Latest / The Steve Harvey Morning Show / How to Invest in Hotels & Raise Capital With Davonne Reaves & Jessica Myers of Epiq Collective

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How to Invest in Hotels & Raise Capital With Davonne Reaves & Jessica Myers of Epiq Collective · The Steve Harvey Morning Show

0:04
Speaker 1: Welcome to Money Making Conversations. It's the show that she
0:07
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Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me
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Speaker 1: advice to many occasions. In occasion didn't notice, I'm not broke.
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Speaker 1: my man, Rashan McDonald money Making Conversations. Here we come.
0:30
Speaker 1: Welcome to Money Making Conversation. I am your host, Rashan McDonald.
0:33
Speaker 1: It's just time to stop reading other people's success to her.
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Speaker 1: a plan for you, a plan that can also be
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Speaker 1: delivered through your committed effort. My interviews on Money Making
0:52
Speaker 1: Conversation are for the consumers and also business owners because
0:56
Speaker 1: I give you access to celebrities, CEO, entrepreneurs and industry
1:00
Speaker 1: decision makers. I got a couple of industry decision makers
1:03
Speaker 1: as my next guest. They are Jessica Myers and Devon Reeves.
1:07
Speaker 1: Since twenty nineteen, Principles Jessica Myers and Devon Reeves have
1:12
Speaker 1: acquired more than fourteen million dollars in commercial real estate assets,
1:16
Speaker 1: where they focus on hotels and multifamily structures. The firm
1:20
Speaker 1: works with passive investors seeking attractive, long term investment strategies
1:24
Speaker 1: to grow their real estate portfolio. Jessica, who's a proud
1:28
Speaker 1: member of a k A Africa for Afficts, have already incorporated.
1:32
Speaker 1: That's another word. You know you're gonna do it either way.
1:35
Speaker 1: You know you're gonna have to give it the whole name,
1:36
Speaker 1: or you're just gonna one of them things you want
1:38
Speaker 1: to say. Both of them found that both of them
1:40
Speaker 1: founded Epic Collective with her friend Donna Reef. They're all
1:44
Speaker 1: both based in Atlanta, Georgia, where my show Money Making
1:47
Speaker 1: Conversations Original Names. They will be discussing how to raise
1:50
Speaker 1: capital and how to buy a hotel, something I've never
1:53
Speaker 1: thought of my lot. I just bought a building. Now,
1:56
Speaker 1: trying to buy a hotel is not even closely in
1:59
Speaker 1: my whole brain. Our sess please working with the money,
2:01
Speaker 1: making a conversation Jessica Myers a k A and Devar Reeves. Hi, Hi,
2:08
Speaker 1: thank you so much for having us. We're so excited
2:10
Speaker 1: to be here. Well, thank you very much. Ms Reeve.
2:12
Speaker 1: Let's start out with you. You You know, I put all
2:14
Speaker 1: that a k A love all on Jessica. I gotta
2:16
Speaker 1: move my love of you, just letting you know, you
2:18
Speaker 1: know you're just as important to me as well. You know,
2:20
Speaker 1: I'm just a member O MAKA Side five fraternity. So
2:23
Speaker 1: I alway got a shipped, right, that's all right. We're
2:27
Speaker 1: not Greek, but my my, my dad he's a he's
2:29
Speaker 1: a proud he's a he's a big fan of Pepon.
2:32
Speaker 1: So how about that. I was there with the Mother's
2:38
Speaker 1: ship landed. So I'm all right with your dad. I'm
2:41
Speaker 1: all right with your dad. Tellose a little background about yourself, Devar,
2:44
Speaker 1: Oh sure, Well, thank you so much for having us
2:46
Speaker 1: for My name is Dave and Reeves. I've actually been
2:48
Speaker 1: in a hotel industry for over fourteen years. I got
2:52
Speaker 1: my start off as a front desk agent. Uh so
2:55
Speaker 1: my background includes operations, need ability studies, as the management
3:00
Speaker 1: and now I can add hotel owner. Now hotel owner.
3:04
Speaker 1: You just throw that out there so casually, and uh,
3:07
Speaker 1: I don't have a clue as to what that means.
3:09
Speaker 1: I bought a car, I bought a boat, I bought
3:12
Speaker 1: clothes on a regular base, shoes, I bought a building.
3:17
Speaker 1: But you're just throwing out the word hotel like that's
3:20
Speaker 1: like that's something that we just get on the regular
3:22
Speaker 1: basis when we go to a bid, bath and beyond
3:24
Speaker 1: or something like that. Well, you know what, I'm trying
3:26
Speaker 1: to educate people so they can do that, so we
3:28
Speaker 1: can add hotel ownership to the conversation. Jessica realized that
3:35
Speaker 1: hotel ownership is actually like you're buying into a franchise.
3:39
Speaker 1: So hotels, Hi, it's Marriott's Hilltons. They only own less
3:42
Speaker 1: than three of hotels in their inventory. So that opens
3:46
Speaker 1: opportunities for people like you and I who can we
3:49
Speaker 1: consider ourselves small businesses, Um, we can actually own a hotel.
3:52
Speaker 1: Over sixty of the hotel in the United States are
3:55
Speaker 1: actually owned by small small businesses. Jessica, should I be
3:59
Speaker 1: nervous to even consider the prospect of wanting to get
4:02
Speaker 1: into the franchising business of owning the hotel? Oh, definitely,
4:07
Speaker 1: definitely not, especially when you have the right team around
4:11
Speaker 1: you to make sure it happens. Um And that's the goal.
4:14
Speaker 1: We really want to change the narrative and make it
4:17
Speaker 1: more of a conversational piece. And that's what we hope
4:20
Speaker 1: to do, like blaze the trail so that you now
4:22
Speaker 1: can see, hey, it's attainable. It's about owning franchise opportunities.
4:26
Speaker 1: Look at it that simply, and that's that's really what
4:30
Speaker 1: we look to do, is to raise the narrative so
4:33
Speaker 1: that we're changing the conversation. And it is something just
4:35
Speaker 1: like Q tips are now you know, just the thing
4:38
Speaker 1: that you say you really wanted to be hotel ownerships,
4:41
Speaker 1: Like duh, that's that's what you do. And that's the
4:44
Speaker 1: importance of what we're creating with Epic Collective. Now Epic Collective,
4:47
Speaker 1: that's a that's a cool named e p ir Q,
4:49
Speaker 1: which is an interesting spelling there and I have to
4:52
Speaker 1: ask why is the spelling that way? What we like
4:55
Speaker 1: to be different? Can you think it? You think of
4:59
Speaker 1: e p I see where we're different. We're too uniquely
5:04
Speaker 1: um doing everything create and doing we're doing it collectively.
5:08
Speaker 1: So that's why we want to be unique and different,
5:11
Speaker 1: like I just said, as far as you, as far
5:14
Speaker 1: as that's why we add the queue to it. Well,
5:16
Speaker 1: it's a great thing about it. I'm in interviewing both
5:19
Speaker 1: of you, your ladies, and uh, you know, coming into business,
5:22
Speaker 1: they said the fastest growing uh the sector of of entrepreneurships,
5:27
Speaker 1: it was females and especially African American females. So I'm
5:31
Speaker 1: looking at through too dynamic. I'm interviewing too dynamic ladies
5:34
Speaker 1: based out of Atlanta. So let's ask you this, Jessica,
5:37
Speaker 1: how did you tube connected to become founders and become
5:40
Speaker 1: business partners. Well, actually, we went to college together and
5:44
Speaker 1: we just stayed in touch through the years and it
5:46
Speaker 1: came a point where we were both in our entrepreneurial journey.
5:50
Speaker 1: Davon and moved to Boston. I moved to New York
5:52
Speaker 1: and we moved back to Atlanta, and I was like, Hey,
5:55
Speaker 1: let's meet up for lunch and then lunch date after
5:59
Speaker 1: lunch date. Before you know what, we're exploring dreams, were
6:01
Speaker 1: exploring visions and knowing what they Van was doing in
6:04
Speaker 1: the hospitality space. I started out as a whole seller
6:07
Speaker 1: and she would often tell me like, hey, you know
6:09
Speaker 1: what you're doing in the hotel whole wholesaling space, it's
6:12
Speaker 1: still real estate. You can apply those same aspects of
6:16
Speaker 1: what you're doing on, you know, the single family side.
6:19
Speaker 1: You can apply that to the commercial side. And I
6:21
Speaker 1: was like, oh, like, because in the in the whole
6:23
Speaker 1: sealing space, not many people are talking about owning a hotel.
6:27
Speaker 1: We're doing one family at a time. But that is
6:31
Speaker 1: a great entry way to get into the industry, to
6:33
Speaker 1: learn the lingo and learn the language. But just going
6:36
Speaker 1: to lunch with Devonne, who has the hotel experience, she's like, Hey,
6:40
Speaker 1: you really need to start looking at these skills and
6:42
Speaker 1: and how to go in and and do these strategies
6:45
Speaker 1: so that you can acquire more units. Because she knew
6:47
Speaker 1: that my passion was to acquire a thousand doors and
6:49
Speaker 1: she was like, doing it one door at a time
6:51
Speaker 1: is not effective. Hotels will allow you to do it
6:55
Speaker 1: even further um and collectively. So that's that's been a
6:59
Speaker 1: part of our journey. Okay, I'll even remiss for properties.
7:02
Speaker 1: And from a franchising Standpod or you guys tied to
7:05
Speaker 1: right now, currently we are tied to Hilton, the Hilton franchise.
7:09
Speaker 1: We acquired in eighty five room um home to suites
7:13
Speaker 1: in Arena, Oklahoma. Okay. Cool. Now comes with that is
7:18
Speaker 1: employment and you're acquired and I'm assuming and uh, what
7:21
Speaker 1: you did? You acquire two thousand twenty So we acquired
7:25
Speaker 1: it during COVID. COVID when um, so let's let's talk
7:31
Speaker 1: about that, you know, because you and not you like
7:33
Speaker 1: I bought my building during COVID, So I have during
7:37
Speaker 1: down economies for when most millionaires are made, it's about
7:40
Speaker 1: seizing and looking for opportunity. But you have to as
7:43
Speaker 1: as I always say, stay ready, don't have to get ready.
7:46
Speaker 1: So it's like when you're already ready to seize the moment,
7:48
Speaker 1: you have your team around, you're looking for opportunity. That's
7:51
Speaker 1: how a down market you can now capitalize on those elements.
7:55
Speaker 1: But you're in the hospitality world, and we know that
7:58
Speaker 1: was hit tremendously, but I always believe there. But you're
8:00
Speaker 1: a different hospitality because you're not tied to vacation and
8:04
Speaker 1: you're not tied to results. You're tied to daily travelers
8:07
Speaker 1: who are on the road. And that never stopped, you know,
8:11
Speaker 1: the daily on the road travel. In fact, people travel
8:15
Speaker 1: more increase their road travel and diminish their air travel.
8:19
Speaker 1: So talk about that whole concept of knowing and putting
8:22
Speaker 1: your business plan together saying, you know something, we feel
8:24
Speaker 1: we're aligning ourselves with the right format because we're not
8:28
Speaker 1: buying the result. We're buying a I like to say,
8:31
Speaker 1: a business hotel. We deal with daily travels. They're not
8:34
Speaker 1: long term stay you lay day, maybe two days, or
8:37
Speaker 1: we can stay. Is that part of the process and
8:40
Speaker 1: making that purchase or one that you should pursue. Absolutely,
8:44
Speaker 1: I actually encourage and what you're talking about, you're talking
8:46
Speaker 1: about limited service hotel and I encouraged at the first
8:49
Speaker 1: time hotel owners. And the reason why I encouraged that because,
8:52
Speaker 1: like you mentioned, you know, during the downtime, during downturn
8:56
Speaker 1: even you know, teen years ago with the last real
8:59
Speaker 1: estate crash, the hospitality industry took it hit as well,
9:02
Speaker 1: not as hard as this hit, but it still took
9:04
Speaker 1: a hit. And that's what actually got me thinking because
9:07
Speaker 1: I was actually working in the hotel the last downturned
9:09
Speaker 1: about ten years ago, and I remember jobs being lost.
9:13
Speaker 1: Hotels know, you know, hotels didn't have to close down fortune,
9:16
Speaker 1: but I remember that in that state with me and
9:18
Speaker 1: I said, you know what, the name opportunity, I'm gonna
9:21
Speaker 1: take advantage of that, and I'm looking to limited service
9:23
Speaker 1: hotels and I'm gonna look at those those hotels that
9:26
Speaker 1: are inside of the road. I'm gonna look at those
9:28
Speaker 1: people who were just you know, I want to drive.
9:30
Speaker 1: I want to do this and not necessarily focus on resorts,
9:33
Speaker 1: because the first thing that happens during a downturn people
9:36
Speaker 1: cut their travel budgets. That's the first thing. Right now.
9:39
Speaker 1: It's interesting, now you in Oklahoma, you basically Atlanta. You
9:43
Speaker 1: bought a hope of the property in Oklahoma. How do
9:45
Speaker 1: you supervise that? How do you maintain quality to control
9:49
Speaker 1: of a property there's you know, several hundred miles away
9:51
Speaker 1: from you. Well, that's why we that's why we emphasized
9:54
Speaker 1: having the right team and having an operator on our team.
9:58
Speaker 1: They handled the day to day um so that we
10:01
Speaker 1: can continue on about, you know, the operations of Epic
10:04
Speaker 1: Collective while they're there. You know, we don't get the
10:07
Speaker 1: calls in the middle of the night like hey, this
10:09
Speaker 1: may didn't show up for worker the front nest worker
10:12
Speaker 1: is running late because we have an operator in place
10:14
Speaker 1: that handles that. For US. I know you don't want
10:18
Speaker 1: to get the call that the maid is late and
10:20
Speaker 1: you and at Lata that that does and it's on
10:22
Speaker 1: It's on Central time zone too, so they don't want
10:24
Speaker 1: to get that called your Eastern time zone. But you
10:27
Speaker 1: have to deal with putting the team together. I'm talking
10:30
Speaker 1: to two fantastic entrepreneurship. What exactly is your team? So
10:36
Speaker 1: your team would include having a broker, Your team would
10:39
Speaker 1: include having an operator at Jessica just mentioned, and also
10:43
Speaker 1: your team would include having a brand um so we
10:46
Speaker 1: Hilton as a party of the team. I'm also having
10:49
Speaker 1: a lender. So Rashan, you just mentioned how you purchased
10:52
Speaker 1: the building. So if you notice some of the concepts
10:54
Speaker 1: that we're talking about, it probably can translate into because
10:56
Speaker 1: of building, office building or whatever somethe building is still
10:59
Speaker 1: a form of coming right, So the fundamentals are definitely
11:02
Speaker 1: the same. So having that team to help you find
11:05
Speaker 1: the location, uh, you know, you start out with having
11:07
Speaker 1: your ownership pieces. You start out with, you know, finding
11:10
Speaker 1: a lender and typically your broker can help you find
11:12
Speaker 1: a lender or working with the hotel consultant or an
11:15
Speaker 1: asset manager. So all of those are the key plea
11:18
Speaker 1: key players to help you find. Uh, you want to
11:21
Speaker 1: find a profitable hotel. So I teach hotel When I
11:25
Speaker 1: tell people to buy hotels, I teach people so that
11:27
Speaker 1: way they can become successful and profitable hotel owners and
11:30
Speaker 1: not just the regular hotel owner. Well, and it's really
11:33
Speaker 1: interesting when I'm talking to you because it is a mindset.
11:36
Speaker 1: Let's go and be honest. You know, like I said, uh,
11:38
Speaker 1: you know, you know when you talk about preneurs, they
11:42
Speaker 1: want to buy like a franchise, a casual dining franchise,
11:46
Speaker 1: or fast food franchise or made a made service related franchise,
11:50
Speaker 1: and so, but when you start talking about a building, now,
11:53
Speaker 1: I'm just I'm just I try to have these conversations
11:55
Speaker 1: of that because I can even fathom that process and so,
11:59
Speaker 1: and I know you have a history of hospitality service,
12:02
Speaker 1: so you've seen that the technique. And from the same point, Jessica,
12:05
Speaker 1: you have a wholesale But how does a regular person
12:08
Speaker 1: like me, even though I'm successful, become a person who
12:12
Speaker 1: will find interest in the type of long term investment
12:15
Speaker 1: opportunities that you guys provide. Well, as you mentioned, that's
12:19
Speaker 1: where it's important to develop your ownership thesis because the
12:22
Speaker 1: name of the game is cash flow in any industry,
12:25
Speaker 1: and it's now understanding at what point am I willing
12:28
Speaker 1: and looking to come in to this process to go
12:31
Speaker 1: ahead and get it started, which comes with what where
12:34
Speaker 1: where am I? Before you start a destination or if
12:37
Speaker 1: we we set off to go to a road trip
12:40
Speaker 1: to New York, you really want to find out what
12:41
Speaker 1: where am I right now? I'm in Georgia, I'm in Atlanta,
12:44
Speaker 1: and now I can build the road to success. So
12:47
Speaker 1: that's what she meant as far as um the ownership
12:49
Speaker 1: thesis and understanding where is it that you are right now?
12:52
Speaker 1: What tools do you have access to which will help
12:54
Speaker 1: to determine where it is that you're looking to go
12:56
Speaker 1: and grow in your cash flow journey. Well, you know,
12:59
Speaker 1: I remember I had an opportunity when I was managing
13:02
Speaker 1: Steve Harvard. He was sitting down and were thinking about
13:04
Speaker 1: buying uh a Polo local Okay, And then you know,
13:08
Speaker 1: because what we learned from that meeting was that you
13:11
Speaker 1: can't rich get rich off one Apollo local. You know,
13:14
Speaker 1: You've gotta have several, you know, because when you start
13:17
Speaker 1: talking about you know, the profit margin, maybe like fifteen
13:19
Speaker 1: thousand dollars of mine. You never really shook us up.
13:22
Speaker 1: That's not that much money. We started twelve. That's a
13:24
Speaker 1: lot of work for that's your profit margin, you know
13:27
Speaker 1: at the time that we were talking to them, So
13:30
Speaker 1: we're in a franchise z. So what is that? Is
13:33
Speaker 1: there a magic number of properties that you should own
13:36
Speaker 1: before you really start resonatingly calling that, you know, because
13:40
Speaker 1: you know, when your own property, you're a millionaire already,
13:42
Speaker 1: but all you're a millionaire in your bank account. That's
13:45
Speaker 1: what I'm talking about. When you can when you can
13:47
Speaker 1: flawsh your success, you know, bigger houses, bigger cars, bigger vacations.
13:52
Speaker 1: So is there a model in place now that you go,
13:55
Speaker 1: we got the one in Oklahoma that we're gonna get
13:57
Speaker 1: three more properties and we feel that we we resonating
14:00
Speaker 1: as a as a as affirm that one day can
14:03
Speaker 1: be you know, a fortune five hundred. So that's actually
14:07
Speaker 1: good point and that's going back to your ownership pieces.
14:09
Speaker 1: So um hotels, you can let it look at it
14:12
Speaker 1: a couple of ways. You can focus on cast floads, right,
14:15
Speaker 1: and that's an easier way to build a portfolio probably faster,
14:19
Speaker 1: or you can look at more. You mentioned long term
14:21
Speaker 1: hotels are definitely capital intensive and definitely a long term investment,
14:25
Speaker 1: so um a buying whole strategy. But if you want
14:28
Speaker 1: to really build a portfolio, you start you have a
14:31
Speaker 1: combination of both. You have a combination of having a
14:34
Speaker 1: cash flown property which is more of a limited service,
14:36
Speaker 1: so maybe even more of economy like a Super eight
14:39
Speaker 1: or a Day's in. Those are which you consider economy hotels,
14:42
Speaker 1: those are true or even a Moto six, those are
14:44
Speaker 1: good castle and property and a lot of folks, um
14:48
Speaker 1: including the Indian community they owned over the hotel using
14:52
Speaker 1: that model. They started off with really small hotels, less
14:55
Speaker 1: than a hundred castle on properties, and that's how they
14:57
Speaker 1: will build portfolios. And those are the same A techniques
15:00
Speaker 1: that we're using starting off with smaller hotels cash on Hilton.
15:04
Speaker 1: When you start getting into the Hilton and the Marriott,
15:06
Speaker 1: we were fortunate because usually people in their later years
15:09
Speaker 1: and um the hospitility industry getting some more of the
15:12
Speaker 1: Hilton and the Marriott. But we we looked at more
15:15
Speaker 1: of a whold hold approach, buying hold approach, right. So
15:19
Speaker 1: so Jessica, when I look up, tell everybody Jessica Myers
15:23
Speaker 1: and uh Devon Reads, the founders of Epic Collective UM.
15:27
Speaker 1: Then in the hospitality business, they buy and collect hotels.
15:30
Speaker 1: They seek out investors to look at the long term
15:33
Speaker 1: investment opportunities they can do working with them. So I'm
15:38
Speaker 1: a good talker, I'm gonna I'm gonna like I'm a
15:40
Speaker 1: good talker, but I don't know if I'm good enough
15:42
Speaker 1: talker to convince people to give me money. So see
15:46
Speaker 1: that's a say I've heard you See Jessica can talk.
15:48
Speaker 1: You know, you can talk to but Jessica over there,
15:52
Speaker 1: she got a little bit extra in her conversation. So
15:55
Speaker 1: when y'all going there and making the presentation, who the
15:57
Speaker 1: talker or who's the lead person in the pitch? I
16:01
Speaker 1: mean me when with the hotels, Yeah, I was like,
16:05
Speaker 1: it's a collaborative effort, I feel because I always tell
16:08
Speaker 1: their vine. I mean technically, you know you're the one
16:11
Speaker 1: who brought me into the hotel space. In the commercial space,
16:14
Speaker 1: it's not something I was looking at to you know,
16:16
Speaker 1: I'm in the single family space. I'm a real estate developer.
16:19
Speaker 1: UM as a whole seller, you know, I was. I
16:20
Speaker 1: was just fine, but someone to shed lightly like, hey,
16:24
Speaker 1: this is could be a lot more exponential. So I
16:26
Speaker 1: would say that she convinced me. And I'm the type
16:29
Speaker 1: person you know I used to I had a career
16:30
Speaker 1: in sales prior to getting to real estate, and I
16:33
Speaker 1: would say, once I see something that works, I'm gonna
16:35
Speaker 1: go tell everybody. And that's and that's the power of
16:39
Speaker 1: what we've been able to create through Epic Collective, because
16:41
Speaker 1: Van is the one that got me into the commercial space,
16:44
Speaker 1: and now we're able to tag team and tell people
16:46
Speaker 1: in our community. Like, you know, we knew a lot
16:49
Speaker 1: of people from Georgia State. We knew UM University, which
16:51
Speaker 1: is where we went and where we met UM. We
16:53
Speaker 1: know a lot of people just from from networking, from
16:56
Speaker 1: building our team, from going to the events, the groundwork
17:00
Speaker 1: they bond. Having a fourteen year career in the hotel space,
17:03
Speaker 1: she knew a lot of people. So it was really
17:05
Speaker 1: about identifying the opportunity, providing the education to take advantage
17:09
Speaker 1: of the opportunity, and then executing on the opportunity. It's
17:14
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Speaker 1: free auto dot ai. That's O T T E R
19:10
Speaker 1: dot ai. Or you know, um, this is Roshan McDonald
19:15
Speaker 1: trying to walk me into the steps of becoming a
19:18
Speaker 1: potential investor, or the steps of being a potential hotel owner,
19:22
Speaker 1: or with Sean do because like this is what I hear.
19:24
Speaker 1: You know, like you're trying to own to McDonald's. They
19:27
Speaker 1: bring into McDonald's. You have to work so you can understand.
19:30
Speaker 1: I'm sure the same thing with Chick fil a, same
19:32
Speaker 1: thing with Burger Key. If I want to become a
19:35
Speaker 1: hotel owner, Do I gotta go over there and make
19:38
Speaker 1: up bed, clean out some restaurants or do what what
19:41
Speaker 1: minor work do I have to put into feel that
19:44
Speaker 1: I need to understand the business of hospitality. That goes
19:48
Speaker 1: back to your ownership thesis. If you want to do
19:50
Speaker 1: if you want to become an owner operator, meaning then
19:53
Speaker 1: you will be doing that what you just said, you
19:55
Speaker 1: will be checking in folks and making it. And that's
19:58
Speaker 1: what y'all doing. Y're not doing that. Y'all want to
20:00
Speaker 1: be there, We're not doing it. Now, we're not doing it.
20:02
Speaker 1: I refused to check in another guess that's why I
20:05
Speaker 1: hi here. So if I had to check in games
20:07
Speaker 1: at this point in my career, somebody getting fight. And
20:10
Speaker 1: part of my strategy is only my time so that
20:13
Speaker 1: I don't have to work. So I definitely am looking
20:16
Speaker 1: for more you know the ladder as far as you
20:19
Speaker 1: know what I what was on my ownership piece. I
20:22
Speaker 1: want to add to what you just said. Hotels are
20:26
Speaker 1: operating business where you can own a real estate McDonald's.
20:29
Speaker 1: You don't necessarily own a real estate, right, So that's
20:32
Speaker 1: what makes hotels a very attractive investment because not only
20:35
Speaker 1: are you owning the business, you're owning the real estate,
20:38
Speaker 1: which adds to the valuation. So for someone like yourself
20:41
Speaker 1: who wants to come in and invest, you and especially
20:44
Speaker 1: if you want to invest passively, you like, look, I
20:46
Speaker 1: had some extra funds, you know, I have some retirement
20:49
Speaker 1: funds or whatever. I'm looking to invest long term. Okay,
20:52
Speaker 1: you actually and I want to get more of a
20:54
Speaker 1: how your return to what I'm getting in the market
20:56
Speaker 1: or whatever my my other real estate investments. That's why
20:59
Speaker 1: hotels are as sexy asset because it goes on for performance.
21:02
Speaker 1: So think about it, Just think about it. Nobody's really
21:05
Speaker 1: traveling right now. But in a couple of years, when
21:09
Speaker 1: people feel more comfortable about traveling with COVID, hotels are
21:12
Speaker 1: gonna be booked sulid. Right, So when people sometimes people
21:16
Speaker 1: they can't wrap their brain around like old nobody's saying
21:18
Speaker 1: the hotels right now, nobody's saying the hotels. But in
21:21
Speaker 1: a couple of years, maybe even next year, maybe you
21:24
Speaker 1: having the end of this year, people are gonna be
21:26
Speaker 1: traveling in our hotels and our our our investments gonna
21:29
Speaker 1: be nice and beautiful and fact because because of the
21:32
Speaker 1: return on the man. You know, i'mna be honest with you.
21:35
Speaker 1: I see the opportunity, you know, because people are traveling now,
21:38
Speaker 1: people are resisting because it's called cabin fever. I gotta
21:41
Speaker 1: get out. I gotta get out. And it goes back
21:43
Speaker 1: to the marketing of your property. Do you have you guys,
21:47
Speaker 1: because I hear the word team, But you know, it's
21:49
Speaker 1: still a property and you're hilting you. You're part of
21:51
Speaker 1: the registry. You're going the you do a search and
21:53
Speaker 1: it pops up and and I'm sure you play a
21:56
Speaker 1: royalty fee to them for using their brand relationship because
22:00
Speaker 1: they provide that service to you and to help you,
22:03
Speaker 1: help you win. But in the end, you said something
22:06
Speaker 1: about profitable hotel properties. That's what you should be by.
22:09
Speaker 1: You shouldn't not be trying to build up a property
22:12
Speaker 1: that's not successful. You should go in and look at
22:14
Speaker 1: the portfolio. How does that process work. Whether there's three
22:19
Speaker 1: things that makes the hotel successful, location, brand, and operator.
22:24
Speaker 1: So to give you an idea about our hotel. Our
22:26
Speaker 1: hotel is in Oklahoma. Our hotel is right off the exit.
22:29
Speaker 1: So if you're driving by and you want to stop,
22:32
Speaker 1: boom right off the exit, beautiful new home to sweets property,
22:36
Speaker 1: extended stay property with the kitchen net. Right, So then
22:39
Speaker 1: we have the brand. The brand is a Hilton property.
22:42
Speaker 1: How many people have stayed in Hilton brands? Were shine,
22:45
Speaker 1: I'm sure you say that the Hilton brand. You loved it,
22:47
Speaker 1: you felt comfortable. He's like, oh, my goodness, I know
22:49
Speaker 1: when I say the Hilton brand, I'm I know what
22:52
Speaker 1: I'm getting into. Then we brought in an operator, Commonwealth Hotels.
22:56
Speaker 1: They manage over They have over a billion dollars in
22:58
Speaker 1: their portfolio. So we have of three components to make
23:01
Speaker 1: a hotel successful. And let gonna tell you something. You
23:04
Speaker 1: at that property, you do the early morning breakfast. We do.
23:09
Speaker 1: See that's that's that's the home run for me, Sam,
23:11
Speaker 1: I'm an old school Back in the day when I
23:13
Speaker 1: was traveling as a stand up comic, I had to
23:15
Speaker 1: stay at the hotel that gave me the free breakfast
23:17
Speaker 1: in the morning, the waffles, the eggs, scrambled eggs, and
23:20
Speaker 1: give me some orange. So that's a big selling point,
23:23
Speaker 1: correct it is? Yes, you know, you gotta have those
23:27
Speaker 1: incentives because of the fact that it's a very competitive
23:29
Speaker 1: world like that, but you are hidden. That's all just
23:31
Speaker 1: saying is that I wasn't annoyed that the factor because
23:34
Speaker 1: I knew you off the hotel, off the property. See,
23:37
Speaker 1: you get a lot of people who just I'm tired
23:39
Speaker 1: of driving. Pull over. You get that type of customers,
23:42
Speaker 1: get the customers say. I had actually had a few
23:45
Speaker 1: friends that were driving across cross country and when the
23:48
Speaker 1: news broke, they were like, I actually was gonna stop
23:50
Speaker 1: off in Tulsa. We're actually gonna stop off in Arena,
23:53
Speaker 1: which is just two hours from Tulsa, which was even
23:56
Speaker 1: more impactful. I will say, looking into the steals, under
24:00
Speaker 1: standing that years and years ago my ancestors couldn't walk
24:03
Speaker 1: through the front door, and now here we stand as
24:06
Speaker 1: owners of the property and able to provide jobs. We're
24:10
Speaker 1: able to save jobs like where people are getting acts
24:13
Speaker 1: during during the pandemic. We're able to save jobs and
24:16
Speaker 1: increase their quality of living. There were we we went
24:19
Speaker 1: and talked to the staff and some of them hadn't
24:22
Speaker 1: had vacation in years. Some of them didn't even have
24:25
Speaker 1: a four in one K So we were able to
24:27
Speaker 1: come in provide these resources. So it's the impact to
24:31
Speaker 1: the community as well as um. You know, the people
24:34
Speaker 1: that were able to inspire through our story. Well, you know,
24:37
Speaker 1: first of all, thank you for coming on Money Making
24:39
Speaker 1: conversation because you go your story. I have six sisters
24:42
Speaker 1: and I have I have a daughter, you know, she's
24:44
Speaker 1: graduated from college. And so anytime I I see inspirational
24:48
Speaker 1: stories by female, especially African American female, I want to
24:51
Speaker 1: highlight and that's what I'm doing right now. You know,
24:53
Speaker 1: I'm just one of many opportunities that are coming your
24:56
Speaker 1: way or will come your way in the future. Because
24:58
Speaker 1: you reason I say that big, because I'm always about
25:01
Speaker 1: trying to see the different way with lanes of opportunity,
25:05
Speaker 1: because you know, people tend to pigeonhole black people are
25:08
Speaker 1: African Americans. You know, they'll say, we don't do we
25:11
Speaker 1: don't understand technology. So they that's why Silicon Valance and
25:15
Speaker 1: we weren't looking to hire you guys because we didn't
25:17
Speaker 1: think you guys wanted to technology opportunities. We thought y'all
25:20
Speaker 1: just wanted to use the phone. And so so it's
25:23
Speaker 1: the same thing here with this hotel opportunity is that
25:26
Speaker 1: I'm just trying to answer common sense questions because I
25:29
Speaker 1: want you to understand that this is incredible what you're
25:32
Speaker 1: doing it really is incredible. And I say that because
25:34
Speaker 1: of the fact that it's not normal, and that's a
25:37
Speaker 1: positive thing, because I think African Americans, in order to
25:40
Speaker 1: achieve ultimate success in this country have to do against
25:43
Speaker 1: the norm and the norm and what you guys are
25:45
Speaker 1: achieving against the norm. But you're also taking your experience
25:48
Speaker 1: as former employees and say, hey, I want to I
25:52
Speaker 1: want to bet on myself and and and and close that,
25:54
Speaker 1: I want to talk about that betting on yourself and
25:57
Speaker 1: walking through the areknown. So I want to start, I know,
25:59
Speaker 1: to come, gonna start with you on betting on yourself.
26:02
Speaker 1: And because that's what you're happening right now. You're betting
26:04
Speaker 1: on your stuff and a hotel business, but you're betting
26:06
Speaker 1: on your stuff as an entrepreneur. You're betting on yourself
26:09
Speaker 1: by convincing people they should invest their money into you
26:12
Speaker 1: for long term opportunity. How does that work? Uh? Under
26:16
Speaker 1: the stages that just slow you down to go, wow,
26:19
Speaker 1: I'm doing this well. I mean really we're still in
26:23
Speaker 1: the midst of doing this. I mean my head is
26:25
Speaker 1: very much still down. Um as I am a real
26:27
Speaker 1: estate developer and investor, but it started out being a
26:30
Speaker 1: whole seller, that journey of investing in myself and believing
26:35
Speaker 1: in myself once I closed my first wholesale deal. And
26:38
Speaker 1: whole selling is the act of finding an opportunity and
26:40
Speaker 1: passing out onto a buyer, and it's about understanding the language.
26:44
Speaker 1: It's about understanding you can make money off your assets
26:47
Speaker 1: and let your assets pay for your liabilities. That's when
26:51
Speaker 1: I started to change the narrative in the conversation. And
26:53
Speaker 1: then I realized, like it took me three weeks to
26:56
Speaker 1: come up with my first wholesale deal after getting the education,
27:00
Speaker 1: how long am I working in corporate America to make
27:02
Speaker 1: the same type of money. That's when I understood it's
27:04
Speaker 1: the conversation of time, where am I putting my time
27:08
Speaker 1: to invest to get me greater? And that's how I
27:10
Speaker 1: saw a whole selling as a way to get in
27:12
Speaker 1: and bet on myself that worst case, no matter where
27:15
Speaker 1: I grew to, which is now you know, from whole
27:18
Speaker 1: seller to a hotel owner, actually have a course teaching
27:21
Speaker 1: your start in real estate investing from whole seller to
27:25
Speaker 1: hotel owner, because I never knew that that was possible,
27:28
Speaker 1: but I knew that if I take the bet on
27:30
Speaker 1: myself I at least have whole selling that I can
27:34
Speaker 1: fall back on to make my money, to make my income,
27:38
Speaker 1: and the sky has been the limit. I haven't had
27:40
Speaker 1: to go back to corporate America since two thousand seventeen.
27:42
Speaker 1: If don't get me wrong, there have been times where
27:44
Speaker 1: I come home like, let me just quit. I can
27:47
Speaker 1: get back into sales, I can get back to doing
27:49
Speaker 1: what I do. But I'm like, just as harty as
27:51
Speaker 1: I was about working for Fox, as hardy as I
27:54
Speaker 1: was about working for CBS. I'm just as grateful to
27:57
Speaker 1: work for Jessica Myers. And that's betting on yourself. Wow,
28:01
Speaker 1: Mrs Reeves, betting on myself. It was just more of
28:07
Speaker 1: a motivation thing. I looked around and I saw all
28:10
Speaker 1: these people, hotel owners or potential hotel owners, and all
28:14
Speaker 1: of them were white, and they owned hundreds of acres
28:18
Speaker 1: of land, some even thousands of acres of land, and
28:20
Speaker 1: a lot of them inherited, a lot of them bought it.
28:23
Speaker 1: And I said, wait a minute, I can do this.
28:26
Speaker 1: I'm helping them do it. So why am I helping
28:29
Speaker 1: somebody else be wealthy when I can help myself be wealthy.
28:32
Speaker 1: And I thought about people like my grandmother who at
28:35
Speaker 1: our age, she couldn't check in the Hilton property. She
28:38
Speaker 1: couldn't check in you know what, days in because of
28:40
Speaker 1: the color of her skin. She couldn't. Even when my
28:42
Speaker 1: grandmother was on the on the on, she wasn't. Back
28:46
Speaker 1: in those days, in the fifties and sixties and forties,
28:49
Speaker 1: you had to have a certain level of education to
28:51
Speaker 1: even work in the hotel. And my grandmother that only
28:54
Speaker 1: had an eighth grade education. So I had to bet
28:57
Speaker 1: on myself with my grandmother. That's what I was doing
29:00
Speaker 1: of that way, and not even that I wanted to
29:01
Speaker 1: help other people get to the table. I noticed I
29:04
Speaker 1: was the only person of color. Sometimes I was the youngest,
29:07
Speaker 1: the only person of color, and the woman. Sometimes all
29:09
Speaker 1: three at the table. And I said, this is not right.
29:12
Speaker 1: My mentor told me. She said, Davine, she said, when
29:15
Speaker 1: you are sitting at the table and you notice that
29:18
Speaker 1: there's no other people looking like you, you need to
29:20
Speaker 1: change that. And she said, when you don't notice it,
29:22
Speaker 1: then that's the problem. Then you become the problem. If
29:25
Speaker 1: you don't keep that door open, she told me. She said, Davine,
29:27
Speaker 1: I helped open the door for you. Now I was
29:29
Speaker 1: trying for you to keep that door open. So I
29:31
Speaker 1: had to bet on myself, and I realized from all
29:34
Speaker 1: the encouraging words and the love and support, I realized
29:37
Speaker 1: that this is bigger than me. This is bigger than
29:38
Speaker 1: me and Jessica. We have people who are looking at us,
29:41
Speaker 1: who are like, wow, you know what, I can own
29:43
Speaker 1: a hotel. I can do the impossible. You know, front
29:46
Speaker 1: desk agents and housekeeping supervisors. They're like, you know what,
29:50
Speaker 1: I can literally do this. I can create my own
29:52
Speaker 1: hotel and create possibilities. Because think because hotels is actually
29:57
Speaker 1: brings over eight million jobs to the to the economy,
30:01
Speaker 1: and people don't even think that. You know, if you
30:03
Speaker 1: are if you're an artist, or if you have a
30:05
Speaker 1: skin caroline, or or if you have lotions, if you
30:08
Speaker 1: have all these different products, you can become a vendor,
30:10
Speaker 1: and you become a vendor to a hotel. But see,
30:12
Speaker 1: people don't know that. So now when you have faces
30:15
Speaker 1: like us who can help get you in that door,
30:17
Speaker 1: we're creating more opportunities and creating more possibilities. So that's
30:21
Speaker 1: why I had to better myself, not only too, so
30:24
Speaker 1: I can create a seat at the table so people
30:26
Speaker 1: can listen to me because when I noticed when I
30:28
Speaker 1: didn't have any ownership rights, nobody wasn't listening to anything
30:31
Speaker 1: that I said. But now people are knocking down the
30:33
Speaker 1: doors to hear what I have to say. We've been
30:37
Speaker 1: We've been like a few years overnight success. You know
30:40
Speaker 1: how people say, oh, it's overnight success, Like this is
30:42
Speaker 1: years and years of work. You know, de Von putting
30:44
Speaker 1: fourteen fifteen plus years into the industry. Need five years
30:48
Speaker 1: into the industry. This is a journey of overnight success.
30:51
Speaker 1: This isn't just something that popped up in microwave. Well,
30:54
Speaker 1: I love it. And by the way, I said, you
30:56
Speaker 1: could talk Jessica, I have to slide it back over
30:59
Speaker 1: the day. Vas just showed me that she has the
31:01
Speaker 1: ability to articulate in great lengthen put a sentence right now,
31:09
Speaker 1: I thought, I listen to stephen A. Smith in Real
31:11
Speaker 1: Estate right there. You know, she was just articulating, just
31:13
Speaker 1: throwing down with the words and the verbs, and I'll
31:16
Speaker 1: see that the table in Black America, I gotta kick
31:19
Speaker 1: the door in and all that good stuff. She was
31:21
Speaker 1: talking real stuff right there. When they say iron shoprins
31:24
Speaker 1: aren't really has been that between us and that, you know,
31:28
Speaker 1: us working together, the synergy we helped to exchange. You know,
31:32
Speaker 1: she's more of the numbers, the data, you know. Cool.
31:35
Speaker 1: And then you know I have the background in television
31:38
Speaker 1: and media, so that's where I have developed my storytelling skills.
31:41
Speaker 1: But we we beat off each other and her energy
31:44
Speaker 1: and my energy, and that's how we created something effic Well,
31:47
Speaker 1: I would tell you created something You open my mind because,
31:49
Speaker 1: like I said, thank you for allowing me to dive
31:52
Speaker 1: into your story honestly, you know, the ask honest questions
31:56
Speaker 1: and if they because I didn't know, I didn't know
31:58
Speaker 1: there was a possibility. I wanted to bring you on
32:01
Speaker 1: the show to expose people to another level. And you
32:04
Speaker 1: said something about the impossible when you were when you
32:07
Speaker 1: were speaking it. What you've really showed us is that
32:10
Speaker 1: the possible is possible, and if we understand the possible
32:13
Speaker 1: is possible, then it's not impossible. And that's what I
32:16
Speaker 1: gathered from this interview is that we're sitting around and
32:20
Speaker 1: we're limiting our opportunity because we don't see that the
32:22
Speaker 1: possibilities of achieving another lane of opportunity economically, entrepreneurially is
32:28
Speaker 1: out there. We will achieve it if we meet people
32:31
Speaker 1: like you take courses that you just recommend you take
32:35
Speaker 1: and also become a potential investor. You don't have to
32:37
Speaker 1: drop a million dollars down or two million dollars down.
32:40
Speaker 1: You can become a passive investor and build a portfolio
32:44
Speaker 1: with you guys and allow you guys to build that
32:46
Speaker 1: through your strategies. That's really what we're talking about right now. Yes,
32:50
Speaker 1: oh absolutely, we we focus on collectively a lot of
32:53
Speaker 1: people because one of the barriers that people they don't
32:56
Speaker 1: want to get in the hotel business or even get
32:58
Speaker 1: into commercial real estate because they may not have millions
33:00
Speaker 1: and millions of dollars or access to capital. Well, I'm like, go,
33:03
Speaker 1: wait a minute. If you have ten of your friends
33:06
Speaker 1: or five of your friends and y'all have you know,
33:09
Speaker 1: five thousand apiece, you know, that's what fifty tho, right?
33:13
Speaker 1: Or if you have you know, a hundred thousand, If
33:15
Speaker 1: you got ten of your friends and that's a hundred thousand,
33:17
Speaker 1: that's a million dollars that you can do some damage.
33:19
Speaker 1: You can get some stuff done. But people, but it's
33:22
Speaker 1: a whole mindset thing, right, So it's a whole thing
33:24
Speaker 1: of educating people. So I have courses as will also
33:27
Speaker 1: offer one on one coch coaching for people they're like.
33:30
Speaker 1: And another thing that people don't realize. It's folks who
33:33
Speaker 1: have twenty Airbnb units, thirty Airbnb units. I'm like, you
33:36
Speaker 1: know you own a small hotel, Like wait, what you
33:39
Speaker 1: know that? There are different creative ways and creative finances
33:42
Speaker 1: to help you get into the hotel space. But people
33:44
Speaker 1: don't realize that. And the reason why I'm so passionate
33:47
Speaker 1: about it because I see, I see how hotels can
33:50
Speaker 1: create so much generational wealth so much. It's it's corporations,
33:56
Speaker 1: fortunate five companies who own hotels. People may not know it.
34:00
Speaker 1: High network individuals they own hotels. People don't know it.
34:04
Speaker 1: So I'm here like, hey, I know it, so so
34:07
Speaker 1: let me help my people. Let me help y'all get
34:09
Speaker 1: into this space, so y'all can get not just bags,
34:13
Speaker 1: but create generational will. So I'm like, hey, you sit
34:15
Speaker 1: up this bag, invest in the hotel. So that way,
34:18
Speaker 1: it's a long term strategy. That's That's how I look
34:21
Speaker 1: at me, and I love the way you look at it, Jessica.
34:24
Speaker 1: They do it collaborative, collaborative economics. That's the biggest key
34:29
Speaker 1: is coming together and creating the synergy, creating your investor group,
34:33
Speaker 1: you know, connecting with Epic collective to show you how
34:36
Speaker 1: to do this, how to take your community and your
34:38
Speaker 1: small pot wherever you are, and how we can do
34:41
Speaker 1: this together. Um, that's really the big thing of changing
34:44
Speaker 1: the narrative of we work apart, you don't work together,
34:47
Speaker 1: we don't come together. Well, no, we're coming to show
34:49
Speaker 1: you that we do. We're doing the major way and
34:51
Speaker 1: this is how you can be a part awesome. I
34:53
Speaker 1: want to thank you for coming on money making conversation. Jessica.
34:56
Speaker 1: Your girls are amazing or you know in the summertime,
34:59
Speaker 1: love to invite you by act just that everybody she'd
35:01
Speaker 1: become a hotel on it. This conversation isn't over. I'm
35:04
Speaker 1: gonna tell yourself please. You know you're in the Atlanta,
35:08
Speaker 1: so you come by the office, show me some stuff.
35:10
Speaker 1: I'll be writing some checks because again you only go
35:15
Speaker 1: with what you know. And so you're telling me, Rashwan,
35:18
Speaker 1: slow it down, brother, come on over here and sit down.
35:20
Speaker 1: So I do want to become a hotel owner. I
35:22
Speaker 1: know what I've learned is you know, God ain't making
35:25
Speaker 1: no more landing out here ain't making no more new land.
35:28
Speaker 1: And so you you're telling me I can buy some
35:30
Speaker 1: of that land that he's made, and that means that
35:33
Speaker 1: becomes an asset. And if an asset, that I can
35:35
Speaker 1: will down to my family members, to my daughter. And
35:38
Speaker 1: that's how you build legacy. And so sometimes you can
35:41
Speaker 1: keep it simple, you know something, and not it can
35:44
Speaker 1: be go beyond my house. I can I'm buying all
35:47
Speaker 1: these houses out here, but ain't nobody renting them. Okay,
35:50
Speaker 1: nobody's staying in them, nobody. I'm not making any money
35:53
Speaker 1: off my home purchases. So you said, Richard, if you
35:55
Speaker 1: if you decided to stop buying a house, if that's
35:58
Speaker 1: that money in the hotel, then guess what, as we say,
36:02
Speaker 1: mailbox money, you start making that mail box money checks
36:04
Speaker 1: me coming in the mail. So divine, he ain't scare me.
36:09
Speaker 1: You ain't scare me. You just need to find me
36:11
Speaker 1: so we can talk about that hotel. I'm find now.
36:14
Speaker 1: I don't think you want any it is. You got
36:17
Speaker 1: to watch out, all right. Thank you all for coming
36:19
Speaker 1: on money making conversations. I appreciate your opportunity and also too,
36:25
Speaker 1: we just want to add that if you are looking
36:27
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Speaker 1: please please please follow us at Epic Collective with a
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Speaker 1: que on Instagram. Also email us at invest at epic
36:37
Speaker 1: Collective dot com. That's Epic with a que Epic Collective
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36:46
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36:48
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