REI183: Underpromise and Overdeliver w/ Marissa Solis

29:13So what was that like for you just from a psychological standpoint? I think you had to let most of the employees go. I believe you kept your accountant from the story that I heard. Yeah, I kept my accountant in like the maintenance guy who took care of all the properties and all of that. It was difficult, but you know, if you see your projections and you don't have money, like my philosophy don't make people work if you can pay them. So I like, I'll better let them know right away so they can find another job. and from the psychologically part, I was just, I wasn't like devastated because I have my children and I have my health and I just was more like, like, how can I make money right now?

30:00So what I know, like I can make money without any money is selling real estate. So I started hitting doors, the phones, cold calling, knocking on doors, talking to past clients, just make a lot of move to make money right away. And I did, you know, because once I hit the phones, when I start talking to people and work hard, you know, it's just a matter of time. And it was very quickly. I mean, once I start doing that, I start getting money within two or three months because the cycle stay about two, three months when you ask an agent to see your results. And it was just, I wasn't thinking like, oh, we lost all of this.

30:38It's more like, what, how can I make money right now because I couldn't think about the past. I needed to be present. I needed to put food on the table, pay my mortgage, pay car, gas, everything, the basic. So it sounds like you sold everything off, kind of had a clean slate to start. And then when Jonathan started, it really in some ways was a great time to be entering the business and buying properties. So what kind of things were you seen in terms of opportunities? What was available around 2000, let's say nine, as things not necessarily improved, but you were able to buy stuff at buyer sale prices.

31:17Talk to us about some of the deals that you were seeing. One of the first deals that Jonathan and I bought, the trusty sale was like, we bought it like for 70 ,000, sold it for 140. And I'm estimating the numbers, but you know we just we did it like in 70 days in 42 days and we bought it at the auction just kind of clean it out that we say in the business put it in the market we had 21 offers because these always sell at the right price and so I made sure that the appraisal everything went through I will meet every appraiser because like if you provide the appraiser with the information then it's easier for them to bring the properties at value because in those days, the appraisers were afraid and one of the issues we would have is having the values, not what we were selling it for.

32:09So I made sure I went to every single appraisal and I prepared myself and most of them came into value. Maybe one or two percent didn't, but most of them. So it was just being focused on what we were doing. But there were plenty of deals at the trustee sale. There were so many REOs. There were more, but they were less discounted. And then you had the probates. But we mostly bought trustee sales. So that home that you sold for$140 ,000, what would that home sell for today? Today, it would probably sell for about$1 ,000 ,000. Over a million. Wow. Pretty wild. Yeah, keep all of them. Yeah, I wanted to back up to, I heard you say something about the appraisals.

32:51You would go to those and make sure, would you follow the appraiser around to make sure that it appraised? And what would you do to make sure that the appraisal came in? I think the number one thing would be very respectful of the appraiser because they are the experts. And they get paid to get their expert opinion. Instead of throwing information to them, I will just be there early because most of the appraisers are earlier than the time they say. So I try to be there half an hour before the appointment and just open everything so it's easy for them. And I will say, you know, I brought some information.

33:29Would you like me to share that with you? And most of them, they would say, yes, yes. And I will make a copy for them and then kind of walk them through. And I said, I had been at this house and I will describe them because I was previewing all the properties too. So when you describe to them, they have questions and then you create rapport with them. And it's kind of that there is some mutual respect that's built because you're giving them information that's helpful to them. And then in return, they want to bring the value because they know it's important for the buyer and for the seller. And obviously you have those that they don't even want to look at you, you know, but then you just like you still provide the information, but they don't want to talk to you.

34:15and you have to be okay with that too. I did a flip, one of my very first ones, and it was in an area that was really rough and gentrifying and it was being sold for a price that in this neighborhood had never sold at those levels. And at first the bank was saying, how do you justify this price? And I remember meeting the appraiser and just like really having to give a detail of my costs, like all that went into it. Did you ever do something like that of like, here's the cost that what I put into the house? Yeah. Yeah, I will make a list of improvements. And depending if it was a lot of money we spent, I will detail it with money.

34:52And if it wasn't a lot, I will just mention them because I found that it was kind of easier because they will put the pricing and not me. And, you know, as the paying costs me$7 ,000, they might put it at$15 ,000. so I kind of depending on the flip I will put prices or not if I felt we spend a lot of money yes I will give them the pricing or if they ask you son sometimes they will ask you well how much did you spend and I would say well this much and they were okay with that and they will do their numbers and it was very particular I think real estate is not one size fits all it's more like what does this client needs, what this house needs, and really be focused on that.

35:40I heard you say that you tried to control the comps to some degree, or maybe Jonathan told me this. Talk to me about that strategy where you would buy and try to control the comps. Can you talk about that a bit? I mean, when I pull out the comps, we were the comps because we had the most whole closings. So most of the properties were our own properties. And I think when he say control the comps because we were leading the pricing so in essence we were controlling the market and also you know whenever there was a high sale usually I will get a call from the appraiser and I will you know explain yeah that's had you seen this house it was more of a conversation but at the end of the day it was the appraiser's job but we provide enough data to make the job easier to come to value.

36:34I wanted to hear a little bit if you see any similarities of what we're going through now to 2008. Does that concern you at all or do you have any thoughts on that? I'm never concerned about the market, but I'm very cautious because after the experience of 2008, I went back to see, okay, what worked, what didn't work. And one of the things that I noticed is that we were projecting the price to what will it sell for instead of how bad is we set the value is you know a million dollars and we bring the price down to 900 so we have a cushion of error in case the market change right so what i had seen recently the market kind of went down And then right now it went up, but not in the high price range.

37:28I will say a million in LA, a million and five or less is still very competitive, which it makes the prices stay strong. Has your strategy stayed the same throughout the years in terms of your flips? Or would you say it's kind of changed as you've progressed and grown and developed? It's always changing. I think one of the key is changing with what the clients need, what the buyers need. You know, at one point, everything was this color, that color. So I'm always like doing changes and see through the open houses, how do people react to it? So I think changing the finishes and staying on trend is very, very important.

38:13It's like clothing. You know, people will be attracted more to something that's today, not from 2000 or 2020. You know, it changes yearly. So always changing the designs is very important. As CEO, is that something that you enjoy and get involved in is the design aspect of doing the flips? I do enjoy that, but I have a team that does that. And I just kind of look over and give my opinion. but I let them do what they need to do. But I still preview properties. And if I see ideas that I like, I send it to them. Let's try this. But most of the time they come up with the design. I really want to hear a little bit about, I talked with Jonathan and he said that you can be really intimidating.

39:03You seem like a very kind, very nice lady, but he said one of your superpowers is that you're actually quite intimidating. So I wanted to hear about that. Do you consider yourself that way? And how do you use it to your advantage? I would say that I'm focused and persistent. And I like to really be in the moment. It's very hard for someone to distract me. So I'm very intentional. I want to ask you real quick. How do you develop that? How did you develop being present, being in the moment, being intentional? That's a practice. Yeah, I'm just really interested. I love what I do. I love real estate and I love people.

39:45And sometimes you've got to be tough to get the job done. You've got to be tough so people don't lie to you. You've got to be tough so people feel like, okay, I can't get away with baloney here, you know? And I think for me, it's more about having an integrous relationship. And if I don't see something right, I will say it. I said, you know, I see these things. I don't really keep a lot of things in my mind. And I try to do it in a professional way. Or if it's something different, I can pass. I can do whatever I need to do, you know, to get my point across. With all you've got going on, how's your sleep at night?

40:25Do you worry about the business or do you just know that things are going to work out one way or the other? No, I never worry about, you know, like for my sleep. I have a routine that I follow and I like to be peaceful and I sleep every day, like eight, sometimes nine hours. And there is moments that, yeah, you feel like, OK, how am I going to do this? But I just kind of said I can't do anything right now. I'll take care of that tomorrow. And, you know, I just try to sleep and rest. Otherwise, I can't be at my highest potential. You've succeeded at a level in what's largely a male-dominated industry.

41:09How would you say you've managed this? We've got some women listeners too. What would you say to them that how they could replicate what you've done or some lessons that you could give to women that are in the real estate field? What would you say to them? I just be you and the way I see the world people want to help you be successful and especially men you know they want to see you be successful because remember they were raised by a mother most likely the teacher was a female so they already have a good relationship with a female so I feel like it's not being a man or a woman is you know are you willing to work hard are you willing to learn?

41:52Are you willing to give your best? And if you are willing to play the way you need to play, not really, oh, okay, I'm going to get the deal because I'm a good looking or I have a good body or something, that doesn't work. You need to work hard, study, execute, be consistent, and people will look at you because of your professionalism, not because of your looks, not because of anything else.

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45:46All right, back to the show. I wanted to kind of go back to some of your early days, and I wanted to hear just some stories of the adversity that you must have experienced just coming to the US. English is not your first language, but yet you still outproduced many of your English speaking counterparts. Talk to me about like this unstoppable nature and how can like other people like myself, listeners develop some of these qualities that you have. I want to first start with the stories of adversity. What was it like early on? Do you have any kind of things that you recollect that come to mind? Yeah.

46:21I mean, when I divorced my first husband, I was basically pretty young and I didn't really fight a lot. So I just wanted my boys. I didn't care about the money. As long as I'd have the boys, to me, that was everything I want. I even have no money to put gas or nothing. But again, you know, I started selling real estate and back in the day, LA Times was huge on rentals. So I need to make money in a week. So I call everybody the owners that were leasing properties. And I said, if I rent your house, will you pay me a commission? And I called maybe 20 people and two of them say yes. And I called open houses with my two boys and we hold the open houses and we rented on the weekend the houses.

47:13And I made like$8 ,000 because these were expensive homes. You know, they were like seven,$8 ,000 rent. Was that a strategy of yours was to go up market and choose a higher market or that's just how it worked out? I went for the higher number because I felt like those people don't want to work as hard. So let me do the work, you know, make their life easy. And that's I chose a high price because I felt like those were more likely to pay me a commission. What about some stories of adversity when you got started in the flipping business? Did you have any kind of run-ins with contractors that maybe they didn't take you seriously or they tried to rip you off because they maybe assumed you didn't know what you were doing?

47:57Did you have anything like that that happened to you? You know, at the beginning, no, because I was every day at the job site on top of things. I think when I started to make more money on and I wasn't as so hands-on on every project, that's when people start stealing. And I mean, I just fire them and just let them go because they're going to steal more and more because somebody that's rotten, it's just going to get worse. So I better take the loss quickly than be bleeding for months and months and months. so I just like I don't really have a high tolerance for people that are liars so I'm just like okay you know this is not working out let's part ways now and sometimes I pay the money to leave just so I can have peace of mind on the on the job and keep moving forward because my peace of mind will bring me a lot more money than the 10 ,000 or whatever money I pay to the contractor to move, to leave and not have an issue.

49:00Yeah. They say you can't do a good deal with a bad person. Tough to do. No. I mean, they're just going to continue to lie, no matter what they say. They already prove you that they're not going to do it. So we've got a lot of beginning real estate investors that are maybe thinking about doing their first flip. What would you say in your mind are like the pros of doing a flip versus the cons for someone just getting started in real estate and kind of thinking about taking that first step? I will start with the cons. Be ready to lose money. And if you are comfortable with that, do it. If you're not, then don't do it because your chances of losing money is kind of a 50-50.

49:43And the pros is that you can make a good amount of money. And I will say everything starts from the money and find a good lender. Don't overpromise an investor. like under promise and over deliver because there will be issues and it's you under promise like i work with investors too and i'm like i know we can make a hundred and twenty thousand on a deal but i don't say that i said we're going to make ninety thousand so i always have i under promise and over deliver and that gives me a peace of mind because now i had room to make mistakes i had to spend more money on things that I didn't see. The same thing with the budgets.

50:26If it's 100, I always put 20 % more. And if you put less profit, more work, then you're going to be saved. And if that deal still works, you're going to make money no matter what. But if you're already stretching the value, underbidding that we have, and overpromising like, oh, we're going to make this much. You know, it's just a recipe for a disaster. Would you recommend to somebody that's thinking about doing a flip to get their real estate agent's license or is it not necessary? It's not necessary. I think what the person has to be an expert is in valuing the property. Can you really sell it for that much?

51:10Because if your price is wrong, everything else is not going to work. you know as you say oh this house is going to sell for a million two but you ended up selling it for a million one and your profit was 75 000 you are done no matter what so i think being over not being realistic will lead you to don't manipulate the numbers the numbers are the numbers you gotta be does it works is the number what number you feel comfortable to resell and go always for the lower number. I want to hear about your kind of coming plans in the next five to 10 years. You've renovated over 500 homes. How do you see the next five to 10 years unfolding for you and the company?

51:55I think we'll do an additional 1 ,000 flips with maybe the kids leading, not so much myself. They are in training right now. And also I would like to, I start building apartment buildings and I would like to have a bigger portfolio in LA of apartment buildings. And one of my dreams is also to create financial education for children and young people like teenagers because I strongly believe that when you are able to manage your financial in a healthy way, you're going to have a healthier life. And I believe there is a lack of information for kids and teenagers and even grown-up people. Everything, I always say we're not in real estate, we are in financing because the financing has to work whether you have investors or you have a car money loan or a line of credit.

52:54That has to work in order for you to be successful and the same thing goes for your personal life. We don't have two different lives. It's the same life. is if you don't manage your money correctly, no matter how much money you make, you're always going to be broke. It's kind of amazing the lack of financial education that we don't receive growing up in our schools. And I don't know how to change that, but it sounds like you've got some ideas. And do you have any books or anything like that you've read or that you recommend to people who are trying to get a better handle on their personal finances and understanding it?

53:28There is a rich type for that book that I think is easy to read, to understand more about the finances. But to me, the way I had learned through is just being observant of my own spendings and really not spending more than what I make. I mean, I think finance is just, for me, common sense. You know, if I make$100 ,000, you know, why am I going to spend$140 ,000 and put it on a credit card that's going to charge me 30 %? I don't know what the rates are on credit cards or 20 % because it's just going to put you in a bigger hole. So it's like the best way, don't get in debt, is you can pay it within 30 days, don't even buy it.

54:09I mean, simple. Yeah, it is simple. There's a good Charles Dickens quote from one of his books that says, income 20 pounds, expenses 21 pounds result in misery. Income 20 pounds, expenses 19 pounds result happiness. Basically, just keep your expenses below what you're making. And it's pretty straightforward, but it's tough, it seems, for our culture to do. Yeah, it's more about the mindset, delay gratification or instant gratification. And are you willing to weigh so you are healthier and sleep better? I wanted to hear if you have any controversial opinions in real estate that maybe some other people would agree with.

54:54like conventional wisdom says one thing, but you have the opposite opinion. Anything like that? I believe you make your own market, you make your own result, regardless of what the market is, and stay informed, like interest rate and things, those are very important. I see the market 365 days a week. And in regards to the rates, I try to stay on top of what the rates are just to get a general idea of what the buyers are able to afford. And that gives me a better sense where we're going. But I stay away from reading about real estate, you know, projects that I think are negative to my mind because I don't want to get my mind infected with negativity.

55:42So I try to stay on the positive side and exercising the power within me to make things happen. Yeah, it can be easy to get caught up in the doom and gloom reports and really be influenced by that and kind of stall your own progress forward. Yeah, people are always buying houses. They'll continue to buy. So it's an industry that will continue to grow and finding ways to make it grow. You know, because if it's not this way, then, you know, I'm trying multiple things right now, including I just got a hotel entitled. So I diversify and I think everything is seasonal. Sometimes you will have more of this, more of that.

56:23And I think, you know, it's just, I just don't believe in, I think what I believe in is in adjusting accordingly to what the clients need, because the clients are the ones that tell you the truth. You know, is your house staying a long time in the market? Are they selling quickly? What's going on? And I feel that my news comes from me really being in touch with the buyers. I wanted to hear a little bit about Jonathan's segue from doing flips in LA to doing multifamily in the Midwest. Has that influenced you at all, his strategy? What do you think of it? I wanted to hear your thoughts on it. I'm really proud of him.

57:04I think he's doing a fantastic job. And that's something that's working for them. And I think it's a good cash flow strategy. And Jonathan always wanted to do that. And I mean, I applaud him for doing that. And he's been very successful together with Jeff, his brother. And I think it's a magnificent strategy. I just kind of the LA girl that wants to make things happen here because we just need housing. And I want to be a big standing support for LA. And then you had mentioned wanting to do some multifamily. Do you have a portfolio now that you manage in terms of rentals, or is that something that you plan to build coming on down in the next few years?

57:49I have a portfolio and I want to grow the portfolio. I think rentals are pretty strong in LA. I'm not sure about the appreciation with so many things happening, but at least I know that it can be challenging to get the cash flow. it said is you have a strategy where you buy it right, fix it right. Otherwise, the numbers are not going to work. You have to buy it right. Right. Yeah. That's key is to buy it right. That's where the money is made, right? Yeah. And get the right loan too. Are there any other asset classes that you don't invest in, but you think about a lot? Do you ever fall prey to what I call shiny object syndrome?

58:31I get on Twitter and there's all kinds of different asset classes that people discuss, whether it's self-storage or industrial or multifamily. There's so many different asset classes. Do you ever think about other asset classes that maybe pull you away from your main strategy? No. I just think to what I know how to do. And I'm very focused. I don't get distracted by things like that. That's a great quality. I I love it. Do you have any other investments outside of real estate? No. And why is that? Because I'm not knowledgeable. I want to learn more, but I'm very busy and it will distract me from my focus right now.

59:15That's why I haven't done that. I interviewed a gentleman who came out with a book called The Insider's Guide to Real Estate. And he talked about just that you've got way more advantages with real estate than you do, let's say, like in a stock market or some other markets that you could invest in. You've got a competitive advantage knowing your market that you really don't have in investing in stocks and things like that. Yeah. I just like to invest in what I know because that makes me feel like I can make better decisions. Yeah. So I wanted to do a quick fire round here as we wrap up. I really appreciate you taking the time to talk today and telling your story.

59:55It's really amazing what you've been able to accomplish. And I've taken a lot away from this that I'm going to be thinking about. But I wanted to hear about first your worst job. My worst job? I mean, I always work for myself. My worst job will be taking sailors that they not emotionally stable. So like if you already see the red flags run, you know, like don't even entertain them. Then even if you need the money because they're going to cost so much headache and money in essence. So I think anyone who is not emotionally stable, I wouldn't pay them right now because it's just such a high risk.

1:00:37What are some of those red flags that you can tell somebody might be problematic? Somebody you want to run from? people who are like when you get to an appointment they are drunk people who are just like not coherent in their thinking decisions and you can see that maybe you know just like you get a sense of the person in that few minutes you are with them and then i think it's add to the person but I would say that would be my worst job, taking people who are not well. And I say emotionally because I don't know what's going on with them and I'm not a doctor. But I mean, you can tell when somebody's having some sort of issues.

1:01:22I want to hear about any entrepreneurial or real estate heroes that you have. My father and my brothers, I really like how they manage business and family and how caring they are and always striving to do a win-win for all. Did any of your other siblings come to the U.S.? One, but they all have businesses in Mexico. A couple of them, but I'm the only one that has done the business in the United States. In a way, that's... I mean, they brought some business, but with the structure of Mexico, but me building something from nothing has only been me in the United States. That's amazing. I want to hear what success means to you.

1:02:10Opportunity, growth, giving back, providing quality of life to everyone around me, my family, and everyone around us. I mean, that's success and maintaining a good caring heart and mind and unity. I mean, it's just more about a being of a human being in a healthy way. Yeah. And it seems to you from just listening to you, it sounds like the money is just kind of a byproduct. Like what you really enjoy is the process of real estate, the relationships and the creativity and building something and creating housing for people. Yeah, definitely. I mean, relationships all around and just providing something great.

1:02:56We need more great teams in this world. We don't need more negativity. We don't need more problems. We need solutions. That's awesome. Marissa, this is a great place to stop. I really appreciate your time and hearing your story. For our listeners, again, are maybe thinking about taking their first step and doing a flip or getting started in real estate investments. What kind of words of wisdom would you have for them? What kind of takeaway from our talk here would you like them to walk away with? I will say that try to do your first deal with somebody that's experienced. At least you learn, it's better to share profits with somebody than to lose money.

1:03:33I would say if I was beginning, I would start with somebody that's already done it, that has that resources. And, you know, even a strive for a long-term relationship with them, I think it's a safer way to go. And, you know, don't be afraid, but support yourself with the right people. Marissa, thanks so much for talking. And again, how can people learn more about you if they wanted to reach out and get in touch with you? They can reach out to me through Instagram. My account is Marissa Solis. This, which is B-I-Z. They can text me too. I can give you my number, which is 323-770-4510. And my Twitter account is Marissa Solis at Mila Marissa.

1:04:20Oh, you are on Twitter? Yes. I'm going to start using it more, but I do have an account. Tell me the Twitter account again, because I tried to find you and I couldn't. Marissa Solis, at Nila Marissa. Okay. And E-L-A Marissa. Do you find me? I'll definitely find you. Okay. I'm on Twitter a lot. So is Jonathan encouraging you to get more active on Twitter? Well, yes. And Moses encouraged me. I just need to follow. I need to do it. And I'm going to start. I'm starting today. Yeah, we didn't. I don't think we touched on your talk at Reconvene. What was that conference like for you? What was it like getting up on stage?

1:05:00I did want to hear about that. I mean, it was quite amazing because Moses had a way to interview that it was geared towards that audience there. And I felt that at the end of the conversation is to give hope and encouragement to people. And I think we did that, which through the market, especially during that time, the market was down. And I just enjoy a lot because the events are amazing. like five-star event and the people were remarkable to everyone who was there and I interact with they were like world-class people. Yeah, he does a fantastic job and as an interviewer he put on a great event from what I understand.

1:05:46I will definitely link in our show notes to your interview and reconvene in general but yeah it seems like an amazing event and I'd love to be able to go sometime maybe next year and be a part of that because it's like you said just amazing high quality people. Yeah, let's go together. There you go. I'd love to meet you in person, have a meal together. Yeah. All right, Marissa, thank you so much. Again, appreciate your time, love your story. And I really hope that a lot of people get to hear this. Thank you. And I'm happy to help people. That's my mission in life. That's awesome. Thank you. All right.

1:06:20Thank you. Bye. Okay, folks, that's all I had for today's episode. I hope you enjoyed the show and I'll see you back here real soon. Thank you for listening to TIP. Make sure to subscribe to We Study Billionaires by the Investors Podcast Network. Every Wednesday, we teach you about Bitcoin and every Saturday, we study billionaires and the financial markets. To access our show notes, transcripts or courses, go to theinvestorspodcast.com. This show is for entertainment purposes only. Before making any decision, consult a professional. This show is copyrighted by the Investors Podcast Network. Written permission must be granted before syndication or rebroadcasting.