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Show Summary
In this episode of the Real Estate Pros podcast, host Q Edmonds interviews Tom Kirkpatrick, a seasoned entrepreneur with over 30 years of experience in corporate America. Tom shares his journey from corporate life to real estate, discussing his strategies for success, the importance of personal development, and the challenges he faced along the way. He emphasizes the significance of relationships in business and outlines his current goals in helping investors diversify their portfolios. Tom’s insights on mindfulness and being present resonate throughout the conversation, providing valuable lessons for aspiring entrepreneurs.
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Tom Kirkpatrick (00:00)
Yeah, for sure. There’s so many challenges, you know, that, like I said, I worked in corporate America for a bunch of years and kind of just what I had to do was sort of laid out for me. I mean, I ran a group and I had to run things, but I was really with somebody else’s agenda that I’m working on, you know? So ⁓ anyway.Last year I got into a deal with a bunch of general partners
And we got way down the road and weren’t able to raise the capital. And as a group, we left a considerable sum of money, went hard and we didn’t close the deal. So that’s adversity right there, man.
Quentin (02:12)
Welcome to the Real Estate Pros podcast. I am your host Q Edmonds. You know what I say, I’m excited to be here. Super excited about my guest. This gentleman, listen, he has 30 years of experience in corporate America, but he decided that he wanted to help people that used to be like him. And so he has the mindset that he wants to help people with their funding. He wants to help people.get a better handle on how success can look for them. And so that’s what he’s been doing for the past two years is building success for himself, building things that work for him. And now he’s put himself in a position to be able to help other people. And so I am so excited for us to pick the brain of Mr. Tom Kirkpatrick. Mr. Tom, how you doing today, sir?
Tom Kirkpatrick (03:02)
I am doing great and so happy to be here with you Q.Quentin (03:07)
Absolutely. Well, sir, listen, I’m so happy to have you here. And I’ll be honest, I kind of want to get right to it because I’m excited about the value that you’re really about to give people. I love when I get a chance to look at things through other people’s perspective. So Mr. Tom, that’s what I want you to do. I want you to take us into your world. I want you to tell us what your main focus is these days. I would love for you if you want to give us kind of an origin story of Kanye.kind of how you got to where you are right now. And then also tell us what markets you’re operating in, what part of the world you’re in. And so Mr. Tom, sir, you have the floor.
Tom Kirkpatrick (03:44)
Excellent. ⁓ Yes. So thank you so much for me. What I’m doing right now is I am working with a fund of funds model where I’m aggregating capital from investors to help them invest in institutional quality deals that helps them be more diversified. So I try to work with project managers.professionals, engineers, that’s kind of if I get senior people that are approaching retirement like I was and give them the opportunity to truly diversify because 60 % stock and 40 % bonds is not diversified.
But my origin story then going back for me, all started my dad lost his job when I was like 12 years old and he was a president of a company that was in a merger and he kind of got forced out. So kind of going way back to that point, that was the first kind of straw that was like in the back of my mind, even though I went down the similar path of a corporate career.
I always kind of had in the back of my mind that you can’t necessarily count on corporate America to take care of
So fast forward a bunch of years, I always knew I wanted to get involved in something in 2006 timeframe while working my job, I got involved in sort of a discount retail adventure that
had been very successful. It was a new location for a very successful venture. The only problem was the great financial crisis recession of 2008 hit. I ended up losing about $100,000 of my own money on that particular deal. so then my next. I realized that wasn’t the vehicle that I wanted. In 2016, I purchased a 13 unit apartment complex.
Quentin (06:22)
Mmm.Tom Kirkpatrick (06:35)
And that’s where things really started to go in a positive direction.Quentin (06:41)
Absolutely. No, I absolutely love it. You purchased the 13 unit. The building that had 13 units, things turned around for you. You’ve been through trial and tribulation, right? Losing some of the money in the crisis. And so as you was building, I’m interested to know, and I’m gonna ask this, and I would love for you to answer it two ways. What are some of the strategies, core strategies,that you recognize that has really helped you be successful. And I would like to know business-wise and actually personal, what are some personal strategies that has really helped you? I know some people do meditation. Some people may go to the gym. I feel like every entrepreneur has something that grounds them, that kind of brings them back to their wild, brings them back to the center. And so I would love to know business strategies and personal strategies that you know personally have helped you, Mr. Tom.
Tom Kirkpatrick (07:22)
ThankYeah, for sure. You know, I was in the Marine Corps way back when. And from that point, I always kind of had a workout regimen. wasn’t anything I really questioned. I go workout. And so I’ve always felt that that’s probably the number one personal development thing I’ve done my whole life. It wasn’t until I started after I bought that 13 unit in East Tennessee. The other part of your question I didn’t answer was about markets and we can get back to that. But
Quentin (08:07)
Thank you.Yes, sir.
Tom Kirkpatrick (08:08)
You know, in 2013, 2016, I bought that 13 unit really didn’t know anything about running an apartment complex. So I started listening to bigger pockets podcasts and I was commuting almost an hour each way into Knoxville, Tennessee. And I was listening to bigger pockets and all these people started talking about meditation, personal development, things that I had never really thought much about. I didn’t think I needed that. And anyway,So it’s a good question. I have, I, so I started doing some meditation to go along with my ⁓ workouts that I, you know, probably work out three or four days a week in the morning, usually first thing. And then, you know, I kind of got introduced to the miracle morning, Hal Elrod book. So I have the miracle morning app on my phone. Typically, you know, I work out four or five days a week.
Quentin (08:57)
Yes sir. Yes sir.Tom Kirkpatrick (09:06)
I meditate almost every day and then there’s all those other the other components. Some days I do them all. Some days I do one or two, depending on how much time I have. But, you know, that’s been big and it was totally introduced to me by all these kind of real estate stars that were coming on bigger pockets. So I started thinking, all right, well, if these guys are talking about it, there must be something to it. And I think it really has helped. You know, it for me.You know, it’s just a clarity thing. And I think the most important thing is being present so that I can listen to you. I can’t help you if I don’t listen to you. So that’s a big part of it.
Quentin (09:52)
As you said that last thing, I had to close my eyes because that is something I intentionally work on is being present. And I literally have to be intentional about it because even as you’rewhen you say something, it sparks something in my mind. And I try to go ahead of the conversation and say, ooh, as soon as he finished up talking, I got to make sure I say that. And so it’s an op.
When you say be present, that’s something I have to intentionally work on. My wife has a saying when she says, your presence is a present. Your presence is a present. You being present is a present to me. And so when you said that, that really sparked and really hit home for me.
Tom Kirkpatrick (11:03)
Mm-hmm. Mm-hmm.That’s excellent. Yeah, I’m actually I’m doing a I use in addition to the Miracle Morning, I use the Headspace app for my meditation a lot. And so right now I’m doing this sec, this one on productivity. It’s about a 10 morning series on productivity. And it is encouraging me to at least four or five times a day to just stop what I’m doing and take, you know,
Quentin (11:22)
Mmm. Ooh, this place.Tom Kirkpatrick (11:45)
for in and out breath. So I’ve got that set up on my phone this week where it comes up and reminds me to take a few breaths and just be present and focused.Quentin (11:58)
Yeah, I absolutely love that. Basically, we’re learning that all anxieties that we have is based on something that has not happened. And honestly, 90 % of it will not happen. So the things that you are worrying about, they say about 90 % of it does not happen. And so taking time out, what you just said is so incredibly key. And I think it’s so key, like you said,Tom Kirkpatrick (12:13)
HahahaQuentin (12:27)
listening to other business owners, it’s worked for them. And I think people are listening to this. Try it. Try being present in the moment. Try taking time out just to, as a Santa say, be where your feet is planted, right? Be where your feet is planted. Be where you are right now. And so that’s awesome. I appreciate you saying that. And I know, you you talked about going through the ups and downs, going through the different crisis.Tom Kirkpatrick (12:43)
Uh-huh.Quentin (12:56)
And is there one particular story maybe that we can glean from or learn from of when you had to face adversity as you went through being an entrepreneur, especially as you went through with, you know, real estate, you know, those 13 units in 2013, things are not always easy. Deals go sideways. There are times that you have to pivot fast.Mr. Tom, are there some adversities or one, at least one story of adversity that maybe you can tell us that people might can connect with? Because somebody listening to this may be stuck, right? People are in various journeys along their, you know, along their, stops along their journey. And somebody just may be stuck and don’t know how to get out of something. And so I was just wondering if you could speak to that.
Tom Kirkpatrick (13:42)
Yeah, for sure. There’s so many challenges, you know, that, like I said, I worked in corporate America for a bunch of years and kind of just what I had to do was sort of laid out for me. I mean, I ran a group and I had to run things, but I was really with somebody else’s agenda that I’m working on, you know? So ⁓ anyway.Last year I got into a deal with a bunch of general partners So I also have operated and owned apartment complexes right now I’m focused on the fund of funds for other operators But last year we had a group we were pursuing a deal in Columbus, Ohio It was a 72 unit very nice newer apartment complex
And we got way down the road and weren’t able to raise the capital. And as a group, we left a considerable sum of money, went hard and we didn’t close the deal. So that’s adversity right there, man.
we, you know, so personally, you know, I took a pretty significant loss right there.
And then that’s really what led me to where I am right now, which is, okay, I was trying to raise capital, operate the deal, ⁓ close the deal, do the due diligence, everything. And then you’ve got to operate it after that.
So I’m a project manager. are things that the acquisition and operation are things I’m actually really good at and I like.
But if you can’t raise capital, doesn’t matter how good your deal is, you’re not going to get anywhere. So this year was kind of the year to really take a step back and just focus on capital raising. that’s kind of what I’ve decided to do this year. I still, I’m hoping next year I may get back into actually evaluating and operating deals myself. But my focus right now is to help people find good operators.
and place their capital so that they can diversify their holdings and feel more secure about their future, you know?
Quentin (16:35)
Absolutely. absolutely. I love it. Again, that goes right back to what you said at the top of conversation. You’re here to help people. That’s what you want to do. And so I get it. You’re focusing on helping people raise capital. Is that what you feel like the real goal? Are there goals that can be measured? do you have a particular goal in mind? Let’s say, you know, raising a certain amount of money oracquiring a certain amount of, you know, investors. Is there a real goal that you’re looking at and staring at right now?
Tom Kirkpatrick (17:08)
Yeah, I mean, long just recently, I came up with a number of you know, if I could help 100 investors, but you know, you don’t even you don’t really need 100 investors to you know, to be successful in this business. But that’s kind of I kind of created that goal actually, about a week ago, I decided, okay, looking out, I’d say that’s a number. But the other thing that I’m trying to measure is really on the marketing side of the house. I’ve got a couple geology degrees. And we neverQuentin (17:16)
Gotcha.Tom Kirkpatrick (17:38)
took and never learned anything about marketing. so, so the the metrics that I really need to measure are how many, how many phone calls have I had this week to outreach to people because they’re not necessarily going to just come knocking on my door. So those are the type of metrics that if I can, okay, I want to help 100 people diversify their holdings.Quentin (17:38)
Mmm.Yeah, yeah.
Tom Kirkpatrick (18:06)
Well, then what are the steps to get there and then laying out those KPIs and and tracking how successful am I in working towards that goal? And then I guess the one one last thing that I I heard recently was well, actually it was on an investor fuel podcast. They were talking about the nine rules of marketing. Mike was talking. I can’t remember who he was talking to, butQuentin (18:12)
Yeah.Yeah.
Mm-hmm.
Tom Kirkpatrick (18:35)
Really, I listened to that episode twice. He was one of the things they said. One of the rules of marketing was, you know, find a mentor and just do what they tell you to do. Don’t try to be creative. And so I’m really trying to take that to heart because I’ve got some mentors that I’ve already hired. I already kind of know what needs to be done. I just need to go forward and just do it.Quentin (18:39)
Wow.Yeah. Yeah. Yeah.
Absolutely. ⁓ that’s, that’s gold. Nine rules of marketing, how you talk about mentorship and actually doing what they told you to do. I know my mentor told me, listen, if you’re not going to do what I’m telling you to do, why are we having these conversations? what, mean, listen, you, I don’t have to be a mentor. It’s okay. We can be friends. I don’t have to be your mentor, but if, if, if you are taking time,
with me as a mentor or mentee, just do what I’m telling you to do. That’s, ⁓ cause what’s the point of being, what’s the point of me being your mentor if that’s, you’re not going to do what I’m telling you to do. And so I think that’s, I think that’s absolute goal, absolute goal. So listen, you talk, yeah, please go ahead, Mr. Tom.
Tom Kirkpatrick (19:47)
Cool.The only thing I was going to say is markets. other thing I’m very, you know, I’m in East Tennessee area, as I told you, it’s been a great market. The 13 unit I purchased for 450,000 and we sold it for 1.3 million seven years later. That was a nice little value add deal. And there was a cash out refi in the middle of that thing. That was, and you know, that was a time when it wasn’t because I was smart.
It’s because I took action and followed a process and the market kind of took care of me, right? I mean, you didn’t have to be that smart to make money in multifamily between 2016 and 2022 timeframe. Now I’m focused on Kansas City, Missouri right now that the deal I raised for a 131 unit deal this year in Kansas City, Overland Park neighborhood of Kansas City. So
I’m focused a little, I don’t like these real hot markets like the coastal or Austin, Texas that are really boom. And right now they’re kind of struggling a little bit. kind of like these Midwest, you know, mid continent steady performing markets that are good for the longterm.
Quentin (21:08)
Yeah.I love it. Now I know you mentioned before, you know, that you’re, you’re in partnership with people that, that some of you doing this with people, y’all doing it together. So how has relationships impacted you at rate relationships and building relationships? Has it had a positive impact on your business?
Tom Kirkpatrick (21:27)
You know, the more I’m in this business, I realize it’s a relationship business. you know, people told me that years ago. I always thought, gosh, if I just find a deal, you know, we’ll figure we’ll pull it all together. You know, there’s so much to it. Finding the deals and then, you know, closing the deal and then operating the deal. You know, it’s all about building relationships. And I’ve really.come to realize that and cherish the relationships I have. Some of the deals I’ve had, general partnerships, do I necessarily want to partner with all those people again? Maybe not. ⁓ And some I do and some I don’t. But it’s a learning process. And I think the other part about the relationships is don’t
just go into business with people that are like you. I mean, the best thing to do is find somebody who’s got skills that you don’t have, right? So that’s, and that maybe is sometimes hard. Maybe you don’t really necessarily, you know, bond with that person as much, but maybe that’s for a reason, right? We all have our strengths. relationships are so, so important. And I try to…
Quentin (22:41)
Yeah, absolutely.Tom Kirkpatrick (22:48)
cherish them as much as possible.Quentin (22:51)
Absolutely. Well, Mr. Tom, I cannot say enough how much I really appreciate it talking to you today. This has been really, really good. I know how people are to get a ton of value. And I’m hoping somebody out there is looking at this episode and is like, maybe let me run this back and listen to this again. And so maybe somebody will go and listen to what you said twice, because you have brought a lot of value to the show. And so listen, if someone wanted to reach out to you, connect with you, collaborate with you,What’s the best way for him to reach out to you,
Tom Kirkpatrick (23:23)
I think the best way is to just go to my website, which is T Square Cap. it’s Town Square Capital is my company. My website is letter T, the word square cap. T Square Cap, just run on dot com (tsquarecap.com). And then all my social media links are on there. If you scroll to the bottom of the page, primarily LinkedIn, please connect with me on LinkedIn. I really would look forward to.Quentin (23:38)
Gotcha.Tom Kirkpatrick (23:52)
talk to anybody. I love talking about this stuff.Quentin (23:57)
Yeah. Well, Mr. Tom, sir, thank you so much. cannot say enough how much I appreciate you coming through to tell your story, giving us your time. And definitely thank you for your perspective, just the way you look at things and go about things. think for me, that’s been of a great value for this conversation. It may be somebody’s mind may have shifted just thinking about the perspective that you’ve given him. And so again, I thank you so much for being here, Mr. Tom.Tom Kirkpatrick (24:24)
Thank you so much. I’ve really enjoyed it. It’s been a great conversation.Quentin (24:28)
Absolutely. So listen, y’all got the value from Mr. Tom. can’t tell me that you did. So go ahead and make sure you are subscribed because we’re going to continue to bring up amazing people. Yes, absolutely. So y’all heard him. Y’all listen, I got the code sound from Mr. Tom. There’s somebody listening. He got 30 years of experience. Man, know what he’s talking about. So go ahead and subscribe. Mr. Tom, sir, I appreciate you so much and everyone else, we’ll see you on the next time.
