Making Money in Multifamily Real Estate Show

167 l Mindset Ninja, Zone of Genius, and Aiming Big with Mandy McAllister

December 29, 2021 Dave Morgia Season 1
Making Money in Multifamily Real Estate Show
167 l Mindset Ninja, Zone of Genius, and Aiming Big with Mandy McAllister
Show Notes Transcript Chapter Markers

Mandy's Background:

  • Entrepreneur, Multifamily Investor, Mama, Mindset Ninja, Women's Inspirational Leader, Eternal Learner, Coach, Dot Connector

In this episode we cover:

  •  01:06 - Mindset Ninja
  •  05:32 - Starting a mastermind/group
  •  08:16 - Continuing momentum after the initial interest
  •  11:07 - Your "Zone of Genius"
  •  17:07 - Value Value Value
  •  21:37 - Aim small get small, aim big get big
  •  28:34 - 5KQ1 - If you could only pick one trait that explains your success, what is that trait and why?
  •  29:24 - 5KQ2 - What is the most uncharacteristic thing you've done in your business and why did you do it?
  •  30:50 - 5KQ3 - Can you name any time where you felt like you were not going to end up successful? How did you overcome that fear?
  •  32:09 - 5KQ4 - Can you name a time where something in your business went perfectly and what did you do to make that a reality?
  •  32:54 - 5KQ5 - What have you been focusing on lately to improve yourself or your business?

Connect with Mandy:

  • https://www.mandymcallister.com/
  • https://www.facebook.com/groups/awamgroup/

Connect with Dave:

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Intro:

Welcome to the Making Money in Multifamily Show, where we discuss everything to do with multifamily real estate investing. We believe it's the best way to gain financial freedom and build lasting wealth. This is where you'll find it the best information and practices to help you succeed in your real estate business, whether you're already experienced or just starting out. Here's your host, Dave Morgia.

Dave:

Hello, listener and welcome to the show. I'm your host, Dave Morgia. And with me today is may of the McAllister Mandy. Welcome to.

Mandy:

Oh, hi.

Dave:

Thanks for having me, Dave. We are, I'm sure. Due for a great talk today, Mandy, before we dive in, just wanted to give the listener a little bit of your background among being an amazing mom, a awesome multifamily investor. Manny, consider yourself a mindset ninja, a dot connector. She has a 205 units under ownership and management, and I kind of wanted to highlight those kinds of second two because I'm not really familiar Mandy, but maybe just dig in before we get into your focus on that mindset and engine dot connect yourself. Cause it sounds pretty interesting.

Mandy:

So mindset ninja. I just, um, I realized that if I just change how I think about things a little bit, everything becomes easier to address just absolutely everything. So, and when I realized, oh gosh, not everybody does that. I guess. Got some ninja tricks for mindset and, you know, dot connector. I like figuring stuff out. Like I, um, even when I was in my W2 jobs, for some time I got to interview new clients and, or new potential hires and whenever they would have what I call the, figure it out, gene, uh, they would be able to do really well in the job. So connecting the dots, figure it out, gene, that kind of thing.

Dave:

No, I love it. And, um, that's pretty much how. I see you in the field of entrepreneurship and real estate, it seems like you are just a bubbly personality who wants to just help people out and figure out basically how to solve problems. They might not even be something you, you kind of get involved in on the deal. Um, but we were just talking before the show, right? You have this, uh, 18 unit that I don't think we could talk about too much today, but something that's closing 18 units where someone reached out to you, you kind of selflessly put yourself out there and figured it out for them. Give them. And the world just kind of comes back to you and now you're involved in the deal and it's, it's more, more deals and more opportunities. Right. So it's funny how it just kind of boomerangs, right?

Mandy:

The better you are to people the better the universe will be to you. I firmly believe in. And you know, I, I did introduce someone with the 18 units, a friend who that's kind of what she specializes in. They decided they were doing a deal and then said, are you sure you don't want it? And we would love to work with you too. And I said, well, gosh, of course, I'll send some money your way. I'm pretty excited about it. So it's a really cool thing. Yeah.

Dave:

That sounds like a great little deal. And I think what we can. We'll try to hone in on, we'll see where the conversation takes us, but we're going to kind of talk into, um, kind of community building and really just growing a brand and just fostering these relationships right. In kind of a concerted effort. So, uh, do you wanna just kind of talk a little bit more about what you've been focusing on lately in that regard?

Mandy:

Yeah. I, um, Multi-passionate let's say I got a lot of, and that's the, uh, the nice way of putting I do a lot of stuff, a lot, maybe a little too much stuff, but, um, I beginning in multifamily real estate, there weren't a ton of women when I started. Six years ago. And I kind of banded together with as many of, uh, the lady friends as I could make and realized, oh gosh, this, you know, focusing on your whole life, but real estate as a vehicle to make you move forward in a life by design type of a thing, there's gotta be more of us out there. Dave, there's gotta be. So I started a Facebook group called Aspiring Women Achieving More and in, you know, a year, almost two now, At 2,500 members and these women show up for accountability and inspiration and ideas. We're shopping. I hit the take-up, how do I move forward on this type of a deal, or I need support in this way. So, um, you know, we've all come together, uh, to, to do lots of really cool stuff as we go. And, uh, another thing that we, um, share in common is, um, I lead a multifamily meetup out of Chicago. Frankly, I started it to scratch my own itch. Cause I didn't know a single human in Chicago who wanted to talk about apartments and your friend Mandy likes to talk. So I said, okay, I'll host a thing. And then other people might want to come listen. And at least then I can have an avenue to invite these experts so that I get a chance to ask the questions that I'm really curious about. And it ended up, um, doing a lot of good for a lot of people and actually found me one of my primary business partners. So, um, you know, we mentioned before we hit record here, but, uh, I just, I live live by the motto of you. You do right by people. The universe will do right by.

Dave:

That's really funny. I did not know that about your business partner, but that is very similar to my story. I met my business partner through his now our meetup, um, and kind of with the podcast, same, same edge where you have a meetup that you want to kind of scratch your own itch. Same thing with my podcast. You kind of just do it almost selfishly, but also you can give back at the same time. So it's really just a beautiful kind of, uh, power coupling of, uh, I guess intentions, right? Um, so you mentioned there was a need for this group, I assume on the other side of it, there is a need for others to be in this group. So can we just kind of go over how you want it to give as much value as quick as possible and really just kind of elevate everybody.

Mandy:

In the aspiring women group, we, um, we're we started out just by doing a Friday accountability call. That's it like, let's go around the horn. What are you working on? How did you do since last week? Did you hit any hiccups that maybe we could, uh, workshop together and since then we've been able to, um, there's a lot of women that like, want to. Aspire to more, but, you know, I think nature nurture, whatever it is, you know, many times women need to feel far more qualified. To take a chance, then men need to feel qualified. Actually, HP did an internal study of this a number of years ago that they found in order to go for a, a promotion, um, men needed to feel like they felt fit about 60, 50, 60% of the, uh, the qualifications women needed to feel like the net every single day, uh, qualification a hundred percent of the qualifications to even try to do a promotion. Right. So I think that, you know, allowing for kind of a community. Theory because women are communal, cause we talked a lot. And so does your friend, Mandy, that this is, you know, to take a chance as part of a community and to realize, oh wait, I'm not crazy. And oh wait a cash out. Refi works this way or whatever it is. There's been so many women who have been able to go so much, further, so much faster because you know, when you see it, you can. You know what I mean? And there's a lot of examples of a lot of women doing a lot of cool stuff. So it's, it's been really, really neat to, to get, to see the growth of it.

Dave:

And is this kind of niche down into a certain area or are you just basically kind of promoting the entrepreneurial. And helping connect people where the dots line up, going back to the intro.

Mandy:

Yeah. So the whole idea behind it was, um, I love real estate. I just love everything about that. It's not like the reason I love it is because it's my means to the end of impacting more lives of having more freedom in my own life. Right. So. You know, it's more about the whole person, the whole woman, the women forget to care for themselves. And you know, the put the oxygen mask on yourself. First thing, you know, we forget, we frigging forget and this chance to, you know, Remember as collectively, you know, that's the thing that's first, the whole person first real estate investing is a close second because it really happens to be the, the means to the impact in the whole life thing for most of us. But it's, um, it's just, let's go out there and live our very best lives. Let's be better every day. That's our tagline better every day.

Dave:

So how, um, it's one thing to want to do this. It's another to wrangle the herd and figure out a way to actually. Make a difference. I know that seems crass, but it's like, you started an accountability call. Right. But then where does it go from there? How do you actually structure everything so that people feel like they're getting somewhere and not just like in a group that, cause I've seen, I heard a groups where, you know, oh, you have a little bit of activity and it fizzles out because no one's kind of pushing forward. No one's driving any kind of direction. So how do you manage.

Mandy:

So it, that's a really great question and it's something we're working on actively every single day. So, um, getting people outside of just the keyboard is a number one, right? So having those accountability calls where people show up and you get to know someone is a real human versus just a, uh, you know, an icon picture and a couple of comments in a light here and there. You know what I mean? That really builds relationships. So we do that. And also, you know, I think that everybody has a zone of genius and, um, a lot of people, you know, have something they could teach on, especially women because we don't speak up as well as men do nature, nurture, whatever, um, that, you know, I have this perfect avatar, this woman, divine who's part of our group. She's frigging brilliant, Dave, but she has the sweetest, quietest, little lovely human you'll ever meet in your entire life. And she is incredible at copywriting and clicks. You cannot tell me that a bazillion people in the world don't want to know more about how to funnel people forward in a sales process or raising capital for deals and want to move them forward in an or, or whatever your need is. This click funnel information that she's an absolute expert on is, you know, stuck in her brain and we're helping her develop a course. That's going to be branded aspiring women that she's going to be able to roll it out. Helping women particularly find their zone of genius and helping them, you know, bring that to the world in a bigger way so that they can feel what it's like to impact more lives has been really super fun.

Dave:

What's funny is I'm having a call with divine, I think on Tuesday next week for that very same thing. So it's funny you bring that up. Yes, I do. We are about to talk exactly what you mentioned, her, her zone of genius, about a kind of funneling and lead generation and all those good things. So, you know, always looking to improve. I, I think I. I got a good referral here. So it sounds even more exciting. My call on Tuesday. So

Mandy:

divine, when you hear us talking behind your back, now, anyone listening here needs to call divine bunch divine Bunge, copywriting agency. We should put her stuff in the

Dave:

drop it in here. Anytime I talk behind someone's back, I try to keep it positive. So we'll, we'll make sure we got the book. Good things. Um, yeah. Getting into that zone of geniuses. That's interesting. I, I liked that term obviously. Um, I feel like when you get into groups like these, some, some people feel lost or kind of confused as to how to get to that path. So is there some level of coaching that you involve yourself with to kind of figure out or help people figure out what they're even trying to do to begin with? Because sometimes it was like cart before the horse, like, I don't know where to go, shiny object syndrome, all these other things. So, so where does that go for people in that group in that sense?

Mandy:

And I think as a, as a, to add onto your point that if you're really good at something, if it is your zone of genius, it feels like. Everybody can do that. You know what I mean? Like, and it seems just like, because you can't, you can't see the tip of your nose, cause it's too close to your face. You don't know your zone of genius because it's so ever present in your life, you know? So I think that having the counsel of a group of people around you absolutely is helpful and, uh, I may or may not have encouraged divine specifically, like, Hey girl is something you should do. And the business partner, um, that I have for aspiring women, her name is Victoria. So Victoria was a huge force in, in making that happen for divine as well. So. I understand that if it is your zone of genius, it should be, it should feel effortless. Actually. That's an incredible book. If you haven't read the book effortless, that's, uh, you know, really informed kind of the way I'm working to, to work with my life here, moving forward, involve myself in the things that are easy.

Dave:

Yeah, I have. I've not heard or I've not read that one. Um, the ones I've been focusing on lately myself have been all on the. I guess I think the latest one is a traction. The one which is basically V and I, uh, something me and my business partner been focusing on a lot lately. Um, so yeah, I haven't read

Mandy:

that one lately, but followup to that, Gino Wickman's follow-up is a rocket fuel and my business partner and I are doing like a mini book club.

Dave:

Actually, the one I'm on right now is rocket fuel yet. It's like all like the visual, a visualizer and the integrator ASO. Getting back to, I guess, figuring out. How you add value as quickly as possible. We've kind of alluded to getting into people's expertise. Um, that's one thing you need to hone skills, right. But also it's connecting, like you said, um, you mentioned the accountability groups. Does it go beyond that for you? Is it like something you try to cultivate within the group or structure these calls and then kind of let people figure themselves out?

Mandy:

Yeah. So we are working to evolve it, right? So. It's our intent to always have like a significant amount of free content where people can come to learn. We started doing master classes, which are just kind of a very short snippet of someone's expertise. So, uh, actually this week we had someone speak on health. She's a, a big deal health coach and some hacks to help you feel more healthy next week, actually, we're going to have an interior design. Who her specialty is, uh, staging for sale and staging for, um, uh, picking paint, colors and fixtures. And what's next, right? So if you're a flipper or if you're a, an apartment complex owner, you don't want to be painting the walls purple. If the new, you know, trend is going to be green or. You can tell why I knew

Dave:

that your zone of genius, basically

Mandy:

not my zone of genius. So anyway, like this idea of bringing in people who are these absolute experts to allow a venue, number one, for them to, to potentially gain more clients, people want to work more closely with them, but also to like have an avenue where people can ask questions of the experts. So very much like the, the multifamily meetup, but kind of in, you know, not just one narrow focus. So we're doing masterclasses. We're also, uh, you know, there's there's courses like Divine's course is going to be a paid for thing. Um, and we're doing, you know, um, kind of larger coaching on underwriting. We're doing an underwriting club, which is really cool. Cause I think in multifamily, we don't spend enough time on doing the numbers because, you know, I had a dollar for every time I heard someone go, oh no, I out underwriting. I just outsource. I don't, I don't deal in that is everything. Underwriting is everything. It is investing of all types, especially multifamily. Um, investing it's all about the numbers. And if you don't know the numbers, and if you don't, you can't conceptualize the numbers, like I get, like, if you get really good at it and then you need to step out of it because that's not where zone of genius or that's in drudgery, like you still have to have an opinion and a knowledge of this is what happens if I fudge my exit. You know what I mean? You need to have that level of knowledge. So we have a group of women going through right now that are, you know, understanding the model. This is, these are the assumptions, things that you're making here. And now here's your T 12 example go into. Quarters of the world, do that map and then come together. And let's talk about why you got the number you got. And that's where having to defend why I came up with 2.1 and you got 1.8, like having to defend that is where the real learning happens. So if you can't join a group like our, our underwriting, Find an underwriting buddy, and go do that. And that is how real underwriting learning happens in my opinion.

Dave:

Yeah. A lot of deals can look very sexy if you don't know how to underwrite the full thing. So especially if you're looking at a broker oh, M and a, you, you go along with our pro forma, you can see a lot of bad, bad assumptions. So make sure you're putting the hours in for sure. Yeah. Um, yeah, it seems like this is getting pretty fleshed out. As far as our group goes. I can only imagine that there was some feedback, some good, some bad through the process. Were there any kind of nuggets from certain individuals that kind of struck a chord that, you know, maybe Mandy, you should focus on this thing, that thing, like, this is what I'm looking for in the group type of thing, anything that kind of rings a bell?

Mandy:

Um, I'll say the, well, most of our fee, everything that we did for the first year and a half was absolutely. Was just absolutely us showing up to try to give and other people showing up to try to give. So, you know, uh, one thing I know for sure now is as an example, I belong to a hundred dollar a month. I don't belong to a $9 among gym because if it costs me nothing, I don't value it. Right. So many people weren't showing up because it didn't cost them anything. So, so now our model is such that they, you know, you, you get what you pay for, and you're getting significantly more value in a number of the things that we're doing. But at the same time, I don't think you need to hire someone for. 30 40 grand to do like initial learning. Sure. At some point maybe it makes sense to pay for a PhD, but if you're going to junior high, you know, you should be able to do that in the, you know, for, for way less money.

Dave:

Yeah. It's funny you bring that up. I think kind of like you said, it's, it's in the value you get out of it, right? I've been in cheap groups, I've been in expensive groups. And the one difference I've noticed is the level of commitment you get when there's money online, where there's higher stakes, right. Where there's something to be lost. And if you kind of. Put that dollar amount behind you to say, I'm investing that in myself, I'm worth as much. I'm going to go get it. You'll go get it. Um, if you, you kind of almost balk or, you know, you, you look at a couple pitches or whatever, and it's like him and an hon, you might just, you know, kind of sit there and not really get anything done. So yeah, there's definitely value to that. One of the things that's interesting, like you said, is that I think the level of competence has to be there before you can take the deep dive. So, like you say, there's a ton of free stuff. You offer a ton of free stuff. It's all out there, whatever your subject matter is. Go go YouTube for hours and hours until you feel like you can walk the walk or talk the talk probably, and then you pay to walk the walk, I'll say. Um, so yeah, it's really, really interesting to hear you say that.

Mandy:

So I will say to that, Oh, when people come to me, I do some coaching, right? Like, but like, that's, that's something that I do when people come to me and want me to coach them. I, I make sure that they've exhausted all the free stuff first because it makes zero, like it's, it's not going to be worth your time as the person investing in yourself. And it's not going to be worth, frankly, my time. And I don't want to take your money if you're not getting anything out of it. So, um, you gotta exhaust the free stuff first and the amount of free stuff available now versus five years ago, when I kind of dive head first into this stuff, it's head and shoulders like it's above what it was like. It, it didn't exist very much at all. There wasn't a multifamily meetup in the metropolitan Chicago area, which is frigging bananas. Right. And now it's just the. Everybody talks about. So, um, go do the free stuff, go to these meetups. I mean, you meet the people. That's, that's where everything happens is, is with the people.

Dave:

And that's the next one. So we were just talking how you went to a little networking thing and I was at one this weekend, too. Um, how powerful are those to you since we kind of got into that subject and where do you see that going with your group?

Mandy:

So I'll tell you this Gobundance that I joined is the single no BS, the single best thing I have done for my entire life. But when I'm talking to my friends who haven't heard of Gobundance I explain it like, uh, it's like a sorority for CEO, grownups, you know what I mean? Like it's the CEO sorority, right? So it's. 40 of us or so got together in Playa Del Carmen, Mexico. And we, you know, the learned and gave talks and, and did a ton of like fun, silly things. And now I have friends for life. I have business partners. I mentioned that 18 units. The reason I know this Airbnb woman is because of the. This group, she was, she's been so impactful in my life and I've known her a year. And because I see her show up with this big heart and everything that she does. So, uh, one big takeaway, and I actually did a video on this this morning for my women's group. Is we're putting out this free masterclass content. And one of my friends, Erin, uh, led the whole Gobundance group through like a heart centered goal setting saying that if you're showing up with your head, you're going to set a different goal than if you're showing up with your heart. Right. And it makes a ton of sense, and it was really impactful and great. So I asked her to do that as a, uh, masterclass with aspiring women. And she agreed to, and we're sitting at dinner during this conversation and this woman next to me is this. Big deal, PR person, like for instance, when Oprah was doing her show, if you wanted to get on the Oprah show, you called this woman, this big deal PR expert who gave a talk to us, she's sitting next to me. And she was like, well, you know, Mandy, why wouldn't you ask me connection? I do a masterclass for aspiring women and I'm like, Oh, my God. Like, no one of course there were two lessons in this day. One good on her for, you know, you want to do something you just ask that's it. That is the magic secret to life. If you want to do something, ask to do that period. Right. And then the other lesson in it is, oh, wow. I'm just some little girl with a group of 2,500 women and it's oh, she wouldn't possibly, like, I won't even bother her with asking because she's such a big deal and I'm such a tiny little, like how dare I play so small, especially in a situation when I I'm challenging myself to play bigger by being a part of this group. So don't, you dare play small and just ask. You know, like those were two incredible lessons that came out of this weekend and it's also yielding two really incredible, uh, you know, masterclasses that if you're interested in, um, public relations for whatever it is that you're doing, this is the woman. Woman, Susan Harrell will be speaking on our behalf. We haven't put time on the calendar yet, but we're working that out. And then my friend, Erin Bradley is going to lead us through on, uh, November 17th, a masterclass for that heart-centered goal-setting

Dave:

no, that's amazing. And it almost kind of goes back to that zone of genius. I think you're pretty good at cultivating these relationships and you put yourself down to say, why wouldn't they want to give back to my. My group. Right? So it's, it's kind of, you know, practice what you preach in a way, and I'm sure you're going to be here practicing that quite a bit more this next couple of months and getting the big, the big swingers on there. So

Mandy:

I was what a lesson, because it's exactly what I've said to other people, but it's something, you know, many times people teach what they need to learn. And I think it's obvious that, uh, Choosing it's a choice. I, you know, are you gonna play big? Are you gonna play small? And I'm here to tell you that when it comes to deals, when it comes to everything that I've ever done in life, the bigger I play, the easier everything gets. Like it kinda like, even as an example, if you are a multifamily real estate investor and you're going after agency debt, that it becomes easier to get a loan for $6 million than it is to get a loan for $2 million. Uh, I, uh, one more example, uh, in that same vein I, uh, had under contract of 53 unit that we were putting a $3 million loan on and, uh, a single family home that I bought for $45,000 both last year. So a $4,000 asset, $45,000 assets. They threw that money at me for the 53 units. I could not beg for a dollar for the, uh, the, the $45,000 single family home. Couldn't beg for it because no one would give it to me. The bigger you play, the easier everything gets.

Dave:

Yeah. It really is amazing. And I'm sure it's, you know, it's a big, it's a big reason why you're doing these groups and keeping these interactions up. It's. Everyone needs to be reminded that I think almost all the time, even when you get bigger, I think you will put the brakes on and say, this is a big as I could get, but then it's like, why couldn't you take the next step? You know? I mean, you have a couple hundred units and there's no reason you can't, you know, just keep going larger and just keep doing more. It's not like you have to put some arbitrary line in the sand and say, this is as big as I'm supposed to go and just say, that's it. Right. So, um, it's interesting to hear you just, you know, repeat and I'm sure everyone around you is kind of getting into.

Mandy:

Everything is a decision. Are you going to decide you decide what you're worth, right. So why not overshoot what your wildest dreams are? I

Dave:

love that. And then getting into, I guess, the focus of this group and the cultivating relationships for the next, you know, 3, 6, 12 months, like were talking, you know, thinking big, where do you see this going? Where do you want to put your efforts into at least at 80% of the a hundred percent to really make sure that this group gets as much as it can.

Mandy:

Yeah, I really want to lift up more women to be an expert, to dive into their zone of genius. So if you know, if what I'm doing with my business partner is seeking out women who have some expertise, like a woman, um, who attended a lot of our stuff is, uh, is an incredible capital raiser. So inspiring her to put together. 10 20 videos to be a course that she will then impact hundreds more lives. Right? So the formula here is that if I impact the people who can impact, you know, then by if so facto, that's a, that's a lot more people helped in a lot more different lanes, you know? So, um, If you have a voice of something that you want to be teaching, and you're just some little girl who couldn't possibly write, reach out to us and we want to help you figure out how to, to make that happen so you can impact some lives.

Dave:

Yeah. It definitely got a kabash that voice, whatever it may be held the back. Um, it's the, it's the competence grows confidence too. Right? So like we said earlier on it's like, if you can, if you can just dive in and get the education without anybody judging you, and then you feel a little bit more comfortable and you can kind of start swinging for the fence little. Um, Mandy, this, this is really interesting. I think your super power, if you were to nail, it is really just kind of the relationship building and the growing and the gift first. And it just kind of bounces back to you type of stuff where kind of like in the beginning to not connect, right. You said it kind of more in the logistical sense. And I thought when you explain. Why you put that on your website, it would be more of the, uh, relationship connector. Um, cause I think it's both for you. I think you not only can figure out how to get the deal done or get the business done or whatever, but also you, you know, the who not how, in a sense to be able to make sure the right parties are there. Um, so really appreciate that. Um, just wanted to kind of dig in these five key questions as long as you're ready. So the first one, and I kind of maybe cheated and maybe gave you a little bit of an album. If you could pick only one trait that explains your success. What is that trait and why? I mean,

Mandy:

I had this completely irrational belief. That I can figure anything out completely. It's completely irrational, but I keep figuring stuff out, Dave, you know, like I have no clue, like I'm, I'm from a town of like 800 people and I figured out how to get a volleyball scholarship. And then I figured out how to go get a job on the floor of the board of trade. And then I figured it out, figured it out, figure it out. Like if I firmly believe that if you just refused. To believe that you're not going to figure it out. You will. You'll just keep, figure, at least keep move in different directions until you do.

Dave:

Yeah. And that's one thing too, that again, every time you succeed at gross competence and just multiplies for the next time, right. You just are not afraid to figure it out for the next time. So that's awesome. And then what is the most uncharacteristic thing you have done in your business? Mandy. And why did you do it?

Mandy:

I made a real bonehead mistake a couple of years ago and took on a partnership without vetting this person. Um, I, we went to church together. Kids played together. It was something that I should have, certainly, you know what I mean? But, um, I couldn't separate the. Um, my gut telling me something was wrong versus is this fear and I'm not pushing through fear. Right? I think that's a very dangerous place to be. If you're convincing yourself that your intuition that's saying something is wrong is actually just fear that you need to push through. That. That is, um, Everyone individually, figuring out how to distinguish that line, I think is very, very important. Um, but now I do a background check on everybody that I'm doing a deal with. And I, it yields some really cool conversations because if, if it's awkward for that person, that I did a background check on them and can ask about a speeding ticket. They had five years ago, then that I now know what they communicate like when they feel. Something went wrong, you know, and that's perfect to understand for a partnership. Yeah.

Dave:

It's actually really interesting if they can't kind of unravel in that tough time, quote, unquote, how are they going to do it when you've got millions on the line? So definitely some insights there. And then can you name a time where you felt like you were not going to end up successful and how did you overcome that?

Mandy:

Um, I, so five years ago when I bought my first fourplex, I was scared to get, literally I said that out loud in my palms started sweating. Like I remember what it felt like being there and. Pushing through. That was actually just fear that I was pushing through. And then buying that 53 unit going from the four, like 10 and smaller, like that felt very comfortable for awhile. Once I pushed through that. And then it was a muscle, like I knew I wouldn't die after I did that, but going to 50, like that was a, that was way bigger. So the, the hack that I could've done. Mindset ninja thing that I figured out for that is, you know, if I just get really, really comfortable with what the actual worst case scenario is, then I can mitigate that risk. And then it becomes a no brainer that I should move forward. Right. So I realized that, oh, worst case scenario is that a bunch of these units go. Vacant because of COVID or people can pay because COVID, well, you that's a math problem. You know how many units can be vacant before you lose a property? And I did that math and I realized, oh wait, that's never going to happen. So if you get comfortable with the downside, that's an easy way to move forward.

Dave:

And then pretty much opposite to that one. Can you name a time where something in your business went perfectly and what did you do to make that. Um,

Mandy:

the bigger I play, the easier it gets, not a joke that the stuff that feels like drudgery, that's hard. That, that, I mean, just because it's a skill doesn't mean it's something that is a passion for me. Like I literally just got off the phone, talking with a friend about this, just because it's a skill doesn't mean it's a passion. And if I can go big. That I can, sub-specialize into just the things that are my passions, what a win. And then everything feels effortless. I get so much more done. The team works more cohesively. Uh, so, so continuing to remember to play big.

Dave:

And then we may be a little bit alluded into this a little bit, but what have you been focusing on lately, Manny to improve yourself or your business?

Mandy:

Holding myself to the same things that I talk about all the time. Like literally smacked me in the face this weekend, uh, that I just figuring out how to spend my time operating in my, the stuff that I'm really good at that my zone of genius stuff and outsource the other stuff. Either with partnerships or with virtual assistance or whatever that is, spend more time on the stuff that I can really impact in a big way and, you know, make sure the other stuff gets done. But by, by outsourcing,

Dave:

yeah, this is a really interesting talk man. A lot of fun, a lot of just, I don't know when I talk to you, it's, it's nice to just get, I feel like you get a level of just bluntness and truthfulness that you don't always get with everybody. So I always appreciate that when I get to talk to anybody on a show, um, it's good to just have that mentality. People around, you want you to succeed. You should want yourself to succeed and to not want to just inhibit yourself to whatever limitations you put on it. So appreciate just the reaffirmation of that all day today. Um, before we signed off, did you want to plug anything? I know we mentioned MFM a little bit. We mentioned your group. We mentioned all these things. So go, go right ahead.

Mandy:

So, um, uh, I run my meetup through multifamily masters, and Dave, you do too. So multifamily con so multifamily conduct com will be going on, um, in Orlando, the 12th through 14th of November. Um, I know you can use Mandy. I think you can use Dave to

Dave:

go from Mandy this episode.

Mandy:

Yeah. No, whatever, but, um, you should definitely join us there because. I like to talk a lot. So I get to talk at a multifamily cons. So definitely consider coming to Orlando to that incredible networking event. And then if you're interested in, uh, if you're a lady, sorry, boys, uh, and are interested in joining us what the aspiring women achieving more movement, um, we'll put that in the show notes, but it's, it's under groups on Facebook under a wham group AWM group, um, aspiring women achieving more.

Dave:

Mandy so much fun today. I can't wait to see you in a couple of weeks. You'll be putting the a MC in McAlester. I'm sure. So thanks once again for your time. Of

Mandy:

course. Thanks for having me.

Dave:

Thank you for listening. This has been the Making Money in Multifamily Podcast. If you have any questions, comments, or would just like to connect, please feel free to check out the show notes for how you can connect or visit longviewacquisitions.com

Mindset Ninja
Starting a mastermind/group
Continuing momentum after the initial interest
Your "Zone of Genius"
Value Value Value
Aim small get small, aim big get big
5KQ1 - If you could only pick one trait that explains your success, what is that trait and why?
5KQ2 - What is the most uncharacteristic thing you've done in your business and why did you do it?
5KQ3 - Can you name any time where you felt like you were not going to end up successful? How did you overcome that fear?
5KQ4 - Can you name a time where something in your business went perfectly and what did you do to make that a reality?
5KQ5 - What have you been focusing on lately to improve yourself or your business?