The rags-to-riches tale of Palmy and Nancy Kitti encapsulates more than just financial success; it’s a poignant narrative of resilience, grit, and the astute harnessing of private money to create a real estate empire. Their journey, recently spotlighted by Jay Conner on the “Raising Private Money” podcast, provides invaluable lessons for aspiring entrepreneurs and investors alike.
The Power of Starting Small
The Kitti sisters began their entrepreneurial pursuits with only $2,000 in their bank account—a sum that is hardly considered sufficient for massive business undertakings. Their success story is a testament to the fact that with the right strategies and mindset, starting small does not equate to thinking small. In their interview, the sisters detailed how they pivoted from a failing fashion venture to flipping houses, eventually moving into multifamily investments. This progression underscores the importance of adaptability and the willingness to enter unchartered territories, despite initial lack of expertise.
Cultivating a Tribe: Beyond Networking
One of the standout themes from the podcast was the sisters’ focus on building a tribe rather than merely expanding a network. According to Palmy and Nancy, creating deep, value-driven connections is paramount. They stressed the notion that giving value first and leading with education pays dividends in the long run. This approach has not only enabled them to raise over $130,000,000 in funding but has also established a robust foundation of trust and reliability with their investors.
Leveraging Existing Skills and Expertise
Transitioning from the fashion industry to real estate might seem like a leap too vast for many, but for Nancy and Palmy, it was a calculated shift that involved transposing their business acumen to a new arena. They encourage emerging real estate entrepreneurs to leverage their existing skills and experiences, suggesting that many competencies are transferable and can provide a competitive edge in real estate dealings.
Demystifying Capital Raising
A critical highlight from the discussion was the sisters’ strategy to debunk the myths surrounding capital raising. Contrary to the popular belief that one needs a vast network of wealthy acquaintances to start raising capital, they emphasize the importance of team expertise and the ability to showcase knowledge and capability. They also touched on leveraging social media platforms like YouTube, Instagram, and TikTok to amplify their presence and attract like-minded investors.
Building an Investor Attraction Flywheel
The Kitti sisters introduced the concept of an ‘investor attraction flywheel,’ a novel strategy that combines the savvy use of social media with consistent networking to attract potential investors. This system not only helps in aligning with investors who share similar values but also ensures that there’s a continuous influx of funds necessary for sustaining and expanding business operations. Palmy’s emphasis on authenticity in social media presence further ensures that connections made are genuine, paving the way for stronger, more sustainable investor relationships.
Focusing on Education and Empowerment
In wrapping up their heartening interview, Nancy and Palmy invited listeners to participate in their “Raise More Money Challenge.” The initiative is tailored to educate aspiring real estate moguls on overcoming the mental and practical hurdles of initial capital raising. This aligns with their overarching philosophy of leading with education and serving the community, facilitating a more knowledgeable and empowered tribe of investors.
Conclusion
The narrative of Nancy and Palmy Kitti is not just inspiring but also illuminating. It serves as a powerful reminder that with the right mindset, strategies, and a focus on building meaningful relationships, anyone can transform modest beginnings into monumental achievements. As Jay Conner aptly put it towards the close of the podcast, their story is a playbook for anyone looking to navigate the complex world of real estate investment through the lens of strategic, mindful, and ethical capital raising.
“We don’t want to be the smartest or the best at anything in any given room in real estate. What we want is to hire or partner up with people who are better than us, who are experts, who have decades of experience.” – Palmy Kitti
10 Lessons Covered in this Episode:
- Starting Small, Thinking Big
Utilize modest beginnings to fuel ambitious goals, transforming minimal resources into significant achievements.
- Building Your Tribe
Focus on nurturing a community that supports and grows with you, aiming for collective success and mutual benefits.
- Value First Approach
Always lead by offering value before expecting anything in return; prioritize education and empowerment in your interactions.
- Navigating Network Myths
Dispel common misconceptions about needing a vast or wealthy network to succeed, emphasizing quality and genuine connections.
- Skill Transferability
Harness existing talents and experiences, adapting them to new ventures to enhance your capability and adaptability in business.
- Expertise Leverage
Even as a newcomer, position yourself as knowledgeable by partnering with experts, enhancing credibility and trustworthiness.
- Mindset for Funding
Cultivate a strong mindset focused on both securing deals and raising necessary funds without succumbing to pressure.
- Pre-funding Essentials
Establish a robust system for funding before securing deals to avoid desperation and maintain negotiation leverage.
- Authenticity in Social Media
Be genuine in your online presence; share real experiences and knowledge to attract like-minded investors and partners.
- Investor Attraction Flywheel
Develop a systematic approach using social media and networking to continuously attract and engage with potential investors.
Here are three fun facts that were revealed in the episode:
- The Kitti sisters transitioned from a failing fashion business to becoming successful in real estate, turning a $2,000 bank account into a nine-figure empire.
- Despite their initial belief that real estate was only for the wealthy, the Kitti sisters raised over $130 million in funding for their projects.
- Nancy and Palmy Kitti urge individuals to use their pre-existing skills in new fields, emphasizing that business-related skills are transferable to real estate investing.
Timestamps:
00:01 – Fashion entrepreneurs transform small investments into empires.
05:09 – Immigrant entrepreneurs faced obstacles and lacked time for family.
07:46 – Initial skepticism towards real estate investment persists.
15:41 – Gurus’ advice creates poor desperation in raising capital.
19:18 – Utilizing social media for targeted investor outreach.
20:27 – Authenticity and expertise are crucial in social media.
24:58 – A small following can effectively raise significant funds.
28:41 – Insights on securing private funding.
29:28 – Connect with Palmy and Nancy: https://www.TheKittiSisters.com
30:37 – Access free raising private money tips at https://www.JayConner.com/MoneyGuide
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Turn a Small Bank Account into a Vast Real Estate Fortune: Insights from the Kitti Sisters
Jay Conner [00:00:02]:
Welcome to another amazing episode of Raising Private Money. I’m Jay Conner, your host, also known as the Private Money Authority. This is the podcast where we talk about how to raise Private Money for your real estate deals without ever having to ask for money. I also have amazing guests that join me here on the show where I interview them and talk about how they go about Raising Private Money for their real estate deals. Well, today, I’ve got another amazing guest. In fact, this is a sister duo team, if you will, and they are obsessed with all things that are financial freedom. They’re obsessed with passive income. They’re obsessed with apartment investing and also syndication.
Jay Conner [00:00:49]:
Going about this not using any of their own money, but raising Private Money. And listen to this, they turned a $2,000 bank account into a 9-figure empire, and they’re gonna share with you exactly how they’ve done it. Now background on them, back in 2010, they were actually really, really successful fashion manufacturers. And they were really doing well, in fact. But then in 2017, something happened, right? Their biggest client that was buying their merchandise announced they were closing every one of their stores. And just like that overnight, their income dried up completely. Well, they had no backup plan. Like me, I had all my eggs in one basket before I learned about Private Money, and it was at that pivotal moment they realized that their sense of security actually was an illusion at that time.
Jay Conner [00:01:47]:
They were trading time for money, and without any demand, their business became about apartment about apartment syndication to actually free themselves from the daily grind and to give them stability, reliability, and scalability in their next venture. What they’re doing now allows them unlimited freedom to travel and explore their dreams and live the life that they want to be living. I know you want to hear from this dynamic duo in just a moment. You’re gonna meet the Kitti sisters, Palmy, and Nancy Kitti, right after this.
Narrator [00:02:34]:
If you’re a real estate investor and are wondering how to raise and leverage Private Money to make more profit on every deal, then you’re in the right place. On raising Private Money, we’ll speak with new and seasoned investors to dissect their deals and extract the best tips and
Jay Conner [00:03:02]:
The Kitti sisters. Oh, my lands, Palmy, and Nancy. Welcome to the show. I’m so excited to have you.
Palmy Kitti [00:03:10]:
Well, thanks so much, Jay. We’re really excited to be here. Yep.
Jay Conner [00:03:14]:
I think I can tell. I mean, you all are bubbling with excitement. So just in case you missed our names, this is Palmy and Nancy, Kitti. They actually are sisters, and they have raised $130,000,000 over $130,000,000 in funding for their deals and their transactions, and we want to dissect that. Now, first of all, your all’s background, you all are 1st generation immigrants, right, here in the United States?
Nancy Kitti [00:03:49]:
Yep.
Jay Conner [00:03:50]:
Where did you all move from and how did that come about?
Palmy Kitti [00:03:54]:
We moved we’re Thai, so we’re from Thailand, originally. So our parents moved here first. Wanted to really just live that American dream. And so they came, and then they said, like, hey. Once they started establishing some footings, they said, like, hey. Let’s let’s bring us over, and and then here we are.
Jay Conner [00:04:13]:
Well, I know part of your background story is you watched your parents just work hard, work hard, work hard. What was the motivation for you 2 sisters to go out on your own and become entrepreneurs? Where did that come from?
Nancy Kitti [00:04:31]:
I think we were raised to become entrepreneurs because our parents are entrepreneurs. But the difference is we understand that, hey. If we continue to trade a lot of our time for a little money, it’s not sustainable. And we see that with our parents where, you know, they sacrificed so much, like, you know, the time that they have with us so that they can be our provider. But in the end, if they don’t learn how to grow their income in addition to that active income and grow, like, passive income or even learn how to use other people’s money to grow their income, they will have to work until they die. But, obviously, the happy ending is that they didn’t have to do that. Right? They’ve had us. So
Palmy Kitti [00:05:09]:
The other thing that we saw differently, the reason why we wanted to do our own thing was because we realized that while they were successful business owners in their own right, not having, you know, the English background coming to a brand new country, I think what they’ve accomplished is really amazing. The problem with the way they were doing things was that it was it was all eggs in one basket. And the other part is, like, it was all based on their efforts. The minute that they couldn’t do it or their client shifted, similar to our story at the beginning, that’s it. Right? And the other problem is, like Nan said, they were spending so much time in the business that they didn’t have time for us. All the time, we kept here kept hearing the phrase, like, I don’t have time. I don’t have time. I don’t have time
Nancy Kitti [00:05:49]:
for this, for that, for anything. To go
Palmy Kitti [00:05:50]:
to our basketball games, to go to, like, attend school functions, none of those were part of our childhood. And that also caused, like, we have, like we don’t have as close a connection with them as we wish we would because all the years that they were giving us, the life that they thought, they were not participants in that life.
Jay Conner [00:06:12]:
It sounds to me like your experience in growing up with your parents working all the time and don’t have time to do this with you. I don’t have time to do that with you. It sounds like that motivated you 2 to create a different experience. Right?
Palmy Kitti [00:06:29]:
Definitely. Yeah. And that’s because we know that this story isn’t unique to us, that a lot of people experience the same kind of problem because their parents felt like, 1st and foremost when you come to a new country, the reason they chose to come because they want to have provide a better life for their family. And so that was our main focus. Anything else was just a luxury that they didn’t we couldn’t we couldn’t have. So we actually thought that we were doing the right thing when we were in the fashion business, but we actually ended up falling into that same trap because we didn’t have a bay ability to separate our income from time.
Palmy Kitti [00:07:05]:
So, like you said at the beginning, so eloquently, like, it just went like you know, we lost it all.
Jay Conner [00:07:12]:
So you started as an entrepreneur in the fashion industry. So I want to hear the story. How in the world did you get into the fashion industry? And when you lost your business, overnight because you had all of your eggs in 1 basket, one primary buyer. How in the world did you migrate from fashion to real estate? Take us back to that.
Nancy Kitti [00:07:37]:
Yeah. I know. A lot of people can’t imagine too, like, how, like, 2 girls who have no real estate background start doing real estate. Right? But, Palmy, do
Palmy Kitti [00:07:46]:
you wanna take this? I mean, basically, it was we, in the back of our minds, we thought, like, real estate is something that we keep hearing, like, rich people do. When you have money, you go buy real estate. But our parents were very against it. Like, when we first you know, mentioned, like, a single-family rental, like, when we were doing fashion, they would say, why are you gonna buy a rental property when you cash for, like, 3 2, $300? Wouldn’t it make more sense to go do a business that will produce way more income? And that was our original mindset. We thought like, okay. When you invest in real estate, it’s really, really for the long run where you’re not really making money. And so, like so
Palmy Kitti [00:08:24]:
When, and how did we get into real estate? How did we even get to fashion? So, basically, it it was sort of like, the the family line of business, and we were introduced to a buyer. And, she asked us to produce something we actually didn’t know how at
Nancy Kitti [00:08:36]:
the time. So we kind of fell into the business because our parents are already in fashion, but real estate is a career that we decided that this is where we wanna go. So how did we decide on real estate? Because we feel that fashion is fast-paced and is always ever-changing. Like, one day you’re in, and the next day you’re out. So we’re thinking of, like, hey. We’re looking for a career path where we can have longevity and Outsourcing. And some something that, hey. It cannot be outsourced.
Nancy Kitti [00:09:05]:
And COVID-19 kinda have taught us that we’re in the right field because the world was ordered to stay at home. Right? They didn’t order to, like, hey. Go stay at a hotel or somewhere else. So for us, we’re like, okay. So real estate is the real deal. Yeah.
Jay Conner [00:09:22]:
So when you started in real estate, did you start out by raising money for real estate? And here’s why I asked the question. Yeah. I started back in 2003. I’m not sure you all were born in 2003. But, anyway, I started 2003 investing in single-family houses here in Eastern North Carolina. In my first 6 years, I relied on the local bank to fund my deals. And then in 2009, everything fell apart. I lost my lines of credit at the bank.
Jay Conner [00:09:55]:
I had to find a better and quicker way to fund my deals. Hence, Private Money. And that’s when I started raising Private Money, and I’ve used Private Money ever since 2009 to fund my real estate deals. So how about you all? You all are in apartments, syndications, you know, raising money for apartments. Did you start out in apartments? Did you start out raising money for, apartment deals? How did you get started in real estate, and did Private Money play a part in it in the very beginning?
Nancy Kitti [00:10:25]:
Yes. So a great question, Jay. So, basically, when we had to shut down our fashion career, we kinda think among ourselves, like, what’s our next move? And then we somehow stumbled on, like, like, a conference about real estate, and that’s how we kinda got into real estate. But it wasn’t always an apartment. It was it started off as single-family flipping, and we start doing some kind of like, some renovation, some flipping, and it was making great active income. So but still, it didn’t answer our question of, like, hey. How do we create another source of income, which is also passive income? Yeah. And, Jay, like, a
Palmy Kitti [00:11:01]:
funny story. Like, while today, we can confidently say that we’re very good at raising money, when we first started out with flipping houses, we were terrible at it. We were actually petrified to ask people for money because we thought
Nancy Kitti [00:11:12]:
we were asking them for money.
Palmy Kitti [00:11:14]:
So we didn’t at very beginning, the first couple of deals, we actually tried to bootleg it ourselves, which we live in Los Angeles, and home prices in LA even back then were very high.
Nancy Kitti [00:11:25]:
So almost $1,000,000 just just to, like, tear it down.
Palmy Kitti [00:11:29]:
So how we did it back then was we used hard money lending, like most flippers do, and then we supplemented that with our own cash. But we also realized that wasn’t scalable. So that was our first hint. Like, we’re not doing this correctly because there’s only a limited amount of homes we can buy if that was our mode. But at the same time, we were still really afraid of raising money. It was a very we we didn’t have rich friends or rich family members that we could go to and say, like, hey, aunts. Like, can you just you wanna put in half a $1,000,000 into even that single-family flip? So that was a diff that it was something that was an eye opener that we knew we had to develop that skill, but it was just also, at the same time, very foreign to us. So that’s how we that’s how we got started in real estate as active.
Palmy Kitti [00:12:11]:
Making income from this was flipping houses. We did about 9 houses, in a couple of years.
Nancy Kitti [00:12:17]:
Yeah. Along the along the way, like, we got introduced into multi-family because there are people who are now like us, apartment syndicator, who’s like, hey. I have this opportunity. Would you like to become, like, our passive investor?
Nancy Kitti [00:12:29]:
And we’re like, okay. Tell us more. And then all the benefits outweigh all, like, any questions we have about it. And then when we first invest our like, in our first deal, we got this huge tax saving, like, benefit, and we’re like, oh my god. This is real. This something where I can just, you know, file it and, like, it goes, it offset my income. Right? It’s, like, our income. So we’re like, okay.
Nancy Kitti [00:12:52]:
We want more. Yeah. So that’s, like, our first little bit of, like even for ourselves to be, like, someone else uses our money to invest in large apartments.
Jay Conner [00:13:02]:
I love it. I love it. So what are some really, really important lessons you’ve learned when you started raising Private Money that you don’t do it that way anymore? It’s like, I shouldn’t do that. I shouldn’t do that. So, in other words, what are some of the common mistakes that you see real estate investors when they’re brand new to raising Private Money? What are those mistakes? What are the lessons learned? And how should they go about it?
Palmy Kitti [00:13:31]:
Yeah. I think the first thing that we learn ourselves, is you have to have the right mindset. As we said earlier, we used to think that we were asking to have an opportunity, an investment opportunity that actually will make them a lot of money passively, you’re never asking them for money. In fact, you’re giving them an opportunity that they otherwise wouldn’t have so that they can actually earn money while they’re doing their work, doing their
Nancy Kitti [00:13:58]:
business, learning their life, or their money is just sitting idle at the bank, not making,
Palmy Kitti [00:14:02]:
you know, that high of interest. Right? So that was the first lesson that we learned. It’s like, number 1, we’re not begging. We’re never asking. We’re giving you an opportunity. That mindset shift was the biggest thing for us. The second one is at the very beginning when we were raising money, our first multifamily deal, we raised 3 plus $1,000,000. It was really difficult.
Palmy Kitti [00:14:23]:
The reason it was difficult is, you know, there’s a common saying in real estate, you have to find the deal, find the money, but we weren’t finding the money at the beginning. We were just trying to get deals. And then the minute that those two things collided and it actually became real, we were shocked. We were in trouble because we’re like, even
Nancy Kitti [00:14:39]:
though we knew that even though we wanted that deal and even though we know that, we need to do the funding, but we’re, like, we just wanted the deal.
Palmy Kitti [00:14:48]:
We didn’t add people to our investor list. We didn’t start cultivating relationships.
Nancy Kitti [00:14:52]:
We didn’t have a system, like, you know, any strategy. We would just, like, duct tape piecemealing everything together and, you know, just brute force and just try to get it done.
Palmy Kitti [00:15:02]:
For anyone who’s getting in started in real estate right now, I would we would definitely recommend that you start right now. If you’re serious about getting into real estate, really understand that you need to start building your investor list today. You don’t wait till you have a deal to start. You start today.
Jay Conner [00:15:17]:
Oh, my lens, Kitti sisters. I am so happy to have you on this show because you all go about it exactly the way I go about it. For goodness sakes. You know what drives me crazy? Just to go along with what you’re saying. This drives me stupidly crazy. I know y’all have heard it. I know y’all have heard it. A 100 times plus, I’m getting ready to say it.
Jay Conner [00:15:41]:
You already know what I’m getting ready to say, and it drives me crazy. These gurus that’ll get on stage in the platform, and they’ll say, oh, just get the deal under contract. The money will show up. And I wanna go, where is the money gonna show up? Is this gonna, like, you know, rain out of clouds? No. I know you all can relate to this. Desperation has a smell to it. Desperation has a smell to it. The worst time in the world to be raising Private Money and capital is when you need it for a deal.
Jay Conner [00:16:20]:
Right? I mean, you know, I just don’t wanna go putting a deal in the contract, whether it’s an apartment, a single-family house, it doesn’t matter, and I don’t have a clue where the money’s coming from.
Jay Conner [00:16:33]:
You know, you all are, like, maybe one of 2 other guests I’ve had out of over 600 guests that have got the same philosophy that I do, and that is this is not about asking, begging, chasing, selling, persuading. It’s all about leading with a servant’s heart. You know, Carol Joy, my wife, and I, we’ve got 47 private lenders right now. 47 individuals that are funding our deals, loaning us money on our deals. And you know what? Not one of them had ever heard of Private Money. None. They’ve never heard of self-directed IRAs and how they can actually use their retirement funds. Over half of them are using retirement funds that they can transfer over to a self-directed IRA company and then invest with us, and their returns are tax-deferred or tax-free.
Jay Conner [00:17:24]:
And so I am so happy to have you on the show because, you know, you said it already. People ask me all the time, Jay, how do you get started? What’s the how do I get started raising Private Money? And you said it already, Kitti sisters. You got to own the real estate between your ears before you can actually own any real estate. And part of owning that real estate is we’re not asking, begging, chasing, persuading, or selling. We’re actually offering that opportunity, creating opportunity. Yeah. Yeah. When I was borrowing money from the bank, I had to go get on my hands and knees and put my hand underneath my chin and say, please fund my deal and do applications and raise my skirt up so the bank can see my personal financial assets and see all my personal information.
Jay Conner [00:18:12]:
You know? But in this world of Private Money, there are no financial, financial statements. There are no credit scores. In fact, in this world of single-family houses, I always bring home a big check when I buy, using Private Money without ever having to even take my own down payment. So y’all have raised over $130,000,000 in Private Money. What are your favorite ways to raise Private Money and to get the word out?
Palmy Kitti [00:18:42]:
Yeah. I mean, like, what we learned over time was we created a really awesome system, and we call it the investor attraction flywheel. So that means that instead of us having to go out we used to talk to people just 1 on 1, making that 1 on 1 connection, but you can hit and miss. Right? If you go to, like, a real estate event, maybe there’s 30 people there. Out of that, maybe there’s one person that’s potential. But think about how much time and effort you spent on just trying to build that relationship. And one to 1 is important because real estate is still, investing is still we think it’s still, like, a very interpersonal business. They have the trust, know, like, and trust us.
Palmy Kitti [00:19:18]:
But at the beginning, I think that we’ve established that, hey. How how can we make this, like, a bigger net, draw in more people? And that’s what we’ve been doing lately. We’re we’re able to, like, utilize social media and just network, Internet in general to have people magnetically come to us. We’re we’re people who who know who have the same kinda, like, of ethos, and have similar beliefs, they actually are attracted to our message because, like, a person who may wanna invest with Jay may not wanna invest with Palmy and I. Right? So it’s just, like, whatever that person like, whoever that person is for you, like, the reason we’re able to invest raise more money now is that instead of chasing that one and one relationship, they’re just coming to us. And so from that point, then we can build the relationship with the right people.
Jay Conner [00:20:04]:
So let’s let’s dive down into that. I mean, specifically, I heard you say you’re using social media. So how would you break that down if someone were gonna start, you know, doing what you’re doing? What would be step 1, step 2, step 3? You know, what are you sharing on social media to get people attracted to you that want to do business with you?
Palmy Kitti [00:20:27]:
Yeah. I think on social media, the key here is you have to be your authentic self. A lot of times on social media, you see people, like, bling out having Lamborghinis, Ferraris, and maybe that’s the type of audience they wanna attract, but that’s not who we are. The message and the mission need to really be consistent with how we show up every single day. What we try to do on our platforms is really show that we’re experts, but also show that we’re people of character. So you mix kind of both. You wanna give some information where it’s like, hey. This is what educates people.
Palmy Kitti [00:21:00]:
Like, this is why multifamily or real estate is important. Maybe it’s someone who was in the real stock world or never really understood high-level real estate investing. So we’re educating the public in general, but at the same time, like, it needs to also show us as human beings what we like, what we don’t like. A lot of time when we first started our podcast, in fact
Nancy Kitti [00:21:23]:
or even our YouTube channel
Palmy Kitti [00:21:24]:
or even our YouTube channel, The cool thing is once people schedule calls with us, they actually know us already. They know what we like. They even tease us about our favorite drinks or, like, the kind of cake that we have. Red velvet cake. So there was a funny story
Jay Conner [00:21:38]:
Oh, that’s my wife’s favorite cake. Red velvet cake. Yes.
Palmy Kitti [00:21:43]:
Yes. We have the same. And, like, the funny story is Nancy was at an event once, and there was this person from Hawaii. He came over and he said, Nan, I got you a bunch of bacon. And I’m like, what? He’s like, well, I know you like bacon. Here are your your snacks. And so it’s hilarious. But, like, that kind of moment, not just business talk, allows people to really, like, feel like they can connect with you.
Palmy Kitti [00:22:07]:
Yeah. So you have to learn how to find your voice and then how and then
Nancy Kitti [00:22:11]:
you’re gonna learn how to build your tribe. And then by serving your tribe, you’ll be able to help them even more. Right? Like, instead of just, like, helping them, just psychologically of like, mentally or psychologically, you can actually help change their financial future life with their family.
Palmy Kitti [00:22:27]:
Yeah. And, like, the tip to, like, how to do social media, Gary Vaynerchuk had a book a long time ago. I think it’s called jab, jab, punch. And what that means is give, give, give, and then maybe ask. Give way more than ask. Overgive. Don’t ever feel like, oh, I’m giving too much of my information. No.
Palmy Kitti [00:22:44]:
If you don’t have the best stuff and you’re not willing to give it for free, then you don’t have enough. Then you’re not an expert.
Jay Conner [00:22:50]:
I love it. I love it. Lead with value first. You know, one word you said a moment ago in the story you were sharing is that you lead with education, educating people. Guess what? We have something else in common. I got my Private Money teacher hat. Right? So I’m a Private Money teacher. So we’re educating, leading with education, you know, with people in our network.
Jay Conner [00:23:14]:
Now, for the audience here that wants to follow you on social media and see all this value that you’re given on social, how can they follow you on social media?
Palmy Kitti [00:23:24]:
Yeah. So the Kitti sisters were on YouTube, Instagram, and LinkedIn. Trying TikTok, not awesome yet, we’ll get there. And then, Pinterest and our podcast, you can just search us.
Jay Conner [00:23:40]:
Alright. So for those of you that are listening, all this is in the show notes, but the KITTI sisters is spelled K I T T I. Their website is www.TheKittiSisters.com. Oh, my lands. I have got to follow you all on social media. No wonder you have got people chasing you with your all’s dynamic personality. You’re leading with a servant’s heart.
Jay Conner [00:24:10]:
You’re teaching other people. You’re creating all these win-win scenarios. So, let me ask you this. Does it take for someone that’s, you know, wanting to raise capital for their deals, does it take a large network? Is it necessary? Is a large network necessary to begin raising capital?
Palmy Kitti [00:24:32]:
I think that one of the biggest myths is that you need to have, like, a large network or you have to have wealthy connections. Right? Yeah. So think about this. Like, we’re not selling trinkets. We’re not selling a pack of gum. We’re not our investments in real estate do take quite a bit of money. So if you do the math, for instance, most of our deals, the minimum is $75,000. Similarly, if you’re gonna buy a single-family fit, it’s probably, I don’t know, 20, 30, 40, $50,000.
Palmy Kitti [00:24:58]:
So let’s say, we were, raising $1,000,000 and we’re doing a 100,000 minimum, we only need 10 people. So while we’re heavy on social media, we don’t need to have 1,000,000 followers to be able to raise 1,000,000 dollars. In fact, we didn’t have a massive list, and we still don’t have a massive list compared to, like, what you think, like, influencers who have, like, millions of followers. But like I said, because of the math, because of what we do, we don’t need that many people. And the awesome thing, Jay, is that if you do what you do, what we have a saying. We say, show people that you care about them by actually caring about them. Yep. And when you do that, referrals come in without you soliciting it.
Palmy Kitti [00:25:38]:
We don’t have a referral program per se. We just have people texting us, saying, hey. Can I connect you with my cousin, my uncle, and my friends? They wanna get started in
Jay Conner [00:25:47]:
this. Absolutely. I experienced the same thing. In fact, you probably have the same problem I do, and that is you have more Private Money than you can put to work.
Nancy Kitti [00:25:57]:
Especially right now in 2024. Yes.
Jay Conner [00:26:00]:
Absolutely. Now, I have one more question for you before we wrap it up, and that is, I get asked this question all the time by new real estate investors. Here’s the question and then I want you to answer it. They ask me all the time. They say, Jay, who in the world is gonna loan me Private Money and I’ve never done a deal? I don’t have a track record. I know what I’m doing. I’m confident in what I’m doing, but, you know, do I really need a track record in order to begin raising capital?
Nancy Kitti [00:26:34]:
And well, our answer is no. And why? We are, like, the the proof that you don’t need to have a track record to raise your money. Like, our first deal, like Pomp said earlier, we raised $3,900,000. And, of course, like, we didn’t have, like, years of experience of apartment investing, but what we say is, like, hey. Even though we’re new, our team isn’t new. Right? Like, our team is, like, our attorneys aren’t new. Our property managers aren’t new. Our construction, lenders, lawyers.
Nancy Kitti [00:27:06]:
So real estate is a really team sport. We can never do this by ourselves.
Palmy Kitti [00:27:10]:
Yep. And so we don’t wanna be the smartest or the best at anything in that in any given room in real estate. What we want is wanna hire or partner up with people who are better than us, who are experts, who have decades of experience.
Nancy Kitti [00:27:23]:
And so Yeah. So they’re so we may be new, but they’re not new. And we just lean on to their track record and their experience and say, hey. This is the business plan. We have a deal. This is a business plan, and these are the people who will be executing on a daily basis, which is our property management team who have, like, 10000 door under their belt, and this is their track record.
Palmy Kitti [00:27:45]:
And the other thing that I want to emphasize for everyone is, like, don’t discount what you’re already doing right now. You may be a business owner today. Maybe you are working for another person or have a job. But those skills are all transferable. Organization, communication, understanding the business plans, and projecting things out, those skills are all transferable to real estate. And so you have to give yourself that grace and credit for whatever you are already doing successfully right now and just know, like, and be able to articulate that to your potential investors. I’m new to real estate, but I’m not new. Right? I wasn’t born yesterday.
Palmy Kitti [00:28:18]:
I absolutely know how to do this. We’ve ran 2 successful multimillion for us, we ran 2 successful multimillion-dollar businesses before we got into apartments, and we are just smart enough to bring a whole bunch of people that will help smarten us.
Nancy Kitti [00:28:29]:
They’re experts in every little part of our business. So what we like to say is whatever you’re missing in your ability, we always leverage. You have to learn how to leverage. Yeah.
Jay Conner [00:28:41]:
If you are listening to this podcast, there is a rider downer, particularly if you’re brand new. Quote, unquote, the answer to the question, who’s gonna loan me Private Money if I’m brand new and I don’t have a record? There’s your answer directly from the Kitti sisters. I may be new, but my team has decades of experience, and I work with the best professionals in the industry. Kenny sisters, Nan, Pom, oh my Lance, what an amazing, amazing interview here. Be sure and give out right now how people can connect with you, and stay connected with you. I know you gave out your social media. Any other contact information that you like to share?
Narrator [00:29:25]:
Yeah. And okay. And you said Yeah.
Palmy Kitti [00:29:28]:
If anyone out there wanna say goodbye to feeling scattered, and stressed, and have your last-minute scramble for funds in real estate, feel free to join our raise more money challenge that we’re having coming up soon. In that case, you can really learn how to get started in this business without actually having to have a lot of your old money in the deal. That’s really the best way to play it. So go to raise more money challenge.com, raise more money challenge.com, and you’ll be
Nancy Kitti [00:29:52]:
able to get information about registering. Yes. So to join our upcoming 5-day more money challenge, all you have to do is go to www.RaiseMoreMoneyChallenge.com.
That is www.RaiseMoreMoneyChallenge.com.
Jay Conner [00:30:05]:
I love it. Nancy and Palmy, thank you so much for joining me.
Palmy Kitti [00:30:09]:
Thank you so much, Jay.
Jay Conner [00:30:11]:
Alright. God bless you all.
Nancy Kitti [00:30:12]:
Thank you.
Jay Conner [00:30:14]:
Yes. So much fun. There you have it, my friend. Another amazing, as in super amazing, episode of Raising Private Money. I’m Jay Conner, your host, also known as the Private Money Authority. I appreciate you showing up and I look forward to seeing you right here on the next episode of Raising Private Money.
Narrator [00:30:37]:
Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/MoneyGuide. That’s www.JayConner.com/MoneyGuide, and download your free guide that shares seven reasons why Private Money will skyrocket your real estate investing business right now. Again, that’s www.JayConner.com/MoneyGuide to get your free guide. We’ll see you next time on Raising Private Money with Jay Conner.