Outrunning Failures

Overcoming Challenges: Kristi Kandel's Real Estate Adventures

• Vish Muni • Episode 39

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Today’s guest is Kristi Kandel.

Kristi is a real estate developer with almost 20 years of experience, specializing in public-private partnerships and transforming overlooked properties into community spaces. 

She has managed over $450 million in projects and collaborated with major brands. 

Kristi is the founder of Local Real Estate Developers, where she aims to empower 1,000 people to redevelop their communities. 

She has dedicated over 50,000 hours to real estate development, working as a developer, consultant, and planning commissioner. 

Kristi also played a role in a 30-year master plan update for her community. 

Her vision for Local Real Estate Developers was born after a hurricane devastated her community in 2022, leading her to promote local investment and redevelopment.


http://www.idconsulting.us

http://linkedin.com/in/kristi-kandel-4b650a12 

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Creator/Main Host: Vish Muni

Show Advisor/Editing: DBT Marketing

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>> Vish:

Welcome to another episode of Outrunning Failures. I'm your host, Vish Muni. today we have an awesome guest, Kristi And Kristi and me belong to a few mastermind groups. And that is how I met her. Kristi is a, land developer and she's also into construction and a full time investor and she's also into fitness. And with that, let's welcome Kristi Kristi welcome to Out Running Failures.

>> Kristi:

Hi. Thanks for having me.

>> Vish:

Well, could you please tell the audience a little more about, how you got started in real estate and what exactly do you do?

>> Kristi:

Well, I was just born into a family of developers and of course I felt, no, no, that is not true at all. I actually grew up in a small town in Ohio and was, one of the first our family to graduate college. Afterwards I went for quality of life. And so I said, I'm going to move to Florida, North Carolina or California, but North Carolina is too much like Ohio. California, is too expensive. So Florida it is. ended up getting a job with a sign company who is putting up the exterior signs for CVS Pharmacy. And, through that I met the developers who were building the new locations because we were putting CVS pharmacies on every single corner. through that I was able to build a relationship with them and realized, wow, you're the people who are shaping our communities. So I said, hey, hey, how do I join your company? And since I had been working with them, it was kind of like, auditioning to, to get a job, ahead of time. So three weeks later, I actually did start working with a developer in Clearwater, Florida. And two weeks into that, I got a call from two of the guys who were in California doing code research to take Family Dollar out to California. It was back in 2009, right as the real estate market was crashing. And, that's when the dollar stores, the family dollars, the dollar generals, really took off because everyone was hurting so bad from the financial crisis. So we ended up being Family Dollars preferred developer in California. And for about four years from 2010 to 2014, I, was working from San Francisco to San Diego, building and developing 30 family dollars a year. So from the time the guys got the land under contract, I then went into the cities, did the due diligence, found and hired the architects and engineers to do the entitlements, the permitting, the dry utility consulting, and even the construction management. So here I am, I'm in my early 20s, going to these job sites with these guys, with these older superintendents. And project managers and like, hey, I'm going to tell you what to do and to keep you on schedule and to crack the whip. Yep, this little girl is gonna, be your boss. So needless to say, I worked with a lot of people who were 20 to 30 years older than me. And so I learned a heck of a lot about how to communicate and how to work with people of all ages, of all experiences and how to gain their respect. so then I, decided I would go work with a developer in Newport beach because I thought, well, these are great single tenant properties, but what about the bigger developments? Like what about multi family or what about industrial? So I worked with that developer and we did five to 30 acre projects and I realized, oh my gosh, it's all the same steps. You just get more time and more money because everyone knows that they're harder and longer. So that's when my entrepreneurial bug, actually it was with my friend Vasanthi. She was my mentor and she told me, she said, Kristi you know, you've gotten 30 years of experience in the past four years. I, I'm like, whoa. My entrepreneurial brain lights up and I go, what did you just say? Did I get a career's worth of experience in four years? So that's when I knew I've, I've always been a hustler, I've always been an entrepreneur. but that's when I knew I needed to drop the golden handcuffs and this great six figure job in the great state of California where I was playing beach volleyball, going semi pro. And I realized I needed to go in on my dream and I needed to make that come true. So I quit my job, started my company, bought an SUV before I quit so I could get a loan laid in the back and said if it fails, if I don't find a way to be successful, I could at least sleep in my car. Like, okay, that's, that's worth it. I'm willing to take this risk because ultimately the worst that could happen is I would just go back and work for someone else with all of my experience. But I had to bet on me. So that was in 2015 and since then I, started my development and consulting company. I built a team, I built our custom project management software, work on development projects nationwide. And in 2017 is when I started investing in my own smaller multifamily. So now I have a combination of short term rentals, midterm rentals, long term rentals in Nevada, Ohio and Florida. And I'M all in on real estate. I don't understand the stock market, but, I will do just about every real estate asset class there is and have a heck of a time doing it.

>> Vish:

Well, that is fantastic. That's a. That's your 40, 30 years experience in. In just three minutes, right?

>> Kristi:

Exactly. Exactly. There we go.

>> Vish:

Well, that's. That's pretty impressive, Kristi You. You did all that and then. And I. I know how it is when you're dealing with, with people on site, and you'll come across all types of people now. Now, I tell all my friends, I tell my wife, I tell my other family members. Real estate is easy, but dealing with people is more complicated.

>> Kristi:

People are the best and worst part of, what we do in work and work.

>> Vish:

And then. And then you taking that, you taking that stance of you're going to buy a SUV and you're going to get in the back and go start your business, and then you're going to sleep in your truck in your suv. And also, you forgot about the volleyball. You can continue playing volleyball also.

>> Kristi:

That's right. You just roll up to the parking lot, you go play ball. They've got the outdoor showers. You're good to go.

>> Vish:

So that. That's good then. So. So where are you based out of now? You're in Florida, right? You're in Little River?

>> Kristi:

yep. I live in southwest Florida most of the year. And then I actually am a reverse snowbird. I want to actually leave Florida, December through April, because it's too cold for me. I prefer it.

>> Vish:

Wait a second. Back up, back up. Did you say Florida is cold?

>> Kristi:

It is. It's like 60 degrees right now and 40s at night. I'm freezing.

>> Vish:

Oh, my goodness. Where did you say you were born in?

>> Kristi:

I know, I know. I'm from the Midwest, but I get to choose. I've created a life of freedom and flexibility through my investments and my businesses. So I get to choose where I live. And when I feel like it's too cold to be in the pool or boating, then I actually go back to Lake Tahoe, but that's where I have my winter gear and I go snowboard. And I taught myself how to ski a couple years ago. So I go do the winter sports in the winter and then get back to Florida when it gets nice and hot.

>> Vish:

Well, I don't. I don't blame you at all because I'm, I'm in real estate for the lifestyle. I mean, I don't. I don't care I'm not up to, off to impress people and and I, I'm, I'm out there to sustain my lifestyle and I love what I do and the business never stops. So. So if you want to go live in France, do it. If you want to live in Tahoe, do it. I mean, why worry about other people? It's, it's my lifestyle. It's your lifestyle. You do what you want and that's for. That's what the people say. No, no, it's a grind. You got to be there. You can't leave. And I don't believe in all that.

>> Kristi:

Nope, all that.

>> Vish:

So now, now you've been through a lot. You're starting from, of, starting from scratch and you were an employee at one time and now you're an employer and investing in multiple asset classes. It's all you learn from the school of hard knocks.

>> Kristi:

Oh, yes.

>> Vish:

And then, this, podcast is all about, we want to add value to our listeners, my audience, your audience, by sharing one of our epic, setbacks. I don't call them failures. Setbacks on one of the projects which has made you a better investor. Can you share one such experience? I don't want you to drop any names. Don't drop any project, managers names or any firms. That's all.

>> Kristi:

Well, I have a very long list, so it took me some time to figure out which one I wanted to share. So, actually I think one that will be beneficial because I see I'm now into education and teaching people how to both become investors and to become local developers in their community. But I think a, ah, tangible one for people who are in real estate is, a single family house that I bought in Ohio in 2019. And I bought it because I wanted, I heard that you could buy property with your retirement funds. And I knew that there was a way to do it. And I had some friends who had. So I figured out how to get a custodian for my, 401k for my retirement funds. And I thought, okay, well, I'm gonna start small though, because if I mess it up, I, I want to be okay. So I was looking for a really cheap purchase and I will just stop right there to say, just because something is cheap does not mean it's a good deal. So that is, that is number one. It can give you the most gray hairs and wrinkles. so that property, I actually had my Realtor, take me on a tour and I, I knew, I knew the market because I grew up In Ohio. and the very first property we went to, because I said my price point, I'm like, let's stick around$40,000. So that meant I was going to a certain part of town that was not so good. and the very first house we looked at, the floor was caving in and it looked like along with drugs, there was lots of bullet holes and all sorts of things. So I was like, where are we at? Like, no, not this house. We went and saw another house which was a little bit better condition, a little bit better street. but it was still very like, m not investing here. I don't know who would be my tenant. That, that, this is scary. so by the time we get to the third house now I'm desensitized and I go, oh, well, this street seems nice. And, oh, it only looks like one person was killed inside this house. And, oh, there seems to be great potential here. and so by that point I went well out. Everything that I've seen, this is great. So we put it under contract, bought the house for probably 37,000, somewhere between 37 and 40. And part of the reason I bought that is I had bought a couple other properties at the same time, with some partners. And we had a contractor who was all lined up, ready to go. And this is where all of a sudden he gets divorced and he ghosts us. but I have now bought four properties. So I, figure out the other three. Those are other stories for another day. But sticking to this house, now I'm stuck with this property that needs a complete gut to the studs and remodel. And I now need to find a contractor. And I don't live in Ohio. I live out in Lake Tahoe at this point in time. So, now I'm scrambling to find contractors. Everyone is super busy. So I'm on Facebook and Craigslist and I am trying to find any possible person who's free to work when you're put in a position like that. O the types of characters you will find special. thankfully I found these two younger kids who at least could do the carpentry, cabinets, kitchen. They couldn't do the plumbing or the electrical so that at least I could put the, the core of the build out in their hands. I found a really good electrician that I knew I could count on, and the guys ended up finding a plumber who would always call me at 11 o'clock at night or 2am Fairly certain he was living at the house, fairly certain he was on drugs. And, or bipolar, and lots of things happened. And eventually the whole remodel took at least two months longer than I wanted it to. But since I had bought it with my retirement, I didn't have a construction loan, so I didn't have that shot clock going. But it was very sketchy pulling in contractors, finally had to get rid of the, the plumber because there was too many questionable things going on. I go back to Ohio and now I'm hiring more people off of Facebook Marketplace, who also like to do drugs in the house while working. I found some needles in the windows, and other things. But yeah, so, so long story short, contractors, were questionable. I ended up having everything go wrong. Water mains bursting, sewer lines that needed replaced, the power drop failed. So I had to do a whole new service to the property and electrical panel, and it just, it really, really taught me that you need to have multiple contractors, you need to have multiple backup plans and that when everything can and will go wrong, have a backup plan to pivot. I, tried to sell that property for 20. I put 80 grand into it in total, so 40 for the purchase, 40 for the rehab. Tried to sell it for 80, wouldn't sell, dropped it to 60, wouldn't sell. So I pivoted, put a long term tenant in who turned out to be the sweetest, sweetest, tenant ever. It was her first rental and throughout the course of her year there she would send me pictures and say, oh, SWAT's outside again. So if that tells you what kind of neighborhood it is. And she's like, I'm good, but just wanted to let you know SWAT is on our street a couple houses down. so full, full circle on that one. Eventually I listed it after she moved out and bought her own house a couple streets over. And I was a reference for her. So I was like, oh, well, this turned out well. At least in that case, I did end up selling it, for a profit. Surprisingly enough, I ended up selling it for 120 to a first time home buyer. And we used one of our lenders who had a program that allowed for first time home buyers to only need to put$500 down to purchase. And that allowed for someone who otherwise wouldn't be able to get a home, to qualify and to get into that place. So it took us doing a heck of a lot of work to find lenders to partner with the buyers and to make it all happen. And it did end up that I won, but I'LL tell you what, for about 18 months I really was questioning all life decisions and if I actually knew what I was doing.

>> Vish:

Well, I'm with you on that and I'm glad that was a big learning experience. at least you did not give back the property, but at least you stuck to it and that speaks a lot about you. love to finish what you start. As an entrepreneur. There, there is always surprises. If not that, there's something else. And and we, we think that we made the best choice or best offer. But I tell people, man, it's, it's like, it's like a wedding or buying a car. You always think you would have got a better deal. Right, right, right. So, so I tell people you do all due diligence all day long, but just be prepared. Don't be surprised. Things will go wrong.

>> Kristi:

Yeah. And that's, that's the thing. As a, ah, as a business owner, an entrepreneur, as a real estate investor, you, you are that business owner and part of being that is that your job is to solve problems. It's not going to be, it's not going to always be easy and work out. But when you get that next challenge and that next problem, how do you then take that and then say okay, what can we do to turn this around to fix this problem? And that's, that's your role. And to me I would much rather do that on my own properties and my own investments than do it as an employee making someone else's dream come true.

>> Vish:

So how do you mitigate the risk, going forward? I'm sure that was not the last but that made you a better investor. And in terms of one, thing you do now is you don't buy properties just because they're cheap. Just because you, at least you are a better investor now and then. so, so do you still buy single family homes? Are you completely out of single family homes?

>> Kristi:

I don't, my, my dabbling in single family homes was purely because I wanted to only use a small portion of my retirement to test out investing, that way. but what I realized was if it looks too good to be true, it's, it is. the, the lower dollar amount comes with so many other headaches. so I, I tend commercial deals and doing local development projects now as opposed to smaller multi family or at least smaller single family homes. just because when you think about your time investment, it takes the same amount of time to do a 4 Plex or to do a 12 unit as it does to manage a fix and flip or or a, you know, a brrrr house where you buy, rehab, rent, refinance and repeat. So I look at my time value from that standpoint now and value that more than just the dollars.

>> Vish:

So you, so at one point you did say that you have your own company now, construction company now do you have GCs as A subs or W2s?

>> Kristi:

So it's, it's actually not a construction company, it's a development company and consulting and so we'll hire out for construction, we'll hire an actual contractor. And since I've worked and done a ton of construction in the past, I know how to vet the contractors, ask the right questions and make sure that if I'm building residential that my contractor specializes in residential if it's industrial, industrial if it's mixed use. So really understanding that just because someone can build things doesn't mean that they're the best expert for that job.

>> Vish:

So yeah, that's extremely important because I had similar. I used to buy properties from the bank, bank owned properties. And a couple of. Why I can speak about one experience, one such experience. I bought the property for 80k. It's a five bedroom, three bath in a fantastic neighborhood. And I had to spend another 20k to fix the property. And I was hoping at least my all into the deal was 100k. 80, 80k plus 20k. And it was appraised for 130k. So I got my money out of the deal, I got part of it. So then the property wouldn't rent for three months, six months. It was a beautiful neighborhood. And little did I get to know that neighborhood only looked good. That was number one. And it is really not the best neighborhood. But just because you drive by the neighborhood it looks good. That doesn't mean it's really good. And what really happened is I went a few times after 6 o'clock but you would. And that is where a lot of activities were happening.

>> Kristi:

That is such a good point. And we found that out that we, every lesson you learn we incorporate it into our due diligence to buy the next one. And now it is a stamp standard rule that we will look at something during the day and we will go back at nighttime and drive that same neighborhood. See, do we feel safe? Does the neighborhood look great? That's, that's a huge tip. That's a great one.

>> Vish:

Right? And that one. That was not it. That was not it. The best, best part is after Six months. We found it, find a tenant. And that tenant stayed for eight months only. And we had to evict the tenant and the tenant in eight months. that tenant had done so much damage to the property just in eight months. And there were roaches all over the place. and we fixed that one. And then the Texas rains, started getting in and this property is getting flooded all the way from the back. And so then the property behind the, I mean the acreage behind this property belonged to another farmer. And all the water is coming down all the way to this property. And the farmer says, to with you. I'm not going to do anything. I'm, still farming out here. If you want to stop the water, you got to build something and the city doesn't care. So I, I held on to the property for two years and then since, I was able to at least make some 10,000 or 15,000, nothing more. But that is a big lesson learned.

>> Kristi:

Oh, yes.

>> Vish:

Just because the neighborhood looks good, that doesn't mean the property is going to perform.

>> Kristi:

That reminds me of a very similar situation, that I had of a duplex that I bought on a neighborhood and a street that we're turning. And I thought, okay, half of the street has already turned. This is good. And yeah, I could not get it long term rented. So I ended up pivoting that one into a short term rental because it was close to downtown and thankfully it's still a short term rental five years later. And it, does one and a half to two times what long term rent would be after, taxes and cleaning fees. but that was totally lucky. I would not say I was, I was smart on that. That was not my master plan. I just pivoted into something in hopes that it would work. And thankfully it did work.

>> Vish:

Yeah. So what I figured out is one strategy does not work for all property.

>> Kristi:

Yeah, and that's a good point too. When we underwrite properties, we should underwrite it for multiple exit strategies or multiple scenarios. Whether we want to short term rent something, but we should underwrite it as a long term rental or if we're doing a massive remodel and our, intent is to burr and refinance it out, maybe make sure that if you're holding it because the market turns or the tenants turn, that you can get the right type of tenants at the right rates, that it, it does still work. So just, I think that's, that's how you can kind of mitigate the risk in real estate is Just have multiple strategies that you can go to. So if A doesn't work, B doesn't work, you can go to C or D and just be flexible with that.

>> Vish:

Well, that is. I've learned to learn the hard way. I learned that the hard way. But, you know, after most of this mentor. Mentorship programs, they don't teach you everything. In other words, like, if you really want to get good at whatever you're doing, just go do deals.

>> Kristi:

That's right. That's right. You can learn and have all the knowledge, but the wisdom comes from actually doing the deals and taking action.

>> Vish:

All right, that's good. That's good, Kristi So you have a whole lot, of experience in real estate. Are you a realtor or, also, you don't need a real estate license?

>> Kristi:

No, I try to know enough to be dangerous in a lot of areas, but not have any of the liability or certification. So as a, as a developer, I end up hiring the licensed architects, engineers, contractors, attorneys. So, I know enough to. To work with them and hold them accountable and to make sure that, that we're getting it all done. But.

>> Vish:

Yeah, so, so what. What do you do outside of, real estate is, I know. I know everybody. I asked this question with everybody. So it's a F O, R D. Okay. Like an automobile phone.

>> Kristi:

Yeah. Found on road. Dead. Got it.

>> Vish:

Yeah. So family. Family occupation? Recreation and dreams. So, so, what is your occupation? Is your real estate. Okay. And what is the recreation you. Beach volleyball. And other than that, do you do anything else outside of real estate?

>> Kristi:

I. I do. I love every outdoor sport possible. So beach volleyball is my, Is my core. I will be playing that for a couple hours tonight. but I also got into pickleball, which is an amazingly fun sport. Tons of snowboarding, and learning how to ski. So really, I like to be active outdoors. So any type of sport that is there, I will do, hiking or even taking my dog on a walk and going to the dog park. So get. Get me outdoors in the fresh air, and I'm good.

>> Vish:

So you like dogs also?

>> Kristi:

Oh, yes.

>> Vish:

So what. What are your. What are your dreams? Like, what kind of. Do you have any big dreams or big goals or.

>> Kristi:

So I, I've never wanted to be the, A, famous person. I've never wanted to have a gazillion dollars. I've always personally wanted to have a quality of life and have the freedom to be able to choose how I spend my days. And real estate happened to be for me, that vehicle to do that. And about a year and a half ago, and actually it was shortly after Hurricane Ian wiped out my community in 22, it really made it clear what, what is my overall purpose? What would I get out of bed and do for free if I was never paid? And to me, it's teaching others and being a mentor to others in the space that gave me my freedom and my quality of life. So I have started, in his higher education program. I have courses and master classes and a mentorship to help people become the local developer in their community. Because you don't need a million dollars to get started in development. You already know your neighborhoods and your areas and, and you can get in. And I can take my almost 20 years of experience and help others. So I get so much excitement and joy from teaching others and seeing their eyes light up and have them realize, oh my goodness, I can do this too. So that's, that's really my, my dream is to impact as many people as possible so we can revitalize those overlooked spaces in our communities and really just bring together our, our neighbors and community and places that we can live, work and play and just reunite and reconnect everyone.

>> Vish:

So is it, is it the paid mastermind or do you guys meet in person or how does it work?

>> Kristi:

Yeah, we have a blueprint course that is our foundation, that's our, our 200 course that gives you, Here is development. So that way, if people are just curious, they can do that, and see is this something they actually want to do? Then for people who truly want to say, hey, I'm, I'm done flipping, I'm done running strs, I'm, I'm an empty nester, I'm ready to go for people ready to jump in. we have our master class that we, do four times a year. And that's where we do a 90 day deep dive into the full development course and materials and really get people kickstarted into their first deal. and that's a paid program. And then we have a mentorship program that we can continue after the masterclass for people who are actively going through their first deal. So that way if they have questions along the way for how to deal with the city or architects, contractors, lenders, they know that they have a resource to fall back on. So that way it gives them the courage and the confidence to go forward and actually do their first deals.

>> Vish:

Well, that is fantastic. Now how can people reach you? Because I know a lot of, a lot of people would be excited to what you're offering, I might be able to refer a few people to you.

>> Kristi:

Yeah, I've, I've got, I'll send you some links that we can put in the show notes and you can share and they can just schedule a free call with me. So that way we can just see where they're at and then based on where they're at in the journey, I can connect them with which part of our program or maybe some other free resources, we really try and put out a bunch of free content on LinkedIn and Instagram. so I'll share those. It's local real estate developers and we just want to help as many people as possible get inspired and start to hear and normalize the development aspect of it.

>> Vish:

so that's fantastic. So, so what would you do if your financial. I'm sure if you're, if all the passive income goals are met tomorrow, what will your, how does all your day look like? What will, what will you do? And you don't need to work another single day if you have all the money, what you required.

>> Kristi:

I would do exactly what I'm doing right now, which is literally having these free calls with different people who are interested in hearing their stories and figuring out how I can help guide them. I, I'm, I really do. I get so inspired and fired up. I, I met with someone last week who's a father of, of three and he has these goals for how he wants to leave a legacy for them and really up in his market. There's another guy, that we just met who is working with his partner and college friend and he just turned down this great job at a great bank to say no, I'm going to pursue our dream to go build this short term rental luxury community. And it's just, it's so much fun for me to work with people who are making their dreams come true that it doesn't actually feel like work to me. So it's, it's a combination of calls or, or mentorship or just getting out there in my communities and helping rebu different places. So it's, it's, it doesn't feel like work. I might still do 40 to 60 or 80 hours a week, but it never feels like work to me.

>> Vish:

That's good, that's fantastic. So one last question before we are, we wrap up. So what will you do if you, if someone tells you, Kristi you have 30 days to live and you can do whatever you want. You have all the money in the world and what will you do for the next 30 days if you have just 30 days to live?

>> Kristi:

It would be experience based. and it would be something to where I would gather my close friends and relatives and we would do some of the, we would do things that would leave the people that I'm leaving behind inspired and motivated and filled with purpose for what they would do next. But it would also involve something outdoors to where it would be for people who haven't left the country. Maybe we'd go find this amazing island somewhere and give them a once, in a lifetime experience, but make sure it was filled with community and connection and purpose and just something that I could leave them inspired to keep going forward and just continue what I've been building and just grow that further.

>> Vish:

Well, that's, that's a good answer. So what I was asked the same question and my answer was I would spend as much time as possible with my family and friends and, and like. You like beach volleyball? I like CrossFit. So I'll spend more time at CrossFit. Yeah, I may not be, I don't need to work. So instead of spending, one hour, I might spend two hours. Instead of working out once a day, I might end up working out twice a day. Day.

>> Kristi:

Yeah.

>> Vish:

Probably take long naps and eat more and just have a good time and that's all.

>> Kristi:

I mean, why not? At that point there's nothing to lose and it's just. Yeah. How can you maximize the experience? I mean it would probably involve super yachts and islands and hanging out with and swimming with dolphins and so it would definitely be experience based for sure, but definitely with the people we love and then, the relationships that we have.

>> Vish:

Well, well that's, that's good to know because for us, investing is not a job. The real estate is not a job. It's a lifestyle. So we would, we would do this no matter what. We, we don't do this because we want to be famous or we want to make a billion dollars. Nothing. We would do this even if it is for free. I mean I, I tell people I, I put all my social media posts because I like to do that. I don't do it just because. To get more likes or just just to get more comments on it, but we are passionate about it and that's what makes it makes a difference. Right. With that, thank you Kristi for coming on out, running failures and sharing your experience and I'm sure that's going to make a great impact on my audience. And they'll be happy to know more about you. And, certainly I'm going to refer some people to you also. So with that, thank you for coming on the show.

>> Kristi:

Thank you for having me.