Insider Secrets Podcast Season 2, Episode 24

 Guest: Gib Irons

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Guest Bio:

Gib Irons

Gib Irons is an attorney, entrepreneur, and real estate investor. He is the founder and CEO of Irons Equity. Gib is a resident of Greenville, North Carolina. Gib owns 14 single family condominiums, a commercial building and a short-term rental property in Sevierville, Tennessee named Smoky Mountain Masterpiece. Gib is a passive investor with a 660-unit portfolio in Arlington, Texas, a 344-unit apartment building in Dallas, Texas, a 295-unit property in Fayetteville, Arkansas, and a 666-unit portflio in Houston, Texas. Gib is a founding member and general partner in the 10Y organization that is poised to build more than two dozen Class-A townhome communities in Phoenix, Arizona over the next decade. In addition to Gib’s real estate investing experience, Gib is the owner and managing partner of Irons & Irons, PA, a multi-million dollar law firm based in North Carolina and established in 2007.

SHOWNOTES

Key Takeaways

Success isn’t about being the smartest or most talented in the room; it’s about the relentless determination to overcome any obstacle in your path.

Remember, it’s never too late to pivot towards your dreams and find success in uncharted territories.

In the journey to success, never underestimate the power of forging connections with potential investors. Utilize social media, lead magnets, and referrals to not just connect, but to nurture those relationships into invaluable assets.

In the realm of success, transparency reigns supreme. Embrace honesty in your dealings, for investors value openness and the courage to confront challenges head-on.

Harness the power of social media, especially platforms like LinkedIn. Share your journey authentically, for in the depths of your narrative lie the keys to attracting the right investors.

Prioritize tasks wisely, seizing the dawn to conquer the day. In this rhythm lies the secret to sustained productivity.

Standout Quotes

“My word would be determined. I’ve never felt I was the smartest or most talented. What sets me apart is my determination and embracing failure as part of the journey.” – Gib Irons

“Life is short. I’m intentional about how I allocate my time between family, business, and personal life.” – Gib Irons

“I want transparency from operators, even if it’s bad news. Shoot me straight.” – Gib Irons

“People resonate more with the written word than videos.” – Gib Irons

“It’s all about relationships and it’s important to build those relationships with investors.” – Gib Irons

Timeline

[01:01] Intro to episode guest

[03:41] One word that describes Gib personally and professionally.

[05:17] Gib talks about his background and how he got into the world of capital raising.

[14:30] How about a couple of systems that you have in place that you utilize daily, weekly to help you raise capital?

[20:45] Mike shares how he gained a massive following on LinkedIn.

[24:25] Do you use any lead magnets to attract people to your portal or to lead capture?

[25:58] Do you raise capital for other people’s deals and how do you pick a sponsor to work with?

Contact

Website: ironsequity.com

TRANSCRIPT

Kristen: [00:00:00] Welcome to this edition of Insider Secrets, the weekly podcast that turns real estate investing goals into reality. Each show we interview guests who are seasoned real estate professionals, actively closing and managing real estate deals. Mike is the founder of My Core Intentions and would like to help you make your real estate investing dreams a reality.

Mike coaches you to buy investment real estate, creating short term cashflow and long term wealth. Your host and real estate coach, Mike Morawski, has more than 30 years of real estate investing and property management experience. Here’s your host, Mike.

Mike Morawski: Good morning, everybody. And welcome to this show. Hopefully you’ve got your coffee. I got mine as usual, and I am super excited about this morning. We get to talk about the ins and the outs, the ups and the downs. We get to talk about raising capital and where we were really going to focus on that [00:01:00] topic today. I’m excited about my guest, Gib Irons. I just had an opportunity a week or so ago to be on his podcast and, he’s going to be a great guest.

Hey, let me ask you this real quick. What’s your intentions? Are you still working a little bit this morning or today? Are you spending time with family? But what are your intentions? I always say that our intentionality and what we set for accomplishments or those intentions really helps us achieve our goals. So I hope that you’re focused and enjoying whatever you’re doing right now this morning.

If you’re new to the show, welcome. Glad that you’re here. Really enjoy having you here as a guest whoever invited you, make sure you thank them. If somebody needs to be here, go stick a cup of coffee in their hand and get them here. But if you would, if you’re on one of the platforms, Facebook, LinkedIn, YouTube, like us, love us, please follow us on social [00:02:00] media. And if you’re on YouTube, subscribe to this channel because we are always bringing great content, great guests.

Information that’s going to help you on your multifamily journey, your capital raise journey, whatever you’re trying to focus on right now, we’re going to bring that to you. So let me bring our guest in Gib. Good morning.

Gib Irons: Hey, good morning, Mike.

Mike Morawski: How are you? I’m stoked to have you here. I really enjoyed being on your show last week and looking forward to you being here this week.

Gib Irons: Yeah, no, thanks for having me. Really appreciate it and looking forward to catching up with you and talking about multifamily.

Mike Morawski: Yeah, I’ve enjoyed. We got to meet at the capital raise event in Phoenix. And we had a little conversation in the coffee shop the morning you were leaving and I was getting ready to leave in the afternoon, but got to know each other a little bit and decided that we should do a podcast swap. And get to know each other a little more. And I’ve enjoyed building that relationship. [00:03:00]

Gib Irons: Yeah, absolutely. No, it’s been a pleasure. And yeah, that was a fantastic conference and beautiful Phoenix. And it was great that we ended up crossing paths there on the last day, right before I left for the airport.

Mike Morawski: I always say nothing happens by accident.

Gib Irons: Exactly. Yes. There are no coincidences.

Mike Morawski: That’s for sure. Hey, so I always start my show with one question for all my guests. And I continually say, I’m going to write a book on this. So somebody hold me accountable to that or if you’re a ghostwriter, let me know and help me out. But I ask that question, that one question, which is in one word, what best describes you personally and professionally?

Gib Irons: So Mike, I think my word would be determined.

Mike Morawski: And what makes you determined, Gib?

Gib Irons: I’ve never felt I was the smartest person in the room or the smartest person amongst my peers. I’ve never thought that I was the most talented or the most skilled or [00:04:00] that I was born with some natural ability that was much greater than my peers.

I’ve always felt like the real differentiator for me was my determination and my ability to accept failure as part of the journey to success, to be able to fail and handle rejection and continue to push on. And so a lot of my success, I think comes from that sheer grit and determination in my refusal to quit.

And I’ve failed many, many times over my life at a lot of different things. But I think the difference between me and maybe somebody that doesn’t succeed is that I just continue to do it and continue to fight. And where that comes from probably, going all the way back to childhood. I always wanted to do something really special and extraordinary.

And I was just unwilling to accept anybody’s. If anybody had a wanted to limit what I could do, I was always against that and wanted to prove [00:05:00] them wrong, so to speak.

Mike Morawski: Awesome. Boy, that was well spoken that’s for sure. So why don’t you talk a little bit about your background, what you’ve done, and how you got into, what I like to sometimes say, the crazy world of raising capital and multifamily?

Gib Irons: Yeah. Mike, I went to school. I went to law school to become an attorney and, I started practicing law 18 years ago, actually. And I’ve been a trial lawyer for 18 years. I have done predominantly family law, divorce and family law, work over my career, but I’ve built a business, a law firm is a business as I try to tell some of my lawyer colleagues. We built the practice to where we now have 15 employees. We have five lawyers, 10 non lawyer support staff members, and we have offices in Greenville, New Bern, and Moorhead City, North Carolina. So I’m an attorney by trade. I started my own practice after very [00:06:00] early in my career.

I was like in my second year of practice when I went out on my own and started my own practice. And over the years, I started to make more money as a professional, with my legal career. And I was just getting absolutely crushed by taxes. And I heard a friend of mine who was like a blue collar guy. He’s a very, very intelligent guy, but he didn’t have a high level of education. And he told me about how he had acquired 200 properties. And he had done all of that with paying 10 to 15 percent down. He had very little money. He didn’t come from money.

He wasn’t independently wealthy. He didn’t have a high paying job. He had taken very little money and been able to acquire over 200 properties. And these were like single family condos. And, he and I were out on a fishing trip and he shared all that with me and talked to me about depreciation. And it was explaining that to me.

And that fishing trip, which is a blue Marlin fishing trip, we were fishing in a tournament called the big rock blue Marlin tournament out of [00:07:00] Moorhead city, North Carolina, here where I live. And, I came off of that out of that tournament and I immediately went out and bought 14 single family properties myself within a period of 14 months.

And, I got the real estate investing bug. I learned more and more about this tax benefits of real estate and the returns that would very likely beat out the stock market or a traditional investment portfolio. And honestly, I’ve been hooked ever since. So I started my real estate journey in 2019 and, I’ve been at it about five years now. I’ve acquired a lot of properties in my personal portfolio.

And then I got into LP investments in the real estate syndications as an LP. And after working with a couple of different operators as an LP or investing with a couple of different operators as an LP, I became a GP. And now I am a capital raiser and my company is Irons Equity and we raise [00:08:00] capital for multifamily deals.

Thus far, the bulk of my experiences as a capital raiser has been in the build to rent space. And, I’ve been working on a project that is a 506C, in Phoenix now for actually about a year. I’ve been raising for this project for about a year now. And, it’s really been awesome to go from never having raised any capital to having raised a pretty good amount of money in a short period of time.

Mike Morawski: Nice. Good for you. So are you still practicing trial law?

Gib Irons: Yeah. So, I am Mike, I’m still a practicing trial attorney and I was just in the courtroom on Tuesday of this week, I was in the courtroom. I had the pleasure of getting up on the stand and actually testifying in a case that I have been involved in for several years and family law is a mudslinging, it’s oftentimes a mudslinging contest, and the [00:09:00] spouses are fighting with each other and the attorneys sometimes are not as collegial as they are in other areas of law. But yes, I’m still a practicing trial attorney, and I do several trials every year, several big trials that last multiple days.

And I really enjoy that work. And I’m not one of those people that wants to get out of my day job and get into real estate to get out of my day job. I love being a trial lawyer and I love real estate and I don’t see why I can’t do both. And so, that’s what I’m doing. I’m enjoying it.

I’m running two different businesses that have both been growing rapidly and they’ve had a lot of success and I’m just enjoying having that multifaceted aspect of my life where I’ve got these two different businesses that are so distinct and so different.

Mike Morawski: Good for you. That’s awesome. And being an entrepreneur is not an easy thing. And running two [00:10:00] businesses that are successful and as big as yours are must even pose some other challenges along the way that you have to deal with on a daily basis.

Gib Irons: Yeah, it really does, Mike. There’s a lot of challenges. One of the biggest challenges is time management. There’s only so much of me to go around. And running the law firm is a full time job. I was already working. I’d say I do work seven days a week at times. I always tell folks that I believe in taking time off. I believe in part of why I got into real estate was to have some time freedom. And to earn passive income and have time freedom.

And real estate’s definitely given me that, but I’ve kind of filled it up with another business. And so I am very busy. I love what you share at the beginning of your podcast, where you talk about intentionality and living intentionally, I think that is so key.

And for me right now, I don’t get involved in something unless I think it’s worth my time. And [00:11:00] I’ve learned how to tell people no to things that I don’t want to do so that I can say yes to the things that are important. And I think, being intentional about how I spend my time is probably one of my biggest priorities in life in terms of, life is short. We only have so much time here on this planet. And, we want to spend some of that time with our friends and family and some of that time in our businesses, and I’m just trying to be super hyper sensitive and intentional about how I allocate my time.

Mike Morawski: Awesome. Time management, I think for everybody regardless of multiple businesses or just life, time management can really play a part in everybody’s life, either productively or non productively. And, I struggle with it every day myself as well. And I always say, if I could just play more offense than defense [00:12:00] on a daily basis, I think I would be much further along, much more successful.

But we all get caught in those daily battles of things coming at us, whether it’s a 100 emails, whether it’s a bunch of text messages. We get those messages throughout the day that throw us off. Or a property manager calls with a challenge or an asset or your area manager calls and there’s a fire or somebody drove a car through the side of a building. It’s just what we deal with.

Gib Irons: Yeah. I think, managing those interruptions is super important. And one thing for me, Mike is I like to get up early. I’m an early riser. And one of the things I like to do is get up so early that nobody’s going to be communicating with me during that time.

And I like to get into my office and be the first person there, even though I’m the owner of the business and I could walk in at nine or 10 o’clock, I like to get there really early in the [00:13:00] morning and get the most important task that I have for that specific day done before anybody gets there, because that’s when the interruptions start is when people walk in the door. And, I’ve found that to be a very beneficial pattern for me in terms of successes is getting up early, getting the hardest things that require the most energy and focus done first thing in the morning.

And that way, if my day does take some sort of a tangent, if I end up getting some sort of call like that, I can tackle that without going backwards. And I think it builds confidence to knock out that most important task, first thing in the day, that’s a confidence builder for me.

And not only does it make me more successful, but it makes me happier because I can say to myself. I had this one big thing I wanted to get done today and it’s done. And that’s something that I think affects our personal happiness too. And we feel like we’re living on defense all the time and we’re not able to do the things that we want to do [00:14:00] offensively. I think that is a source of discontentment.

Mike Morawski: Yeah. And just how you put that, that’s playing offense. Getting in the office early before everybody gets there, getting some important things done and off your to do list. And, that’s playing offense. So, Gib, let’s jump in. Let’s start talking about capital raising.

And, I have a bunch of questions for you around that. You and I spent a lot of time in this space. Talk to me about your best efforts. How about a couple of systems that you have in place that you utilize daily, weekly to help you raise capital?

Gib Irons: Yeah, sure. So one of the most effective things for me has been my social media, and I post daily on social media. Like I know Mike, you’ve got a very large social media following on certain platforms. And, I’ve really been working on my LinkedIn. I think LinkedIn is a [00:15:00] great platform to raise capital.

I have met so many investors on LinkedIn that have responded to my post. I post every day, seven days a week. Generally I posted eight o’clock in the morning and, I get a lot of interest, forms submitted through my website from LinkedIn. And then I get on a telephone call with those folks and we talk and that’s been a huge benefit for me.

So that’s one of the systems. I started out raising capital from friends and family and, it doesn’t take long for you to realize, or it didn’t take long for me to realize that there’s only so many friends and family that I can get to invest in my projects. At some point they were like, Hey, give, we’re tapped out.

Like we just invested in your last project. We can’t invest in this next one. We need a little time to get some more liquidity. And so, growing my investor database is what I’m focused on now. I run ads on [00:16:00] social media, but I also do a lot of just organic posting and I drive people into my funnel.

I get them to go to my website and then I continue to nurture those leads through my email marketing campaign. And so they’re getting about two emails from me on a weekly basis. There may be a week where I don’t even send any emails. I try not to overdo it. But I send one to two emails a week through my email marketing campaign and just continue to nurture those relationships because you never know when a person that was not interested before will be interested in your services. And so I continue to nurture those leads through automations and email marketing campaigns.

Mike Morawski: So let me ask you this, what are you posting on LinkedIn? And you had made the comment, then they’re going to a form. So what are you posting and how are you setting up that form?

Gib Irons: Yeah. I’m sending them to a form on my website that only gives them one [00:17:00] option and the only option is to put in their name and contact information. They answer a couple of questions like, are they an accredited investor? How soon are they looking to invest? Do they live in the United States? Those types of like very basic information.

But what I’m posting on LinkedIn is I’m talking about my real estate investing journey. Like you said in the opening, I’m talking about the good, bad, and the ugly. I’m sharing very transparently the good, bad, and the ugly. And I’ve spoken about this in the past, but if you’re investing with an operator and the operator only gives you good news, to me that’s problematic. That’s going to cause me to have reservations and to think that the operator may be misleading me.

I would much rather have an operator tell me, hey, look, we had a fire at the property and one of the buildings burned down. And we’re going to have some issues with vacancy over the next couple of [00:18:00] months, but we’re going to fix that.

And this is the plan to do it. I don’t mind getting bad news from an operator. I want them to shoot me straight. And I do the same thing in my post on LinkedIn and the other social media platforms. Like I tell experiences that I had as an LP that were good and experiences that I had that were bad.

And they may not have been catastrophic, level 10 catastrophic, but still things that I didn’t like about other operators that I’ve worked with. Things that were a cause for concern. I talk about all of that and just share with people what my experience has been and if they like that, then I encourage them to reach out to me.

Mike Morawski: And are you posting video or a text message.

Gib Irons: Yeah. So on LinkedIn, I’m doing some video posts. But predominantly I’m doing, written content and I’m writing out a very short post that talks in detail and gives people [00:19:00] the opportunity to get to know me and to get to know how I think about things.

And things that are relatable. But, I’ve done quite a bit of video post and honestly, I’ve got to say that my written text post have probably outperformed the videos, even though I have this fancy studio that I’m sitting in today. I’m wearing the fancy clothes, the tie, the pocket square, despite the fact that we spent a lot of money on having really high end production quality.

I think people still resonate more with the written word than they do with the videos. Although some of the videos have done quite well, it’s a little bit of a mixed bag, but if you ask me which ones perform better, I’d have to say that it’s the written content.

Mike Morawski: Are you posting on just your personal LinkedIn page or are you posting in groups?

Gib Irons: Just on my personal LinkedIn page. I looked at your LinkedIn profile at some point, Mike, and I saw that you have way more followers than I [00:20:00] do. I have something like 3, 500 followers on LinkedIn. So it’s a relatively new account, but I’ve been posting every single day for about 90 days now.

And just in that time, I’ve probably raised about $500, 000 from LinkedIn.

Mike Morawski: Would you like me to share with you how I gained all those followers on LinkedIn?

Gib Irons: I would love to hear that. Absolutely.

Mike Morawski: So during the pandemic, and I’ve really lost my focus on this because, now you can be out moving around. But during the pandemic, I was committed to a minimum of 20 outreaches a day.

So I specifically would go into LinkedIn and had a two or three message series that if I saw it came across you and you were a capital raiser, I would reach out to you and I would just basically say, Hey, I love your profile. I’d like to get to know you. What are you working on this year?

Let’s connect. And if you connected with me, I’d send you message number two, [00:21:00] trying to initiate a phone conversation. Cause I want to talk on the phone to everybody I meet on LinkedIn. So we would get on zoom. So I would do eight or 10 zoom meetings a day from people that I was meeting on LinkedIn.

And I built that following as a result of that. And it’s amazing because it catches lakes on its own and then people start out reaching to you. It’s been an interesting process and this conversation has helped me, thank you for now my goal is to go, I want to go back and outreach a little bit more and grow that following some more.

Gib Irons: Yeah. And we use sales navigator, and sales navigator will help us identify some people that might be interested in investing with us. You talk about, your dream investor or your investor avatar, I look on sales navigator and able to identify people that would be maybe fit that those criteria, and then we reach out to them through direct outreach.

And, there’s a lot of things being [00:22:00] sold on LinkedIn and just social media in general these days. And some people are going to respond negatively to that, but people that are in the market for your product or service are going to respond positively to that.

And so we’re not shy and coming straight out and saying, do you passively invest in real estate? If you don’t, are you interested in it? And then, like you said, I will get on a call. A 30 minute call with anybody and talk to them and they might not be able to invest in my opportunity, but they might know somebody who will.

And honestly, after doing it for 90 days, I am getting people coming in to my portal and investing with me that I spoke to 90 days ago. That told me, I probably can’t join you this round. I don’t know how long your raise is gonna continue. And my raise is still going on. And now I’ll find people that I haven’t even spoken to in 90 days, but they go into the portal and they invest.

And I’m like, Oh my goodness, that’s [00:23:00] so cool. Because I spoke to that person three months ago. They never even reached out to say, Hey, give, I’m coming in. They just have the portal access and they jump in there and invest with us. And then we’re getting a lot of referrals too from people that have invested with us in the past, that’s fantastic.

There’s nothing better than a word of mouth referral too where somebody says, look, I’ve had a great experience with Gib and iron’s equity. Let me give you his info. And some of those folks come into the portal. And I’ve never even spoken to them. They just know from a referral that we do a good job and they go ahead and invest with us.

And I’ll still call them afterward and say, Hey, great to have you. Any questions? What can I do to give you white glove service? So I do think that human element of it is so huge like you talked about. My time is very valuable, like we talked about before intentionality. But I want to always be available to my investors and my potential investors.

And so even though I have a high value on my time, I think that is one of the most important things I could be doing with my time. And so I [00:24:00] take the time to talk to them. And even if they’re investing $50, 000, or smaller investment size, I still want to talk to them and have that relationship because it’s all about relationships.

Mike Morawski: Yeah. A hundred percent about relationships. You and I probably could do two or three hours of podcasts together and just talk about these different topics. Do you use any lead magnets to attract people to your portal or to lead capture?

Gib Irons: Sure. I do, I’ve got an investor 101 course that I offer on my website. It’s free. And then I’ve also got a due diligence checklist. And so those are my two lead magnets. Basically all the person has to do is go onto my website and give me their first and last name and their email address, and we will send that to them. That’s oftentimes a great conversation starter and a way to take a lead and give them some value [00:25:00] before you start talking to them about the specific opportunity that I’m raising for.

So the lead magnets have been very, very helpful. I think it’s great to give people value first and then you explained it, and then if they want to hear about the opportunity, great. A lot of times my experience has been that by giving them value, and doing that for free, a lot of times they then want to ask me about my opportunity.

So it’s not like I’m trying to sell them or give them a pitch. It’s that they are like, Hey, I’m really interested in what you’re doing with your fund. You haven’t sent me the deck or the webinar. Could you send that over to me?

And I’m like, yeah, absolutely. We’d love to do that, but it’s not me trying to sell them. It’s them trying, they’re already attracted to what I have to offer and they want it or think they want it. And they want to investigate it further and it’s them coming to me instead of me chasing them.

Mike Morawski: Very well put. Do you raise [00:26:00] capital for other people’s deals and how do you pick a sponsor to work with?

Gib Irons: Yes. I do raise capital for other people’s deals. When I’m looking at a sponsor or an operator, a lot of it has to do with how I feel about them. The feeling that they give me when I talk to them, I think I’ve got a pretty good gut instinct about people.

And, I want to work with somebody that’s got a proven track record of success that has done this many, many times. It can’t be somebody that this is like a hobby for them. It has to be somebody that this is how they make their living is being a lead sponsor on a deal or being an operator.

And I want them to have a proven track record of success. I want to see their past deals. I want to see more than just what’s written on paper. I like to fly to wherever the sponsor is and meet with them face to face. And so that’s been very powerful for me. The project I’ve been [00:27:00] working on for the past year is with a group called 10Y. And the sponsor, his name is Bala Krishnan and Bala, without getting into his story and going too far down the rabbit hole, is a tech entrepreneur that had been investing in real estate for several years in addition to being a tech entrepreneur. I had heard about his success in tech and in real estate, but that was like what I could read on the internet. What I saw on paper.

I told him, for example, I said, I don’t work with people I don’t know, and doing a zoom with you is great and it’s better than a phone call maybe. It’s one step up, but I’m actually going to fly out to Phoenix, Arizona and sit down with you and I want to spend the entire day together.

So is there a day that you could clear your calendar so we could talk? That’s what I do is I fly to where the operator is. I look at their business plan. I ask them questions. It’s almost like a deposition or you could even call it an interior interrogation because I like to [00:28:00] ask a lot of questions.

And if they don’t have time for me to answer those questions, then I’m moving on to the next place. But most of the operators that I’ve worked with have given me an abundant amount of time and energy and been willing to answer all of my questions. And that’s critical because when I have an investor that’s shown interest in my project, I want if they have a question that I don’t know the answer to, I want to be able to get a hold of that operator and get some clarity on that issue and take it back to the investor.

And as a trial attorney, I’m real good at asking questions. Seeing if the person really knows the answer, and I prefer an operator that will tell me all the subtle nuances of these deals than somebody that’s just going to kind of put me off and give me some very short curt answer.

A lot of it comes down to personality and track record and how generous they are with their time and how willing they are to talk it through with me, [00:29:00] because if they’re not going to give me their time, it’s probably not going to work.

Mike Morawski: Yeah. I get that. So when are you coming to California so that we can golf for the day?

Gib Irons: I’ve got a couple of trips out to California, I think this year, I think I may be out in San Diego this fall, potentially in October, I believe. Meeting with Hunter Thompson and some of the people from Ray’s Masters.

Mike Morawski: Okay. And are you solely focused on the one deal you’re raising capital on, or would you look at other deals right now?

Gib Irons: Yeah, that’s a struggle that I’ve been dealing with. I’ve been approached by several operators that have interesting deals going on right now, and I have committed to helping the folks at 10Y get across the finish line. We’ve done two raises together on two different projects. The first raise, we raised 18. 5 million in about four or five weeks.

And that deal was a build to rent [00:30:00] community that’s under construction right now as we speak. And then now we’re doing a 35 million raise and we’ve raised the majority of that, but we still have a nice little chunk, about 10 million that we need to raise.

And so I have made a commitment to see them across the finish line. So my current plan is to continue raising for 10Y until that opportunity has closed before looking at something else. Although, I’ve seen some very attractive value add deals recently that were very tempting. But I do want to fulfill my commitment to the operator that I’m working with now.

Mike Morawski: When you’re ready, we should talk. I would love to have you join our team as being an integral part in capital raising, because I think that your efforts are going to just multiply and grow from your consistency and being that Rudy in, if you ever saw the movie, Rudy. Being [00:31:00] that Rudy in the capital raised business.

Gib Irons: I appreciate that.

Mike Morawski: Yeah, you bet. So I’d like to continue that conversation. Would you leave with any tips or pointers for anybody here today that is starting out their capital raise journey. What direction would you point that new capital raiser in?

Gib Irons: Yeah. So I would focus on LinkedIn. First of all, I think LinkedIn is huge and LinkedIn has been a game changer for me. If you’re going to be focused on any kind of social media at all, I would focus on LinkedIn. I would tell an aspiring capital raiser to be very honest with their investors.

And I tell my investors, these are the biggest risk with this deal. Like here’s an opportunity that I’m putting in front of you. And here are the biggest risks that I see from my perspective with this deal. And it seems like they love that because I’m telling them what about the deal I would be worried about.

I tell them, [00:32:00] overall, I love this deal. This is a great deal, but I’m going to be very candid with you about where I see things could go wrong if they were to go wrong. And, so I think candor with the investors in particularly when you’re starting out is good. And I think, capital raising really isn’t that hard.

There’s a lot of money out there that needs to find a home. And so you’re doing a service for people by helping them find a place to put their money. But I think it’s hard to get started with capital raising. And once you get started, it becomes easier and easier. And so my advice to folks would be, yeah, it’s going to be hard at first.

Mike, on my first capital raise, I had 60 people in my investor database and I communicated with all 60 of those investors and I had committed to raise $1 million and I got 56 Nos and four yeses. And with those four yeses, I raised $1, 025, [00:33:00] 000. So, I’d always tell people, you should expect to get 10 no’s for every yes, that you want to get.

So if you haven’t gotten a yes yet, have you made 10 calls? It could be any number, but you have to take on a certain number of no’s in order to get to a yes. And if your first investor says yes, then you’re just a very lucky person. Good for you. But my experience was that, I got about 10 no’s for every yes. And that was actually a positive result because I reached my capital raising goal.

Mike Morawski: Nice. Good for you. It’s been a pleasure having you here and catching up and getting to know you a little bit more. Tell people how they get a hold of you if they want to talk with you about build a rent or capital raising, or maybe they need a trial lawyer, who knows.

Gib Irons: Yeah. Yeah. Mike, if anybody wants to reach out to me, they can go to my website at ironsequity.com.

Mike Morawski: Okay. That’s simple. Gib, thanks for being here. As I said, I [00:34:00] learned a lot today. So a lot of the questions I ask sometimes are picking my guests’ brain so that I can learn more. I love that old cliche and you kind of alluded to it early on that if you’re the smartest person in the room, you’re in the wrong room.

And I love to have guests on that know more than I do. I don’t care how long I’m in the business, which is been over 30 years. I continue to learn and I continue to grow. And I think that’s the way that any of us get to the next level, whatever that next level is for you. So, again, thanks for being here.

I want to say to my guests, thanks for listening in this week. We appreciate your consistent support and listening in. Please, help our social media, like us, love us, subscribe to us on YouTube. We’re always bringing great guests out like Gib and bring in opportunity to you to learn, to grow and to be intentional about what you’re [00:35:00] doing. Have a great week, everybody.

Kristen: Thank you, Mike, and thank you for joining us for another great episode of Insider Secrets. As always, Insider Secrets is brought to you by My Core Intentions. Wherever you hang out on social media, you will find Mike and MyCoreIntentions. Please like and follow us to get the most up to date real estate investing trends.

Visit mycoreintentions.com where you can get expert coaching on all things real estate investing and property management. If you’re looking to become an expert, Mike’s coaching will help you scale your real estate investment business. We’re looking forward to having you back again next week for more Insider Secrets.