Purpose Driven Investing and Why 2021 is a Great Time to Start with Kyara & Khalil
In today’s episode I’m joined by, not one but two, amazing guests - Kyara Gray and Khalil Uqdah! Kyara and Khalil are Founders of Charm City Buyers. They are passionate about changing the narrative in Baltimore and shifting generations by building wealth through real estate. From recent college grads to full-time entrepreneurs, they have grown their 7-figure real estate empire all before the age of 30 via the “School of Hard Knocks”. With a portfolio of 20+ rentals and an eye for great flip deals, they have their eyes set on showing the masses how to add value to their communities and combat the negative impacts of gentrification through ownership.
Kyara and Khalil first share their background story and how they got started in real estate. They have been investing in real estate for almost 10 years. They are extremely focused on how to turn vacant houses into homes, how to build wealth through real estate, how to really impact the community, and change the narrative of when Baltimore comes to mind, not only as just a city, but also as an opportunity to invest in real estate. Before real estate, they were struggling to find their niche, from software companies to sales, but one thing that stayed consistent was their desire for a positive community impact and wealth building.
We then talk about their transition from their full-time jobs to entrepreneurship. Kyara explains that she was the one who introduced the idea of real estate to Khalil, but it was his passion for entrepreneurship that opened their minds to the opportunities in real estate. Their transition from full-time jobs to real estate was gradual, they slowly eased into it until they had enough residual income from their rentals that allowed both of them to quit their 9 to 5 jobs.
We then move on to talking about financing behind their deals. When it comes to financing, Kyara explains that for them it was crucial to learn and understand how money works. They used different methods and approaches to get access to capital, from working with a nonprofit to using a private lender. Kyara also shares that there are nonprofit lenders all over the country who are focused on building communities, as well as developers who are interested in doing great work in neighborhoods. Khalil shares that they've also been awarded over $3.6 million of tax credits and grants in 2020 and 2021.
Next, we talk about how to know where to focus your energy and your efforts. Khalil shares that the most important thing for them was to make sure that there's enough financial income on a residual basis to ensure that they can really pivot and do whatever they want. This is where the rental game came in. They started with rentals but soon decided to start flipping as well because they wanted to add value to the goals and initiatives of Baltimore City and build homeownership. Now, they are taking it a step further working on a large construction project with 50 homes in Baltimore.
We also talk about running a business as a couple. Kyara and Khalil share that in the beginning, they were running a pretty small operation where both of them were hands-on as much as possible. Nowadays, they have a team and they both have their own roles and their own responsibilities. One thing that really helps them out is that they're very specific and intentional about defining what it is they’re trying to do and accomplish together, and they use that as their Northstar to continue to push forward.
Lastly, we talk about why 2021 is a great time to be investing in real estate. Kyara explains that a lot of money is always made in chaos. A lot of people have made a whole lot of money during the last 18 months since the pandemic started. The key is knowing and understanding that even though the market in the MLS is hot right now, there's a lot of other places where you can find deals, particularly off-market. But there are still places that aren't seeing that same level of energy and that changes very, very quickly. This is something that Kyara and Khalil have been really, really vocal about this entire time - don't let what you're hearing scare you away from taking action in the spaces and areas that are going to see so much growth in the next 5 to 10 years because of some of the seeds that are planted right now. You don't have to compete in the MLS with people who are looking to buy their first, second or third home, but taking action now is really going to position you for winning long term.
Make sure you don’t miss this amazing episode of the Just Start Real Estate Podcast with Kyara Gray & Khalil Uqdah and find out why 2021 is a great time to start!
Notable Quotes:
“One thing that stayed consistent is that positive community impact, building wealth and something you can pass down was always at the front of mind.”
- Khalil Uqdah
“Once I understood how much power real estate had in building wealth and getting more control over financial freedom, it became a no brainer for me.”
- Kyara Gray
“If you don't work with your hands, work with your brain and one step further - own the company.”
- Khalil Uqdah
“In terms of mentality and emotion and our passion, we were all in from the beginning.”
- Khalil Uqdah
“We were using our 9 to 5 to fund our 5 to 9 before it was a cool thing to say on Twitter.”
- Kyara Gray
“They print money 24 hours a day, seven days a week, and it's your job to go get you some.”
- Kyara Gray
“Every single person I've ever talked to that has success doesn't let setbacks stop them.”
- Mike Simmons
“The difference between us and everybody else that considered real estate, is that we just never quit.”
- Kyara Gray
Links:
Charm City Buyers on Instagram
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