Episode 23: Katie Kim | Community Driven Success In Real Estate

Oh my gosh, guys. I cannot wait for you to meet my girl, Katie Kim. Katie is a seasoned real estate developer and educator with over thirty years experience transforming overlooked urban spaces into vibrant, community driven developments. She completed her first real estate deal at 16 and later worked at Accenture Technology Labs, where she honed her strategic and financial expertise.

She's the founder of the Kim Group and the Kim Group ATX. She's had a a bunch of really kind of watershed projects she's worked on. I hope she will will make sure that she talks about the the bakery project that she had in Peoria, Illinois. Her developer for fee model and educational platform empower others to navigate real estate leveraging economic incentives and build generational wealth. Katie is known for turning complex challenges into profitable community enhancing opportunities.

Just wait, guys. You're gonna see why I love this girl. Here we go. Hello, everybody, and welcome to the Power Up Your Life podcast. I am Mandy McAllister, and our girl, Kelly Resendez, is still e play loving in Italy. So I am flying solo again. Today we have one of my favorite humans in the whole wide world, Katie Kim. Katie, hi. Hello. How are you?

I'm doing amazing. I'm with you.

Oh, girl. Love it. So we are definitely soul sisters. I can't wait to dig in. This woman knows so much about so much stuff I don't know anything about. So I I can't wait to, give to everyone all of your brilliance. So why don't we just start from the beginning? Right? Tell us a little bit about you and your journey and who you are as a human.

Yeah. So I grew up in a construction real estate development family, and I did a lot of weekend warrior family bonding time and, went away and didn't want anything to do with the family business. Right? Like, a lot of us do. We grow up in it. And I came back to it, ran the family construction company for a while, and realized my passion was more on the development side.

And started just investing and getting into real estate, but then really wanted to do more and have more of an impact. And so I leaned into that, and I launched our our real estate company back in, oh my gosh, many, many moons ago, like, 2004.

And then, launched our development company in 2015 where we do development for fee, which really lets me live my passion and help people take that next step into real estate development.

So That's beautiful. You are, you make it look so easy. Like that's one thing that, you know, someone as an expert when they take something that is so incredibly intense and you just like, oh yeah, obviously you'll just go do, you know, look for that. Right. So I I'm curious. Let's start from the jump.

You you look at so many grants and so many, you know, tax abatements and so many things as a a, you know, layperson in real estate investing. I've done some cool stuff, but this is so much so far beyond the scope of what it is that I recognize.

Maybe for people who are like me that have done a bunch of transactions that they you know, what is the most obvious thing that, you know, quasi seasoned investors are missing?

So I think a lot of times, what I I feel quasi investors are missing is that what you're doing to add value, if you're doing a value add investment or to enhance a community, a lot of times, there are incentive dollars and programs that help encourage you to do that, to take that first step and or next step, I should say. And a lot of times, it's asking, is is there money available for this? Is there a program that can help, bridge the gap? Or you know? And you have to ask it a couple of times in a different way because a lot of times, the people who are managing those programs have never used those programs.

So they don't really know how to use them, which is kind of a little bit confusing because a lot of times our clients would go there and be like, well, they said they don't have any money. I'm like, well, you asked for a handout. You didn't ask. You didn't say this is what I'm doing. Do you have any programs for, you know, hiring more people or doing this?

And so it's the questions that we go in with that, you know, again, garbage in, garbage out. So it's it's knowing the right questions. But a lot of times when you enhance an area, there's incentive money, that's on the table for that.

It's it's kinda like how politicians I forget what politician it was, but we've gotta pass this bill to know what's in this bill. Right? Like, the the people who are administering the these dollars may or may not recognize that they are there. So I re I really love that as advice. It gets super granular describing what it is that you do, so they know that how how they can help you potentially.

So now I know, you know, let's say that I have a an 18 ks motel in a small town in Wisconsin, for instance, that I would be interested. Like, who do I go to? Who is my first call if I want to go see if there are incentives?

Yeah. The first call usually is the economic development council or committee depending on, you know, how they how they call themselves. But the EDC or the city and a lot of times, they have a development office or a real estate office or even an economic incentive office or development office. Those are the ones that know the programs.

And so a lot of times, if you go in and say, what are, like, what are the economic incentive programs that we have in the city? They'll give you the table, you know, which has the graph of, like, we need this, this, this. And then you figure out, like, does my plan fit in those programs? Does my fit plan fit into those districts? Is the property I wanna develop in an area that has some incentives, like TIF or enterprise zone.

So you're gonna step into that, and it really then even goes back further to, like, building that network, building the people who, can help you answer those questions and let you know about those programs. You know, a lot of times, the council will come to to me and say, Katie, this is being proposed. Is this gonna be good or bad for our community and why? And so, you know, I'll give them my insight because it's like, you're not thinking about this. This is gonna be an unintended consequence of this. Like, let's move here. Right.

And so they'll they'll understand that. Because a lot of times, those politicians have never developed real estate. They've never invested.

So they don't know it. They leverage other people who are experts. And so being able to have a seat at that table is really it is really great. Absolutely huge. Right?

And I, you only get there though, if you're going an inch wide and a mile deep, you know, Katie is a developer in Austin and in Peoria, Illinois. Like these are, you are absolute experts and thought after, you know, sought after thought leader there, you know? And, and if you were gonna try to start developing in like Santa Fe, New Mexico, you'd kinda be starting from scratch.

That's a thing that I, I talk about a lot in my multifamily stuff. It's like you, you gotta be an expert where you're at to really be able to, to know all of the things. I love that getting granular in a market too.

So, you know, tell me this, in this, you know, you have been, in this development world since you were, like, you could drive a car, you know, like you forever. So I'm curious, like, the the path to getting where you're at, like, there's always for everyone, there's a a stuck time. There's an, oh my god. I don't know what I'm doing. What did I get myself into feeling? When you get there, what is something that you do to get yourself out that's really actionable for someone who feels like they're there right now?

So a lot of times when I feel that I'm stuck, you know, action is the best way to reduce anxiety and to get out of our head. So what's the the one actionable item that you can take? And my coach always, poses this question to me, like, if if time and money were not an option, like, what would you do? Right? Or if if you didn't have any restrictions, what would you do?

You can start with that, and some people can think that way. A lot of times, people can't because they're such in a spin, and I don't know how to do this. I don't know. And, you know, you get to that is start surrounding yourself with people who have been there and done it and ask the questions. Like, this is how did you get into this? This is where I'm at. What what am I what's my next step?

Because oftentimes, we worry about step eight, nine, and 10 in the Brazos where it's one, two, and three. Right? It's what is one, two, and three? And that's where we need to go.

I the analogy that I give about that is I live in Chicago. If I wanna drive to New York, I'm not thinking about Poughkeepsie. You know, Google Maps tells me drive up 500 feet, turn left. You just need to think about that next right step to figure out what you're doing in the next step.

I'm I'm gonna totally quote you that actions reduce anxiety. That was, that was phenomenal.

Tell me about some unconventional strategies, some things that you do that you fully believe in in your core that many people might not, that they might think you're crazy for? You know?

Well, what I recently did is, drove eighteen hours as opposed to flying. But I actually love a good road trip to get my brain clear. So I'll go with, my my audio books and something inspiring and just me and the open road. Maybe I'll take my fur girl, Charlotte, with me. But really just get away from all the distractions.

And when you do that, not that I don't take calls, not that I don't do any of that, but when you do that, you realize, am I utilizing my brain, or am I just a minion in the process? Because when you're in a car and you're driving, you can't type a lot of emails. You can't do a lot of the busy work that a lot of times we we go to because it's safe. You focus on what can I use with my brain? How can I get work done with my brain? Conversations, connections, you know, conversations, connections, cash flow. Right? So, like, you you focus on that on the drive.

And, you know, people are like, oh, you must have lost so many days of work. I'm like, I probably did four days of work in that eighteen hours because all I did was focus on moving that revenue needle forward and moving, onto that.

Yeah. You can't do the the thing that you should be handing off if you're driving. You know, that's I I completely agree.

So my, I have an asset that's a six hour drive away. And whenever I I go, you know, not only do I I tear through the audio books, but man, do I get some good thinking time going. Because because that's really, you know, that type of slowing down is the thing that move that really moves the needle.

Yeah. I mean, how about the speed up? We have to You gotta place we have too much stimulus. Right? Like, we have too many,

sources of information. And especially now, we can inundate ourselves with just researching, researching, researching on that.

Right. And, I mean, so many people get wrapped around the axle in that way. It's it's, you you gotta start moving forward, and that's how you see if that that next step is is right.

So I I'm curious about your daily rituals. What are some things that you do to position yourself to to win the day? When you're when you're setting yourself up at the beginning of the week, at the beginning of a day, talk to me about your daily rituals to to win that day in particular.

Yeah. So to win the day, I really start with, I do the miracle morning, the savers routine a little bit. I adjust it, but I I don't as much as I can, I don't check my email? I don't check the news. Don't check social media. I go straight to feeding my brain something positive. And then I go into, you know, learning something, journaling, and then really list what are my three things I need to do today and and focus on that and make sure that my schedule is in alignment with that.

And then really the the sync up meeting, I just started to implement with my with my VA as we sync on, like, what are the issues of the day? What are the things she can handle? Does my schedule reflect my my day daily needs and what we need to move forward? And, you know, all that to sync up in, like, thirty minutes, like, or less.

Yeah. Because there's so many so many points in time where our assistant could handle something for us, but we're like, well, I can just do this. I can just do this. I can you know, that or that. And it's like, yes. But should you? Because what you're permitting, you're promoting. So you're permitting people to come to you with these lower level tasks and and things to do where, you know, the, the script I give the script I give, Sherry to you know, is, hey. This is Sherry, Katie's assistant. I thought you would appreciate a more speedy response, you know, because she can get to my email faster because I'm in meetings. I'm in interviews. I'm in in different things, project sites.

And so a lot of times, I'm not in front of my email. But we often times think of email as that, like, if I send it, she'll respond right away. Or if I text her, she'll respond. And a lot of times, efficient and busy people are not waiting for a text or on call. You know, like, right now, my phone is on focus. Right? So if somebody would text me right now, I wouldn't even know about it for another twenty minutes.

So I'm enabling my team, who is equipped to handle certain things, be able to handle that until I get out. And then it's like, oh, I handled this. I handled this. I handled this. Okay. Great. You don't you don't need me. And that's, I think, the best part of replacing ourselves, really.

Okay. You train people how to treat you. You absolutely do. And that includes the team members that you've got. Like, if if they know you're just gonna solve a problem for you, then they don't do the the critical thinking that it takes to maybe fix a problem.

And when you are unreachable in an interview, on an eighteen hour drive, whatever, their their chance to prove to themselves that they can figure it out and then be more self sufficient and confident in their own work, like, what a gift you're you're giving them.

Actually, so our fellow fellow GoBundance women member, Beth Azor, one of my favorite things that she says that if you don't have an assistant, you are the assistant. Yeah. Right? And if you're not handing stuff off, if you don't have a list of things that are are rote, you know, and you are leading some organization or just your your own business, then you, you know, you are the one getting the coffee. You gotta be you gotta get an assistant to handle some of those things.

Tell me some stuff about clarity. I I've we talked a little bit about getting to, you know, this is my end point, and I I can't get wrapped around the axle about steps two and three, when I'm on steps two and three, step 47. Right? So when you need clarity of that that North Star, something beyond the the driving, which by the way, Sara Blakely, that's her hack too. She always drives Oh, yeah. To get clarity. So you're basically Sara Blakely. Tell me some things that you do to create clarity for yourself.

So clarity, I have to free my mind. And a lot of times, I will, again, go and I'll journal. I'll go walk in the woods, the drive time. But really, the clarity of digging three deep with myself mentally of, like, why is this why is this bothering me? Why is this important? Why am I spinning on this? Like, what's really why? And I find a lot of times, I will talk to myself either out loud, or sometimes I'll record myself and be like, this is what I'm thinking. And just even talking out loud, you know, if it's if I don't have my coach or I don't have a a a trusted person, because that's always a a really fine line to know who gets into your brain space. Because if they don't have the same morals, values, insight, ambition, integrity, you could be putting a toxic source into your brain and not even knowing it. So sometimes it's just sitting in why am I spinning, going deep, asking those questions.

You know? I mean, a good leader should teach people how to think so that they think like they want them to. So that when the leader's not there, they know how to perform. Right? Like, for example, on job sites, anytime there's a problem, I always ask my guys three questions. Like, okay. What are your three solutions? Like, come to me with three solutions. And then, okay, what are the pros and cons are all of them? Right? And then three, if this was your money, what would you do? Because if I'm not there and they make a decision, I want them to know and be able to say with confidence, Katie, I thought about this. I believed about it. You know? And I'm willing to put my money on the line if I screwed this decision up. So then they're starting to think, and they're solving problems that when I'm not there or I'm not available or accessible right away, they're starting to think that way.

Well, and think with the filter that you've armed them with. I absolutely love that. The the, you know, what are your three solutions? What are the pro or cons? What would you do if it's your money? Every single time, if you're training them to think with that, if you're not able to be reached, they're probably gonna make something that's informed in the direction you want them to be.

And, you know, talking about the trusted people, that's why we do wisdom circles in GoBund and Swim. And this idea of having these brilliant minds asking you questions to get to the core of what you're talking about or what you need to fix your own problem. I love the chance to get all of that time on a biweekly basis with you to fix the stuff that's in my own head. So I I completely agree with that. And, Katie, you

oh, go ahead. Oh, I was gonna say, and even in the wisdom circle, like what you said of how you step into that process, You're asking questions. You're seeking to understand. You're not judging. You're you're making sure you get all the details.

Because even if I present a problem to somebody, the real root of the problem may be three or six questions deep. But I'm not telling you because I'm I have the we all have those guards up. Right? Like, yeah, I'll I'll tell you this problem, but I don't really want you to know this that is all with the emotions with it.

And so having that trusted advisory and that that circle where they can start to ask questions and kinda peel back the onion, then it gets to that root of, like, what's the real issue here? Is it this, or is it really this?

And I think it's so important too that when you are serving as that trusted person to lead with curiosity and and no judgement. You know? Because it's you're you're being trusted in this really deep way with something that that's to the core. So can you ask questions to that person? Because if they figure out for themselves it's like if you're a parent, you understand that if the kid figures out something for themselves, they're gonna do it in a different way than if mom told them to. You know? So if I or you figure out something for yourself, it it's gonna hit in a different way. So the questions and the curiosity, so incredibly important.

Katie, you have dropped some knowledge bombs per usual. I wanna tell you a couple that I have notes on. You know, I call the EDC, the Economic Development Committee, in whatever municipality you own property or are buying property, because I think so many real estate investors are leaving money on the table. I know that I have, given the the three things that we've talked about in in our conversations. I love that actions reduce anxiety and that, you know, the the time and money are not an issue. So what are you gonna do? If you if you take that thought experiment, that's really gonna clear some things up. And you said something something to the three c's. Conversations, connection, and cash flow is is really your jam of what you're getting to.

And I'm gonna tell you what, I'm gonna write down some, filters that every single one of my team members is going to, you know, run their thoughts through before coming to me or whoever their superior is. So thank you for, informing my life in that way today.

So you have given so much Katie, and you can, you give so much to GoBundance and to my life and everybody whose life that you touch. So, you know, tell us, you know, we wanna give to you. What is an, you know, we talk a lot about needing to be ready with your ask. We talked about this last week after your eighteen hour drive that, you know, what is a resource or an introduction that would change the ball game for you?

Oh, love that question. So a resource or an introduction that would change the ball game for me is somebody who is a real estate investor looking to get into development and or a business owner that is leveling up their business and wants to incorporate real estate in their strategy that needs a mentor, that needs guidance, that needs a trusted person to guide them through the process. That is our target avatar, our target connection for the Real Estate Development Academy.

And, really, the reason why I created that was there's so many people who want to get into that, but they don't know who to trust. They don't know where to go. They don't know how to, you know, pick people's brains. And that's really the motivation behind it.

There's a lot of fakers in in real estate, but a whole extra lot of fakers in the world of of development. And I can totally say with my heart that you you are the real deal, homegirl. I am so glad that you're giving the world your expertise because it's, it's so incredibly important for people who want to, to dig into that, that play in real estate.

So what is the best way for our listeners to get in touch with my girl, Katie Kim?

So you can, go to our website at katiekim.com or find us on pretty much all the social platforms at the katiekim.com. So katiekim. Katie or sorry. The Katie Kim. Sorry. I'm just so used to rattling off that, website. So for the socials, the Katie Kim.

Beautiful. Or you can find her at a hockey rink because that's where she spends 92% of her free time. The kiddos are big hockey players. Katie's a big hockey player.

Katie, thank you so much for joining us on the Power Up Your Life podcast brought to you by GoBundance Women. If you are listening and you want to get asked great questions like Katie asks of her girls or figure out where you're leaving money on the table or anything when it comes to connection and conversation and cash flow, look us up at goabundancewomen.com.

We would like and share. Make sure you're telling all your friends about this incredible episode with Katie Kim, and we will see you on our next episode. Have a great day.