Amassing Wealth Series: Wealthy Woman Lawyer® LaTerria Sherer Shares Her Real Estate Investment Journey
Davina Frederick: Hi, everyone,
and welcome to the wealthy woman
lawyer podcast. I'm your host,
Athena Frederick. And I'm here
today with a friend of mine and
a fabulous woman, attorney and
law firm owner laterra sharer
and her businesses share law.
And I can't wait to get started
with this conversation with her
today because not only are we
going to talk about her journey
to becoming an attorney and
starting our own law firm, but
we're really going to get into
as part of our amassing wealth
series, we're going to get into
kind of her side hustle and what
it is that she does with some of
those profits from the law firm,
how she's investing them in real
estate. And we're gonna get in
more of that in a minute. But
right now, I just want to say
welcome to tariffs. Great. I
always love talking with you.
Welcome, welcome.
Unknown: Hey, thanks for having
me.
Davina Frederick: Good. So how
are you doing today? You You and
I both are in Florida, you're
getting as much rain over in
Tampa, as we're getting in
Orlando.
Unknown: Um, we were but now
it's super high. Like I can't
breathe. When I go outside.
Davina Frederick: I know, I went
outside a little earlier. And I
was like, oh my god, this is way
too way too stuffy out here. So
I want to I want to share with
people briefly just kind of want
to go into your journey into
what made you decide to be an
attorney. And what did you what
what did you do before you
started your own law firm? A lot
of people's, you know, say I
dreamed of being an attorney
when I was a child. And so
people say, Well, you know, I'd
happened by fluke. So I'm always
curious to hear about people's
stories. So what brought them to
the law.
Unknown: So I kind of talked a
lot my whole life, I always had
a lot to say, I always had a lot
of attitude, and always ready to
argue. So I remember being in
like second grade, and my dad
and teachers will be like, You
should be a lawyer because you
talk too much. And so when I
started saying because I heard
it so much. I started saying,
oh, I want to be a lawyer, I'm
gonna be a lawyer, and then it
just follow. It just followed
me. So I've never really want it
to be anything else. Like, it
was like it. And I mean, it
happened. I feel like sometimes
I'm living the dream, because
I'm like, you know, you're
getting you say you want to be
something you don't really think
is gonna happen. So that.
Davina Frederick: Like, if you
had said you were going to be a
baseball player. You know, maybe
not, but a lawyer. That's
fantastic. And it's great how
your dad sort of planted that
seed, right from the beginning
with you to aspire to something
to such a great thing, you know?
Unknown: Yeah, I don't even know
if he knew he was playing the
seat. I think he was really just
saying like, You talk too much.
To him out. So.
Davina Frederick: So parents out
there have young children, be
careful what you say. Because
you never know you start you
better start planning those.
Pick out the professions you
truly want your children to have
if you start saying stuff like
that. So when did you start
practicing law?
Unknown: 2017 I think May of
2017. I was sworn in. I first
started out with a small family
law firm. And I liked the job.
But I was quickly let down
because you know, you feel like
Oh, I'm going to be a lawyer.
The salary is going to be great.
Well, no, I started off making
like, less than I would have
made if I work in a department
store.
Davina Frederick: Yeah, that's
what they don't tell you in law
school.
Unknown: Like that was the one
person the one company that was
take the chance to meet a small
private law firm. And I mean, I
love them. I liked it. But then
it was far away from home. I
ended up moving closer into
Tampa. So first it was family
law, which was in Largo, and
then I moved in the Tampa
downtown Tampa, where I did
basically insurance litigation.
Plaintiff side though, so I'm
not defense. So I will be going
against the insurance companies
with homeowners claims I did
that for almost three years, I
want to say, and then COVID
happened. Layoffs happened.
Literally They laid me off on
Friday, Monday, I had an
interview and got a job by a big
the biggest law firm I've ever
worked for. It was a lot for me.
And then personal injury and
then also I did some insurance
stuff as well, but it was
windshield damages. So you know,
they come out and fix your car.
Insurance companies don't pay
that type of thing. Right. And
so I realized when I got there
because I'm so used to working
in small places were so
personable and everybody's
family. Once I got there,
finally making six figures and I
was just like, yeah, no, it's
not for me.
Davina Frederick: What is it
that you didn't like about it?
Unknown: Um, I didn't like how
it wasn't as personal No, as it
wasn't the other places like I
didn't get the familial
connection there. So that was
like a doubt like a big downfall
for me. Most of the people in
charge and all of the attorneys
were males, except me and
someone who was related to the
owner. So that was also a way in
which they treated you
different. And you know,
sometimes it's not on purpose,
but it's all men, you never have
to accommodate. They never have
to accommodate women. You know,
I had a kid already. So I'm
thinking, Oh, I'll come to work
at seven. I'm gonna leave it to,
I'm not going to take a break.
So I can go home, get the kids
cook dinner, all this stuff,
which anywhere else I've ever
worked? That would have been
perfect, like, long as you get
your stuff done, but it was
like, yeah, no, everybody's here
to 7pm You should be here to
kiss your husband cook for the
kids. And I'm just like, No, I
don't, I'm gonna cook.
Davina Frederick: I want to cook
for your babies. And your babies
are a little too.
Unknown: Yeah, they were little.
So it just wasn't, it just
wasn't ideal. It wasn't working
out for me. And I've always had
in the back of my head, like, I
should own my own business. But
I talked myself out of it. I
started a law firm right out of
law school. Really? Yeah. And I
never did anything with it never
told anybody. I paid for a
website that I never put out,
had a logo, registered my
business as an LLC and
everything, and I got scared. So
kind of job.
Davina Frederick: I think I
think a lot of people, that's
probably the story of a lot of
people, is they sort of have it
in the back of their mind that
maybe I'll start my own
business. But then they think,
Well, I've got to go get the
experience. First, I've got to
work with somebody. First of
all, I started mine right out of
law school. And I still have
that doubt in my mind. And I had
people telling me that as well.
You know, we have other people's
stories we have to deal with as
well as our own sometimes.
Unknown: Yeah, I was like, You
know what, I'm gonna bet on me,
finally. I mean, like, I put all
this hard work in other people's
businesses, why can't I put it
into my own, and I know I can
get a job. So if he doesn't
work, I just get a job.
Davina Frederick: Right. So what
about when did you start your
own law firm?
Unknown: Um, it was a little
more than so May of 2021. I
think made 11 2021?
Davina Frederick: Yeah. So you
haven't? So you've been over a
year? Over a year, year and a
half. Right? So great, great
job. So far. I'm excited for you
know, you've done that. What do
you think? But you've made a lot
of progress in that amount of
time as well. So, you know,
foundation, the foundation year,
right? When you're first
starting out, you think there's
something you finally kind of
said, I'm gonna go, I'm gonna go
do this. Do you think there is
something that has been in the
back of your mind that you've
sort of had to work through in
terms of mindset around it?
Unknown: Yeah, I think the
biggest thing for me was, and it
was, you know, I'd say that to
other people before, don't worry
about other people, you got to
do your own thing, you can't
compare yourself. And here I am
worrying about everybody else in
trying to compare myself and I'm
just like, where they're going
this and they have this and this
is this. And that's, that's been
my biggest hurdle. The days that
I'm most stressed is because I'm
worried about the things that I
don't have, not because I don't
have them, but because everybody
else has it. And I feel like
that's what I need to be doing.
And it is kinda like me beating
myself down. And, you know, I
gotta take a moment step back
and be like, Okay, this is your
journey. This is your eye, you
can't really see what's going on
behind closed doors with
everyone, you only see what they
put out. And, you know, most of
that a lot of times isn't really
the full truth.
Davina Frederick: Right? Right.
Right, you don't see or it may
be a part of the truth, but you
don't see the whole truth to
that is such wisdom that is so
wise, because even, even at my
age, as long as I've been in
business, I know social media
yet can really make you feel
that way. Because everything
looks so polished and perfect,
but it's literally 60 seconds,
30 seconds, 10 seconds, and
you're seeing somebody out
there. And and also, you know,
what are the things I always
tell people? Like, I've got a
team of people who helped me do
things. So it's, it's also that
when you're starting out and
you're trying to prioritize,
where do I need to put my time
and energy and also recognize
that that there are things that
you see out there are people
with teams of people who have
probably been in business for a
lot longer than you have? And so
You're comparing your behind the
scenes with their highlight
reel, as they say. So I can
certainly understand that. And I
always said, I always say that
to people, even with me, at my
age, I've got so many tools in
my toolbox to help me with my
mindset and helped me shift my
mindset. And still, if I'm
sitting there in a vulnerable
state of mind, tired, exhausted
from whatever that day, and I'm
scrolling through social media,
it can, it can be very
triggering, you know, where you
just start going, Oh, I should
be doing this, I should be doing
that. I should be doing this.
And you've already put in a full
day's work that anybody would be
proud of. And, and have that
experience is that kind of like
the experience that you've had?
Unknown: It is, but I recently
saw a real you probably have
seen it is the girl she has like
all her stuff set up nice. And
then she did like behind the
scenes. And she's like, this
isn't even my house. Over there.
It's messy. And so
Davina Frederick: it's in your
White House. Right?
Unknown: So people are painting
these pictures, this is what
they're presenting to you. But
that's not even what you know
what it is at the end of the
day. So I'm learning to you
know, kind of just almost like a
you know, you're scrolling just
scroll past it, just keep going.
Don't worry about it. Don't look
at it, you know,
Davina Frederick: yeah. And had
also put it down and walk away
from it. One of the best things
I did was take over the summer,
I took Facebook and Instagram
off of my phone. And it that
helped me resist that that
temptation to just, it's a
habit, you just picking it up
and there's nothing else. And I
went on vacation. For the first
time I had carried this. There's
this book that I had wanted to
read. And I'd probably carried
it on like free vacations and
never read it. And this time,
because I didn't have Facebook
and Instagram on my phone. I
actually read the book. And it
was great. And I was kicking
myself for not reading it
earlier. So I mean, it's amazing
what what that can do, are you
and I can't talk about social
media. I've got all kinds of
opinions about that. But the
good and the bad. But that's not
why we're here today. And I want
to get into why we are here
today. And besides for people to
get to know you and know more
about you. And also why don't
you tell us really quick because
I don't think you have what
areas you practice now in Sharia
law,
Unknown: personal injury estate
planning, I just added real
estate and family law
Davina Frederick: and family
law. So let your real estate
you've mentioned. And part of
the reason why you add a real
estate you've told me before is
because you already have a
successful real estate business.
In fact, you and your husband,
you have a trucking company,
that's kind of his thing that he
sort of handles, and then you
have a real estate investment
business. And you had all of
these before you went gung ho
headlong into your law firm
business. So I want to talk
about the real estate business
today. Because I think there are
a lot of people out there who
are really interested in real
estate investment and want to
know more about it as a side
hustle, or as a full blown
business or whatever. So tell me
about Tim, first of all, tell me
where did you start with it when
it what made you decide that
this was something that you and
your husband wanted to invest
in?
Unknown: So how I originally
started was okay, we didn't have
any kids. Let's think about
generational wealth, like well,
like, what's something we can
do? So you're like, we wrote
down all of these things,
businesses that you can do, like
quick startup franchises, from
daycares to car services, we
just had a big list of things.
And then they got narrowed down
to Okay, well, what can you make
the most money in the quickest?
And I would always watch HGTV
and I'm like, oh, he'll be far
has a class, we should go. Oh, I
went we both went to kill the
forest class in Tampa. And I got
there and I'm like, alright,
well, I guess you got to pay for
some knowledge. Sometimes. We
pay. And then the information
they gave us. I was like, Oh,
I've read it. Like once I calmed
down and I was like, yeah, no,
we can't do that. Got our money
back. And I'm like, You know
what, I'm gonna do research. And
on my downtime, lunch break, I
will just start reading books,
reading articles, and my husband
would be like looking for
properties. He was taking his
real estate exam at the time. So
he will be looking for
properties. And then one day,
there was an open house with
some company I think is a
company you can get like off
like homes that are not on the
market yet. I think it's called
Northwestern or north. Not quite
sure. I don't remember what it's
called. But either way, it's one
of it's one of those places,
they send us the emails open
house, we can live bid and I'm
like, oh, it's up the street
from work. I'm taking my break
and I'm gonna go and I went and
I been all by myself. Just me
and I'm with my mom. So my heels
on, like walking through this
nasty house. Everybody else
seems like they know what
they're doing. But I mean, I'm a
lawyer. So you know, we can
always make it seem like we
know, right?
Davina Frederick: Even if we
don't know what we're doing,
we've got the suit on. So Right,
exactly.
Unknown: I put I wrote my bid
down on the paper and gave it to
the guy, I got a call, like, 30
minutes later, like you won the
bid. And I was like
I didn't even know what to do
next. So I mean, but I read all
these articles. And I'm like,
alright, we can get hard money.
Yeah, hard money, just a higher
interest rate. I think it can
range from like, 10 to 15%. But
the plan is to pay it off early.
And so we did it. We had our
first home, and I evicted people
for the first time. That was
interesting, because they
wouldn't they didn't want to
leave.
Davina Frederick: So had to do
that. Wow. Oh, wow. So you got a
hard money loan? Why don't you
tell everybody what a hard money
loan is, in case they don't know
what that is.
Unknown: So you can think of it
the same way you get a loan,
opposite of a mortgage. And so
mortgages are lower percentages,
they have a longer period of 30
years, sometimes you can do 15.
But with hard money loans,
generally you're looking at a
shorter time period, I think the
shortest time period I've seen
is three years. And the higher
interest rate, they expect you
to either flip and sell the
property or refinance within you
know, before that time period.
It also helps when you don't
have a lot of business credit,
because no one's gonna give you
money, because you don't have
business credit. Once you get
that hard money loan, you put
your you know, you're the
guarantor. So you're putting
yourself on there as the
guarantor, you put your business
first. So you want to make sure
you have your EIN and
everything, you put your
business first. And then after
you do maybe two or three, with
the same company, what they
ended up doing is lowering your
interest rate, and they also
lower the amount of money you
have to put down. So your credit
is almost like the roof, you
build the credit from the
relationship that you built with
these lenders versus someone
like oh, well, I see your credit
is 610 or, you know, six is not
enough for you to get this
property and what but when you
work with them so many times
they kind of will extend
themselves to you in a different
manner than the first time.
False.
Davina Frederick: So when you
when you did this, you got your
hard money loan. What was your
plan that was it to like you see
an HCG HGTV where you fix it up
and you sell it?
Unknown: Well, the plan was to
fix it up. And then I call my
financial advisor. Like, as soon
as I did it, I'm like, Okay,
what should I do? So you know,
they run the numbers, and
they're like, Oh, well, if you
keep it for this amount of time,
it's projected to get this
amount of money, but if you sell
it, he kind of put it side by
side. And it's like, alright, we
should keep it for a few years.
Have good tenants in there. So I
get my dad's a contractor. We
did like a quick flip. That was
good enough to get people and,
and that's how we did that. And
I think I just sold it. We
actually just sold it. So we
bought it in 2018. And so did at
the end of 2021.
Davina Frederick: So you had a
renter, you fix it up enough to
get a renter, it
Unknown: was a duplex. So two
renters What's that? I had? It
was a duplex. So there were two
tenants.
Davina Frederick: Oh two
renters? Awesome. So you got two
tenants. And so it was cash
flowing for a while? Did it
cover? Did it exceed the hard
money? Maybe it did.
Unknown: But what I will say is
the worst mistake that we made
with that was not understanding
exactly how hard money worked.
And we didn't refinance, we
should have refinanced sometimes
you can refinance in 14 days. It
depends on what's in your
paperwork. But we should have at
least at the lease refinance
within that first year, because
we would have saved several
several $1,000 that we paid an
interest
Davina Frederick: Wow. So you
really you basically really just
jumped off and jumped into this
thing and said we're gonna look
we're gonna build our wings on
the way down. You one of the
things that you mentioned, I
want to backtrack and then in
case people missed it, is that
you actually formed a business
entity for this and bought this
property through this business
entity, even though you
personally guaranteed it. The
loan you you bought it in the
name of a business entity,
correct? Yes. Okay, so you set
up an LLC, I'm assuming
Unknown: yep, I set up an LLC I
just went to Sunday's dot com
set up an LLC. Paid what I don't
know I want to say is like three
something or something like that
pay whatever the fee was. Got an
IRS website, got an EIN number,
got a bank account. And I
literally we did all of that and
I think we did that in like
September. And I didn't go to
the house until like December. I
didn't see my first property
until December. But let's just
get it set up. And so if
something comes through, like,
we'll be ready.
Davina Frederick: Yeah, yeah.
Yeah. You innocent. This is not
the first time you did that you
did that with your law firm to
you. You put your dreams out
there in by going ahead and
establishing the entity and the
thing and then you know, and
then let's see what the universe
leads us to right. And so yours
led to a, a, a shabby sort of
first buy, but at least you were
able to cut your teeth on that
right, and what is one, one of
the things I think is really the
advantage that you have, besides
your ability to take risk, which
I think is a huge advantage,
you're kind of attitude, we
could do this. Like, I love the
enthusiasm, right? I mean, and I
think that's the key in
business, right? But having your
dad as a contractor, I think one
of the biggest challenges that
people have in the real estate
market these days, is getting a
contractor and having that
relationship, but you already
have that relationship, how was
that having your data as your
contractor?
Unknown: It was different
because my dad lives in DC. So
he came down for two weeks and
stayed with us and got it done.
Because we didn't really know
people. And I mean, but now we
have a whole Rolodex of people
that we call. So it's different
now. But it was it was a little
it was a little stressful
because my dad didn't live here.
So I didn't get to walk the
property with my contractor, as
I would do now that I'm more
like we're more seasoned now. So
we know what to do. We don't
walk a property without a
contractor without an
electrician, you know, without
someone they can look at the
pipes and all that all of that
stuff. So we try to we go to a
property. It's us plus maybe
three to five other people
depending.
Davina Frederick: So when you're
first checking out whether or
not you want to buy it. Yeah. So
what? So where did you go from
there? You had that first
property, which you've just
sold, but you had tenants in it.
So where did you go from that
point?
Unknown: Oh, that rental
property kept us bound for about
a year and a half. And I felt
like you know what, it was slow,
just kind of like it is with my
law firm now that it's new,
which is why I understand what
it is. And I'm okay, right.
Yeah. But so the first year and
a half, we will make like maybe
seven or $800 profit if people
pay their rent on time, per
month. So yeah, so you have that
two week attendance, but you
can't prove it, you don't know
how they're going to be. So
that's that we I was just like,
You know what, I don't want to
do this anymore. I hate it. I
can't do it. I just want to
flip. That's it. But then, you
know, years past and my husband,
he's working to add another job
where he was in finance. And he
was at work all the time. He had
certain days, he had to work
late. Because I was a lawyer, I
had a little bit more leisure
time. And I'm like, we should
really like we should do it. So
we had the baby. We were all we
were both out on leave. And we
were like, Alright, let's do it.
We're not gonna you're not going
back to work. Like we're not
going back to work. I did it.
So.
Davina Frederick: So you know,
so we're turning it into a full
on business.
Unknown: Yeah. And then so we I
want to say we moved from our
house that we were in? Well, we
yeah, we moved from our house
that we were in, we made that a
rental property. Then we sold
the first duplex, and then just
this year, and that was like in
the first three years. That's
all we did. But then we get into
2022. We are in the process of
flipping two homes in Atlanta.
We have flipped one in Largo,
Largo, and Atlanta lakes is what
it was Lando lakes. And then we
have one right now in SAMSA.
That we are waiting to get bids
on. So but it didn't happen
overnight. Like this just
happened. So they have five
deals in the year is we're only
halfway through that says a lot.
And I'm just like, You know
what, I got it. That's why I
have to stick it out with my law
firm because I know how how
business works. Right? Yeah, we
also just started doing like JV
contracts, where we will
basically bring other people in
if they want to be investors as
well. And they can come in and
put in and split profit or do a
percentage and things like that.
And with that, we kind of
started a program. So now people
are able to get in and if save
the downpayment is, I guess
40,000 Which would be like a
general downpayment. So if you
were to put in 20,000, and we
put in 20,000. So at the end
when we look at the numbers we
split every week up we upfront
everything Beginning except
you're down upon your deposit.
But when you look at the numbers
at the end, we split it all. So
everybody pays everything
evenly. And so then you're able
to walk away with not only the
money, but also you're included
in all of the emails, and you
get to come to the meetings. And
when we have lunches and when
we're doing Reno and we're
hiring the people you get to
come in, you get to be a part of
that. So you get hands on
learning versus someone talking
to you on your screen, you can
ask questions, you're actually
in it. And we found that people
like that
Davina Frederick: a lot. Yeah.
Yeah. So that's, that's that
whole thing you didn't get when
you went and you looked at what
Hilary Farr was offering, you're
like, I'm gonna go create the
thing. It's kind of like, why I
started my coaching business, is
I'm gonna go create the thing
that I didn't get that I thought
I was gonna get, or that I
wanted thought would really help
me. So you've created that now,
and as a way to expand your
business as well. So let me ask
you, what, what was it like to
what made you decide to expand
into other markets, because I've
heard different things I've
heard people say, you know, I
found a market where I can
afford to buy and do buy into,
because there are a lot of
markets that were priced out of,
and then I've had other people
say, Buy where you are, because
that way you can go down the
road. So instead of buying where
you want a vacation home, and
then having to deal with that
property off site, and all of
that, buy where you are, and
grow your business that way. So
you can get to things if you
need to, what you've now
branched out in some different
places, what was your thinking
behind that? What made you guys
decide to do that,
Unknown: um, typically, we buy
what we can afford. And when I
you know, people say afford you
think of just money, but know,
if my time can afford it. If you
know if it makes sense. If my
mental space can afford it, like
if it can fit, if it can't fit
in every in any way that we
would have to pay, because you
know you're paying your time.
And things like that, if it's
taken up space in my life, and I
don't have it, I don't have the
time or I don't have the space.
So we kind of look at the
overall picture. So it's just
almost like if it makes sense,
then we do it. We've expanded
our context to different states
as well. So we don't have to be
in the state. Usually we go for
closing. And then yeah, we go
for closing when we're buying,
we go for closing when we're
selling.
Davina Frederick: What is that?
So when you expand your
contacts, how do you go about
sort of building that network,
you've also got a Rolodex full
of people now that you can call
on for contract services and
stuff like that. So how did you
go about expanding and
developing your network, because
I really think that's the,
that's the big key to success in
the real estate market, is
having a good network,
Unknown: what happens is, it's
all these little free companies
that you can reach out to, and
they'll send you so to speak,
leads, and the leads are
actually free. And it'll be
like, you know, this property
here and Plant City and X y&z
amount of money is here is
there, whatever. So you may not
like it, or you may be
interested, but then you ended
up meeting them where you guys
talk, and you start asking
questions, and they're like, Oh,
well, if we get another one,
I'll let you know. So you become
a part of their contact, they
become a part of yours. So if I
ever saw something that they
didn't send me, well, then I
reach out to them like, Hey,
have you seen this? Do you know
these people? And then they're
like, oh, yeah, I do. You should
talk to them. And when you call
x to speak to so and so. So now
you got two or three people. And
then you're like, Oh, do you
know somebody that does this?
And they're like, no, but so so
might so now you're on like five
and six people and you're just
building and building and
building. And then what happens
is, after so many months,
sometimes years, some
relationships are built faster
than others. But after that
time, they're like they they
coined you as the go to person
for X y&z Whatever it is that
you gave them the information
for. And so we're all just
sharing contacts, but it's about
being you got to, you know, talk
to people, and not be afraid,
because someone will see us
doing a renewal, and they'll
walk right up to us and be like,
Oh, hey, I saw you're getting a
new roof next time, you should
look at my company. And so it
goes like that. Also, people
they kinda like sleep on like,
Angie's List and things of that
nature, or handyman.com. So
these people in there, they're
running their businesses through
these third parties. And you
know, they have to give them a
percentage whenever they run
through there. But once they
once they leave, they give you a
business card. So now you can do
business directly with them. And
if they like you enough, they're
like, Oh, you did this Can I get
on? So that's why we start doing
joint ventures Jay, when I say
JV contract, it stands for joint
venture. But that's why we
started doing JV contracts. We
met these guys. They were great.
They had just gotten the area
from New York. And they were
like, Oh, we're interested, we
want to learn. Well, the best
way to learn is to do it. You
got money. And they were like,
You got money? Like, yeah, we
got half of the next, the next
downpayment. All right, we did
it. They literally flipped that
house in a week. Wow. Yes. And
so in all of their context, now
we have all of their contacts.
So you just got to kind of get
out there and talk to people
don't be afraid to share what
you do and who you are. When
people are like, Hey, how are
you? I'm so and so. And
depending on where I am,
sometimes I will say I am in the
real estate, sometimes I'll say
I'm an attorney, it just depends
on how it you know how it fits
in the moment. But overall, not
being afraid to get out there,
speak up and introduce yourself.
And you know, if you need
Davina Frederick: for being an
attorney has really helped you
in this real estate business,
too. I think that's something
that people people often
overlook about their, their the
advantage that we have as
lawyers, even if you don't have
a law firm don't practice you.
You take that education with
you. And it helps you in life in
a way that other people don't
have that because you can do for
yourself. I mean, for us,
through the years, it's been
fantastic. Because there's, you
know, I recon, I can write
contracts, I read contracts, I
understand that it's a it's a
whole, you know, skill set that
we have that that is that an
advantage. And I think for real
estate that really probably put
you at a tremendous advantage,
because of you'd gone in without
being a lawyer and not having
that knowledge. And then
suddenly, you got to stack up
closing documents. And you're
like, what?
Unknown: Yeah, I told my husband
put me on the website as in
house counsel.
Davina Frederick: So you're,
what do you guys have like a
certain goal that you set as far
as we want to have this many
doors or we want to have this
type of are there any? Are there
any? Do you have a specifics of
like, I know, some people love
multifamily. And some people
like single family, some people
want to get into commercial,
some people try commercial and
then they go well never do that,
again, like Have you guys had
any of those sorts of
discussions and moments that you
decided that there's anything
you just won't do or anything
you absolutely want to do?
Unknown: We definitely want to
get into multifamily units like
apartment buildings. We are
working on building our network
enough with enough people to
basically form an investment
group, so to speak, so that we
all can go in on it and get an
apartment building. So we're
looking to do that in the
future. We always see and
they're always out there. So I
don't think they're going
anywhere. So we're taking our
time to make sure we do it with
the right team. Yeah. What I
think I won't do any more
probably is tenants
Davina Frederick: like that at
all.
Unknown: Yeah, we have good
tenants now. At the one rental
property that we have left, and
they pay on time, they're sweet
people, but it's just a lot of
work that you have to put into
being a landlord is a lot. It
can be a lot something breaks,
they're calling you. Somebody
can't pay because XYZ happened.
They're calling you. So you go
in you do your walkthrough, like
you're wanting your walkthrough,
there's a hole in the wall and
no one knows how it got to how
it got there. You know, you sent
invoices. Sometimes they don't
it's just too much. And I think
that the biggest thing for us I
when we first got into real
estate, it would have been
better had we hired a hired
someone to handle the tenants.
Davina Frederick: Right? i We i
from everything that I've read
and researched of property
management, getting that
property management company and
there are some markets where
it's so cost prohibitive that it
doesn't make sense but there are
other markets where it's a no
brainer. Yeah, it definitely
like a must have especially if
you've got multiple places and
you know all of that do you guys
have a certain goal that you've
set out between the two of us
said we've this one we've done
this? We feel like we've made
it?
Unknown: No, not really. I feel
like we're just like, let's do
it. Let's look at what else can
we do? And I'm you know me I am
very entrepreneurial, spirited.
I don't know how this happened
because I am the biggest scaredy
cat you would ever meet. I'm
scared of everything. I'm like,
oh, no, I don't know. But then I
started like three businesses in
one year like a psycho. But
Davina Frederick: yeah, every
time My every time my husband, I
go to our accountant, he's like,
okay, What business did the
Frederick start this year? What
are you guys doing this year?
But yeah, I do think it's very
interesting. Because you are,
you've said, you know, I'm a
talker, and I was asking you how
you sort of made these contacts.
And a lot of it is very much all
of it is talking to people and
not being afraid to pick up the
phone and say, Hey, I saw this
deal. What do you think about
it? And, you know, that kind of
thing, and really sort of
finding people. And also, I'm
sure you've had some people that
you're like, Yeah, I never want
to bring them into my circle.
Again, you've had to learn that
Sure, the hard way. But I find
that interesting, because you're
also I know you because you
know, you're, you're a member of
the art community. And I would
say that you are really an
introvert at heart in that you
like your, you know, your like
your time where you're like, in
your office doing your work, and
you get energy. Like, that's
more what I think your
personality is. But you also
don't let that stop you from
having conversation. You don't
have fear around that having
conversations with people. Where
do you think that comes from?
What do you think that? I mean,
would you assess yourself the
same way?
Unknown: Yeah, I like to say I
am a introverted extrovert. I
wonder when when it's time, or
when I finally like, pick myself
up to do it. And if I'm that
committed to it, I'm talking to
everybody, I'll talk to my on
the side of the road with a sign
if it's at a time, but then
other times, I'm just like,
Alright, I gotta be by myself. I
gotta get this together. I can't
think I can't see anybody else.
I don't want anybody to ask me
anything. So I've learned over
time, and I've recently kind of
just learned like, the last year
or so who I am and what I need
to do to preserve who I am so
that I'm always true to myself.
So I'm cool with being an
introverted extrovert that
works.
Davina Frederick: Yeah, the way
well, did you ever read Susan
Kane's book? Quiet?
Unknown: I haven't. But okay, so
Davina Frederick: basically
cute. Susan Kaye wrote this book
about introverts is it's an
enormous book, and it's about
being introverted. And she
defines introvert introversion
and extraversion as we get
energy from. So introverts get
energy from being alone. And
extroverts get energy from being
around other people. I find that
very, very interesting way. And
also introverts, just because
you're, you get energy from
being alone, does it mean that
you are shy, or socially phobic
or anything like that, it just
means that you need that alone
time to recharge. I've known
some people who are really
extroverted. And they, they're
the people who are always
throwing the party, their house
is always full of people, there
are people who always want to
have people over and be around
people or go out and be
constantly on the go and be
around people. And it's because
they're getting charged, they're
getting energy from that. And
when they're alone, they don't
get charged. It's the thoughts
of their head, drain them or
whatever, right. So I'm
definitely an introvert. And yet
I love conversations with
people, I love to talk to people
and meet people and pick their
brains and all those kinds of
things. So I think it's very
interesting, interesting. There
are a lot of people out there
who have some great networks and
are not afraid of public
speaking or talking to people.
But you just need that time. You
still need that time where it
like you said, I need to think
like I can't think with all this
distraction around me, you need
that time to recharge. And but I
do think it's really interesting
that you also can't be shy about
talking to people and making
those relationships. Have you
guys gone to any sort of meetups
because I know that's a very
popular sort of thing is real
estate meetups.
Unknown: My husband will he'll
do that more. So I tried to
separate in his heart when you
have so many businesses because
people see your face and they
match your face with a business
or with something that you do.
And so I tried to stay behind
the scenes a lot was real estate
because I want to I'm trying to
promote my law firm right now.
And so when people see me, I
want them to say, oh, that's the
guy that means that law firm
Remember, not all she does real
estate because I don't really
need help that right now. So I
kind of I kind of shut out real
estate and I just worked behind
the scenes, let my husband talk
to all the people and go to all
of the things dealing with real
estate. And then I do things
with law.
Davina Frederick: I'm smiling
because I remember I when I
started my coaching business, I
would be I was involved in a
networking group that I was
there as a coach, a business
coach, and I've worked with
different types of businesses at
that point. And because people
when they're networking, they
don't really want to talk to you
about what it is that you do,
especially if they know that
they need you, or they should
hire you, or whatever they don't
really. So when I was when I had
my have my own business as a
lawyer, and I was out networking
as a lawyer, people didn't
really ask me much about
whatever. But when I was
networking as a coach, what they
would do is Oh, and I said, I'm
an attorney. And they would say,
what kind of law do you practice
and they want to go into all
those details. Because it wasn't
the thing that I was there to
be, you know, networking about,
they were trying to find that
other thing to talk to me about,
they were afraid I was gonna
sell them into coaching or
whatever. So it is very
interesting how people can only
put you in a certain bucket in
their mind, like, there's only
one spot you can be in the way
that, you know, they can
identify you. And you see that a
lot with moms, you know, when
moms are involved in things with
their kids, I've known attorney
moms who have gone for years to
their kids games, and people,
the other parents don't even
know what they do for a living.
Because I've said to them, Why
don't you you know, why don't
you, you know, share that with
other people, because you
probably get a lot of business
that way. And they're Yeah, they
don't know, they have no idea
what I do for a living. So it's
really interesting people sort
of find that way that they know,
you know,
Unknown: it's weird, because I
I'm in a lot of mom groups, and
we go out a lot. And I I've told
them what I do. But then I'll
still get the question like,
What do you do again? And? Yeah,
so it's because and it'll be
like you said, it's usually
people who could probably use
your services, not in a negative
way. But people don't want to
seem want to be sold. They don't
want to seem like they got me.
So they try to distract it or
for distract themselves from
it'll just forget about it in
general. So they don't have to
be faced with the fact like,
okay, she has something that I
need.
Davina Frederick: Yeah, yeah,
for sure. For sure. Well, before
we wrap up, I'd like for you to
share maybe, if you were to go
back to your self, when you
started into this, in down this
journey, this real estate
journey. What do you wish you
had known that, you know, now
that you could go back and tell
yourself
Unknown: I wish I knew the money
wasn't something that needs to
be afraid of.
Davina Frederick: Wow,
Unknown: I was afraid to have
too much. I was afraid that I'll
have too little. And what that
did was just created all types
of other anxiety on top of just
anxiety from life. And it
prohibited me from moving
forward in a lot of areas of my
life. And it also stressed me
out like I didn't even look at
my bank account. There were
times where you could you would
ask somebody to ask me, you can
ask me like how much money you
have in your bank account, I
wouldn't know. Because it
stressed me out whether I had a
lot. Or if I had a little bit,
Davina Frederick: it didn't
matter what stressed you out
about it.
Unknown: I felt like well, if I
had a lot, then I had to figure
out what I need to do with it.
And then I will make the wrong
decision. And then if I make the
wrong decisions, I'm gonna have
nothing. But then if I had a
little bit, it's like, gosh, I
can't even afford to do what I
want. You know? So
Davina Frederick: it was never
it was never something where you
looked at it, you went off?
Perfect. No, yeah. I think
you're not alone in that. I have
a lot of conversations with
women business owners who don't
want to talk when most people
when they first hire me, they
don't know that much about their
money. Because I asked I asked
money questions right from the
beginning. And they don't know
much about their money. And it
is because there's this sort of
fear of looking at it. And I and
the part of the reason I'm doing
this series, is because I know
there are women out there women
law firm owners who are now
making money in our law firm
business. And the next question
they have to face is, what's
next? What else? What do I do
with this money? Especially if
you've grown up in a, you know,
working class family and you've
never had these kinds of
generational wealth that you're
building your house or building?
There is that question of what
do we do with our what do we do
with our money as we start
making it? And in your in your
case? It's been kind of an
interesting journey because you
guys started out with the goal
of making money. But also
there's fear around that idea of
what if we make money? And do
you think that that stops people
from making all that they could
make?
Unknown: I think so because you
get so wrapped up in your own
thoughts and emotions and you
start to it's almost like
stifling your growth. It's just
like, Well, no, you're thinking,
now that you shouldn't think
about money, I don't want to,
but you think about it too long.
You think about it too hard. You
put all these hypotheticals in,
and then by the time you're done
thinking about it, you've either
talked yourself out of it or
missed opportunity.
Davina Frederick: Right, right.
Right. That's huge. I think
that's huge in real estate, as
well. You know, because the
deals, deals are moving fast are
coming in, they're going and you
can very quickly talk yourself
out of something because there's
always there's always good
reasons to talk yourself out of
something. I find the same thing
with coaching. People talk
themselves out of coaching,
because they they think too much
about it instead of you know,
just like running the numbers
because they just don't run the
numbers they go well, if I did
that, well look how much money
I'll make back my return on
investment is you know, you have
you ever heard of Grant Cardone?
Okay, Grant Cardone, he has a
book called The 10x rule. And I
cannot I listen to Audible, I
listen to books on audible. So I
have a hard time listening to
Grant Cardone, he's a little too
enthusiastic for me. But he hit
the 10x rule, I have listened to
a good part of that book, the
10x rule is this idea that we
don't think big enough. So what
if you wrote down your goal,
let's say, we'll use the example
of a million dollar law firm
business, if I have a five write
down that a million, I want to
make a million dollars a year
and my law firm business. And he
says you should take and you
should 10x Whatever it is, that
is your goal. And so you get the
emotional exercise of that, you
know, why is it that you're only
settling for a million dollars a
year when you can have $10
million a year in your offer
business. And so we self limit
through our limiting beliefs.
And so he says, apply the 10x
rule to everything. So if
there's something that you are
wanting, you're saying, this is
our goal, let's 10x that and see
how that feels. And I think for
most people, the first time you
do that exercise, you're
freaking out, you're like, I
don't like what I do with this,
I don't even know. And because
you can't let the more you play
around with this kind of
exercise, the more you stretch,
your capacity, your mental and
emotional capacity for wealth.
When you think about that,
Unknown: I've actually heard of
the book. I know someone went to
a conference not too long ago, a
couple years ago, I think before
COVID. But no one ever. I've
never heard anyone explain like
what the book is about. Now,
when I listen to you talk about
it, it brings up a whole bunch
of different emotions for me.
Well, if you 10 times
everything, then it's like
you'll never have enough, then
you'll feel like you're never
retaining goals. And if you're a
person like me, like I got
across it off that list, like I
gotta highlight it and say it's
done, or I don't know, batch it
out, delete it, something has to
happen for me to know that it's
done again, it is not like,
Davina Frederick: why I said,
it's why I set the million
dollars, like to me a million
dollars a year for your business
is it's that first mental
hurdle. I think it's that
transition from once you realize
as a lawyer, you that first time
you make six figures, you
realize that that's really not
what you're wanting, because
most people say I really want a
six figure income, not six
figures in revenue, right? But
we think to ourselves, I'm gonna
make that that's income. No,
it's not, it's revenue, right?
And then your income is $50,000,
or whatever. And so the reason I
set that million dollars out is
because I think that's the first
real hurdle of where you go from
solo to CEO, where you go from
having, you know, your freelance
business, or your, you know, me
doing all the work business, to
actually to get to a million
dollars, you really have to have
expanded your mental and
emotional capacity for wealth,
and expanded your team and
expanded your systems. So it's a
real growth period, going from
that first six figures that you
made to the million dollars. And
then that's why I don't
introduce those sort of bigger
concepts because but my clients
you've passed over the million
dollars. Now we're playing with
those sort of next steps. But
what is so if you got this and
this is great, and you're
getting a lot out of it's what
you want, and also what else is
possible? What else is possible?
I haven't even consider it that
kind of thing. So I do think we
have to We have to take steps
and enjoy the journey along.
Like it's the money is not in
and of itself. The money is
about the life that you want,
whatever that is, you know,
whether it's not worrying about
money. You know, that's what I'm
waiting for. So sometimes that's
the work right, not worrying
about money. Matera as always,
I've enjoyed this conversation
with you, and I think you've
shared you shared a lot of
information for people who may
be considering real estate as an
investment. I know a lot of
people are these days, and, and
it's gonna be very interesting
with the interest rates having
risen the way they have, if
we're going to see that
contract, or, or if we're going
to see the real players just
keep pushing through or what's
going to happen. What are your
thoughts on that?
Unknown: Ladder? Thanks. I think
it's gonna I don't, you know,
everybody's like, Oh, I'm
waiting, they're waiting for
that time to buy. But the time
is now, because what's going to
happen is, you know, interest
rates are a little higher now.
But properties are lower. Now,
interest rates will go lower,
and the prices will go higher,
we're not going to backtrack. I
mean, even if we go through a
recession, it's not going to be
forever, eventually, the prices
are gonna go, are going to come
back up. And if you don't have
the money now, what makes you
think you'll have a recession,
that makes no sense. So I mean,
it's
Davina Frederick: that it's that
instead of timing the market,
it's time in the markets, the
same thing in real estate as it
is stock market, it's the time
in it. You know, and, and just
jumping in with both feet and
learning as you go along. That's
one of the things that about
investing. You could read all
the books, no matter what you're
investing in, you could read all
the books, same thing with your
business, owning and starting
your business, you can read
them, but until you're actually
the clarity doesn't come until
after you've taken action. And
then you've ever learned a
lesson or you've you, you know,
want something or whatever,
right? That the clarity comes
from taking the action, just
that consistent action sounds
like that's what you guys have
been doing in your real estate
business is just acting, and
then say, what do we learn from
that? What do we do next? I
mean, it's so fascinating to me
that your first piece property,
you won the bid and then you're
like, Oh, now I have to go
figure it out. It was Yeah,
wonderful. So how can people get
in touch with you if they want
to connect with you? Or how can
they do that?
Unknown: We can do a few
different things. I am on
Facebook and Instagram. So
Instagram it is Cher law firm. I
went in Facebook is the Sharia
law firm. And then you can also
connect via my website. If you
are interested in real estate
you can make an appointment
there's a real estate tab there
www that the share law firm.com
I know it's long but but
Davina Frederick: well, these
will be included in the show
notes to these links are
included. So people it will be
so difficult for people to find
them. So that'll be good. Thanks
so much for being here. I've
enjoyed our conversation. It
took a little while to get here
and I'm glad I finally got you
in this conversation because
I've had so much fun. And thanks
again.
Unknown: Thank you
