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Show Summary
In this conversation, Ayesha Khalid, a doctor and real estate investor, shares her journey from practicing medicine to investing in real estate. She discusses the importance of mindset, financial abundance, and the challenges faced by healthcare professionals in exploring real estate opportunities. Ayesha emphasizes the need for joy in work and the significance of trust in real estate partnerships. She also highlights the evolving nature of real estate strategies and the importance of operational execution in successful investments.
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Investor Fuel Show Transcript:
Ayesha Khalid (00:00)
I would say that real estate is a remarkable diversification toputting your money in a 401k, And a great way for people to make money on the side. And my goal is to teach our kids that they can take care of themselves in a variety of ways, but you have to do it yourself. Like nobody’s coming to save you. The big tagline for Tony and Pace is, nobody’s coming to save you. You have to find a way to make it work.
Dylan Silver (00:05)
huge.Dylan Silver (00:05)
Hey folks, welcome back to the show. Today’s guest is a doctor, ear, and throat doctor based in Boston who also invests in fix and flips and has done multifamily as well. Please welcome Ayesha Khalid. Ayesha, welcome to the show.
Ayesha Khalid (02:17)
Thank you so much. Thank you for having me. I’m so excited. I’ve watched the show and excited to be here.Dylan Silver (02:23)
It’s great to have you on. I always like to start off at the top by asking folks how they got into the real estate space.Ayesha Khalid (02:30)
Yeah, so for me, practicing ear, nose and throat doc, full-time job, and I really wanted to teach our children about how to become abundant in mindset and financially abundant. And then, I don’t know if it was fate or the universe, but I ended up at a multifamily seminar in Boston, true story, with my husband and my friend. And I signed up to learn how to invest in multifamily deals through MFM a couple of years ago.And ever since then, I loved it because I think the basis of people’s security or feeling of security is having a place to live. So even just as important as their health. And that’s what got me into it. And then once I learned about it, I figured, wow, this is such a great way to make passive income. My parents are both, you know, immigrated to the United States and really just squirreled money in the mattress and in the bank. And that was their retirement plan. And
I wanted to live a little bit differently, so it’s been a crazy ride and it’s been four years now and it’s amazing.
Dylan Silver (03:32)
Walk me through the steps leading up to getting into the real estate space. You were talking a bit before hopping on here about how you were looking at coaching and fell into real estate, but it wasn’t like super obvious that you were gonna end up a real estate investor.Ayesha Khalid (03:48)
No, I think the first thing that happened was I had taken a couple of courses through the Tony Robbins programming and I had learned that my relationship with money, my mindset around money just being a tool and energy and something that we can use to do good in the world had to be changed. And I had to get out of that mentality that if I just work more and earn more and struggle more, that’s gonna be the way to go. And the more I worked with folks that said,Well, money is very easy to come by if you learn the right tools and strategies and proximity is power. So surround yourself with people that have the right attitude around money. The second step that happened was I was really open when I went to the real estate seminar and I signed up for the courses. They expected me to feel like I know everything, right? I’d been to med school and I was practicing, but I said, I don’t know anything about this space. I’m totally open. Like, just teach me how to do these deals and how to invest.
Dylan Silver (04:18)
Thanks.Ayesha Khalid (04:46)
And I feel like that went a really long way because there’s a lot of people in the world that are willing to help if you’re willing to listen. So the first thing I did was try, you know, gingerly investing as a limited partner. thentrue story, I just love all things construction. I love all things around the physical building of the apartment building. So I said, I’d love to come on site. And I switched over into the general partner world.
and started to manage. Now I’m not saying it’s easy. I will say, you know, my hair doesn’t look like it right now, but I got a lot of gray hairs from learning about just asset management of an apartment building. And then fate always works in interesting ways. Fast forward, multifamily learning those deals, those investments take time, right? You have to wait for the returns and we buy and hold and we sell it in three years, five years, seven years. But the reason I said fate plays a role is
Six years ago, I heard Pace Morby on a Tony Robbins stage, and I never imagined that six years later, last year, I would join his courses in his community and now be actively in the space of private money lending and single family flips. And again, he just is somebody I think who’s interested in teaching if you’re willing to learn, right? If you’re willing to learn. So
would say that real estate is a remarkable diversification to
putting your money in a 401k, And a great way for people to make money on the side. And my goal is to teach our kids that they can take care of themselves in a variety of ways, but you have to do it yourself. Like nobody’s coming to save you. The big tagline for Tony and Pace is, nobody’s coming to save you. You have to find a way to make it work.
Dylan Silver (07:00)
huge.The thing that I noticed about real estate is, and one of the main reasons why I got in is I’m like, I need a home, right? And it’s not getting any cheaper to buy a house. I was living in San Antonio, Texas at the time and thinking, well, you know, if I can’t beat them, join them. But also when I’m doing a Google search, real estate kept coming up as a wealth building tool. So I was kind of scratching my head thinking, well, I don’t know anything about real estate. Similar to you, I went to…
There was a seminar that I went to, then I went to a three day, ⁓ I believe it was a two or three day workshop in Dallas that I went to. And just totally had my mind and perspective changed. Because I was not, I was expecting to see a bunch of people who I couldn’t relate to, who were from backgrounds that didn’t seem like mine, come in and talk high level about real estate and me be confused.
Ayesha Khalid (07:53)
workshop.Dylan Silver (08:16)
But actually the exact opposite occurred, which was they saw someone in me who was maybe on the outside looking in and they wanted to help. And that’s one of the other awesome things about the real estate space is you have so many people who are go-givers, who really want to see people, ⁓ doctors, nurses, anybody in the W-2, they wanna see people get involved and wanna help people along the way do so.Ayesha Khalid (08:42)
Yeah, I mean, I want to go back to what you and I were talking about when we met, which is I want my colleagues in health care to really find joy in taking care of patients again. And I feel that everyone that’s working in a W-2 thinks that you have to like real estate is over there and it’s very salesy. And I don’t want to get, you know, scammed. But the reality is I find people that are doing real estate and constructionNot all of them, but I definitely find that go-giver mentality and I find them to be very transparent about how we’re making money, how we’re losing money, what are the ways that you can do things to win. The other thing I will say though is I was primed, like mentally primed and ready to listen because I just kept reading some of the books and when Warren Buffett says, don’t lose money is rule number one and don’t lose money is rule number two and learn about taxes is like rule number three.
I didn’t know those things. I thought that my goal in life is I’m working, I enjoy my job, and if I need more money, I’ll just work more. So things like tax harvesting through real estate or working without as much struggle, 18, 24 hour days is okay.
Meant that I have to change my relationship with money, right? The more abundance I have, the more I can give to others and help others as opposed to feeling guilty.
Dylan Silver (10:34)
Yeah.Ayesha Khalid (10:45)
about being rich, which is, think, the way that I grew up. And the folks in real estate have really supported that, which I think is very, very important for your listeners, that there’s some real go-givers out there.Dylan Silver (10:50)
drill.One of the interesting things, I mean, you mentioned this guilt. I can understand that because if you’re really not in full control over your income, the only thing that you can do is show up. It’s like, well, if I stop showing up here, then I’m not getting paid. You know, we were talking about, you know, expensive areas of the country. I grew up in northern New Jersey. You’re in the greater Boston area. It’s like you don’t really have the option to say, well, I’m just going to up and stop.
Ayesha Khalid (11:14)
Right.Dylan Silver (11:27)
because things get expensive very quickly. so real estate gives you that backdrop of saying, okay, well, you know, if I wanted to, or if I needed to, I could pivot. And also I’m savvy enough where it might not be necessarily investing directly in Boston or directly in New Jersey, but I could do out of state as well, which is what a lot of people do. I want to pivot a bit here, Ayesha, and ask you about your colleagues and folks who may be…seeing what you’re doing and the questions that they have. Is there a warm reception to it? Is it a lot of skepticism? Is it a lot of people saying, hey, how do I get involved in real estate?
Ayesha Khalid (12:03)
say that very rarely is it a warm reception with how do I get involved and 90 % of the time that our culture and healthcare is very risk-averse. So the first thing I hear is, ⁓ I don’t want to get scammed or lose all my money and the second thing I hear is, well why don’t you just pick up some extra shifts at the hospital and that could you know help pay for college right for your kids.So I have to really, what I call, break down the mental barriers that have been created. And I call them the W-2 mentality behaviors, right? There’s a reason why companies and organizations and hospitals want you to feel like you must come to work every day. And the second thing that I think wins over colleagues to at least hear what I’m doing is to say, I’m not asking you to quit your job. Like you need your job.
it’s gonna help you get you and your family through life. But I’m asking you to consider that maybe a small portion of your time, effort and money is spent in real estate and when it starts to work, you can expand it. And I think people really like that because they don’t wanna make a hard stop and go like an entrepreneurial route 100%, but they’re okay with, ⁓ okay, so I could take a small amount of money.
And I will say that that’s been one of the recent things that I’ve learned because as you know, rich people, like when you have money, you can make money a lot more readily because you have access to deals. To be honest, in the multifamily space when I started, amounts needed for people to get in were much higher, right? 25, 50, $100,000. People don’t have that sitting around.
Dylan Silver (13:35)
Yeah.Ayesha Khalid (13:48)
One of the reasons I like the private money lending and the single family model now is that the bar is 10 or 20 K. And you can start with that. And I feel like I can offer that to my fellow nurses, docs, PAs, techs, reps, and they can get in on something that they didn’t think they would have access to. So I would say the first is really confusion is the response I get. Then it’s met with curiosity, right?We know Ayesha, like, why is she doing this? Why is she so excited about it? And then the third is, which I’m sure you’ll love, let me analyze every portion of the deal until I’m comfortable. And for some people, they will never get comfortable, right? Because we’re very analytical in engineering and in healthcare or in teaching. But gosh, at least 20, 25 % of the time, people will make that leap and just say, you know what, I want to try it. I’ll try it. I’ll do a test amount. We’ll see how it goes.
or I want to learn about it. So I’m very, very, very enthusiastic and passionate about you need to have joy in your work. And you’re going to have that when you have financial security for your family.
And for me, like I lead with that. And then it’s a little bit, you know, what are your goals? Right. And I don’t know about you. And as I said earlier, you you you started and learned this a lot younger than I did. But if you don’t have a goal of how and why and with what
Dylan Silver (15:49)
Yeah.Ayesha Khalid (15:57)
funds you’re going to be able to retire and enjoy some time with your family or travel or whatever it is you want to do. If you don’t have those goals and you don’t have a map of where you’re trying to get to, then you’re not going to do real estate, right? Because you’re just going to keep spinning. So I first say, write it.Dylan Silver (16:14)
One of the things that’sunique about real estate in that regard is that it does provide you like a map. know, oftentimes I think in general, one of the…
contradictions it seems of culture is that you end up making a bunch of money and then you end up keeping up with the Joneses and then sometimes you run out of money. And it’s like you have all these things that are depreciating in value that you may not get the best use out of that are, you not, can’t even write them off on your taxes. It’s like, well, why did I get this? And then so then you look at it and you say, well, real estate provides you a roadmap. know so many, probably have the same experience. So many people will go from
wholesaling or fix and flipping to multifamily you went from multifamily to single and then to lending right and it provides you a clear vision or people will say I want to get into mixed-use commercial I wanted to get into industrial I want to get into land and RV parks I’ve got to get this amount of money cash so that I can make a down payment for this and so that I have some leftover in case my ARV is not where I think it is going to be or in case my rehab budget is off
Ayesha Khalid (17:00)
Mm-hmm. Okay.Thank ⁓
Right.
Dylan Silver (17:24)
and it gives you those kind of guidelines. I want to ask you about pivoting from multifamily to single family, and then also what it’s like looking forwhile having ⁓ a job,
Ayesha Khalid (17:38)
Yeah, absolutely. So the pivot from multifamily to single family was easy. It was based on external forces, right? So in the last year with the changes in the market, the interest rates, inflation, it was clear that multifamily deals, at least the ones I was in, were going to take longer to get the returns. It was going to either six months or a year longer. And I only offer deals to folks that I know that I’m also investing in.And with that in mind, I said, I need to find something where everyone is uncertain. last year and the beginning of this year, everyone was uncertain. And so they need to see returns shorter term. And that will reassure people that real estate is a model that works, that the deals that I’m bringing to the table work. And that’s primarily what happened. And so like all things in life, one of my very good friends, her name’s Andrea Matz, she…
had pivoted from multifamily to single family, done the Pace Morbic course, met this great operator and was investing and dragged me along. And she said, listen, now we’re doing six months, one year flips and private money lending. And we’re going to do that so that we’re able to be secure for our family, but we’re going to be able to go back to our investors. So that was really the pivot. And I don’t know that I won’t pivot again. I think you raise a really good point. I love how you said the map because what happens is I’m
currently telling investors, look for things that work in the one to two year timeframe, because it’s very hard to know that you’re going to get rich off of this in five years. It’s very hard to mentally wait that period of time in your first real estate forays. And when the market changes, maybe I’ll go back to doing more multifamily or land development. I’m really open to that, but the numbers matter.
And now I have a much more clear understanding of, you know, a family of four, someone’s earning amount of money can only put in like maybe 10K twice a year. I can find you a deal. Like I can find you a deal. You asked about looking for deals. I am old enough, I turned 50 last year. I’m old enough to say, I just work with the people I like and trust, right?
Dylan Silver (19:43)
Yeah.Ayesha Khalid (19:56)
I’ve already spent enough time in jobs where you go to work and you don’t get to choose who you work for. So I am very selective. I work with only two teams in the Pace Morby group. I only work with three teams in the multifamily. I know them. I like them. I trust them. ⁓ I vet the deals. Of course, they’re doing a lot of the due diligence and I wait. All right, we put some money in. Let’s wait for this to work. And I tell the investors thatare coming to me because now there are people meeting me. True story in the hallways of the hospital going, I run down today and I’m a nurse and I’m in the operating room like help me get out. And I say, listen, I want you to love I want you to love being in the operating room and taking care of patients. Right. But on the side, we can have a meeting and you can tell me your goals and I’ll bring you a deal. But I’ll only bring you deals that I’m also investing in because I really am much more nervous about other people’s money than my own.
Dylan Silver (20:39)
That’s amazing.Ayesha Khalid (20:56)
be honest.Dylan Silver (20:56)
Right.No, yeah, on that that subject, I was thinking of doing a syndication. There was actually a guest on the show who was a syndication attorney, a gentleman by the name of Gene. And I was asking him, you know, well, what about I’m thinking about doing a syndication? And he told me he was like, well, you do have to be careful because it’s other people’s money. You know, have you heard of, you know, Jordan Belfort or have you heard of like Bertie Madoff? And I was like, yeah, what does that have to do with me? He’s like, well, once you take
Ayesha Khalid (21:09)
Yes.Dylan Silver (21:27)
other people’s money even if you don’t formally securitize your security so you can you know expose yourself to criminal negligence in front I was like okay let me back up here I guess I’ll just take some partnerships so you’re right taking other people’s money feels scary and it is in many casesAyesha Khalid (21:33)
Yeah.Yes.
Yeah, I mean, it not only it. So I like you said, I started at a at the crazy level and I will say I am a surgeon. So maybe I’m not risk averse. A lot like a lot of my colleagues in the hospital. I started in syndications, right? So I started in a place where I was investing in syndications and being part of four of these syndications. And every single week I’m on calls and I’m visiting the properties because the.
folks that invested in these syndicates with me, they’re my friends and colleagues and I want them to trust that, you know, I’m going to do right. I think where people get into trouble is when we over promise and we’re not honest with our investors that sometimes we don’t know what we’re doing. Like the market crashing and interest rates being wildly unpredictable in last year. That wasn’t predicted in our deals as well as it should have been right. And now
I think once you have that conversation and work with smart people. if you decide to do a syndication, I would say, you know, my biggest boon has been I only pick teams where the financial modeling folks and the underwriting folks are like finance geniuses because that matters, right? Because sales, everyone in real estate, a lot of people can do a really good job on sales, but it’s the operational execution of the money.
Dylan Silver (23:02)
Yeah.Ayesha Khalid (23:13)
that really matters. That’s what I’ve learned, I guess, my biggest lesson in last four or five years.Dylan Silver (23:18)
Ayesha, we are coming up on time here. Where can folks go if they’ve maybe got a deal they’d like you to look at, or maybe if they’re in the medical field and are thinking about, how do I make a jump in to real estate?Ayesha Khalid (23:30)
I would love it.our website apexmultifamilycapital.com and then my Instagram is not very creative. It’s my name at Ayesha Khalid, MD MBA. Both of those you can find me and I actually am doing as many podcasts and seminars as possible, especially to let the healthcare folks know because we take care of people every day. So I wanna help take care of them.
Dylan Silver (23:57)
Ayesha, thank you so much for coming on the show here today.Ayesha Khalid (24:00)
Thank you, thank you for having me.
