doing what we're aspiring to do. Yeah,

Brian Briscoe 32:33

I heard heard that same advice right around the time that I was starting this podcast, it was from another, you know, podcaster. You know, he was one of the first guests on the podcast, and I asked him about it, you know, when we weren't recording? And that's the answer he gave me was, I've gotten more value from the relationships this has started than I have, from, you know, all of the downloads, all of the listens, all of the passive investors that have come to me or other. Don't underestimate the value of what a podcast brings. Lots of people will, you know, you call him up and ask him, or you text him or reach out to him on social media. Hey, can we talk for 30 minutes? You're probably gonna get a no for most people. Hey, we come on my podcast. Very likely to get a yes,

Antoinette Munroe 33:17

absolutely. All right. So last question for you, Shannon, with the shifts in the market combination of COVID value at not being as strong of a play as it used to be kind of what are some of the hurdles that you guys are experiencing? And what was like a recent strategy that you've implemented to overcome

Shannon Robnett 33:37

it? Well, you know, some of the things that we're seeing is that used to kind of approach investing with a one size fits all, whether that's from an investor standpoint, or from a product type standpoint, and it doesn't, I mean, we're going under contract on a value add, owner carry federal tenant 50,000 square foot office building, right. So I mean, we're looking at it going, where can we pivot? And I think that's what that's the term right of COVID is what can we pivot? What can we change in our model that takes some of the things that worked in this model, changes the direction that they're going into? What can we do to re center ourselves, but also know that the mission can change midstream and being flexible, being forward thinking instead of always being reactionary and going well, that didn't work? You know, perfect example was when COVID first started, and everybody went into lockdown, right, everybody, all of a sudden, everybody was concerned about the rents. One of my gals. She went and she everybody was talking about the six foot distance, right? So she went to Costco, and she got a six foot table. And I said, Wendy, what are you doing with that? She said, we got a rent problem, and I go, What do you mean? We got a rent problem she goes, people aren't paying rent. So she went, and she sat this six foot table at your front door. And she sat at one end, and she filled out your rental assistance paperwork for you. She did that with every tenant that we had that was late. We didn't have any tenants that were late. We did. Anybody that wasn't paying at that point, she solved our collection problem, right? Because she thought about it differently. Instead of just crossing your arms and going you really bad tenants, you're not holding up your end of the bargain. Well, who was I mean, we just we just entered an unknown area, Wendy thought to solve a problem. She went that direction, she took care of it from her point of view. And then it showed us there were so many other things that we could do in that, where we began to solve other people's problems. Now we have an office building opportunity that's solving somebody else's problem, they have a major, that's that's vacating we need that size space, we're going to come in and take it, they're going to give us some some favorable financing, we're going to do our first value add, I've never done a value add before, right, I'm doing a value add on our office building, I'm buying host COVID. None of that stuff would have been on our radar two years ago, right. And so being open to the opportunity, looking at how you can take that deal down, looking at your network again and going Who do I know that's in that space that can solve these issues? Who don't know that is a industrial guy, I left the digital conference with a guy that builds metal buildings. And he had a problem he had too many people wanting to lease purchase these metal buildings. All he was was a supplier. So now I got I got four industrial metal buildings, because I'm connected. And I'm opening my head to the thought process that now we're not going to be the builder on everything. We're going to be doing some development in Florida and Texas, where we're going to be the developer on metal buildings that we don't build, that we don't know the tenants on. But we've got the proper acclamation on the on the credit side, we've got the proper resume to take it on. And we're just moving into an area that is completely opening up to us because we're being open to the, to the thought process and to the scenario and to the questions that are coming our way.

Antoinette Munroe 37:11

Yeah, I think that's the one advantage that coming into real estate non traditionally has had, I've never been in a box, it's always been well, how can I make it work? What can I do with this property? How can I flex the model. So increasing the network kind of building it, I think that will be the sweet spot if I can, if I can nail down that piece. I don't see any caps on it.

Shannon Robnett 37:32

And really looking at what you're good at. And this is one thing that I've always done from a very young age is I've always looked at what I'm good at, and I'm looking at, I've been very, very self aware about what I'm not. And I've looked for the people that are good at what I don't do, or good at what I don't like to do, right. I can do all aspects of it. I've remodeled the house, I've moved the house. You know, I've built cabinets, I've framed houses, I've done every aspect of everything. I just know that I like hiring electricians a lot more than I like wiring houses, right? So my network is full of people that I don't. And I've got a guy that's really good at negotiating lending is not a broker, but he's a friend of mine that always takes care of our lending products. Because I hate that part. Right? I don't, I don't want to get into it. So I've created a network of people that take care of my blind sides that take care of my weaknesses that allow me just like you to focus on what energizes me to focus on what drives me forward and it also allows us to take care of the problem faster because I'm not the only one that is chief cook bottle washer, ticket taker, window washer. I only do what I do. And sometimes people wonder what to do.

Brian Briscoe 38:51

Yeah, my my kids wonder what I do all the time to like, you're not going to work anymore. Well, I mean, yeah, but get it. Well, cool. Hey, well, we're about out of time. And I got one question for each of you. And you know, Shannon, you get to go first. how can listeners learn more about you?

Shannon Robnett 39:08

You know, if you just go to Shannon Robinette comm. You can find out all about us. The development deals we've got going the the processes, we have the podcast, it's all right there one easy location just Shannon

Brian Briscoe 39:20

All right, and we'll put it in the show notes. And just be careful you know spelling Robinette check the show notes will be spelled right linked to the website there. I actually tried to search you and I spelled your last name wrong you know a couple of times but ended up fine. Yeah.

Shannon Robnett 39:34

It's just it's just straight our OB N E TT. That

Brian Briscoe 39:38

easy, easy. Antoinette same question for you. how can listeners learn more about you?

Antoinette Munroe 39:44

You can find me on Facebook, Instagram and YouTube as fearless and free ePHI short for financial independence and then my personal page on Facebook. Jo Li, J O L ie Antoinette.

Brian Briscoe 39:58

All right. And we'll put links to those in the show notes as well. Anyway, thank you to the both of you for coming on the show today very much appreciate your time and it was a really fun conversation.

Shannon Robnett 40:10

I'm looking forward to you figured out I want to retire someday do Yeah.

Brian Briscoe 40:15

Well, we'll give you the blueprint. You know how to retire. There you go. So actions very well. Sounds good. Well, thank thank you again and I will talk to you guys both later.

Antoinette Munroe 40:29

Thank you.

Brian Briscoe 40:36

Thank you for listening to the direction 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, tap, subscribe, and leave us a five star rating on your favorite podcast app. And we'll see you again next week.

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