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The Real Estate UNLOCKED Podcast
REALEST Real Estate Podcast on the Planet!
The Real Estate UNLOCKED Podcast
The Power of Partnerships In Real Estate | Episode 17
The Power of Partnerships In Real Estate
Are you ready to unlock the secret to thriving in real estate without going solo? In this episode, we dive deep into how building strong partnerships can create endless opportunities for your real estate business. You don’t have to find every deal or cold-call every lead—your community and connections can do the heavy lifting!
Join me, Joseph Marohn, and my special guest Aletia Tomkins as we share the full-circle moment of how she brought me into the Subto community, and now we’re closing deals together. We’ll explore how the right partners can be the missing link to your success, bringing skills and resources you may lack. From quick decision-making to leveraging each other’s strengths, partnerships are key to thriving in the competitive real estate world.
Don’t miss this episode if you’re looking to take your real estate game to the next level by tapping into the power of relationships!
💥 Key Takeaways:
- Why real estate is a relationship-based business
- How building partnerships opens doors to new deals
- The importance of community in scaling your real estate portfolio
- How quick decisions with the right partners lead to success
🎧 Tune in and let’s unlock your next big opportunity through partnerships!
📲 Follow me on social media for more real estate insights:
Facebook: @JosephMarohn
LinkedIn: @JosephMarohn
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#RealEstate #Partnerships #Subto #Investing #RealEstateSuccess #Opportunities #BusinessGrowth #Networking #Deals #JosephMarohn #AletiaTomkins #UnlockingSuccess
What up everyone and welcome back to the Real Estate UNLOCKED podcast. I am your host, Joseph Marohn, and today we're going to be diving into something that can truly transform your real estate business. I'm talking a whole new way to create new investment opportunities, one of the best ways to scale and build long term credibility in real estate. Today we're going to show you how to create opportunities through the power of partnerships. Power of partnerships Partnerships in real estate is all about leveraging the strengths and resources of others to create new opportunities. By collaborating and working together, not only can you access more deals and funding, but also skills you might not have on your own. Real estate is a relationship-based business where building a strong community could be the key to your success. The right partner can fill in the gaps in your business, bringing complementary skills or resources or helping you achieve more than you could on your own. It's not just about deals. It's about the people, community and the power of collaboration. Now, if you're ready to start building stronger connections in your real estate business, then stay tuned, because we're going to show you exactly how to start building powerful relationships and unlocking new opportunities today. Now you know how we do it.
Joseph Marohn:On the Real Estate Unlocked podcast. If we're going to do it, we got to do it right. We can't just bring on anyone to speak about business partners in real estate. We got to bring on my business partner in real estate Today. Our special guest on the podcast is Ms Aletia Tomkins.
Joseph Marohn:Aletia, originally from upstate New York, now lives in Arizona with her husband, aaron, and three sons. Her diverse background includes serving in the Army Reserves as a medic, owning a house cleaning company and working as a teacher's assistant specializing in special education at local charter schools. She has always been passionate about serving the community, whether it was in church, leading the kids and children ministry or helping with community events. Journey into real estate began just five years ago after meeting local investors, leading her to work directly with Pace Morby's team in various key roles, most notably the director of enrollment. With a strong drive for business and leadership, she and her husband have ventured into real estate investing, focusing on building a diverse portfolio with buy and hold properties across short, mid and long-term rentals. Aletia joins us today to share her insights on the power of partnerships and how building strong relationships can lead to lasting success in real estate. So, without further ado, I've been talking long enough, everyone, if you will, please allow me to formally introduce to you Aletia Tomkins. Aletia, what up? How are we doing today?
Aletia Tomkins:I am wonderful, joseph. You made me sound better than I feel like I am. Thank you, I appreciate you. See, this is the power of the right partnerships.
Joseph Marohn:Absolutely no. You definitely deserve your flowers. You've been crushing it. You've definitely been an asset into my journey, so thank you so much for your help here, Aletia.
Aletia Tomkins:Thanks for having me. I appreciate you, friend.
Joseph Marohn:Yeah, and I am so pumped that we finally get to make this episode. So, Aletia, welcome to the Real Estate Unlocked podcast, a place where we are constantly bringing value to newer real estate investors and entrepreneurs by bringing on guests who are extremely knowledgeable, such as yourself, to cover not only real estate but business and financial topics on a very basic level. Now, Aletia, I know firsthand that your schedule is extremely hectic, so I appreciate you for coming to kick it with us today to discuss the power of building connections and partnerships and why everyone in this business should be doing the same. So thank you.
Aletia Tomkins:Absolutely my pleasure. Thank you again, Joseph, for all that you do for community to serve locally, the community sub to at abroad, and just everything that you've done, I would just I we. We need more people like you in our community, so we appreciate you.
Joseph Marohn:I appreciate that. Now, not only are we going to share the opportunities you can create through partnerships today, but Aletia and I are going to talk about a deal we just did in San Antonio, texas, where we purchased a property with an interest rate of hear this 2.99% in a market where current rates are a lot closer to 7%. And we did it without getting a bank loan, running a single credit check or pulling any of our own credentials. Aletia, how is that possible? How can we purchase a cashflow and property that has that low of an interest rate when even homestead buyers are currently struggling to qualify for a home right now?
Aletia Tomkins:I mean, well, we just said it right now to. We're going to talk a lot about relationships and power of community and power partnerships, but we did it because we literally use that. We use the power of our community, of our relationships, right. I mean, being able to do creative financing and sub two and seller finance and all these beautiful things makes it so that you can literally do deals anywhere, anytime, any place, any market, you know, with poor credit, even if you don't have money. So it was just awesome. I mean, you really brought this deal to me and it was like, yeah, let's do this, let's jump on this. I mean, it was just one of the best opportunities. So, yeah, it's possible.
Joseph Marohn:Yeah, absolutely. I think a lot of people are struggling right now because of these higher interest rates, right? So being able to understand and knowing how to pivot in a time like this where you can purchase properties, like you just mentioned, subject to seller finance, getting creative with your financing is definitely going to make or break the deal. Right, because if I purchase a property at 7%, chances of me cash flowing on that is going to be very slim. So being the fact that we're able to purchase a property at 2.99% is amazing. So you know, yeah, absolutely. Well, what makes this deal more interesting is it's a full circle moment and I want to share the backstory on how we got here today. Aletia, could you share how we first connected when I first joined Sub2 and what stood out to you during that initial phone call?
Aletia Tomkins:joined sub two and what stood out to you during that initial phone call, yeah, I think your drive and tenacity it's great because my calendar was a little bit backed up that day and you anxiously and patiently waited for me to get back to you shows a lot right. And I think just hearing your goals, hearing where you are in you know your W2 role and how busy you are I mean, you're a dad, you have kids, right, this isn't the only thing you're doing, and but the drive of you seeing what Pace has done, being when you're outside of the community, and seeing the possibilities and the opportunities right, we're all looking for an opportunity and you saw that. And the opportunities right, we're all looking for an opportunity and you saw that. And one thing also about you that really stood out was your willingness to take action and make precise decisions quickly.
Aletia Tomkins:Our conversation you went and told yourself, through our discovery and through our development of the conversation, right Seeing if you were the right fit for the community, if this was the right season for you. You shared so many reasons why now is the time and why you believe you could do it, versus maybe, the challenges at hand, and so that's one thing that I always look for, when you know, when I'm talking to an investor to be is okay. What's your goal? How can we help you and how are you going to make this work? Because we all have a decision to make Every day we wake up. We make how many decisions in a day, right, and being able to make the right decisions and Pace talks about that action takers. And this goes back to I mean not to jump ahead the action taking in this deal, which I'm sure we'll chat about a little bit later too.
Joseph Marohn:Yeah, no, and I definitely appreciate that, because you know I'm not going to lie, I was pretty hesitant at first. You know, I kind of had my mind set up like, hey, I want to be a part of Pace Morby's sub two community, you know, and I was just like I wasn't sure, because I even told Pace this himself, like I thought he was a scam artist, you know, and a lot of people do, right so. But the fact is, you know, joining a community was the greatest thing that I ever did, was the best investment ever made, because being around a lot of like minded people and just having direct access and connections to these people, I love it. I love everything about community. I love what Pace is doing. I love how that you guys are basically vetting people into the community. You're not just letting anybody in, right? So you know, I strongly appreciate that. And it's amazing because, you know, Aletia was the gatekeeper who brought me into Sub2. And now, a year later, we're closing on a Sub2 deal together.
Aletia Tomkins:Yeah, it is a beautiful thing and I think too, sometimes when we look, we look at business, business a lot of times, any business that you own or operate, or if you're going into business, you always look at your competitors, right.
Aletia Tomkins:Who am I up against? How can I set myself apart? Now, in real estate, do we want to set ourselves apart and have a niche and have a goal and have certain types of clients that we're going to service, or sellers, absolutely. But when you are part of a community where we operate in collaboration first, that is where, oh, this has got to be, it's too good to be true. Like what do you mean? It's like no, no, no, cause we can do more together. Right, and we, we do this together. We can do a lot more when we collaborate, instead of saying Joe, joseph's my competition, no, no, no. Joseph is whom I can collaborate with.
Joseph Marohn:Yes, that's the mindset. Yeah, and a lot of people have that competitive nature, and it's great to have competitive nature, but working together, it just really allows you to scale your business a lot higher. Instead of us being a competition in the same market, why don't we just collab, work together and figure out how we could scale at a higher level, right? So I'm all about community. As you see, I got my community hat right here. I strongly believe in community, so you know great, great stuff there. Now, Aletia, are you driving around for dollars, cold calling sellers or running any text campaigns?
Aletia Tomkins:I actually am not, and there used to be a very short season where I felt bad that I wasn't doing all of the things, but then when I realized, oh wait, I don't have to do all of the things because there's many in our community that are fit to do those, right, yeah, I'm actually. I'm not.
Joseph Marohn:I just wanted to highlight that real quick, because it shows you guys that you don't have to be the one getting on the phone, cold calling sellers, pulling lists, skip tracing data or even out there door knocking right, because, let's be real, not everyone is cut out for that. People watch YouTube videos or they listen to these podcasts and they think the only way they can invest or get into real estate is by doing those things, and those are important skills. I don't want to confuse you guys, but what's more important is to surround yourself with like-minded people, make connections and build genuine relationships inside of a community. Community is everything in this business.
Aletia Tomkins:Absolutely, totally agree, and operating in your gifts and talents, knowing where's my strength, because you know my strengths. We all have strengths and challenges, and I actually like the word challenge over weakness, because you know like none of us are perfect, nor do we need to be Right. And I would say, you know, god made a big, big world very diverse for a reason, because it would be very boring if we're all exactly the same. We all like the same things, the same things, right. It would just be we become bots, Right. And so I think really having and those that my strengths, when I hone in on those and I rely on my strengths, and if I have a challenge, someone in the community, someone within my network, someone within my tribe can really fill that challenge and I just my strengths are just elevated and vice versa, and I think that's the part of the beauty of partnership and collaboration.
Joseph Marohn:Absolutely, and I'm so glad you brought that up. But now so, Aletia, when you're first looking to get into real estate, it can get overwhelming very quickly, would you agree?
Aletia Tomkins:Yes.
Joseph Marohn:I mean, there's so many different directions and content you can consume to the point where it gets overwhelming and it actually prevents you from even starting. Telling someone to join a community and start building connections is easier said than done, right, especially if you're not used to using social media platforms like Facebook or Instagram. How do people even get started by joining a community and surrounding themselves around like-minded people?
Aletia Tomkins:Just, it's taking action, right, I, you have to take action, you have to start somewhere. But it's also building friends, right. I mean, having having training is is wonderful. I mean, you know, going through training and blueprints and coursework, we need, we need the information. But if you just are constantly consuming information and not deploying that information, constantly consuming information and not deploying that information, that information is completely useless, right, and so, like, knowledge without action is useless.
Aletia Tomkins:And so being able to partner with the right peeps, with the right tribe, with your homies, whatever you call it right, is very, very key. Because then, when you don't know something or you come to a point where, oh, if you are going to direct a seller or you make a connection, you hear, because you'll start to hear, even in conversations out to dinner or at family parties or events that maybe don't have anything to do with real estate, you'll hear the conversations come up, you'll hear people's struggles or pain points, you'll hear that, oh, they can't sell their house because the market, the market, they blame the market, and you start to hear those conversations. Well, how are you going to help them if you don't have the right connections? Right and so, but immediately building that networking connection, I think, is huge. I'm also a networker. It's just naturally that that would be my strength. Um, first probably and that's what's really helped me in real estate but being able to to really find your friends.
Joseph Marohn:Yeah, I couldn't agree. I couldn't agree more. In a lot of people you know they reach out to me and they're like well, so do I got to pay to be in a mentorship just to be around a community? And the answer is no, you don't. You don't have to join sub two community or any community for that point. You know being on a paid mentorship, but there are local meetups that you can attend.
Joseph Marohn:You know, if you know somebody in real estate reach out so I'm like, hey, let me just tag along with you on your next meetup or whatnot. I'd like to join you. Or you know there's also free Facebook groups. You know pace has the free creative group you can join and you can be a part of that. Or you can join other Facebook community groups. Just being a part of a community is just really going to help you grow significantly because you know we could, like I said, we could watch all the podcasts, read all the books we want, but being around someone that's actually doing, is actively doing deals in the industry or in the business, is really going to help you out because they're going to help guide you in a lot faster. You know pace right, because they made all these mistakes. They made all the errors and they're gonna show you the right way, like, hey, don't go down this road. I've already been down that road. It's a bumpy road, right.
Aletia Tomkins:Absolutely not ever feeling alone. I think that's some of us as human beings right. Regardless of our gifts or challenges, regardless of our personalities, we're built for relationship and connections human connection and personalities. We're built for relationship and connections human connection. And so now we're feeling like you're alone, not you know, because that's, I think, a biggest fear for many is just feeling alone or like you don't have anyone to go to. So I love that, joseph, like connecting with those who are in it. You know, letting them bring you alongside.
Joseph Marohn:Yeah, and something me and you were discussing the other day on the phone accountability right you know, that's huge right and and something that pace does inside of the sub communities. He just labels it as your battle buddy right, somebody that's going to hold you accountable. We're going to battle together and, you know, if, like one person slip in, the other person helps pick them up, you know. So it's absolutely crucial yep, absolutely.
Aletia Tomkins:I forget that. He said that because that's what we had in the army going back to my army days, which has been since 2005. But it is having a battle buddy Right. Everything, even in the military, is like you do it together, you know, and and there's a reason for that because we're better together, we're better in numbers.
Joseph Marohn:Yes, I couldn't agree more. I couldn't agree more. Now, Aletia, every day you're having conversations with either people who want to join the sub two community or with family and friends who have been watching your journey and want to get started in real estate.
Aletia Tomkins:What advice are you giving to people who don't quite understand the power of connections and feel like they have to do everything themselves, from cold calling to finding deals, versus relying on relationships. I'll more ask them a question, right, even family members. Like, do you see a shift of if you bring others along with you, do you think you could do it quicker? Or I hear this is your challenge, yet you're still spinning your wheels right and do you see yourself getting out of this, or how long? Also, I think just a simple question of what do you look forward to? What's your favorite part of your real estate journey so far? What do you love doing? You know, I was talking to a gentleman a long time ago and he's part of our community and he said to me he's like he goes, Aletia, he goes, I'm cold calling and I hate it. Like he was dreading his mornings with real estate because he time blocked Right. And I asked him I was like, well, he goes. I know everyone's supposed to cold call, but I, he goes. I like I loathe it. Like he was struggling where he almost gave up on his real estate journey. And I asked him and I said, well, have you done the avatar series? Like, have you gone through? Like what your avatar is where you're meant to activate and what you're meant to spend your time on. And he goes oh, I started it but I haven't finished it. I said you need to go back to that. Let's connect next week.
Aletia Tomkins:His like perspective on his business was totally different. He was an integrator. He was meant to be setting up systems. He ended up partnering and teaming up with another member in the community whom was really good with cold calling. Like you're great when you're up to seller. Like you're the guy who should be calling people right, but that's not your gift, and so it's like finding that is like what do you? What do you love about real estate? Like, what do you love to do? Well, why don't you focus on that part first and the parts that you don't love? Why don't you bring someone in who loves to do those parts?
Joseph Marohn:don't love, why don't you bring someone in who loves to do those parts? Yes, I couldn't agree more. I've talked about this on previous episodes, but the Avatar series Pace was a genius to create the Avatar series right, Because we all start watching videos and we're like we see people that are cold calling and then they're crushing it, right, and we're like this is what we have to do. If we want to get into real estate investing, I have to cold call people. What happens when you don't?
Joseph Marohn:You know cold calling is not your forte, right, Like you just plain out suck on the phone calls, but, you know, does that mean you give up or does that mean you just find another avenue or another avatar that fits you in your personal, you know? So you know, for example, like I have, my business partner is Ash, right, and you know he does well on the calls, but that's not a strong point. His strong point is integration. His background is it, you know, and he just knows softwares and coding and all that stuff very well, Whereas for me, I'm I'm pretty good on the phone calls, I can close sellers. So we are not a mirror of each other, but we fill each other's gaps where we need to fill in those leaking buckets right, so we make a strong team.
Joseph Marohn:And one thing that Pace talked about is one of his favorite books is Rocket Fuel right, and it talks about being a visionary and integrating and pairing up together and just being able to take on any challenge right, so we make a. You know, and that's something I like to point out because you don't have to be on the phone calls, you don't have to be door knocking, you can just find out what you're good at and then bring that to somebody that you know needs that in their business.
Aletia Tomkins:Absolutely. Yeah, I couldn't agree more Like for me. I really found that being a helper and a connector in the community, networker, right. And I joke with my husband because he's social, he's a friendly guy. Do you guys know Aaron? He's super friendly, he's got lots of friends, great guy. But he jokes If I go to an event I've brought back deals because he's like go into a room with 500 people, you're going to have a hundred friends by the time you leave. But I but I love that, I love connecting.
Aletia Tomkins:I've connected dots for you, right Like for the members that I've gotten to know and become friends with is like and that's one of my favorite parts of real estate, honestly, is the connections. So, um, being in community just as always made sense for me, and you're good at that.
Joseph Marohn:You're definitely good at building. You know making connections right, because everybody that Aletia knows me by now. We've been talking, you know, for a year now and she knows my personality. So when she connects me with people, right away me and that other person we connect very well. In fact, the person one of the person that she brought to me, um, actually ended up joining my team because we were just that well of a fit. So you know, you're definitely, that's definitely one of your strong points right and that's needed in this field.
Aletia Tomkins:It is needed. And what's really cool for me as like a connector helper now, is it the only thing I'm going to know? There's some other things that I'm growing in and you'll develop and pay stops about that. Your avatar will change or grow. We're always growing, we're always evolving.
Aletia Tomkins:But one of the things I said to my husband I was like it's so cool, like we can make money by me just being like who I am, like that's freaking great Right, because sometimes we feel like we have to change or like become someone we're not meant to be, to fit into a box, and I think that's beautiful, that, like I can literally and I've sharpened my skills in real estate I'm still growing Right, like I haven't arrived yet, but being able to really take who I was created to be and bring benefits to others and our family, it's just it gets me choked up because I am where I was five years ago. I've grown a lot and I'm really thankful you know, it's been a beautiful, beautiful journey.
Joseph Marohn:so yeah, same for me A year ago, completely different story from where I'm at now. But you know, it's just by connecting with the right people, making the right connections and just helping me excel a lot faster. So but let's say someone still doesn't see the big picture right. How exactly does building genuine friendships and connections within a community lead to more opportunities in real estate?
Aletia Tomkins:If they can do it on their own. And if they are, because there are those who do it on their own right, well, do you want to scale and do more? Right? Also, those who can can do it on their own and they feel like they maybe don't need help of the community. I usually will challenge them. Why don't you go and share what you're doing with someone else and pour into it them that way? Some are a little bit nervous. They don't, especially those who are experienced, right, who've done deals or come from a real estate background.
Aletia Tomkins:It is kind of a different mindset shift. They've been maybe in a more competitive field, right? And so saying, okay, well, why don't you now go pour into someone else? Right, speak to your ego a little bit in a good way, right, in a positive way, in a polite way, in a friendly manner. But when I go porn to someone else, because you could go mentor someone, and I think through mentorship and mentoring and being a battle buddy to someone else, you'll feel fulfilled.
Aletia Tomkins:I think it also teaches us, right, we can all think about you have kids, I have kids, right? Our kids remind us of how much we still don't know, sometimes, even though we're older than them, right, like oops, I didn't, I failed on that one. And so when you speak into someone else, too, you teach them something or pour into them. It does help you increase in your skill sets I don't care how skilled you are, what area you come from. So I think that is to encourage them to pour into some.
Aletia Tomkins:We'll go do it, I believe in you, I still believe in you like, go and do it and pour into them, right. And then I think also that can show the value to them through community Right. And it goes back to make help people make connections regardless of where they are, are in their lives, regardless of where they are financially, where their head spaces, where, regardless of where they are financially, where their headspace is, where time they have to commit to real estate. Helping them connect or resourcing them, whether it's a meetup or an event or a training, I think is really key, right. And so that's usually how I would operate in those situations. I'd say Right.
Joseph Marohn:And so why do you think partnerships often lead to opportunities that you might not find on your own? I mean, what if I'm a smart guy, Aletia? I'm a go getter, action taker, and I don't want to share a piece of the pie, right? What would you say to someone who is maybe hesitant to rely on others or feel like they need to find these deals themselves?
Aletia Tomkins:Yeah I would say well, you're leaving a lot on the table. Then You're actually missing opportunities when you don't take advantage of partnering with others because you know there's opportunities all around us. Right, and going back to, we have so many decisions we make every single day when we step out of bed in the morning or the afternoon or the evening, whatever shifts you work, right, and it's like there's opportunities all around us and I think that's a lack mindset and then a mind of abundance.
Joseph Marohn:I love that you said that, absolutely.
Aletia Tomkins:When we operate and Pace and all the leaders and those that we've been around in the community operates a mind of abundance to go around.
Aletia Tomkins:So meet you and I splitting this deal and JV. I don't feel like I got half of something. I feel like I got a hundred percent of something because I have this deal. If you didn't bring it to us and if the deal wasn't brought to you right and through that relationship and partnership and connection that we've had over a year ago and you know, just over a year, our friendship you knew what we were looking for and we'd connect. And I was like I can't wait to do a deal. Okay, I'm excited, you know we would connect. And then and and like If I said no, you would have still moved on this deal, I'm sure, and you would have brought someone else in, which is fine.
Aletia Tomkins:But, that's a missed opportunity.
Joseph Marohn:Yes, and that's something I want to point out to you guys. Don't take something like that personal, right, because not every deal is going to work for you right? And you know, I know Aletia, me and her have been talking for a year now and she's like, hey, let's do a deal together. I was telling her let's do a deal together, right, and you know, with this deal got brought to me, I said you know what? I think this is a perfect opportunity for me, Aletia and her husband Aaron, to collab on it and go partner on it. And you know, and that's exactly what we did. So some people they you know they may not be ready for a deal, they may not have the funding, they may not have access to private money lenders at that time, or maybe their funds are tied up for whatever reason. And don't take something like that personal.
Aletia Tomkins:If the deal gets passed up, hey, I'll just catch you on the next one Absolutely, absolutely, but more opportunities. When you're willing to work with others, when you own a partner, you can do a lot more Right, and so this is relying on yourself and what you find. You're just limited and that's that's. I guess the best way for me to think is, we're limited when we're not willing to partner with others.
Joseph Marohn:Right Now. How does someone identify the right person to partner with in this business Like? What qualities should they be looking for in a potential business partner?
Aletia Tomkins:I think you know just goes back to character. You know my character, right. I always tell my boys I have three sons and I was like, listen, you don't have to be the smartest in the room, you don't have to be the one who's the best at sports for this, but you're known by your character, right. So you're known by integrity. So you, I knew you by your character. I saw how you operate in the community and just our connection, right, pretty good read of people. When you talk to you can read all different personalities and different just types of people where they're at. And so I knew you by your character.
Aletia Tomkins:And one of the things that really stood out was, if I was talking to an investor and I felt like they needed help with something, I, being a connector, I thought of you. I was like, ooh, joseph could help them. And you did. You did it with integrity, but you also held the line and you say, yeah, I gave them some homework, because now I want to. I want to make sure that they have integrity, right, and they do what they say they're going to do.
Aletia Tomkins:And so I think just you know dating, right, pace talks about that. You date before you marry, right. It's like you. You get to know those that you're going to partner with. You see how they treat others, how they treat the community Right, and so I just that's, that's my big. I trusted you because I was like, okay, I see how well he treats others, I see what he's doing in the community, I see the value he's pouring out and he shows up. You just got to show up. You don't think on this deal, I asked you questions, right? I was like, hey, don't want to sound dumb, but I have a couple of questions like no ask, this is the time to ask, Right, but I showed up.
Joseph Marohn:Yes.
Aletia Tomkins:That says a lot.
Joseph Marohn:And I encourage you to ask questions right no-transcript know that person, get to know how they operate, because things happen right.
Joseph Marohn:You may have the right intentions on doing the right thing, but life happens right and you may have a pitfall or you may have something come up where you weren't expecting it and now you aren't able to make that mortgage payment Right, and now you're holding your other partner up. So it's real good to see how somebody operates and, like you just mentioned character and integrity. So something I want to note is, if you are part of the sub two community and you're listening to this right now, I strongly encourage you to go take the safety semester inside of Kajabi before you start partnering and JVing with people. There's a lot of good information you will learn inside of that course that will help protect you on transactions that you make and you're more conscious on doing your due diligence. I actually plan on covering that topic here, so stay tuned. Love it Now. Aletia, can you talk about the importance of recognizing each other's strengths when partnering on a deal and how that actually can fill in the gaps on your own business?
Aletia Tomkins:yeah, absolutely. It's so important, like um, especially on this deal, like I trusted you, you're very good at deal underwriting and you know the mark, the market well, right, our deal being in san antonio and texas. In texas you've done multiple deals there. You know the market well. It's a market that's newer to my husband and I, and so we've learned a lot, starting to invest in in texas but really just knowing, like I knew your skill sets, where you're a numbers guy, right and so, and my husband's a numbers guy but you have the deal underwriting expertise he's learning still, and and so it's just just seeing that collaboration with the three of us together was huge.
Joseph Marohn:Right.
Aletia Tomkins:Me being able to connect other dots with different resources we need and we'll need in the future, right. And so I think, just really knowing that our avatars aren't exactly the same, and so I was like, oh, this is a really great partnership, because iron sharpens iron, right, and I know there's things that down the road I'm going to be able to help in our business, um, with different extra strategies and chat about that later. But you know the things that I knew that you knew right now. I just trusted you. It just came down to it's the integrity. You're an excellent at underwriting deals and you're ready to go to.
Aletia Tomkins:Something that's very important to me in business is I don't want to be in a partnership with someone who hems and haws and can't make a decision. Like that is my biggest thing, right. It doesn't mean it has to be an abrupt or this um, um doesn't. Making quick decisions doesn't mean that you're flighty or that you just are a candle in the wind either, but you're a decision maker and that's something that really stood out to you in the first conversation we had. And I want to work with those who can make quick decisions, because we're going to pivot from time to time, right In business. We have to change things, we have to shift. We might pivot, you know, change the strategy, and I want to partner with those who can make a decision and not dilly dally or heaven haul. Maybe it's like my pet peeve, I don't know.
Joseph Marohn:I'm like also I want to bring up too is, like, don't make the mistake just because, like, let's say, you are in a community like sub two and you see the leaders are actively doing all these you know big deals. Don't just assume, just because that person's a leader, like I'm just going to go and hand this guy a hundred thousand dollars, right. Go, do your due diligence on that person and make sure that you know they are who they say they are, just because their leader doesn't mean anything. Right Things happen. So that's something I definitely want to point out to you as well. Now, Aletia, how do you balance strengths and weaknesses when working with a new business partner?
Aletia Tomkins:Aletia, how do you balance strengths and weaknesses when working with a new business partner? I would say I'm just really honing in on my strengths right and then relying those weaknesses. That I call challenges. I know and I've shared with you, Joseph, my challenges, the areas I want to grow in, but I also know some of the challenges I have that aren't like my top strengths are your strengths.
Aletia Tomkins:And so for me I'm like, oh cool, Joseph's going to really be able to coach me along this. And then you know, leaving your pride at the door, Like I've had to do that a long time ago, Right, when you're a parent, you leave it at the door when you get into real estate you leave it at the door, so it's like being able to go.
Aletia Tomkins:okay, listen, he's not gonna think I'm dumb because I'm asking this right. Um, it's better to to rely like. So your strengths are some of the challenges I have and I know I'm going to learn the more we process in this deal and do more deals together.
Aletia Tomkins:I'm going to grow in those areas. But still, I'm going going to first and foremost rely on my strengths, which is connector, helper, communicator, exhorter those types of things that have really helped me in business and in my life. That's what I'm going to rely on first and but be coachable so I can grow.
Joseph Marohn:Yeah, no, and I love that you brought that up too, because I was talking to a guy that was new in the community and we were having a discussion and he's like look man, I really got to start honing in on my weaknesses and learning how to perfect them and get better at those so they're no longer weaknesses. And I said I think you're going about it the wrong way. You know, you shouldn't be focusing on your weakness. You should, rather, you should be focusing on your strengths and honing in on that right, because everybody has their own individual strengths. Right Now, where your weaknesses are, that's when you can rely on that partner right, that other person, that just that's their strength. Now you guys compliment each other in this business, right?
Aletia Tomkins:So I think that's crucial A lot more right Like cause. Now you're not spinning your wheels, You're moving forward. Still, when we stop and become stagnant, can't do as much.
Joseph Marohn:Yes, and it's like a conveyor belt right. We want to keep that belt just constantly moving and moving Anytime. You're holding that up, you're holding up the line right. So we want to have a smooth transition. Now some of us are introverted, Aletia, maybe not as outgoing, and are really fearful of sparking conversations with people, but we know we want to invest and we know we want to be in this business. What would you say to someone who feels hesitant to reach out and build connections or collaborate with others?
Aletia Tomkins:I would say start with just one friendship at a time. It could be two part, right. So there's ways you can start simple. You don't have to run. You know, be doing lives on social media. I mean, some are really good at that, right, and they love, like what you're doing now, like your podcast or YouTube channel, right, I've seen you go on live and you've been on events on your Instagram.
Aletia Tomkins:That's not everyone's cup of tea and that's okay, but we can all think, no matter how introverted we are, right, we can all think that we still have relationships and friendships, the introverts that I know. I mean, one of my kids is an introvert but he has friends, he has human connection, more small group setting. So I would say, with that is really connecting like with a local, smaller group, finding one friend, having them help you bridge the gap. Other ways to invest in real estate right, where you don't have to be the person who is, you know, maybe the active investor on the deal, right. There's other ways to partner on the real estate transactions where you are still an investor but you can be like that silent investor and have them go into deals or opportunities where you're getting the ROI, if that's how you want to operate right, and so there's multiple ways to do that.
Joseph Marohn:Yeah, and I'm glad you brought that up because I had someone reach out to me. I live in California, I do deals in Texas and North Carolina, but I had someone reach out to me in California that their strong point is their exit strategies on properties. Right, so they're good at running assisted living homes, group homes and all that good stuff. Where I lack in that area right, I don't know anything about that business model. I get a property, I can maybe do a midterm rental, I could do a long-term rental, but that's about where it stops, right. And so when she came to me, she's like hey look, you're great at finding deals, you know how to close deals. Bring a deal to us, I will show you how we do this exit strategy as far as assisted living and we can partner on future deals together.
Joseph Marohn:And I love that she did that, because had I, I would have never known anything about that. And it's something that I want to get in, because I want to start helping the co-living space. You know, that's a, that's something that we're currently struggling with in this country right now, and we need more people that are focusing more on the co-living space, right, you know? So, yeah, something I just thought about when you were talking about right now.
Aletia Tomkins:So no, absolutely yeah. So she has a strength, right, it may not be to be a master networker or whatever, right, I don't know this particular investor, but has a skill set.
Joseph Marohn:Yes.
Aletia Tomkins:What you do. You can put deals in front of her, and then there's that win-win, there's that collaboration.
Joseph Marohn:Yes.
Aletia Tomkins:Right, you're collaborating. I love that.
Joseph Marohn:Absolutely so. You know that's. That's another way you can go about collaborating and working together with people. Now, what steps can someone take to start building a solid network of relationships today, even if they're new or don't have many connections yet?
Aletia Tomkins:I would say reaching out to anyone that you know who's in real estate, right? So, for instance, you mentioned the public Facebook groups. Going to a local RIA, right, going to a local event, things of that sort. Honestly, honestly, going on to just like YouTube and searching I mean pace has so much content his podcasts, following your podcasts Right. But doing a reach out right Of like okay, I know I want to get into this. What's happening locally in my area, right? Um, whom do I know who's investing that can maybe bring alongside? I could kind of shadow them.
Aletia Tomkins:I really believe in mentoring, but also receiving, like guidance and coaching and mentoring, and so you know you can always receive from someone, but you can always pour into someone.
Aletia Tomkins:And so, finding that one person, I think we could all think of one person we know who's in real estate. Even if we're in real estate, right, you knew that agent, you knew that person who talked about a house they sold years ago, whatever it would be, and so I would just say making that first step, asking them how they got into it, right. But I think local RIAs are great, local accountability groups, things of that sort. You know, being invited to a sub two meetup I know Pace encourages that. I mean, I've seen them do lives where he's like. Why are you not going to our meetups, like you should be going to the local meetups, and they're not even in sub two. That just shows being a go giver. You know, look up a local meetup in your area and reach out to a sub two member and see if they could bring me alongside, because that is, that is our community.
Joseph Marohn:Yeah, and I'll, and I'll share this with you. So we got invited to community camp, right, and we were out there in Montana, first time out in Montana. Well, unfortunately, my business partner Ash wasn't able to make it right. He had something going on that day. That was a lot. It was a lot more important than that.
Joseph Marohn:But I was able to bring a good friend of mine that's also in real estate. He's not in the sub two community, but he's in real estate and he's been a great person to me. He's been, you know, I met him. He was one of the first people I met in real estate and he's just really been a great person, a great mentor for me as well. So my way of giving back to him was like, hey, I want to provide this opportunity to you, come out here to Montana with me. And within the same day he had his flight booked. He was ready to go. Now, what's great about that is because now he's out there making connections with people right inside of the sub two community, inside of owners club Right, and even we were.
Joseph Marohn:We had a couple of events that we had to attend on a bus and our shuttle and he said, hey, we already know each other. Let's not sit next to each other. How about we split up? I sit over there, I sit over here and let's build a new connection. And I love that he did that and I was like, dude, that is smart, you know that's awesome and that shows he wants to build more connections.
Joseph Marohn:Yes.
Aletia Tomkins:And it shows that you know the value of helping other build more connections. You brought someone alongside. So if someone's even like listening right now and they know that person, like if you know you're the connection for someone, like I challenge you, like go reach out to that person that is asking you about your real estate, who's curious about how did you just buy another house Right, like, how did you get you know? How did you? Okay, I don't think you're super rich, maybe you are How'd you just buy another house Right? And it's like um so, and and invite them to something. They're asking you because they're curious and there's probably a part of them that wants to do it but thinks they can't or don't know how to, so invite someone along.
Joseph Marohn:Yeah, and I know myself and Aletia, we're more than welcome to help anybody out that's watching this right now. If you, if you need direction or where to get started, our pinpoint on how you can join a local meetup, reach out to us. We're more than happy to point you in the right direction. Now, Aletia, how does quick decision making play a role in seizing opportunities that arise through partnerships and business relationships and seizing opportunities?
Aletia Tomkins:that arise through partnerships and business relationships, more deals, but, seriously, the quick decision making is being able. Because here's the thing if it doesn't end up, which is fine, if it doesn't end up and your portfolio is going to end up in someone else's, when it's the right deal, understanding that deal, underwriting, understanding those things as well and partnering with the right people, but making quick decisions allows you to scale, yes, right.
Aletia Tomkins:And so I mean I don't. I don't think I can't remember any time, any time in the last few years, that I've talked to anyone who said, well, I just want to have one real estate property and then I'll be, I've arrived. Then I'm an investor. Most that we talk to whether it's at meetups, at events, right Um on in a conversation we're having over the phone or on a zoom they want financial freedom, they want to build legacy, they want to pour back into community or they want to pour back into their kiddos, they want to set their kids up when they pass on Right and build that family legacy. Financial freedom, they want to scale and so being able to make quick decisions with the right partnerships, the right people in the right community is going to allow you to scale. It's more deals. I mean, it's really not. It's very simple.
Aletia Tomkins:I think we complicate things. Oh, I need to have this and I need to have these XLs and I need to have my seat. It's like, slow down, you need to start building network right. Once you find an opportunity and in that conversation at a dinner party that had nothing to do with real estate, and you're like, oh man, that's an opportunity, that's a potential deal. But you're also hearing first, this person has a pain point and or they need help. It's a win win.
Aletia Tomkins:And so, and then, if you didn't start or at least build a network or some friends even just a handful of friends, better than no friends and investments in real estate, how are you going to help them? Right, we don't need to know everything. We're not going to know everything overnight, and you don't need to. Yes, we don't need to know everything. We're not going to know everything overnight, and you don't need to. And so I think waiting to have all your ducks in a row is a detriment to you and your business and everything that you want to build. When you go back with your, why is you know your? Why is what drives you? And when you remember that, okay, I want that family freedom, I want that legacy, I want to pass these on to my kids, I want to leave that W-2. I don't want to wait for my boss to tell me I'm enough to get that big fat raise. Right, and so I think that's what drives you and it starts with relationships, yep, and so that's yeah More deals.
Joseph Marohn:I agree more because you know one thing is you want to be very quick with these yeses and nos. Now it doesn't mean go in there blindly. You got to learn how to underwrite right, because somebody may bring an opportunity your way and if you're not able to make a pretty quick decision, they're going to move on to somebody else that they do deals with or they're partnered with and may miss an opportunity there, right and now they know. You know like, hey, you know what. I might not hit up Aletia on this next deal because she's she takes a little long. I'm gonna go with somebody else but versus someone that can make that quick decision right now. They're like man, I like Aletia. She makes very fast decisions. When I have another deal, I'm gonna bring it to her. So, like you just said, more deals and more opportunities, and that's something that I loved. What you and Aaron did. You and Aaron, you guys were very quickly. I brought the deal to you guys. I think it was the same day.
Aletia Tomkins:You guys agreed upon it and we're like let's do it, let's close on this I think it was like five hours, because it was like mid-morning to reach out to me, and so I was in my home office and Aaron was in his office at work and I was like hey, and then he might be in a meeting. You're like, okay, no worries, but if you guys can't, not a problem. But I do want to reach out to someone else because this is going to probably go pretty quick and we just agreed it was a matter of okay. I think within five hours we were like all right, emd, let's go Like I mean it was, it was pretty cool, right, and and we closed on that thing in a couple of weeks, which was pretty amazing.
Joseph Marohn:So now that we brought up the deal, let's talk about it. You know we just did this deal in San Antonio, Aletia. How do we go from a casual conversation about partnering to closing the deal in a matter of weeks?
Aletia Tomkins:The community. Everyone in this deal is part of our community, right, which is awesome, and we just we knew it made sense, we agreed, we decided to JV right, we had everything lined up. You had between the deal finder, who's amazing, who brought this deal to you through relationship I had not known him personally, but I trusted you and having the transaction coordinator, I mean I think it was literally every part of this transaction was through the community, down to the, the property manager, right, and so, having all those tools and resources in place, we didn't have to go to Google or research or find an outside source to to source what we needed to complete this transaction.
Joseph Marohn:Yes.
Aletia Tomkins:And I think that is huge because the transactional side is really important. Having the right contracts, paperwork, documentations, using the right TC, having the right relationships and knowing that those documents are done properly, legally sound is huge, because not only do you want to protect yourself as the investor, you want to protect the seller, especially if you're doing a creative deal. Everyone wins in these transactions. It's not one sided and so that's yeah. I just think having the right people and tools in place allowed it to be a very quick close. And you know, buying our primary home through a bank, you know, 20 plus years ago, oh my goodness, like I told Aaron, I'll never do a traditional. No offense, right, no offense to traditional transactions. But I mean you can't even go and spend money on your credit card because they watch everything. And that was great. I was like, oh, we're still having dinner and doing stuff, oh, we're in a closing, but nothing was being checked, so it was pretty.
Joseph Marohn:I think that's my favorite part. I can still go out to dinner or buy stuff during the period, because things can go wrong. Right, you can agree to something, but you know, between that line of going from signing the paperwork all the way to escrow, you know things can get misconstrued, things can get left out, contracts, things can get added. You want someone with a second set of eyes that that's what they do for a living, right? Like they constantly are just looking at contracts every day. So they know what they're looking for, right? So I think that's definitely key. And then you know, like we just talked about, you guys move very quickly on this deal and you know, shout out to Aaron. By the way. You know Aaron is a go getter man. I mean constantly grinding, very thorough with the way he underwrites, reads through contracts and is clearly someone who's not going to sit on the sidelines while everyone else is winning Right. Then same goes to you, Aletia.
Aletia Tomkins:Honestly, I couldn't have asked for two better partners to work with and I'm looking forward to doing a lot more deals together. Love it, yeah, I am. We're excited, we're so honored that you brought this deal and this opportunity to us because, again, you know it's like you know, I'm working in my home office mid morningmorning and the opportunity presented itself and I was like, well, yeah, why not? And it's so exciting because I was like it felt almost too easy to add another property to our portfolio.
Joseph Marohn:And that's crazy, to say right.
Aletia Tomkins:This is easy. I wasn't driving for dollars or door knocking, and I appreciate all of those who do that, because we need our deal finders.
Joseph Marohn:Yes, we do.
Aletia Tomkins:And deal finders need their end buyers. So again, the beauty of community right, and so I just absolutely, absolutely. It was such a such a great day.
Joseph Marohn:Absolutely. Now what would you say our exit strategy is with this property, Because I'm sure people want to know. And how much are we going to cash flow on this property?
Aletia Tomkins:Yeah. So the exit strategy with this we're going to start now as a long-term rental, and so it should cash flow. It'll cash flow $500 a month. So that's awesome, and that is which is great, because it's my first long-term rental and so I'm excited. I've been wanting to do long-term rentals for a while. We just hadn't had the right opportunity come our way. And so, um yep, cashflow, 500 bucks a month. Um, obviously we get equity and it's just um, that low interest rate is just just sweetens it all so much.
Joseph Marohn:That interest rate is what really makes the deal right, that 2.99% interest rate because imagine we had a 7% or 8% or whatever I don't even know what the percentage is now I don't even care, but let's say it is 7%. The amount of our PITI would have been so high. We probably would have been cash negative. We probably would have never cash flow if you factor in what you got to put aside for your maintenance and taxes and property management fees. So that was absolutely crucial to have that low interest rate and be able to purchase this property, subject to Aletia. As we wrap up, what's one final piece of advice you'd give to listeners about building meaningful connections and seizing opportunities in real estate?
Aletia Tomkins:I would say start now start now that's like the first thing that came is why wait? Um, you know we're not getting any younger and, again, the opportunities are all around you. You don't need to know everything to dive in. Those that love real estate and are like, well, I have no business credit, I don't know the first thing, or I have zero funds, right, I don't know how Well. The beauty about community is lenders relying on others to fund deals for you as well, leveraging corporate credit, leveraging OPM, but also being that deal finder right, I mean, I've sent those to you, joseph, who had the heart and willingness to learn. They wanted to start and they started working with you on your team to start their transactions. There's a place for everyone. If you want to do this, there's a spot for everyone, but you have to. It's starting now. It's why wait? Because you don't have to do everything, and I think one of the beautiful things about community is collaborating with others so you can activate the gifts and talents you have right now.
Aletia Tomkins:You can learn, we can be taught skills, we can be taught a trade right, teaching someone to be an action taker and to have the right mindset of abundance, it's a little bit of a different thing, right, but if you, if you know, you want this, well, you have the mindset, you have the willingness to learn and grow. So, starting now, I just feel like, why wait? I mean, I, I could sit and think, oh, I wish I did this when I was in my in my twenties. But no, I'm like. I'm like I'm thankful I did this now, right, with a kid who's in his twenties, versus being right until I was in my sixties, right, and so I'm, I'm thankful, um, don't look behind, just look ahead. But start now. I mean, I don't know.
Joseph Marohn:No, that's great advice and, like you said, you know we could sit here all day and be like man. I wish I would've started earlier. You know, that's why we look at people that are young, starting out like someone, like Kevin Cho or like man. I wish I would've started when he's smart man, starting at that young age, you know. But that's um near near's, never too late, right? There's people that are 60, 70, just getting into real estate and you know there's never no late time. The time is now. I love that you said that.
Aletia Tomkins:Yeah, it is, and someone needs to hear that too, because you can be that encouragement to someone else, right.
Aletia Tomkins:If you are wanting to do this 20 years ago and you never got started. You never knew how, and you're starting now. Yeah, it's like okay, well, now you're going to be that encouragement, because someone needs to hear your story Right and so they need to hear why you started now and how you're going to encourage that next person to not give up on their goals and their dreams and just know there's a place for you. We all have a place Right and just and just knowing.
Joseph Marohn:Knowing knowing your place you don't have to change who you are, to find your place in real estate and business. It's relationships, and then every one of us has our own unique, individual talents. I mean, the fact that you're still here listening to this episode proves that you want change and you're ready to take action. Where one person may lack a certain skill, your friend or partner could be that strength or missing link to your business, and vice versa. Remember, you don't have to be the one forcing yourself to get on calls with sellers. You don't have to be the one trying to learn new softwares and integrations with computers and that's not your strong point, right? But you do have strong points, we all do. Find out what that skill is and where you can provide value to people. Then reach out to someone that's actively doing deals and I promise you, everyone in our community is pretty much down to earth, Right? I'm pretty sure you can agree to that, Aletia. As long as you're a person who's driven, you're ready to work a go getter and can bring value in areas where we're currently lacking in, you can join a team and find your partner and start making money and changing lives.
Joseph Marohn:Remember, community and real estate is absolutely everything. I can't stress that enough. I encourage you all to build genuine relationships and do deals together. Partnering with the right people and having the right resources puts you in a position to invest in real estate without having to find the right deal, without having to find any deal right. There are deals and opportunities all over if you build the right connections and have the ability to make quick decisions. Aletia, aaron and I are proof of that. Okay, and then, last but not least, Aletia, thank you for being a great co-host here today, but also being a good friend of me and a great business partner. You are the heartbeat of this community. You're constantly connecting people and helping to push people through that are maybe a bit hesitant and haven't been able to figure it out yet. So I appreciate you and everything you do and you know the community thanks you so.
Aletia Tomkins:I appreciate that I really feel honored. This is, this is. This is probably one of the best experiences. I feel like this is my favorite experience in real estate.
Aletia Tomkins:The deals are great, but really it is, it's being able. You know, everyone wants to be seen, everyone wants to be heard, but I love to genuinely pour back into others and if I can help anyone, I love that. You said that, Joseph. You know I'm available. Hit me up and I'm happy to help any way I can. If I can make a connection for you, I'll do my best. Um and so it's just been an absolute pleasure and honor and I'm excited to do more transactions with you, joseph, and change more lives together as well.
Joseph Marohn:There you go, awesome. Well, Aletia, where can people find you?
Aletia Tomkins:Um, you can find me on Instagram Um, it 1001. And Facebook it's Aletia Tomkins. It's just my name. I have a black hoodie that says created on it, and so, yeah, those are probably the two best ways is to find me, and then, of course, you know, by connecting with you, those that you've helped on deals transactions. You know, joseph can always lead you in the right direction. If being part of the community is what you're really needing and desiring, my biggest thing, too, is just show up. Show up for yourself first, and show up for those that you're meant to pour into.
Joseph Marohn:Love it and we'll make sure that we plug in all your tags on the screen here. Now, if you guys are finding value from this podcast, don't forget to show your boys some love. If you like what we're bringing you, don't forget to show your boy some love. If you like what we're bringing you, don't forget to subscribe. It helps us continue providing value to others by reaching a broader audience. We're out here to serve, learn together and help as many people as possible, so be much appreciated. Make sure to also smash that like button and drop a comment down below on how community has helped you on your journey. Appreciate all the continued support and, guys, stay tuned, because we're pumping these episodes out every two weeks. I got some awesome topics and guests coming up next that you definitely don't want to miss out on. Best believe I'm going to keep bringing you that fire. Thank you, Aletia.
Aletia Tomkins:Thank you, joseph, and I look forward to doing more deals. Let's keep showing up together.
Joseph Marohn:Let's go. Thanks for watching.