Our guest today is Nicole Pendergrass, multifamily investor, and founder of Noirvest Holdings LLC. In this episode, we talk about investing purposefully in underserved communities, and how to truly rise by lifting others. Nicole is at the beginning of her investor journey, but she already has a clear “why” and vision for her future, and she shares her story with us with all its ups and downs.
Learn more about Nicole and her journey at reiclarity.com!
“I really believe in the reasoning behind multifamily as far as having more than one tenant and being able to affect more than one life.”
Nicole started her investor journey with 1 to 4 unit apartments. She is now transitioning to the multifamily residential and commercial space and expanding her portfolio to 30-60 unit properties.
When Nicole decided to take the leap into multifamily, she read a lot of books, went to seminars, and talked to experts to educate herself. She started multifamily investing by direct seller marketing, direct mail.
“You can deal with all the craziness of your day-to-day life and still have your money growing for you and affect the outlook of the future of your lineage.”
The first year was difficult for Nicole with her first multifamily deal. She was inexperienced and the seller was misleading and promised different things to the tenants. Eventually, she had to evict tenants which took around 6 months because New York is very tenant-friendly.
A few lessons that Nicole learned along the process:
- Trust but verify.
- Always get a property inspection.
- Start building your team even if you don’t have any deals yet.
Nicole is very passionate about improving communities. She doesn’t want to just place new tenants to raise the rent.
She’s also trying to help investors who are underserved or overlooked. These are people who might not have a high net worth or are not accredited. She’s helping mainly people of color who didn’t have investing opportunities until now.
Nicole is a big advocate of mindset and taking calculated risks. It’s important to be educated, have a good operator, and deal, but you have to be willing to take risks.
“People like to think that for them to win, someone else has to lose. That’s scarcity mindset. That’s thinking that there’s not enough abundance to go around. But there really is.”
At the end of the episode, Nicole picks action steps from the REI Clarity Framework that is the most valuable to her. These are “Grow Your Community” and “Rise by Lifting Others”.
Nicole shares an example about rising by lifting others. She started a book club to motivate herself and others to read helpful books. This shows how she can help herself while helping others as well.
Mentioned in the show:
- Her LinkedIn
- Angela Duckworth – Grit
- Brian P. Moran and Michael Lennington – The 12 Week Year
- The REI Clarity Framework
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Nicole Pendergrass for taking the time to share so many great insights with us
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