In episode #126 of the Better Than Success Podcast host Nicole Purvy interviews Kerry Faix.
After meeting Kerry at an event, Nicole invited her to be a speaker at the annual Women in Real Estate Summit. Kerry Faix starts off this episode sharing her passion to empower women and young adults which is why she was open to being apart of the huge event. Kerry then explains how she got started and got to where is she now. Kerry started a real estate investment fund 6 years ago that is well known called Stone Bay Holdings. At Stone Bay Holdings, they invest in distressed real estate all over the country and raise money from accredited investors. (What is an accredited investor? -Someone who annually make over $200,000 a year and expect to make that next year, and/or has 1 mm in net assets) “How did you get to be doing this?” Nicole asks. Kerry then goes to share her story. She shares that she has been in real estate for years prior and has a business partner as well. Both her and her business partner did not start off ‘newbies’. They began in the Temple University (North Philadelphia area) by buying shells, digging out the basement to create another floor and renting all floors to the students in the area. During the time when they started to invest in that area, it was an economic downturn which meant they had to go to private lenders for their real estate deals (because during that time banks were not going to fund investments). So what Kerry and her business partner began to do was borrow money from one lender, put them in the first position, develop the property, put tenants in the property, get a mortgage on the property, pay the lender back and the bank holds the property. Kerry was able to get up to, at least, 50 properties near Temple U doing this same strategy/formula.
“Raising money is all about building great relationships” says Kerry. Being able to create a win/win solution for both parties will being a plus for raising money. “As long as people feel comfortable with you, then they want to hear about investment opportunities”.
“Too many times we hit a roadblock and do nothing, people that do nothing… that's where you are going to stay”
After meeting Kerry at an event, Nicole asked her to speak at WIRE.
Kerry was opened without a doubt because of her passion.
Unlike private lending, Kerry explains how she raises money from accredited investors only. By explaining the investments, telling the investors the plan, showing them the paperwork, showing them the plan is how you raise money. Being able to do this over and over Kerry turned one investor into 2, then 3, then 4… and the list goes on.
Kerry explains the reasons for only investing with accredited investor and the reason why is because some or most investment opportunities take years maybe 5 to 7 year hold on your capital. She then explains how anyone (accredited or not) can surround yourself with those accredited investors and that is by believing in yourself and putting yourself in uncomfortable situations to make yourself as well as your real estate business bigger and better.
“Go to a fancy restaurant, go to the bar if you can't afford a fancy dinner… there are ways to put yourself around people with money” - Kerry Faix
Facebook, Twitter and Instagram: Kerry Faix
This episode is sponsored by BTS Funding , for more information to get funding visit the site.