Building a Seven-Figure Real Estate Business Using Other People's Money with Kyara Gray and Khalil Uqdah

0:01Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire! Brought to you by the HubSpot podcast network, the audio destination for business professionals with great shows like I Digress. Today, we're pulling a timeless EO Fire episode from the archives, so the giveaway may not be active, and we'll be breaking down building a seven-figure real estate business using other people's money to drop these value bombs. I brought Kiera and Khalil into EO Fire Studios. They are the co-founders of Charm City Buyers, a multi-seven-figure real estate development firm specializing in rebuilding properties and revitalizing neighborhoods in Baltimore.

0:35And today at Fire Nation, we'll talk about focusing on your why, understanding your purpose, and playing your position, and so much more. And a big thank you for sponsoring today's episode goes to Charm City Buyers and our sponsors. The Hustle Daily Show, hosted by Juliet Bennett-Ryla, Rob Litturs, Ben Berkley, and Mark Dent, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. The Hustle Daily Show brings you a healthy dose of irreverent, offbeat, informative takes on business and tech news, like a recent episode on hackers versus casinos, where the hosts talk about MGM Resorts and Caesars Entertainment and the devastating potential of cyber attacks.

1:12Listen to The Hustle Daily wherever you get your podcasts. Ever thought about giving a TEDx talk? It's one of the most powerful ways to share your message with the world. And four-time TEDx speaker Taylor Conroy from Thought Leader can help you get there. Visit thought-leader.com slash fire to join Taylor's free trading where he teaches you how to land a TEDx talk and spread your message to millions. Kiera, Khalil, say what's up to Fire Nation. And Khalil, I know you have something to share that you believe about becoming successful that most people disagree with. Yes, what's up, Fire Nation? So when it comes to real estate and entrepreneurship, people think that you always have to work hard to accomplish your goals and your dreams.

1:59The reality is you got to work smart. You got to be able to delegate and make sure that you are sharpening the saw and just be very efficient with your work habits. Yeah, what was that Abraham Lincoln quote that if he had an hour to cut down a tree, he'd spend the first 55 minutes sharpening the blade? So think about that, Fire Nation, when you're going through your process. And as I mentioned in the introduction, we have both Kira and Khalil on the mic today. We're going to be talking all about building a seven-figure real estate business using other people's money. So before you turned 30, you had a seven-figure business.

2:38You owned an entire city block in Baltimore. I mean, how the heck does this even happen? I barely have my driver's license at 30. Yeah, I mean, it was really when we were about a year out of college, we were really trying to figure out what this whole thing was going to look like. It was around a time period when we were talking about there not being enough funds for Social Security and people thinking about their pensions. And we're starting to put money in retirement funds in our full time jobs. And we realized that this was not probably going to be it for us and that we really needed to figure out how to take the reins on what our future was going to look like.

3:15And real estate became that space where we decided to get really focused and intentional about building our portfolio there for that long term cash flow, being able to build that appreciation, but also be able to impact the community and the neighborhoods in which we are investing. And so, you know, we didn't have a trust fund. We weren't legacy, you know, real estate developers, but really decided to work smart and be intentional about how we spend our time to be able to build that portfolio and build those relationships, which are key to be able to do so using OPM, using other people's money along the journey.

3:52Fire Nation, there's a few things I love about what Kira just shared. I mean, number one, focus. You got to follow one course until success. If they had tried doing a ton of different things, just dipping their toe in, going one mile wide, one inch deep with all these different projects, they probably would have all failed. but they went in with focus and they cared and they had passion. They were drawn to the community. They wanted to do good and good they did. And we've talked already a little bit and teased this whole other people's money phrase, this OPM. So what are some of the specific ways that you were able to leverage other people's money on your road to financial success?

4:32So we've been able to leverage lots of different forms of other people's money from nonprofit financing to private money to seller financing to hard money lending. We look at the different financing structures as tools in a tool belt, and you got to use the appropriate tool for the appropriate situation. Right. So for example, you're not going to use a hammer to tighten a screw. And so sometimes it's not going to make sense to use a hard money lender for a turnkey rental property or so on and so forth. And so one of the things that's been really big for us is to have the audacity to ask and to really lean into some of the approaches that a lot of even the larger developers when we were first getting started, what they were using to be able to create their own capital stacks, how they were able to pull different sources and funding sources into deals.

5:25And so, you know, being able to use historic tax credits or, you know, build those relationships with key folks to be able to get access to grants and understand what funds and things were out there, all is considered to us other people's money. How do we not have to reach into our own pockets and be able to leverage the fact that money is printed 24 hours a day and seven days a week? It's really up to you to make those connections to get access to the funds that are flowing out there in the ether, whether you're grabbing a few dollars or not. Fire Nation, money is abundant. It is out there. It is being printed at a record rate right now.

6:01It is on you to get out there and grab yours. And I love that phrase that you used, the audacity to ask. Fire Nation, do you have the audacity to ask? Now, before we move on, I want to talk about the historic tax credits or the grants or the funds. Maybe just pick one that you really think back and are like, yes, we had the audacity to ask or at least the audacity to look into one of these things that are, quote unquote, other people's money to make it happen. Give us a specific example. Yeah, so I remember specifically we were developing two houses and we were in a presentation regarding new market tax credits.

6:44And after the presentation, I walk up to the presenter who I've known for a while and we're chit-chatting a little bit about how great this is. And it's the first time in the state of Maryland that it can be used for housing. and I turn to her and I say, I've got two houses under construction right now. How do I get these two houses a part of this program? Had the audacity to ask. And she looked at me and she said, it's done. It was great. Wow. Yes. And that became like one of the themes of what we've been able to do in Baltimore. And probably one of the reasons why we've been able to scale is making those connections and building those relationships, but being able to make those connections to our projects, what we're doing, and being able to articulate what our mission and our purpose was, you know, making sure that folks were, you know, not only looking at the areas and neighborhoods and communities in Baltimore that are further along the development cycle and have, you know, tons of really great developments already underway, but also looking at some of those spaces that have been historically disinvested that could really, really benefit from having some additional funds, helping to make the numbers work.

7:49And so Quill's always been really, really great about not only building those relationships, but finding those connection points to make sure that we could throw a couple of our properties in the mix as well and expand even the foresight of some of the folks who are writing the checks and signing the checks into coming and following us into some of the neighborhoods in Baltimore that tend to get overlooked. Now to have the kind of success that the two of you have had, you've really been having to form meaningful relationships in your community, building real ties. How have you done this? Like share with Fire Nation some tactics, some strategies, some genuine authenticity that you sprinkled in there to make these relationships and ties happen.

8:29Yeah, I think one of the things that's been really big is sharing our story and our vision and our mission in Baltimore. So for us, we know that a lot of cities similar to Baltimore have changed and developed over time. And so we really want to make sure that we're being proactive and seeing the opportunity in our neighborhoods first rather than kind of waiting and seeing what happens, waiting for someone else to come in and cash out. And so that's one is just really having a clear vision and purpose for what it is that you're looking to do and accomplish, because it has to be about more than money.

9:02Right. Especially when you're looking to get other people's money, there has to be a connection that you're making with these folks on why it makes sense for them to, you know, allocate their funds into your projects and into your deals and essentially invest in your vision. But the other thing that a lot of people don't talk about that Khalil and I did, or really Khalil, was when we sat down and thought about where we saw ourselves going in five to 10 years, we knew that there was a lot still to learn. Sure, we had the seven-figure portfolio and we had great projects going on and all these great things, but there was so much more to learn.

9:40And so after we had both been working full time in real estate in our own business, we actually made that decision to kind of take a step back, take one step back to take 10 steps forward, where Khalil was asked by a national developer to work with them and help them really transition from commercial into residential in Baltimore. more. And so for most people that's like, you know, I'm not going back to work. I'm not doing a nine to five again. But we decided to make that sacrifice for ourselves and our business to give him the opportunity to learn, see how, you know, a larger developers are doing these things, how they're putting these projects together, makes them even, you know, bigger and long lasting relationships, and then be able to leverage that knowledge for what we were looking to do as we continue to grow our own business and our own portfolio.

10:32And so that's something that a lot of people shy away from to be able to have the foresight and the patience really to take that step back to be able to skyrocket and take, you know, 20 steps forward. Share your story, Fire Nation. Share your vision. Get people on board with what the future can hold. Because guess what? It has to be about more than money. I mean, Kira shared that multiple times because people can spend, they can invest their money in a million different ways. Why yours? Well, if you share your story, they can get on board with that. They get excited with the vision and then they take that next step.

11:09And we have so much amazing stuff to talk about when we get back from thanking our sponsors. Can you believe we're already in Q4? This year has flown by, but Q4 is an exciting time and not just because the holidays are right around the corner. Something magical happens when the third quarter ends and the fourth quarter begins, the energy changes. The fourth quarter is where games are won, where champions are made, and in business, it's where sales teams become legends. That's why HubSpot built Sales Hub. To give sales reps the deal-making tools they need to win in Q4 and close the year strong, Sales Hub's prospecting workplace organizes your schedule, goals, and to-do list in one place to save your team precious fourth quarter time.

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13:02Visit thought-leader.com slash fire to join Taylor for this free training and get your message out of your head, out of your heart, and out into the world where it belongs. That's thought-leader.com slash fire. Now, one thing that I really respect about the two of you is you've been able to really help others along the way achieve similar and very close to success that you've had in real estate. Talk about that with the NextGen Accelerator program and everything that you have going on. Next Gen is that's our baby. That's how we're able to really expand and exponentially impact the city, making sure that folks know exactly what to do and how to invest in a city like Baltimore that is a lot different than other markets.

13:47We're very block to block. There's a lot of complexity with the vacant properties that have been vacant for 20, 30 years. There's a lot of challenges when it comes to just coming into a city in a market like Baltimore. And so for Kelow and I, we said, you know, we can do some really great things on our own, but what does it look like when we're able to make sure that folks have the resources, the guidance and the tools to not only invest themselves and build wealth themselves and invest in real estate themselves, but also follow in our footsteps when it comes to impact and thinking about how you add value in the communities first so that we're developing these neighborhoods without causing displacement and all of the negative impacts that come with gentrification.

14:29Right. We want to move the city forward, but we want to do it in the right way. And so through NextGen, we have such a beautiful community, a family of folks who have been doing exactly that. They're building wealth for themselves and their family, generational wealth at that and also building Baltimore. So, you know, leveraging those relationships that we spent so long to create and, you know, all of the resources and the team and all the things that we've put together for ourselves. we're able to share that with our NextGen Accelerator family so that their time and their money is focused on building those portfolios and making that impact rather than spending that time learning things the hard way and hitting your head and losing money and doing all of those things that we had to do as we invested, you know, going through the school of hard knocks.

15:15So NextGen streamlines that process and make sure that our folks are investing in Baltimore better, faster and smarter than we ever did. Again, Fire Nation, this world is abundance. And if you have a scarcity mindset, that means that when someone takes a piece of the pie, there's less pie for you. But when you have the mindset of abundance, which is what you need to have in this world, you realize that when you bring others up, all ships rise in a high tide and everybody wins. So let's talk about collaboration over competition. I mean, why do the two of you focus on collaboration over competition when it comes to real estate?

15:50I mean, what does that even mean specifically and how does it work in the real world? Yeah. So collaboration over competition is a mantra that we pride ourselves in. And we share that throughout our NextGen Accelerator folks, as well as anybody else who will listen, Fire Nation included. So when it comes to collaboration, we always pride ourselves in recognizing that there are so many vacant properties out there, so many houses and so many communities that need to be positively impacted. We can't do them all, nor do we want to do them all. So instead, like, let's collaborate, let's work together.

16:22What pieces of the puzzle do we bring to the table? And can other people bring to the table? Even if that's time, being able to run down to the permit office and get things done, or finances or knowledge, we all need to work together. And we do, we love working together with individuals and other organizations to leverage those strengths so that we can all win. Yeah, there's so much work to be done. And so for us, we're really big on it. Everyone has their role. And if we all play our position and have that aligned vision for where we're trying to go, we can make that happen. And so as often as we can throw our hat in the ring to add value to what other people are doing in this city and vice versa, together we're able to accomplish so much more.

17:09I'll give you a specific example here. So we are for profit, But when it comes to acquiring dollars from grants, we love partnering with nonprofits. They may not necessarily know the development world or the construction stuff, and we can bring that to the table to make sure that the houses get built. Fire Nation, I really hope you're understanding what's going on here and the process it is about being more than just money-focused, being more than just process-focused, but really just being overall adding value-focused. And this is a perfect example because the two of you could have just gotten rich, rested on your laurels, but you are truly dedicated to changing your community for the better.

17:50Why? And what is your bigger vision? One thing for me that was ingrained in me really young was just that concept of building community, that concept of being able to have the power and ownership in curating this space and environment in which you wanted to live. And I think that's really kind of followed us into Baltimore, right? Knowing and understanding that there's similar cities all over the country that are completely different now that they have, you know, progressed and developed and gone and underwent gentrification. You know, if we want to have a different experience with that in Baltimore, if we want as legacy residents, you know, Khalil's born and raised in Baltimore, as is, you know, his parents, Francis, mother, you know, we want to make sure that the folks of and from Baltimore are able to enjoy the progress that comes with development.

18:42And so we've really dedicated ourselves, our time, our treasure, you know, money, all of those things to help making sure that we're part of creating that space and that environment. And so when it comes to how we develop our own projects or if we're doing affordable housing projects with nonprofits or even working with our NextGen Accelerator mentees, making sure that, you know, we're pulling the community in and thinking about what the strategic initiatives of either the neighborhoods or the city or even the state are and that we're aligning with the overall vision for that community is just really, really important.

19:20And when everyone has that buy in, you have a situation where you're really not only transforming this community and the neighborhood, but but also changing the makeup and the mindset of everyone who is there and has been there. And so that's just, you know, it didn't take long when we left our jobs full time and we're working on real estate full time and, you know, kind of hit the goalposts that a lot of people have that we realized that just chasing the money wasn't going to fulfill us. We were still really young. You know, we were still under under 30 at that point. And so there was a lot of of leeway to be able to be more impactful with how we spend our time and what we chose to do.

20:02And so through that journey of understanding that, you know, just setting number goals wasn't going to be fulfilling, you know, we found that being purposeful with our actions and our time, you know, really has been more rewarding and more has had a better result for ourselves individually and collectively when we thought more about, you know, how other people were impacted than just what was going on in our own pockets. Khalil, let's start with you. Give us the one key takeaway that you really want to make sure Fire Nation gets from everything that we talked about here today and any call to action that you have for us to connect more with you and everything you have going on in your business.

20:43And then we'll say goodbye. Yeah. The one key takeaway that I would say is to focus on your why. Understand your purpose. What drives you? What wakes you up in the morning? What pushes you to go through the more difficult times that you see now and difficult times that you'll see well into the future? What's that why? And how can you continue to focus on that why? Because that's what drives us. When I think about a child walking by vacant properties for a decade, for years, it's painful to even think about it. And the amount of distrust that creates between the family and the local government, I mean, it's a negative spiraling impact.

21:23And focusing on things like that gets me up and it makes me realize it doesn't matter what the bank account says. It doesn't matter what dinners I'm a part of. It's all about making sure that the community continues to improve. So when it comes to connecting with us further, we have a really, really amazing free class on understanding what's happening in Baltimore, why Baltimore is an amazing place to invest and be able to support what we're looking to do in the community. And so for those of you who are looking to learn more about us and Baltimore, we have a free class at charmcitybuyers.com where you can learn more about us and take that class.

22:05Wow. Fire Nation, you know this. You're the average of the five people you spend the most time with. You've been hanging out with KU, KG, and JLD today. So keep up that heat. head over to eofire.com just type Kira in the search bar that's K-Y-A-R-A and guess what? The show notes page will pop up with everything we talked about here today so much value charmcitybuyers.com get over there, take that free class learn more about Baltimore and how you can get involved and maybe how you can model what they're doing for your city that I know that you love Fire Nation somewhere around the world so Kira, Khalil thank you for sharing your truth your knowledge, your value with Fire Nation today.

22:46For that, we salute you and we'll catch you on the flip side. Thank you, Fire Nation. Hey, Fire Nation. Today's value bomb content was brought to you by Kira and Khalil. And Fire Nation, if you've ever thought about creating a podcast of your own, the podcast journal is for you. It is gorgeous. It is faux leather and it will guide you step-by-step in both the creation and the launch of your podcast in 50 days. Visit thepodcastjournal.com. Use promo code podcast for a$15 discount. And thank you for listening to my podcast. And I'll catch you there or I'll catch you on the flip side.

23:42and Caesars Entertainment and the devastating potential of cyber attacks. Listen to The Hustle Daily wherever you get your podcasts. Ever thought about giving a TEDx talk? It's one of the most powerful ways to share your message with the world and four-time TEDx speaker, Taylor Conroy from Thought Leader can help you get there. Visit thought-leader.com slash fire to join Taylor's free training where he teaches you how to land a TEDx talk and spread your message to millions.

24:12Thank you.