February 16, 2022
Joe Fairless

JF2724: Light Industrial: How to Find Deals, Source Tenants, and Create Cash Flow ft. Kim Hopkins


 

What are the benefits of investing in the light industrial sector? In this episode, Kim Hopkins—Principal at Iron Peaks Properties LLC—shares the ins-and-outs of this asset, including how she sources and underwrites these deals, finds good tenants, selects good property managers, and more!

Kim Hopkins | Real Estate Background

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TRANSCRIPTION

Ash Patel: Hello Best Ever listeners. Welcome to The Best Real Estate Investing Advice Ever Show. I’m Ash Patel and I’m with today’s guest, Kim Hopkins. Kim is joining us from Flagstaff Arizona. She is a principal at Iron Peak Properties, and her portfolio consists of over 300,000 square feet of multi-tenant light industrial in multiple states. Kim is also an LP, multifamily syndication investor. Kim, thank you for joining us and how are you?

Kim Hopkins: I’m good. How are you doing, Ash?

Ash Patel: Wonderful. Kim, before we get started, can you tell the Best Ever listeners a little bit more about your background and what you’re focused on now?

Kim Hopkins: Sure. My background is – not to go too far back, but we weren’t really interested in any other business products early on. Fashion ate my passion, as I like to say, but I always knew I wanted to build a business. I actually got a PhD in mathematics at the beginning. I’m very embarrassed to say that, by the way, because I know that Robert Kiyosaki would make fun of me, and he’s one of my idols. So I’m a recovering academic many, many years ago. We left Academia, me and my husband, soon after graduating, and we went into the real business world. I was actually in tax credits. I got a job as a project manager in tax credits, and ended up building the business, running half the company, and then getting into sales.

In 2014, I read Rich Dad Poor Dad, and decided that I didn’t want to have a job anymore. I wanted passive income and I wanted to build my own business, so we developed to five-year plan in 2014, that alternated buying properties and having kids. Two kids and four properties later, we retired from our day jobs, at the end of 2018, on time and under budget. That’s where we are today. We own multi-tenant light industrial, a little over 340,000 square feet, as you mentioned. We own it in Oregon, Washington, Utah, and Texas.

Ash Patel: Amazing. Kim, why multi-tenant light industrial?

Kim Hopkins: That’s a great question. Multi-tenant – that’s all the advantages of an apartment multifamily investment. If you have a single-tenant property and you use leverage, in other words, a loan, which we do, if you have a single-tenant property and that tenant vacates, now you’re underwater on your mortgage. So multi-tenant affords us the risk diversification of multiple tenants. Sometimes, if one of our tenants leave, we might not even know, because they’re backfilled a month later. It’s faster to fill the smaller tenants, and it’s less of a risk to your mortgage. And then the reason for the multi-tenant industrial is because we don’t get phone calls in the middle of the night to fix the toilet, which we like. Our tenants are businesses, and they’re very self-sufficient businesses, so they’ll often fix things by themselves. Unlike office and retail, there’s very little tenant improvement. So I don’t need to do a lot of improvement to the space, I don’t get a lot of phone calls on the space, and it’s a very versatile space. We have CrossFit tenants, we have painters, contractors, all different types of businesses… So it’s pretty good for recessions and things like unexpected pandemics.

Ash Patel: Kim, when you say multi-tenant light industrial, is that also flex space?

Kim Hopkins: That can be considered flex space as well, yeah. We look for properties with very small office build-out, only about 20% of the space, and some of our spaces have a little more office. So yes, that could be considered flex.

Ash Patel: The typical ceiling height in your properties would be..?

Kim Hopkins: About 12 to 14-foot clear height, some of them are as high as 18.

Ash Patel: Okay. And these are ideal for tenants, like you mentioned. I’ve seen churches in some of them, people that tint car windows…

Kim Hopkins: Yes. We have all that.

Ash Patel: It’s such a versatile space. One of the things I love about that is we’ve literally given people what looks like a dirty garage, and the next time you see it, it’s an incredible space that they transformed on their own dime. You probably had a lot of experience with that.

Kim Hopkins: Yes, that’s very true. Some of the tenants just keep it very simple, and there’s very minimal build-out. But then we have larger tenants, like 10,000 square foot tenants, and they will do the build-out themselves, which we love, because we are not developers. We took a course in development and realized we would lose our shirts, so we don’t do development. Then we’ll give them some sort of rent abatement or amortization of the TI over the life of the lease. But we love when the tenants improve the space for us, which is another benefit.

Ash Patel: Do you typically have to give them a tenant improvement allowance? Or do they just do it on their own?

Kim Hopkins: It really varies. We tend to encourage them to do it on their own.

Ash Patel: So you don’t have to pay for it.

Kim Hopkins: So we don’t have to pay for it, and we’ll just give you free rent, we’ll just call that a day. Now we have a beautiful space that’s improved for the next tenant and we didn’t have to pay for it so that’s our preference. But we’re flexible too, we sometimes pay for it as well.

Ash Patel: Kim, I’m going to guess you didn’t set out to get into this space, that it happened by accident.

Kim Hopkins: Yes, it did happen by accident. We kind of knew we didn’t want to do multifamily, because it’s so competitive and now the cap rates are so compressed. We wanted something similar to that product type, and we knew a real estate agent in Vancouver, Washington where we started. He had a property like this available in 2014 when we started. At first, we said “Absolutely not. There are way too many tenants. We don’t want to babysit.” He slowly talked us into it. We kind of lucked out with the timing; the owner was older, in his 70s, he was getting overwhelmed with the number of tenants, and also, he was still recovering from 2008. So a lot of the leases – there were some vacancies, almost 30%. We got it in contract with this high vacancy, but we really pushed the property manager and told him we would use him when we closed. He actually filled most of the spaces by the time we closed. It was a really good way to start off our investing career.

Ash Patel: And you got hooked on this asset class.

Kim Hopkins: I got very hooked on this asset class. Yes.

Ash Patel: Are a lot of your rents triple net, or are they gross leases?

Kim Hopkins: That’s a great question. Sometimes the bigger tenants… We have a couple of single-tenant properties that are 10,000 square feet, and those are triple net; they understand the concept of the triple net and it’s very simple. For the multi-tenant industrial, we actually find that gross leases are much better for those kinds of tenants, because number one, it’s easier for everyone to understand. No matter how many times you explained triple net to a tenant, at the end of the year if you ask them to pay an extra amount in expenses because you have an overage, they’re always upset, and probably rarely grateful if you pay them 200 bucks instead.

We actually bought, in 2019, a multi-tenant property from a very large syndicator, one of the largest syndicators in Australia. One of his selling points was he had converted all of the tenants to triple net. When we talked to the tenants on-site, guess what their number one complaint was?

Ash Patel: The variable costs.

Kim Hopkins: Yes, they were very upset by that. So we promised them we’d do the exact opposite and we converted them all back to gross. Now everyone’s happy and everyone’s lives are simpler.

Ash Patel: Yeah. Just so the Best Ever listeners know, triple net typically would have the tenants paying for taxes, maintenance, insurance, things like parking lot resealing, exterior maintenance, or roof replacements – they would all share in that cost. When you have mom-and-pop tenants, they can’t really absorb a variable cost; they budget, “My rent is $1,500 a month”, and if they get hit with a $1,000 bill, that’s really hard on them.

Kim Hopkins: Yeah. Just to add to that a little bit, you can add certain items back in as variable costs, sometimes called modified gross. For example, in Texas, they have very high property taxes, which you can fight, by the way. They have very high property tax reassessments; we sometimes have a modified gross lease that says you don’t owe anything ,extra unless the property tax shoots up, in which case, we might pass your pro-rata share on to you.

Ash Patel: And you don’t have any of these properties in Arizona, do you?

Kim Hopkins: That’s a funny story. We actually tried to find a property in Phoenix, Arizona last year and we were in contract. But that clear height you asked about earlier was misstated. They told us it was a 14-foot clear, and we went and interviewed the top leasing broker in town, which is what we always do for our properties, and he said, “That’s my least favorite property in this market.” We said, “Why?” He said, “The clear height. It’s only 12 feet.” We said “No, it’s not. It’s 14.” We went back, measured, and he was right. So we had to pull out of that property, along with other issues with what was stated in the offering memorandum.

But the other issue too is we’re really numbers-driven investors; we’re very, very careful about the numbers and the underwriting. I made a mistake with Phoenix. I was so interested in getting into the Phoenix market that I let my standards lower for cash-on-cash returns. It was just [unintelligible [00:12:21].09] of a margin, so we bought a property in Dallas instead. It made almost 3% more in cash on cash than the property we’re looking at in Phoenix.

Ash Patel: A PhD in mathematics, I would assume you’re very numbers-oriented.

Kim Hopkins: Hey, you’ve got to use your strengths.

Ash Patel: Kim, what is clear height and why is that so important?

Kim Hopkins: Clear height is just the height from the ground to the shortest point of the top of the warehouse. It’s very important, because a lot of these people are distributors, and they have to fit their racks, their lifts, and everything into the warehouse. If it’s too short, you’re going to limit the number of users. As I mentioned earlier, one of our favorite things about these properties is their versatility. That property was really pigeonholing itself to more of an office user, and we try to [unintelligible [00:13:08].22]

Ash Patel: Yeah. There are certain milestones with clear height; like, in a 14-foot, you can get an additional racking there and the forklift can get higher. So that 12 to 14-foot difference may not seem like a lot, but it’s huge in terms of the potential tenants you can attract.

Kim Hopkins: Yes. As you know, when you underwrite a deal, there are always going to be errors and things that you discover along the way. In the Phoenix property, the underwriting was in their favor, so the margins got even slimmer. Whereas in the Dallas property we underwrote, the margins actually ended up being in our favor, so that’s the direction we want to go.

Ash Patel: Kim, how do you find tenants for properties like this?

Kim Hopkins: We really believe in local property management. We’ve lived in Los Angeles for 10 years, we moved at the end of 2020 to Arizona. My investing motto was always ABC, Anything But California. We’ve always had properties out of state, and we’ve, since the beginning, believed in local property management. Our very first property manager for that Vancouver property was an older gentleman, and he basically told us “Look, I know how to run this. I think of this as my property.” At first, we were kind of offended and thought, “Oh, he doesn’t respect us.” But then we realized that that’s exactly what we want, property managers and leasing agents who think of it as their property and treat it as their own. So we really rely on local leasing agents to help us fill the properties, and they advertise through their websites, CoStar, LoopNet, sometimes Craigslist, the usual channels.

Ash Patel: Is it hard to find property managers experienced in flex space or light industrial?

Kim Hopkins: It is, it’s pretty challenging. It’s a unique space, and there are a lot of big companies in the market that will charge a large fee, and they have these young guys on the job… Nothing wrong with the young guys on the job, but they don’t quite get the relationship aspect. We’re looking for guys who are more seasoned. When you go around the property and talk to them, everyone knows that guy’s name and sometimes thinks they own it. In the Texas property we bought last year, we hired the property manager that was already working on the space as the property manager, and everyone knew him. It was just an obvious choice.

Ash Patel: Kim, if you are in due diligence, is finding a property manager part of that process? If you don’t find a qualified PM, would you still close on that property?

Kim Hopkins: That’s a great question, we have a pretty detailed underwriting process that we go through. One of the main steps we go through in the due diligence process is to identify a property manager. That was learned through trial and error of not doing that during the due diligence phase. We will interview several property managers and then we will even put a contract in place with the property manager prior to the end of due diligence, that says it will be effective upon closing. That way, when you’re negotiating, you want to negotiate your rate with them prior to closing. Because after closing, everyone knows that now you are in need of a property manager. That’s how we handle that situation.

Ash Patel: Would you still close if there’s no PM?

Kim Hopkins: No. We would not close if we cannot find a good property manager.

Ash Patel: Okay, that’s critical. You wouldn’t try to self-manage for some period of time?

Kim Hopkins: I don’t think so, because we’re very detailed in our search for a property manager. If we can’t find one during the due diligence process, I do not think one will appear afterward; I haven’t encountered that yet, so I’ll have to let you know.

Ash Patel: Kim, what would you tell people that are searching for multifamily or different asset classes and always bypass when they see a building like this?

Kim Hopkins: I might not necessarily criticize them for that. I really do believe in focusing on one area and focusing on your area of expertise. I’ve learned the hard way that when you don’t do that, you sometimes get into trouble. I would encourage people to pick an asset class and master it. But I would say that if they’re getting into it and looking for a new asset class, for the reasons of risk diversification and easier tenants, that it’s a really good asset class to consider, and it’s very competitive to find right now though.

Ash Patel: I want to go back to finding tenants, because the tenants for this type of space vary. It could be somebody that has a painting company that they’re running out of their garage, or somebody that has an electric company that they’re running at a different storefront. How do you solicit this huge variety of tenants?

Kim Hopkins: I think the space speaks for itself, but one thing we do in our space selection is very important. We have a list of criteria; one of them is that no more than 20% of the space is built out, so no more than 20% office. Because we find that if you have more office than that, it really narrows your tenant pool. You want only 20% of office and then a tenant can add and subtract as they want, but it’s a much more versatile option. We only do single-level properties, no two-story, which also opens it up. We’re careful about the clear height, that’s another thing. And the other thing is we look for properties that are on busy roads and have a lot of good street frontage. I always say to face the street the hamburger way, instead of the hotdog way, so that there’s lots of signage and so you get that retail crossover. If you have an industrial building that’s in the middle of nowhere, which happens a lot – there are a lot of Texas properties that are really far out from town – you’re going to really limit your tenant base.

So we look for places that have that retail crossover, so it can be a CrossFit, it can be a driving school, it’s close to a variety of commercial retail properties, so that sometimes we get storage for big retail businesses. The last thing is we look for properties where no more than 30% of the space is occupied by a single tenant, so that we have these small units that turn over quickly. Just as an aside, I learned a rule of thumb that it takes about a month per square foot of space to lease. A 1,000 square foot unit takes me about a month to lease, whereas a 10,000 square foot unit can take 10 months to a year.

Ash Patel: Kim, some of your tenants will have customers coming into their shop, others will just have vans where employees show up, leave in the morning, and come back at night. What are your parking requirements for customer parking on these properties?

Kim Hopkins: That’s a very good question, too. We do look for ample parking, at least a three to one ratio, 3000 to accommodate that, because we do want that retail crossover; so we look for enough parking for that retail purpose.

Break: [00:19:58][00:22:07]

Ash Patel: Have you built any of these buildings or do you just acquire existing properties?

Kim Hopkins: We’ve just acquired them. We found that it’s not cost-effective even to build them right now, and it certainly wouldn’t be cost-effective for us. The people who are building these properties are building them themselves, they are the GC on the property. Otherwise, they’re just too expensive to build and to build out.

Ash Patel: Why is that? It seems like block walls, metal roofs… Why is that expensive to build?

Kim Hopkins: I think it’s the build-out into the multi-factor. I think if you’re building a single-tenant property, then it probably makes sense right now. But for the multi-tenant, you need the plumbing equipped, so that every tenant has a bathroom, and every tenant has an office. In fact, I was looking at a property way out in the middle of nowhere in Texas the other day that someone had just built. It looked like he might have run out of money, because it was one of these properties he said there was one problem, the units didn’t have bathrooms. He had built one standalone bathroom in the middle of the parking lot. I have a feeling that it’s the plumbing and the offices that add to the build-out and makes it not cost-effective.

Ash Patel: How about sprinklers and floor drains?

Kim Hopkins: Yeah, we look for properties that have sprinklers, but it’s not necessarily a requirement.

Ash Patel: And then drains in the floor.

Kim Hopkins: Yes, they have those as well.

Ash Patel: Is that a requirement for you?

Kim Hopkins: No.

Ash Patel: Alright, so we talked about all the positives about flex space or light industrial. What are some of the negatives?

Kim Hopkins: Let’s see. It is a high-maintenance asset. So it is true that if you have a single tenant triple net lease, it is very low maintenance. The tenants will fix everything themselves, they sometimes actually pay the triple, they actually pay the property tax on some of our properties themselves, so it’s a low-maintenance asset. We have a lot of tenants, we have a lot of financials, we have a lot of leasing turnover, so it is a high maintenance product. That’s why we’re constantly improving our systems, to try to operate it as efficiently as possible. That’s one downside.

The other downside is it’s actually a very high-demand product right now, so they are extremely hard to find. They’re hard to find and they’re very overpriced. Back to my phoenix example, one of the problems in Phoenix right now is one of the biggest real estate offices in Phoenix has set up a partnership with their sister office in southern California, whose sole purpose is to take California investor money and invest it in properties in Phoenix. It’s a running joke now that you see a property for sale and you say to the broker, “Hey, is this a California price?” They’re like “Yup.” The prices have inflated so much because of that demand. So that the other problem, is they’re very hard to find.

Ash Patel: How do you find them?

Kim Hopkins: Well, we started out with a relationship with someone we knew, and then we found a couple of them just on LoopNet, actually. This last property, we finally did what I’ve wanted to do for years… It was a pocket listing, I guess, from one of our current property managers; he brought us the property and he said, “I think it’s going to go on the market. I’m the one listing it.” We said, “What do we have to do to keep this off of the market?” We dropped everything we were doing, put together an offer right away, and got it taken off the market. A few different ways.

Ash Patel: What else do you do to find properties?

Kim Hopkins: Honestly, I’ve tried before to do direct-to-owner. It was just too much of a task for me because it’s just too difficult to identify properties, to begin with. The data online is just not accurate enough. We have a list of brokers we call upon, and we use LoopNet, and then our relationships with our existing property managers, that’s basically it.

Ash Patel: I would start looking at residential listings that list flex space buildings like this. A lot of residential websites will have a search function for commercial properties. Is there minimum square footage that you would have to buy?

Kim Hopkins: We’ll start at about 30,000 square feet.

Ash Patel: Okay, so that might be a bit large. I’ve seen a lot of these 10,000 to 15,000 square foot properties listed by residential realtors.

Kim Hopkins: I will look into that.

Ash Patel: And they don’t list them on LoopNet or Crexi.

Kim Hopkins: That is a very good idea, I will definitely look into that. That’s kind of [unintelligible [00:26:30], one of the things I look for, is problems that go away with the seller. One of those problems could be the agent. If a residential listing agent is listing an industrial property, that’s a perfect example of that, problems that will go away with the seller.

Ash Patel: Yeah, we’ve bought a few, and some of my best commercial deals have been listed by residential realtors. When I say commercial, I mean nonresidential commercial; so like retail, strip centers, office.

Kim Hopkins: That’s very interesting, I will definitely try that.

Ash Patel: It’s a great way to find deals. What happens if you can’t find more deals? How are you going to pivot?

Kim Hopkins: Well, not to answer your question with a question, but what’s on my mind right now is kind of what is our next five-year goal? Do we want more deals? How many? The five-year goal we had in 2014, of financial freedom, was very clear and very motivational. Now that we’ve achieved it, my next question is what do we do next? How many more properties do we want next? I feel like, first, I have to answer that question. Then once I’m hungry and I know what I’m shooting for, then I’m going to go about trying to find new deals.

Ash Patel: Do you take on investors for your deals?

Kim Hopkins: We have taken on some investors and its mostly friends and family. To be honest with you, investors versus no investors, I think that if you run out of cash, investors are an obvious way to go. Your cash-on-cash is certainly higher with investors, but you also have a lot of freedom from just doing the deals yourself. What are your thoughts on that?

Ash Patel: Exactly the same as yours. I never really wanted to take on investors, but I have taken on investors for two reasons. One, people that have let me invest in their deals, I’ve brought them into some of my deals. Then others – I’ve got a lot of high-net-worth friends that just make horrible investment decisions. They invest in bars, restaurants, marijuana companies, and anything that’s sexy and gives them bragging rights, but they don’t make any money. So I’ve encouraged them to invest in some of my deals, to show them that there are some tax benefits to real estate. You actually grow your money and not wait for “Oh, we’re going to sell this in 10 years, and we’ll make millions of dollars.” Or a bar or restaurant, that’s going to fluctuate or get impacted by COVID. But I think in the long run, to scale, you have to come up with a solution. Investor capital is great, but as you said, if there’s a need there, if you’re out of capital, and if you have good deals, it’s an option. But yeah, I’m kind of mixed on it.

Kim Hopkins: The other thing too is we like to hold our properties forever. That’s another issue that we think about as well.

Ash Patel: Why is that? If you purchase a property that’s 50% vacant and you fill it, you’ve now added a tremendous amount of value to it. Why not sell it?

Kim Hopkins: Well, because that’s not how we operate. We are cashflow, long-term investors. If you lease it up, now you have that recurring cash flow forever. There is an example of a deal we actually lost money on, that we did end up selling. But if the property is working well, you can always refinance to recoup some of that. But we’re looking for properties that will cash flow continuously for the long term.

Ash Patel: And do you typically do a cash-out refi if you empower the value of the property?

Kim Hopkins: Yeah, we did refi a couple of properties last year, because the interest rates were so good, but we actually didn’t take much cash out. Again, we chose to focus on optimizing our cash flow, so we just reduced our liability and increased our cash flow by quite a bit each year on those properties. We chose that option instead of pulling our cash out, because it sounds really sexy to pull your cash out of the deal, and it might work; it does work for a lot of investors. But for us, that just increases our mortgage responsibility, and that decreases our cash flow. So from a risk perspective, if there is a recession, we don’t want this super high mortgage payment; we would rather have this increased cash flow as a risk reduction strategy.

Ash Patel: Kim, how do lenders feel about this type of asset?

Kim Hopkins: It depends on the lender, but some lenders don’t quite get it. So we have taken this asset before to some lenders who specialize in multifamily, and we’ve explained to them that this is just like multifamily, but instead of Joe Schmoe renting it personally, we have an LLC here, we have a business. We actually like the one-year leases, because it’s good for us, it’s less of a real estate commission, they turn quickly, and the lender will turn to us and say “You have one-year leases [unintelligible [00:31:25].12] even worse than one-year leases, when we’re buying a property, if we see a lot of month-to-month leases, that’s great. There will be month-to-month tenants whose leases expired 10 years ago and they’re still in the space. That’s a very secure tenant to us, and we’re going to go in and turn them into a year-long lease. But the lender does not see it that way, so it definitely has been a struggle trying to find lenders that understand. We started out with local credit unions who could develop a relationship with us and understood it and got it. Now we kind of transitioned to the life insurance lending space, and that’s been really fantastic. Because we long-term hold, we’re able to get 15-year money, which is incredible on commercial assets like this. Usually, it’s around seven years.

Ash Patel: When you say 15 years, is that 15 years locked on the interest rate?

Kim Hopkins: 15-year term and 15-year locked, with a 25 to 30-year amortization.

Ash Patel: Okay, got it. What percentage do you put down?

Kim Hopkins: We started out putting down 25%, and now we’re a little bit closer to 30, just the way the market is going.

Ash Patel: I would find local lenders – not credit unions, local lenders near each property, and see if they’ll finance it. I would try to get 20% down.

Kim Hopkins: Well, we’ve tried that. We’ve tried it on this last Texas deal. It just depends. Their terms were not nearly as good as the life insurance company. The life insurance company had lower rates and a longer-term. The longest term we can find with local guys was seven years and that was a stretch for them. I think it depends on the market and just the one we were working with.

Ash Patel: Got it. Kim, what is your best real estate investing advice ever?

Kim Hopkins: The best real estate investing advice ever? I would say to you start with the big picture and really know what you’re aiming for. I hear a lot of people talking about, oh, they’re going to buy, and the money they’re going to make… But I want to know their big picture. What’s your goal? Is it to quit your job? Is it financial freedom for you? Do you want to spend more time with your family? What is your big picture outside of real estate? When I was working in my job and I was really tired of it, what kept me going in sales was knowing that my big picture was financial freedom. So I would start with that. Before you climb the ladder, make sure it’s leaning against the right building.

Ash Patel: Kim, are you ready for the Best Ever lightning round?

Kim Hopkins: I think so.

Ash Patel: Alright. Kim, what’s the Best Ever book you’ve recently read?

Kim Hopkins: I actually have two. The first one is The 12 Week Year by Brian Moran and Michael Lennington. That was a really interesting book. Basically, the point of that book is at the beginning I always plan out my goal for the year, my various goals for real estate. The premise of this book was “Hey, instead of planning that for a year, plan it for 12 weeks, instead of 12 months. Stay on top of it every single week, to make sure to achieve those 12-week goals.” I know it sounds really simple, but that’s been really helpful for me. I basically condensed my goals for the year into 12 weeks, so I’ve been a little busy since January.

The second book really ties with the first, it’s a book called Who, Not How by Dan Sullivan. That’s been really important to me, because if you’re trying a year’s worth of goals in 12 weeks, you better figure out how to delegate. That’s something I’ve really struggled with in my career, learning how to delegate and outsource. That book has been very helpful to me as well.

Ash Patel: Kim, what’s the Best Ever way you like to give back?

Kim Hopkins: The Best Ever way I like to give back is I love helping people get into real estate. Like I said earlier, we’re a big picture, but also an analytical team. We really like to help people start with that big picture or their purpose, and then we like to help them drive from the numbers. I find, a lot of times, like you said, your friends, you want them to invest in real estate, but that restaurant is something sexy… And I would just start with the numbers and say “Okay, here’s where you want to go. Here are the numbers you need to get to hit this. Here’s the size deal do you need to do and here’s the return on that deal, and really work on the numbers.” I’m interested in discussing real estate at every level, with every kind of person, whether they know a lot more than or they’re just starting out. I think helping someone find their path to financial freedom is the best way to give back.

Ash Patel: Kim, how can the Best Ever listeners reach out to you?

Kim Hopkins: They can reach out to us, our website is ironpeakdproperties.com They can send emails to me at info@ironpeakproperties.com.

Ash Patel:  Kim, thank you so much for your time today and for sharing your story. Have a PhD in mathematics and in 2014, coming up with a five-year plan, hitting it early, sharing this incredible asset class with us, and a lot of tips and tricks. Thank you again.

Kim Hopkins: Thank you so much, Ash. I really appreciate you having me on the show.

Ash Patel: Best Ever listeners, thank you so much for joining us. If you enjoyed this episode, please leave us a five-star review, share the podcast with someone who you think can benefit from it. Please also follow, subscribe, and have a Best Ever day.

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The information, statements, comments, views, and opinions expressed or provided in this website (including by speakers who are not officers, employees, or agents of Joe Fairless or Joesta PF LLC) are not necessarily those of Joe Fairless or Joesta PF LLC, and may not be current. Neither Joe Fairless nor Joesta PF LLC make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this website, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. Neither Joe Fairless nor Joesta PF LLC undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views or opinions set forth in this podcast.

No part of this podcast may, without Joesta PF LLC’s prior written consent, be reproduced, redistributed, published, copied or duplicated in any form, by any means.

Joe Fairless serves as director of investor relations with Ashcroft Capital, a real estate investment firm. Ashcroft Capital is not affiliated with Joesta PF LLC or this website, and is not responsible for any of the content herein.

Oral Disclaimer

The views and opinions expressed in this podcast are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action. For more information, go to www.bestevershow.com.

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