What it Takes to Succeed in Real Estate with Kent Ritter
Kent. Thank you for joining us today.
Absolutely. Taylor, thanks for
having me. Yeah. So we’ve been talking here for a few minutes and you have a fascinating background, really inspiring, and just the amount that you’ve accomplished up until now is awesome. And I know you have a lot coming down the road as well for our listeners out there who don’t know about you and what you do.
Can you give us an intro as to where you come from and what you’re up to?
Yeah, I’d be happy to. So I think my story is probably the relevant piece starts When I graduated from college, I became a management consultant flew around the country, for years helping companies solve big problems.
So in doing that, I got to see a hunt, hundreds of different businesses, what worked, what didn’t work, as you do that, you start to identify trends and you start to really understand what makes businesses successful and others unsuccessful. And. I think that has really shaped my view of how to operate a business, what to do, what not to do.
And then as I’ve become a real estate investor, and now I’m growing that business, I’ve been able to take a lot of those lessons learned forward and just avoid most of the pitfalls. I think that people make their first time. About, through my management consulting career in 2010, some colleagues and I left the firm-year out and we started our own business.
We started a boutique management consulting firm. We grew that from, five guys around a kitchen table, literally to 95 employees and 30 million in annual revenue in about five and a half years. And we sold that at the end of 2015. And that’s what set off. Real estate investing career because I had capital from, from the exit, from selling the business.
And, I already had a pretty decent brokerage account. I knew I didn’t want to put more money just into the stock market and have all my eggs in one basket. And so I was looking for alternative ways to invest. And as I did my research, I really just gravitated to real estate. And then, through some trial and error and just doing some different things over the years, I really fell in love with multifamily real estate.
It just makes. A ton of sense to me. And then I learned about syndications, which really blew my mind. I, I thought I was a pretty good investor. I had invested a ton actively in the stock market. I’d invest in other things, Bitcoin, done some angel investing, things like that.
And I was like, oh man, I had no idea that. When I felt real estate, right? I thought you buy a single-family home and you become a landlord. Cause that’s all I ever knew. People that were in real estate, what they did or like people flipping houses on HGTV. But I had no idea that you could go out and invest in a massive apartment building alongside somebody who really knows what the hell they’re doing and just be totally passive and just collect the monthly or quarterly checks.
So when I learned that really made a ton of sense to me, I started investing at first with others with folks I found in the industry who had been doing this and had a good track record. And I use that really to learn the business. I wondered about syndications real estate and acquiring apartments.
And again, just like what I learned as a management consultant of businesses, what makes it work? What makes it not work? Because at the end of the day, these apartments that we’re buying at the scale or buying them out are they are businesses. They have revenue, they have expenses and they’re businesses that have largely been operating for 30 or 40 years successfully, and we’re just, but if you look at it that way, then you can start, you start to see the levers and understand, what you can push and pull to, to make these things be really successful.
And so really in 2019, I was a co-sponsor on my first syndication, and fast forward to the end of 2021. We’re closing on Tuesday on our eighth. And I’ve launched my own business, Hudson investing because. I realized this started out very personal for me. It was just about taking my money and investing it is diversifying.
But along the way, I realized I’m pretty good at this. I’ve spent from really 2015 to 19, about four and a half years, just learning as much as I could going through a few coaching programs, finding mentors, And then, when you’re doing that, people start to say, Hey, what are you doing?
What is that you’re doing? How do I get involved in that? And enough people ask you, and it starts to hit me over the head that, Hey, maybe I could turn this into a business. And so we did a night, we did a 19 and we’ve just been rolling. And now we’re, it’s really about, we’ve got a good track record.
We’ve got eight-under our belt. We know what we’re doing. It’s really about growing and scaling and taking advantage of. Where I think the market’s going to go.
Nice. Nice. So really impressive background that you had before you got into real estate and now you’re really cranking and making it work.
And you mentioned things that are alluded to learning things that make businesses work versus, fail, especially from your management consulting time. And I wanted to really dig into that and then. Stick to the most applicable lessons to real estate that you found from that time.
So what lessons that I learned as a management consultant that does translate to real estate investing that wasn’t a particularly clear question?
No, that’s fine. Just want to make sure, I hit the nail on the head. Yeah, It’s really the same thing. As I said, these are businesses and you have to look at them as businesses.
And of the, one of the biggest things is culture. It’s sad. It may sound like a cliche or it’s something that, is often talked about now, but it really is incredibly important whether you’re building your own. Or your you’re operating, an apartment building.
The culture that you create among the team, the people on the team, the property management people, whether you’re hiring the third party, you have your own, how they interact with each other, how they interact with the residents creates the culture on the property of, are you creating a sense of community on the property?
Are you doing things to engage the residents and keep them, make them sticky to that property? I think that all of that is incredible. Incredibly important, the tone that you set as a leader and the people that you bring on and make making sure that there’s a very high level of accountability and accountability like to actions but I think also the attitude because one toxic person can sink a business.
It’s amazing when I’ve seen that. And so yeah, so culture is one. I think we talked about accountability to have accountability. You really have to have clear objectives, clear procedures. And so I think being very clear about people’s roles and functions about their objectives, giving them context around how their job function impacts the rest of the organization.
Oftentimes that’s what I would see as a management consultant. If you think about an assembly line process, you maybe have 10 steps, the person doing step two. Doesn’t understand how what they do impacts the person that’s step eight. Doesn’t understand if you do this it negatively affects that person.
They have no idea. So they don’t know to do it. Most people want to do the right thing. They just don’t they just don’t know. And it’s amazing how those disconnects exist. So even just connecting those dots for people and giving them context about how they fit into the global picture.
I think one, it gives people a sense of purpose, and two, it helps them be able to critically think about, should I do this, or should I not? Because how’s it gonna affect everything downstream. And then I think downstream, you’ve got to have a feedback loop back upstream. You can get that feedback and say, Hey, when you do this negatively happens to me.
What it Takes to Succeed in Real Estate with Kent Ritter
And so let’s talk about how we can avoid that. Those are just, those are some really simple ones. But things that I think we take very seriously, I think adding onto that, the other thing with accountability is you have to be able to do. Very easily measure what matters. And you have to be able to measure what you’re gonna hold people accountable to otherwise.
How do you know if they’ve succeeded or failed? So I think having very clear KPIs, key performance indicators. Making them say they have to be simple and they have to be easily attained. So it’s gotta be, and they’ve gotta be available to everybody. You pick your top three things and focus on those, figure out like the levers that really drive the car.
Move the shift, whatever you want to say, and just really focus and hammer on those things. But keep it simple. I saw a ton of companies spend so much money on reporting and they ended up with a dash. 50 metrics on it. And at the end of the day, it’s okay which ones really matter?
And which ones are we really focusing on? So three to four. And if you can do that, I think you can, those are some simple ways. If you do those things, I think most businesses will be successful.
Yeah. Something I had seen is in corporate America is years ago, is this idea that we could focus on everything?
That’s ridiculous. That’s not how focus works. We can only focus on one, maybe a handful of things. As you said, companies can spend so much on all these reports, and then you don’t even know where to start or what to go for. And I appreciate that. You’re talking about this in actual business terms.
I think that’s where many, especially small-time landlords go wrong. And if you spend any time on bigger pockets, you’re going to see these. All the time of, Hey, I’ve got this tenant and blah, blah, blah. I chose not to evict them because, I got this bleeding heart and I, let my emotions get into it.
Whereas a business, you’re going to have systems, procedures, and processes. If you know a tenant doesn’t pay or they break something. And that’s what leads a real estate investment to be successful. If those procedures take an emotion. Yeah.
That’s exactly right. And then in, when you’re dealing with housing, it’s even more important because there’s a thing called fair housing, and you have to treat every tenant in the same way.
You can’t give one a break and then not give another break. Just opens you up to huge risk from a fair housing compliance standpoint. So you really do have to have those policies and procedures and you have to just refer back to them and you can’t let emotion get in the way. Don’t get me wrong.
I’m not a slumlord. I don’t I don’t try to take advantage of people, but you just have to hold the tenants accountable if they say they’re going to pay rent and they don’t pay rent well, that doesn’t work for you or your business. And we try to work with people as much as we can but you do have to, even in those situations, have a clear policy and clear guidelines so that everybody does everything the same.
Yeah. Yeah, absolutely. And I totally agree. We don’t want to be slumlords, but the way we can keep from being slumlords is by running like a business and taking care of our properties and getting, troubled tenants out because they ruined the culture of the properties themselves now.
Talk about building a company that aligns with your mission and your values. I want to dive into that a bit and learn about what that means to you. And I guess how that can really help us grow and be more successful because I think that is important, but we got to get to what that actually means in a nuts and bolts sense.
Sure. So what it means is just starting with. Yeah. I think as a leader, you have to have a very clear vision for what you want because the people that are coming that are going to come on board are on board with you. Are your employees what they want, like really more than anything is that vision and something that they can rally around.
So as a leader, it’s your job to create that. And I think the values are a part of that. I think. Your values and your mission. And, it’s really about, I think the tone you’re setting for the culture and how you let the culture develop and then holding people accountable to those values.
I think values are good for. For one make it’s always something like you said, we need to standard policies, right? When we’re interacting with tenants, for example, those values are those guideposts, as you are making business decisions and as you come across difficult decisions it can be very helpful to have these things to look at and say, Okay is this decision, does this decision align with my values or does it not?
And it can help you in those times when you don’t really know which way to go make a decision. Cause the worst thing you can do in a business. Is not make a decision and just have an action. You have to usually no answer is going to be the perfect answer. We never have perfect information.
So it’s really just about, you’ve got to make a decision. You’ve got to be convicted in that decision and you’ve got to stick with it. For a period of time, but continue to measure. And as soon as it doesn’t make sense, pivot and adjusts but you have to move forward with conviction at every pivot point.
And I think those values really help you align, like one of my, one of my favorite values that we have is. Just continuous growth. So I tell my team, look, I don’t expect you to be perfect. I don’t expect you to do it perfectly every time, but I do expect you to do it better next time than you did this time.
And that’s really, what we hold folks accountable to. It’s are you learning, are you critically thinking about. What you did, if you made a mistake, once that’s fine. Let’s learn from it. There’s no punishment. There’s anything, but if you continuously make that mistake, then clearly there’s an issue there.
And that’s something that we need to address but that’s one that I really try to live by is not hold people to some idea of perfection, because I think where I saw leaders get in trouble in other businesses is you never think, oftentimes you, you never think that people are going to be able to do it as well as you, so you see leaders hold too much because they think I can do it better than anybody else. As a leader, you got to get comfortable with the folks you hire are going to do it like 80% as good as you do, because at the end of, at the end of the day, it’s your business, it’s your baby.
It’s not their business. It’s not their baby. And. And, so you gotta be comfortable with that but 80% right. Is good enough and done is better than a what’s the term, Don is better than perfect. Yeah. So I think in that way if you can delegate out that’s the key to growth, you’ve gotta be able to delegate.
It’s there’s the book who not how it’s a great book. And it’s really all about, don’t think about how you’re going to get it done. Think about who’s gonna get it done. And then let them run with it and let them take care of it.
So how have you applied that in your real estate business? Have you mentioned that you started in 2019 now you’re up to, I think you’ve mentioned eight deals and I’m sure by the time this goes live, you’ll have even a few more?
And it’s not like we’re talking about, buying a couple of single families. These are large properties. You want to buy a thousand units next year. So how have you applied? Who, not how philosophy and any of these other values, philosophies to your business, in a specific sense.
Yeah just in building my team, very intentionally building out a team, investing in a team maintain one of the hardest things for me and for others too, is just maintaining that abundance mentality.
This mentality that you’re spending is an investment and that investment is going to have a return, not just focusing on what that cost is, because especially when you’re first starting a business, it’s difficult, to every dollar you’re showing out. You’re thinking about it, especially when you don’t have.
IWT job. And just maintaining that mind. Of abundance and that these costs are actually investments, I think is huge. And so I’ve invested in my team. So I have about nine members on my team and they all do very fairly specific things. I think the specificity of focus is extremely important.
You You can either go a mile in one direction or you can go, an inch and a thousand directions. You can’t do both. And so I try to give people very specific roles again, focus like three to five things to focus on and that’s what they do. And then they can get really good at doing those things.
And I’ve got on the Mar like I do my own podcast. It’s called Ritter on real estate. And I’ve got a team of four people that helped me put that together from editing to advertising to booking and then I’ve got my personal assistant who really is more now of like an operations coordinator.
She is the hub that keeps everybody communicating and keeps everything flood. We’ve got accounting, we’ve got if you’ve got other marketing and investor relations, we’ve got there we’ve got underwriters. And then now I’m actually hiring for my first full-time position, which is going to be a director of acquisitions.
Somebody that can really own that deal vertical from sourcing to closing. And again, that’s a highly valued position. It’s a costly position, but for me, it’s an investor. And it’s the only way if I want to grow to a thousand, not grow to a thousand, but if I want to acquire a thousand units next year, the only way I’m going to do that is with help and with somebody that’s focusing on this sourcing full-time.
And so it’s, that’s how I’ve applied. That is really being intentional in Delhi. Like first it’s understanding what my highest and best use is, and then delegating everything else. Very intentionally trying to delegate everything else. And, I’m not perfect at it by any means.
There, there are things that I have held onto way too long and been a bottleneck for a bit short-sighted on, and cost-focused. I’ll give you, I’ll give you a quick example where it’s stupid looking back, but like I used to record all my podcasts The zoom on my computer.
And then I had to manually upload them to Google drive for my editor to grab. And it’s 40 bucks a month for zoom to just record to the cloud where he could just go get them right away, all my stuff. And didn’t have to have me as a bottleneck. And, I was like, oh, I don’t want to spend $40 a month just to do that.
And I was so stupid. It was like, it’s totally worth $40 a month. Or I moved in the process and just make it run smoothly. Just keep that in mind. That’s fair.
That’s fair. One of the things I found, I just, as a comment on that specifically, one of the things that I found is the audio quality is better when you record directly to your computer.
So that, that was my experience with that in particular, versus according to the cloud. So that’s just my opinion on that, but we won’t get you hung up on that now. There’s I believe it’s the book traction. It’s been a little while since I actually read that, but they talk about it. Really lining out the structure of your business and the roles and everything like that way before you’re, actually filling them just mapping that out.
Is that something that you did, building your org chart as you fill them out or, how, I guess far looking, are you being on this? Did you know about the director of acquisitions, way before you’re going actually hire that?
Done is better than perfect.
Good question. Yes. So I have a complete org chart for where I want my business to be in three years.
And, and it’s way bigger than. Then just one, the director of acquisitions is there’s much more. And I’ve intentionally thought about the order in which I need to hire these people. And so yeah, I’ve been very intent. I think that’s very helpful, to think about.
Think about your org chart, think about the job roles that need to be completed, and then build that out. And then essentially cause at first you are that line level, you’re the bottom level and you’re doing all those things. But as you. Place people in those roles, then you can move up into that supervisor or manager level.
And then you replace those roles. You can move up into that director level and place those roles. And then only once you have that team under you, can you actually be like the CEO that you like, your title might say you are but only once you have those other people in place, can you really act in that proper capacity?
That’s something that I’ve, I want to go back and redo for myself because I think I want to get that next step up. How do I think about doing that next? Next thing. So you said three years out, did you start that way, or like when did you decide to make a three-year map, and where did that, in particular, come from?
Yeah, that’s a good question. I don’t know where. I think it just seemed like a logical growth timeframe to me to be able to grow. I was like, I think we could do this in three years. It was the thing, that was, I think it was arbitrary really but I become much more intentional in tying that org chart.
Two and the growth to specific events or trigger points. It started with, okay, we’ve, like I’ve been sourcing deals largely managing the broker relationships and then raising equity on my own and really wearing both hats. And that’s fine. We’ve had a ton of success, we’re at 600 something units I’ve raised.
12 or $13 million at this point in the last probably 15 months. And so we’ve had a good start but in doing that, and I could continue to do that. I could continue to do that every year and be pretty comfortable but to grow. We’ve got to do more. So I set the goal for a thousand units, I think we’re going to have to acquire six to eight deals.
And I think, and to do I know, like we had, at one point this year, I had three deals under contract at the same time. And my head was spinning, trying to keep everything straight. And so I just know if I want to be able to do 6, 8, 10, who knows, I’ve got to have somebody to have that full focus.
And so that was like the trigger point was setting that goal and say, okay, Again, not how do I achieve that goal, but who is going to help me achieve this goal? And it’s okay, you got to invest in that person. I’ve got to have my like the yin to my yang, the person that’s sourcing those deals and bring in bringing in good acquisitions and then.
The next major hire will be at a senior level will be an asset, a director of asset management. And that’s really the trigger point. There is a number of units because, I think when we get to somewhere like a thousand to 1200 units it’s going to be, it’s going to be too much for me to be able to, to asset manage appropriately on my own.
And also. Be able to raise the money equity that I want to raise. And so that we’re going to get to that unit count and we’re going to bring that person that, we’re going to build out a team under him as we continue to grow. But yeah. And just so aligning that growth path to certain trigger points, I think is a really effective way to know when it’s time, to make that next hire.
Because I think with hiring people are typically reactive. It’s typically. Oh crap. I’m too busy. I need to hire somebody to help me with this load. And I’ve, in some ways like, historically, as we’ve done this, I’ve done, I’ve been guilty of some of that much more effective to identify it ahead of time, know the metric or finger tracking that’s going to say, okay, it’s time to hire and then do it intentionally and have that person on board before.
Something fell off and now you realize that they’re needed.
Interesting. So one of the big things that probably everybody’s heard is the 80 20 rule, the Pareto principle, I think it is where 80% of your results come from 20% of your efforts. And before we, go to the end of the show, I just wanted to ask, does that ring true for you in your business?
And if so, what is that? 20% of efforts that generate 80% of your results?
That’s a good question. I think it depends on what type of results, but I would say just from a capital raising standpoint, it’s my podcast. Interesting. My podcast is my best way to engage with potential investors, to let them know who I am, helped them understand my personality, helped them understand, my integrity my principles, and my knowledge.
And get people to know and trust you, ahead of time. And so that has been, it’s not a huge time commitment because I built out a team at this point. It was a huge time commitment. The first six months when I started I was literally doing everything. And I was like, man, this is 10 times harder than I thought this was going to be.
But now that I build out a team, it’s just, I just, we, I’ve got some research done for me, so I’ve got one-pager on each guest and know what I want to ask. And it’s just, but it has been having had a monumental impact on my business and my ability to engage with investors and just the level of relationships I’ve been able to build.
With investors, because you can only have so many one-on-one conversations. There’s only so much time in the day. Totally. But that really helps people, I think, get to know who I am and decide if they like me or not. And if we resonate so by the time I’ve had, I’m having that phone conversation with our investors, because I do talk with everyone still it’s just a much different conversation and starting from square one, I find most of the time.
Interesting. So would you say that’s supposedly made some implications in? Let me step back. What would you say is the stage that helps the most? Is that, is it that initial introduction so that when you get on the phone with them, they know about you and who you are or is it okay now they know you and it’s just building that relationship then continuing to keep up with you, keep in touch with you so that when you have a deal, ready to go, they still understand that you’re still in the business and all these things that you’re up to are what stage is it most beneficial?
Most beneficial is probably that the initial stage of just letting folks one, like introducing folks to me and who I am and that I’m out there doing this. But it’s beneficial, honestly, for both of those things that you mentioned. I think if you’re like, I’ve learned that. The amount of time that passes between the time that I speak with an investor or potential investor.
More time drastically decreases the probability that they will invest. So if it’s somebody I haven’t talked to within six months, a pretty low likelihood that they’re going to invest in my next deal. If it’s somebody that I’ve talked to recently, and I’ve kept that relationship up, it’s a pretty high, and so I think the podcast just helps you stay engaged with people. And it’s a one-to-many relationship because again, you can only have so many one-on-one conversations. Now that’s why I’m bringing on the director of acquisitions because I want to free up more time to have more one-on-one conversations and have deeper conversations and spend more time in that world.
There’s still, there are only 24 hours in a day.
That’s absolutely true. And. I suppose you have to focus on the time or that the tasks where you can really add the most value again, getting back. 80 20. Okay. You’re gonna hand off tasks to well-qualified people. So you can focus on, the aspect of the business that you enjoy the most too.
That’s also gonna bring the most satisfaction for you.
That’s right. It’s I, it goes back to what’s your highest and best use, right? What is the thing that you can do that nobody else can do? And the thing that I think I can do that nobody else can do or not many people can do is.
Just end that I enjoy the most because you’re right. You got to enjoy it. Is. Talking one, just talking with people about real estate talking with investors, but more than that, it’s educating people to know that this type of investment is possible because I didn’t for a long time and it’s been life-changing for me.
And I find it’s life-changing for others. Because most people don’t have access to the type of. Cashflow and returns that you can get these real estate investments. And a lot the first reaction I have from people is, oh, that sounds too good to be true. It’s not you, you’re just not used to it.
You haven’t been exposed to it. We don’t have huge marketing campaigns around these projects ETFs do and mutual funds and your 401k is and all of that. So as you see, haven’t been.
Absolutely. There are so many reasons why the mainstream financial media, the corporate financial media if you will, is so focused on the wall streets, products, and that’s what we’re here trying to help folks get out of wall street.
And I feel like we’ve done a great job of that today. Right now. We’re going to take a quick break for our sponsor. All right, Canada, I’ve got three questions. I ask every guest on the show. Are you ready? Hit me. Awesome. The first one, what is the best investment you ever made other than in your education, man?
I should probably say my family, my, my wife and kids, but from a just pure return standpoint it’s gotta be, it’s gotta be in, in the other business that we had in our, the consulting firm that we created investment of time and capital, but grand slam returns and it was a lot of fun.
Nice. And a successful exit, and then brought you to where you are today. We have the best investment. Now we go to the other side of that coin, the worst investment. What is the worst investment you ever made?
Oh, that’s easy. In 2015 when I was dipping my toe in the water in real estate, one of the first things I did was I crowdfunding was pretty new back then.
But I went out to a crowdfunding site. And I may, I made two investments. One of them was a debt investment. It did fine. The other one was my first syndication on the equity side that I invested in and the guy ended up committing fraud and all the investors, we lost all of our money. And I was like, man, this is a punch in the gut, but it wasn’t enough to deter me.
I didn’t blame real estate for it. I blamed, I blame that guy for being a bad person. And then I remember. I blame myself. It was a huge lesson learned for me because the reason I got in that situation is that I didn’t do the due diligence that I should have done before I made that investment.
Literally I just, you’re just scrolling through the page and it’s oh, there’s, Houston, that’s like a good market. And there are some multifamily returns, let good click on it. I don’t know, 10 minutes later I’m invested in this deal and I’m sending my money over I didn’t know diligence.
I thought the site was doing diligence. They advertise that they were doing diligence, a lot of that’s marketing. And so yeah, it was a lesson learned. So a lot of what I try to teach people now is. Before you look at the deal, before you look at the market, you gotta start with the sponsor and you got to say, is this somebody that, that you should be investing with?
Is it a good person? Do they have integrity? Are there signs of success in their past that are going to signal, feature success? And you never know a hundred percent, but I know that I said I got muted.
Yeah. I don’t know how that happened. Sorry. That’s okay. I was just trying to get myself, actually. There’s some stuff going on in the room around me. I think I’m using it.
That’s okay. You could probably cut it off somewhere. I was trailing off to the end of the end.
All right. We’re going to bank on our audio editor to make that sound good. Sorry about that, man. I’m trying to start. Okay. My favorite question here at the end of the show is what is the most important lesson you’ve learned in business and investing?
The most important lesson I’ve learned is a good question. The first thing that’s popping into my head is that again, it goes back to doing is better than perfect. I was on Billy Kiehl’s podcasts. A few months ago. And he’s got a term that I loved. It was a he’s. He calls himself a recovering perfectionist.
And I was like, man, like that, just so resonates with me. I completely understand what you’re saying. As with my podcast, it took me like a year from thinking about doing it to really do it. And a lot of it was my own limiting beliefs and my own concerns about, is it going to be good enough?
Imposter syndrome. What do I have to share those types of things? And man, you just got to get started because my 75th show is so much better than my first show, but you just you improve through iteration I think is the less at the end of the day, just get started and an improvement through iteration goes back to the value I discussed of, just get better every time.
Nice. I appreciate that. I’ve been on Billy’s show and the bill has been on this show before, so I know him that, that is an interesting phrase. I don’t know if I’ve ever heard him say that a recovering perfectionist, but I like that. And Ken, thank you for joining us today, sharing all these lessons with us, for folks out there.
If they want to get in touch with you, they want to track you down. They want to find you or your podcast or anything like that. Where can they find it?
Yeah, I’m pretty easy to find. You can go to KentRitter.com and that’s my home base. You can access my blog. I’ve got investor resources there. My podcast, if you want to go straight to the podcast, it’s called a Ritter on real estate.
It’s everywhere that you listen to podcasts. And those are probably the two best places. Other than that, you can find me on social media. I’m on LinkedIn, probably the most, just can’t read her. And then Instagram and Facebook it’s right around real estate. So you can find me just about anywhere.
Great. It was great talking with you too. Thank you for joining in. Thank you for coming and joining us today to everybody out there. Thank you for tuning in. If you’re enjoying the show, please leave us a rating and review on the apple podcast. Five stars. If you don’t mind, I appreciate that so much that helps other people learn about the show, because that helps us rank higher in the apple podcast ecosystem.
And I’m always honest with you guys that gives me a nice little warm and fuzzy feeling because I get to see that you’re engaging with the content and you’re escaping the wall street casino along with it. If you know anyone who could use a little bit more passive wealth in their lives, don’t share their, jeez, don’t share the show.
Please share the show with them. Don’t forget to share the show with them and bring them into the tribe. If you haven’t subscribed yet, do look us up, hit the subscribe button. That way you’ll get every new episode every Monday, Tuesday, and Thursday. Thank you for tuning in once again. I hope you have a great rest of your day and we’ll talk to you on the next one.
Bye.
What it Takes to Succeed in Real Estate
About our Guest
Kent Ritter
Kent is a former management consultant, start-up owner, and corporate executive turned full-time real estate investor and operator.
Kent has achieved financial freedom, and now he is on a mission to empower others to do the same through multifamily investing.
Kent is dedicated to teaching others how to make good investing decisions. He is the host of the Ritter on Real Estate podcast and Youtube channel where he provides impactful interviews and practical tips for investors. His goal is reflected in the show’s motto to help others “Invest like a Pro!” Additionally, Kent hosts the monthly Indianapolis Multifamily Investing Meetup, which is an amazing group of active and aspiring multifamily investors.
Episode Show Notes
Kent Ritter is a former management consultant, start-up owner, and corporate executive turned full-time real estate investor and operator. Kent has achieved financial freedom, and now he is on a mission to empower others to do the same through multifamily investing. Kent is dedicated to teaching others how to make good investing decisions. He is the host of the Ritter on Real Estate podcast and YouTube channel where he provides impactful interviews and practical tips for investors. His goal is reflected in the show’s motto to help others “Invest like a Pro!” Additionally, Kent hosts the monthly Indianapolis Multifamily Investing Meetup, which is an amazing group of active and aspiring multifamily investors.
[00:01 – 06:58] Opening Segment
- Get to know Kent Ritter
- Helping companies solve big problems
- Kent talks about his management consulting career and more
- What makes your business work?
[06:59 – 15:59] What it Takes to Succeed in Real Estate
- Kent’s Key Takeaways from Management Consulting
- Culture
- Connection
- Accountability
- Fair Housing and treating every tenant the same way
- How to Build a Company that is Aligned with Your Mission and Vision
[16:00 – 29:19] Succeeding with the Right People
- Applying the Who Not How Philosophy to Kent’s Business
- Maintaining the abundance mentality
- Kent, Director of Acquisitions
- Making a Three-Year Map
- When is the best time to make that next hire?
- The Pareto Principle
- What’s the best and worst thing you can do?
[29:20 – 38:50] Closing Segment
- Quick break for our sponsors
- Groundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started.
- What is the best investment you’ve ever made other than your education?
- His family
- Consulting firm
- Kent’s worst investment
- Syndication on the equity side
- What is the most important lesson that you’ve learned in business and investing?
- “Done is better than perfect.”
- Connect with my guest. See the links below.
Resources Mentioned:
Tweetable Quotes:
“I don’t expect you to do it perfectly every time but I do expect you to do it better next time than you did this time.” – Kent Ritter
“Specificity of focus is extremely important.” – Kent Ritter
————
Connect with Kent Ritter through Instagram, Twitter, and LinkedIn. Check out Ritter on Real Estate Podcast on Apple Podcasts and Youtube. Visit their website https://www.kentritter.com/.
Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.
Join our Passive Investor Club for access to passive commercial real estate investment opportunities.
LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes
