Want to be a Great Investor? Learn to Value a Good Story

Want to be a Great Investor? Learn to Value a Good Story!

By Whitney Nicely

I’ve been doing a lot of thinking lately and it dawned on me that I really love to tell stories. In all reality, I come by it naturally, since I have been raised by a sea of storytellers. My mawmaw and pawpaw had a ton of stories to tell when I was growing up and I guess I just have found that is the best way to really explain an idea. But, here’s the other thing I’ve learned: stories are the best way to connect people with an idea.

Some of the best stories and experiences I have as an investor have helped me to find and invest in more houses! Stories are excellent communicators. Half the time I don’t even feel like I am doing anything more than letting the story do the talking. But when I can help a seller realize that Joe Blue over here was able to successfully have his mortgage paid for with me, then that seller will be more ready to listen to how I can help him, too.

And the same goes for spreading the word to find more deals. People love a good story! They hate to be preached at or sold to, but they love to hear a great story. That is how you get a captive audience.

I don’t know how many times I’ve found myself chatting with a neighbor and my investing comes up. So, I share a story or two about how I helped so and so get out of their house quickly since they needed to move, etc. Before I know it, another neighbor has joined in on the chat and they start asking questions. By the end of 15 minutes I have two numbers and a house to go look at that weekend!

No yucky sales pitches. No over the head spreadsheet with numbers that no one understands. Just plain ole’ stories with real people and real experiences and real lives.

That is the part that we need to remember. Every house comes with people attached to it who all have their own story, too. You are not the center of the story; they are. Your goal is to figure out how to help them solve the main struggle of their story. And if you share how you have successfully done it for someone else, guess what? They will already know that you can help them figure out a solution to their problem, too.

These are real people, not numbers. Your job is to figure out how best to help them, not how to make the money you want. If you make their needs your first priority, the other pieces will fall into place. But, you can’t do that if you are always worried about your own interests.

Again, you are not the center of their story; they are. Put your focus on what they need and how you can help, share an example of how you did that for someone else (or even know another investor who did it and how you can do it, too), so then they will know that you are a beacon of hope in their life.

Stories are amazing ways to communicate more complicated ideas and information, since they are able to leave out the nitty gritty details and just share the important facts. But, even more importantly, they share the internal benefits that came along too: freedom, relief, financial blessing, stress reduction, etc. Sellers don’t care what you are going to benefit! They want to know what is in it for them! They want to know how their lives will be better if they work with you and stories are the best way I have found to help them understand it without me having to beat them over the head with information.

If you really want to be a great investor, you need to learn to value a good story. You need to become a great storyteller and then know how to listen to and acknowledge your seller’s story, too.

Don’t be afraid to borrow someone else’s story, too. A story is unbiased when it comes to its usefulness. The goal is to share an important truth (how you can help them as an investor) that your potential seller needs to understand.

Think of it like making a match. Your seller has a need for which you can help provide a solution: a perfect match. Learn how to marry these things with story and you will be an unstoppable force of investing growth! Unleash the power of story in your business and watch how things unfold and expand.

Whitney Nicely rejected the southern girl path of working at her family’s trucking business and embraced the life of an investor. Her first nine months made her over $140k, and set her on the path to empowering other women to break into the real estate “good ‘ole boys club” and break down barriers while making some serious cash. She is the President of Knox REIA and was featured in the RE Journal’s “Member Spotlight” in Spring, 2016. Learn more by visiting SheBuysIt.com.

Please tell us a little about who you are and what you did before getting into real estate investing:

I received my Doctor of Veterinary Medicine from Michigan State University and spent 10 years as a full-time veterinarian before pursuing a career in real estate investing. My first job was a mixed animal practice in southwest Michigan. In addition to general large and small animal practice, we worked on lions, emus, and numerous other exotics. After this position, I moved to an exclusive small animal practice and spent a brief period in a Veterinary Dental Residency program. I quickly realized that my passion wasn’t to be a dental specialist, but to perform high-level dentistry within a general medicine practice. Today, my primary responsibility is reading oral radiographs and ex-tracting pets’ teeth as my part-time career.

Where is your current market and what is your focus or area of expertise?

I am an associate real estate broker in greater Grand Rapids, Michigan. I specialize in helping investors build wealth through investing in rental properties, mainly 1 to 4 family units. For six consecutive years, I have been the top selling Realtor of multi-family homes in my local market. I am also a buy-and-hold landlord owning almost 100 units and do an occasional flip. I own two small apartment complexes, a 12-unit and a 48-unit, along with several small multi-family homes and numerous single family residences.

How did you get started?

I give all the credit for my real estate career to my father, Tom Koetsier. My dad came to me in the late 1990s and said. “Hey, I think we should buy some rental property together.” I had some knowledge of the benefits of passive income but don’t think I would have gone down that road without his partnership and support. Working together allowed us to spread out the risk, share the workload, and be able to invest with someone that we both trusted. And that began my journey of wealth building. I will never be able to thank my father enough for the multiple ways he changed and enriched my life.

Allison, her son, and her dad, Tom Koetsier.

received my broker license in 2013.

Describe a typical work week for you as a real estate investor:

My rental properties are overseen by property managers so my day-to-day involvement in that side of the business is limited at this time. I do oversee my own turnovers, city inspections, and rehabs. As a Realtor, I help clients list and purchase new properties. I also provide mentoring for new investors on goal setting and investment objectives. Tell us about your first deal:

In short, our first deal was a disaster in the beginning. There is no substitute for learning from your own mistakes. The first Realtor we worked with was more of a residential Realtor than an investment Realtor. We were unfamiliar with city inspection programs, uncapping and different neighborhoods. Soon after we bought a brick 4-unit, we received our rental inspection notice and then an 8-page list of required repairs followed. We used to collect our own rent in person (never do this!). After six years, we sold it for a $50,000 profit, but not without a lot of sweat equity and a true education.

How long have you been investing in real estate?

My father and I purchased our first rental property about 20 years ago. I became a Realtor in 2005 and How do you fund your investments?

In the beginning, my father and I each put up half of the down payment and mainly got 30-year conventional loans. This was when lending practices were more investor friendly so after the recession we bought some properties where we rolled in the repair costs and actually got cash back at close; I know, right??? We also worked with some private investors. Currently the larger deals use commercial financing and the smaller ones involve paying cash.

Family canine members Butch and Bailey.

Do you have a real estate license?

Yes, I have been a Realtor since 2005 and an associate real estate Broker since 2013. My goal was never to be a Realtor, but after our first deal I decided that it would be smart to be more educated and be able to utilize the Realtor’s Multiple Listing Service (MLS). The original goal was to use my license for just my

Before-and-after photos of a 48 unit property Allison remodeled and owns in Sturgis.

own deals, but I realized that there was a huge opportunity for truly knowledgeable investment Realtors. I have turned it into an amazing niche career.

What projects are you currently working on?

I am finishing the rehab on a duplex to list for sale that I had rented out for the past 5 years. Also, a single-family home that sold on land contract about 10 years ago now is cashing out. I also continue to provide ongoing Realtor services to my large client base.

How much time do you put into your real estate education?

For the first several years that we owned rental property, we were selfmanaged so that was an education. I mowed the lawns, turned the units – painting, cleaning, minor electrical and plumbing – and managed all our contractors. I met the inspectors for the rental inspections. I have actively participated in the continuing education offered by the Rental Property Owners Association (RPOA). In addition, to my Realtor education and continuing education, I have hosted a monthly millionaire mastermind group at the RPOA for the last 10 years.

Has coaching or mentoring played a part in your success?

My father, who recently passed away, was definitely the impetus for my success and his influence cannot be overestimated. He touched many lives in the real estate industry. I have also spent a lot of time working with other successful landlords and investors.

What are your current and future goals?

My current goal is to increase my passive income and continue to find ways to give back to others in a meaningful way. In the future, I would like to find more time to travel with family and friends.

What has been your top struggle in this business?

It is difficult to find quality, affordable tradespeople who can get things done in a timely fashion. Also, as the real estate market improves, it has been increasingly difficult to find good deals.

What do you like most about what you do?

Being my own boss, time affluence, helping others achieve financial freedom and the passive income.

Do you have a tip or advice that you would pass along to other investors?

Build a team. Make sure you are working with people who are successful in doing what you want to do. If you are looking for a Realtor, your first question should be, “How many rental properties do you own?” If the answer is none, find a different Realtor. You can read all the books you want, but until you have actually managed your own property and really worked with tenants, you don’t know rental property.

How important is joining a local REIA to a new investor?

The importance of joining your local REIA cannot be overemphasized. I am fortunate to belong to one of the best in the country. The educational, networking and mentoring options are amazing. I built an entire real estate business through our group and wordof-mouth and have closed almost 500 real estate transaction in the last 5 years.

What is your favorite selfhelp or business book?

"Lifeonaire: An Uncommon Approach to Wealth Success," by Shaun McCloskey. It is not the best landlord or investing book and a little quirky at times, but the best messaging about establishing a truly successful life. And by successful, I mean putting your family, friends and leisure time first. That to me is quality time.

Do you have any interesting hobbies or something unique that you like to do?

My son and I enjoy traveling and hiking in different areas. When at home, we enjoy playing with our uber friendly pit bulls and our visionimpaired cats.