RG 141 – Old School vs New School to Raising Capital with Andrew Campbell
Nuts and Bolts
In this episode Reed talks to his business partner Andrew Campbell about the real estate conferences they have attended recently. Over the last 2 months since their last joint episode they have been very busy closing on 388 units on San Antonio and making design decisions, meeting new staff and finding the next deal. They have viewed a deal in Austin as Andrew is a local and they would like to plant a flag in the area.
Reed and Andrew have both attended real estate conferences; Reed MC’d the Jake and Gino conference and Andrew attended the Multifamily Owner Conference in Chicago and they learned many different things. Reed’s conference hosted 450 people of which 60-70% were out of state, one of the main messages over the weekend was that different is better than being better meaning don’t replicate the same old stories but be different instead. The conference taught that it was very important to create a strong personal mission statement to become a key person of influence within your niche. They learnt about creating strong business ecosystems and about collaborating with other investors. The conference was more focused toward entrepreneurship rather than real estate investment specifically. The mantra of the event was Make It Happen and that idea was really driven home by creating a personal brand and attracting a tribe.
Andrew attended a very different style of conference held on a Monday and Tuesday, it was more formal with suits and ties. Andrew attends these conferences with the aim of making at least 2 connections per day and not just handing out business cards all over the place. The conference especially focused on time horizons; over the last 10years we’ve been in a 3-5 year hold and that’s getting longer as it’s becoming harder to sell.
These two conferences showed the two worlds within real estate investing at the moment. The first is about getting the deal done with private investors and the second is about institutional large equity and big owner-operator deals.