As we’ve said time and again, getting started in real estate investing is no easy feat and it’s particularly difficult without any connections. Many people have families who have been in real estate for generations or are in affluent, well-connected social circles. This does not mean someone without relationships can’t break into the industry. But it does make it harder. It’s a challenge that can be overcome with hard work, as our guest today, Bethany Babcock, proves. In this episode, Bethany sheds light on how she cultivated connections and how she worked her way from answering the phones to where she is now. She emphasizes the importance of adding value while using every opportunity to gain expertise.
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Along with this, she also shares more of her retail expertise and how her company, Foresite, operates. She gives us insights into why investors need to focus on cash flow rather than IRR, some signs to look for to see whether a market is good, and why sales rather than rent is more important in retail. Bethany also stresses the importance of staying lean, even before a downturn, how her company uses technology, and the importance of over-delivering. Be sure to tune in for all this and much more!
Key Points From This Episode:
- Learn more about Bethany’s background and the work she is currently doing in retail.
- How Bethany cultivated relationships and grew her network without prior industry connections.
- Find out about how Bethany calculates risk from the operations side of retail.
- Why it’s so important to be able to see the general ledger when buying a retail asset.
- Common mistakes Bethany sees people without operations experience making.
- Learn how Bethany figures out an exit cap rate and where she gets information from.
- Why sales are another key indicator of how successful the investment will be.
- Two of the most common pitfalls investors make when transitioning into retail.
- The hardest part of syndication and how Bethany’s preparing for the downturn.
- Why it’s important to over-deliver and tips on connecting with potential investors.
[bctt tweet=”You need to be able to feel really confident in not just what the lease says but what has it said in the history of the property. — Bethany Babcock” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Bethany Babcock
Bethany Babcock has worked in property management, leasing, and investment sales for over fifteen years. Bethany founded Foresite Real Estate in 2014. In 2018 she was named by the San Antonio Business Journal as one of the “40 under 40”. Bethany is one of very few brokers in San Antonio to have been named one of the top 10 Brokers by Costar in the categories of both leasing and investment sales. Bethany was a guest speaker for the 2018 South Texas CCIM Symposium and she guest lectures for the Real Estate Finance Department at the University of Texas at San Antonio. Bethany graduated from UTSA double majoring in International Business and Finance. She went on to earn her MBA with a concentration in Finance from Texas A&M University-San Antonio. She is a member of the International Council of Shopping Centers, a board member for Adult and Teen Challenge of Texas and is a mother of three. Having lived in Chile for more than ten years, Bethany is also fluent in Spanish.
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