Money-Making Lifestyle Tips from a Business Veteran w/Pam Goodwin
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Episode Description
Welcome to the Freedom Point Real Estate podcast! In today's episode, Jeremy Dyer interviews Pam Goodwin about her personal real estate journey and why she values passion, networking, adaptability, and good priorities so much.
Pam Goodwin is the CEO of Goodwin Commercial a boutique brokerage and development company based in Plano, TX. She serves as Chair for the Zoning Board of Adjustments in the City of Lewisville, a best-selling author, and coach. Pam has been selected for numerous awards including: Southwest Woman of Influence by the editors of Real Estate Forum and D CEO – Power Broker for several years. In her spare time, Pam enjoys traveling, visiting family in Croatia, working out and spending time with her husband and two adult sons.
CONNECT WITH PAM GOODWIN!
Website: https://pamgoodwin.com/
LinkedIn: https://www.linkedin.com/in/pamelajgoodwin/
Instagram: https://www.instagram.com/pamelajgoodwin/?hl=en
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Start with Single-Tenant Net Leases for Simplicity
"A lot of people don’t know that you can own a McDonald’s by doing a ground lease...they’re just paying you rent and all the expenses."
Single-tenant net leases are an excellent entry point for aspiring investors because they are easier to manage than multifamily or strip centers. Pamela's insight underscores the importance of focusing on straightforward investments, especially for newcomers, to minimize operational stress and maximize returns.
Tip #2: Look Beyond Capital—Find the Deal First
"The number one thing people say is, ‘I’d love to get started, but I don’t have any money.’ The reality is, there’s more money out there than deals these days."
Pamela highlights that the scarcity of deals, not funding, is the main barrier in today’s market. By focusing on uncovering opportunities, you can leverage partnerships or seller financing, making money less of an obstacle.
Tip #3: Use Local Resources to Unearth Hidden Opportunities
"Visit your local economic development director in town...they can point you to hidden opportunities for property."
Tapping into local economic development offices can provide insights into upcoming projects, grants, and available properties. Building relationships at the community level not only connects you with deals but also fosters credibility and knowledge of the market.
Tip #4: Analyze Annual Reports for Expansion Trends
"Retail tenants’ annual reports often tell you exactly how many stores they’re closing and opening."
Annual reports from national retailers are goldmines for understanding market trends and identifying potential tenants for commercial properties. Proactive research into tenant needs can align your development strategy with market demands.
Tip #5: Take Action to Avoid Analysis Paralysis
"You can keep studying and learning, but as a student, you have to take action."
Overthinking can delay progress, and Pamela emphasizes the value of proactive engagement in the market. Starting small and building momentum is crucial to learning and succeeding in real estate.
Tip #6: Use Tools Like LoopNet to Spot Local Deals
"I always download the LoopNet app and look at what’s for sale whenever I travel."
Pamela’s practice of using apps to survey local markets demonstrates the importance of accessibility and consistency in deal scouting. Staying attuned to market opportunities, even casually, can lead to unexpected finds.
Tip #7: Don’t Be Afraid to Ask for Opportunities
"A lot of women have a hard time asking, but I’ve been in deals where I was the only woman because I asked."
Whether you're a beginner or seasoned investor, confidence in asking for opportunities is key. Pamela's advice highlights that many barriers are self-imposed and that taking initiative often opens unexpected doors.
Tip #8: Balance Work with Wellness
"I’m a five-year breast cancer survivor, and it completely changed my life...exercise and spending time with family are my top priorities."
Pamela’s story underscores the importance of aligning professional goals with personal well-being. Pursuing work-life balance not only enhances longevity but also ensures sustainable fulfillment.
Tip #9: Broaden Your Horizons Through Travel
"Travel is part of my research—I use it to discover new restaurants and retailers to bring to Texas."
Traveling with a business mindset can uncover trends and fresh opportunities to bring back to your market. Pamela’s approach highlights how personal passions can blend seamlessly with professional objectives.
Tip #10: Think Big, Start Small
"Start off small but always think big on large projects."
Pamela’s mantra encourages beginners to take manageable steps while maintaining an ambitious vision. A focus on scalability ensures you’re prepared to transition from small deals to larger, more lucrative opportunities.
