Episode No. 94

“He Lied About the Numbers!” How to Spot Red Flags & Avoid Underwriting Disasters BEFORE You Invest

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Episode No. 94

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In this episode of the Share the Wealth Show, we’re delighted to welcome Niki Perez once again. The conversation explores real estate underwriting and finance, offering valuable insights.

📑 Nikki stresses transparency in financial documentation for securing financing in commercial real estate deals.

🔍 Key documents like rent rolls, profit and loss statements, and sponsor portfolios are highlighted.

💼 Understanding the financial strength of sponsors is crucial, especially for new investors.

🤝 Partnering with experienced individuals and having equity in place boosts credibility with lenders.

📊 Challenges in underwriting, including real examples, are discussed, emphasizing due diligence and honesty.

💰 Insights into the current lending landscape, including lender preferences and criteria, are provided.

📈 Concepts like loan-to-value and debt service coverage ratio are explained for deal analysis.

🏠 Nikki offers advice on dealing with sellers lacking organized financial records, urging investors to educate themselves.


🌟 Don’t miss this episode for a wealth of knowledge on real estate finance and underwriting intricacies! 🎧


Niki Perez is the CEO and Founder of Authentic CRE Solutions. She has been in the commercial real estate industry for 20 years. 

Prior to founding Authentic CRE, Niki worked for some of the top financial services firms within the United States, including Grandbridge Real Estate Capital and Walker & Dunlop. Her mentors are among the most respected women in commercial real estate, namely Beth Azor, Brittany Rose, Kelani Blackwell, and Michelle Warner.

Over the course of her career, Niki’s analyzed and underwritten $10 billion in loans and has acquired the skillset to successfully originate, market, and analyze commercial mortgages. She is an efficient, detail-oriented underwriter with a deep understanding of property operations and lending platforms. 

When Niki is not underwriting deals, she enjoys writing and giving back. Niki is a published writer who graduated magna cum laude from Florida Atlantic University. She earned a bachelor of arts in literature with a creative writing focus. Niki volunteers her spare time to charities like Habitat for Humanity and has partnered with the Leukemia & Lymphoma Society and Project Destined in the past. Niki is also a mom, passive real estate investor, proud W.I.R.E. member, and strong supporter of DEI.




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Key Quotes:

“ Wealth comes from moving through life with good intentions and behavior, aligning yourself with everyone who values what you value.”

  • Niki Perez


Connect with Niki Perez!

You can find them on

Website: authenticcresolutions.com


LinkedIn: linkedin.com/in/authenticcresolutionsnp

Email: niki@authenticcre.com



Let’s get connected! 

You can find Nicole on 

LinkedIn https://www.linkedin.com/in/nicole-pendergrass/

Instagram https://www.instagram.com/nvestornikki/?hl=en

Facebook https://www.facebook.com/nvestornikki

or Visit her website https://noirvestholdings.com


[00:00:00 – 00:00:35] – Niki Perez (authenticcre.com)

When I was looking at their statements, it was a combination of the rent rule and their statements. And I was like, something here is not adding up, you know? Like you’re showing your rent rule, you know, XYZ, but then your effective income on your statements is like a $200,000 less. I’m so confused. And what it ended up being is that they weren’t slowing the concessions that they were giving on either of these documents.


[00:00:36 – 00:01:33] – Intro

Welcome to the Share the Wealth Show, where minority professionals can learn to escape the racial wealth gap and catapult themselves into abundance. Your host, Nicole Pendergrass, grew her net worth from being negative to multiple six figures. Join her on her investigative mission to expose secret strategies of the wealthy so we can all have the tools needed to build the life and legacy we were created to possess. Now it’s time for the show.

Hey guys! So, we’re back again, this is the second part of the episode with today’s guests. I need you if you have not heard part 1, go back to the previous episode, and listen to that first and then come back and join us here today. You need to hear the whole conversation so why we split into two parts. There’s so many nuggets is so juicy. Go back and listen to the first part!


[00:1:34 – 00:01:50] – Nicole Pendergrass (Noirvest Holdings)

I think you mentioned that there were like three main inputs that you need to You know at least have at the very beginning to start your underwriting process What are those three is that for any particular asset type individually? Or it could be across the board?


[00:01:51 – 00:03:12] – Niki Perez (authenticcre.com)

For me, as an underwriter, I would need three main things to really get started. And that’s one, a current rent role, a current, you know, profit and loss statement, in a T-12 form. What do I mean by T-12? It’s a trailing 12 statement. So going back the last 12 months of income and expense broken out on a monthly basis.

And then you’re, and it doesn’t have to be super in depth, but you know, a high level, a breakdown of your experience, know, your portfolio and your net worth and liquidity, know, financial wherewithal. And you don’t need to put together complicated personal financial statements, but to understand, you know, what your experience is, you know, your partner’s experience is too, if you have partners that are, you know, all. on 25% more interest ownership in the deal than those are good those are the types of partners that are going to be underwritten and looked at as well later on. So just understanding the overall sponsorship financial wherewithal in the beginning on a high level isn’t is very important in addition to the rent role in T-12.


[00:03:13 – 00:03:44] – Nicole Pendergrass (Noirvest Holdings)

Okay so now the rent role in T-12 are more like for analyzing the deal the financial wherewithal and you know network liquidity all that of you and the partners are more underwriting you personally so if that part of it is more for the financing right like because lenders are going to look at you as well as the deal so is that what you help people get together make sure they have all their ducks in a row before they submit their package to a lender.


[00:03:45 – 00:05:13] – Niki Perez (authenticcre.com)

100% and it’s really important to understand what documentation you need to start gathering and putting together, you know, I had a conversation with one of, I want my lending partner a couple weeks ago about a potential construction development deal that we were possibly looking to engage with and the equity wasn’t there, the experience wasn’t there and that’s okay, you know, if you are, and that’s not to say that if you’re a person stepping into commercial real estate and you are in the beginning stages of building up your portfolio and getting into the game, that doesn’t mean that you can’t, you know, get financing.

It just means that you need to secure an experience development partner or an experience property manager. Make sure that you have your equity backed and like set down, it’s done, it’s deployed, you know what I mean, to make sure that you can show like, hey, yeah, sure.

I’m a beginner investor, but here are all my partners’ credentials, and that will get you into the game. And that’s what we really need to understand in the beginning, too, because if you don’t have that, then a lot of lenders won’t even look at the deal.


[00:05:14 – 00:07:37] – Nicole Pendergrass (Noirvest Holdings)

Okay, so that’s actually really good to know, because that was another thing I was going to ask was about people new to the space and wanting to get in. And I think a lot of concern for newer investors is how can they get the financing, know, like where are they getting that from and how are they doing that? And I don’t think a lot of them know that this experience level is actually something that the banks look at and that the way to overcome that is by partnering with somebody who is experienced.

But then also, you said your property management company just could be a very experienced company. So even if you wanted to third party manage, maybe you start out using the property management company who has experience learning from them and developing and after you had a deal for a year or two, then you could start slowly taking over the management for that. And now you’re starting, you can have more experience yourself and now you can say, okay, look, I have three years’ experience doing this and I’ve been self-managing for two of those years or whatever, but at least to get your foot in the door.

Or it’s all about the team that you surround yourself with. So that’s, that’s some great, great advice. Now, I don’t know, I just was like on in my head where I was taking this next, this next question, but I think for, for people who are just trying to figure out if deal even makes sense. Before they are even figuring out like, how they should be underwritten themselves, do you also help with Jess? And you said it could be on a retainer type of basis, or it could be a one-off deal.

They just contact you for underwriting a deal. And you, you know, you help them with that. But do you also say, look, this deal is great. But make sure you are set appropriately, or a lender is not going to finance this deal because you don’t have enough liquidity or, or experience in it. Do you kind of give them that as like a forewarning if they don’t even know that that’s something they should be looking at?


[00:07:38 – 00:09:15] – Niki Perez (authenticcre.com)

That’s one of the first things that we talk about. It’s all about transparency up in here. You know what I mean? That if you’re not transparent about those things in the beginning, what kind of are you actually providing investors need to know, I feel like it’s our duty, I feel like it’s our duty to explain these upfront and in the beginning because, and then it’s a reciprocal relationship too, know, if we on the finance side and the underwriting side are asking you these questions specific in the beginning to set you up for success then, you know, be prepared to answer them with integrity, right?

Be prepared to answer them honestly so, you know, we can put you in front of the lenders that are going to have the most appetite for your type of deal and for your type of sponsorship, proven, you know, or structure, whatever the case may be, and then, you know, that way your deal is just going to move that much quicker through the process.

We don’t have to worry about it being, you know, scrutinized later on. on or if being retraded later on or dying later on the likelihood of your deal moving forward closing faster and more efficient is very contingent upon us being honest with you and you being honest with us.



[00:09:16 – 00:10:08] – Nicole Pendergrass (Noirvest Holdings)

Okay. Now, over your years of experience underwriting so many different kinds of deals do you have any like examples or any deals that come to mind where everything looked good like on the surface but upon like further underwriting you know someone had brought you a particular deal that you looked at and you were like uh what are you thinking like how did you why did you underwrite it like this because it’s someone who’s looking at investors looking at deals gonna do at least some numbers first and then bring it to you for further analysis but or have you seen it where they’re their numbers are just so completely, their assumptions are really all like, what’s like the craziest, I guess, or most like, not divergent, but you know, someone brought you a deal that they thought was going to do XYZ and you looked at it and you were like, that’s completely off. That’s not what happened.


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[00:11:49 – 00:14:27] – Niki Perez (authenticcre.com)

I was working on a pre-stabilized multifamily property in Louisiana. And Louisiana markets are exactly, you know, the tip of the top, right? They’re great markets, you know what I mean? But for a lot of the lenders out there, their pre-review market, meaning like the deal really needs to be largely vetted and approved through committee before even moving forward because it’s such a transitional market.

So, this deal was in Lisa’s and we were largely, you know, projecting, right? It’s on a pro forma basis because they’re, you know, leasing up the new construction. And when I was looking at their statements, it was a combination of the rent rule and their statements. And I was like, something here is not adding up, you know? Like you’re showing your rent rule, you know, XYZ, but then your effective income on your statements is like a $200,000 less. I’m so confused. And what it ended up being is that they weren’t slowing the concessions that they were giving on either of these documents.

There were no concessions being shown on the rent rule and there were no concessions broken out on rent on the operating statement, and I was trying to put two and two together, and they weren’t exactly transparent about it either. They didn’t divulge, like, hey, we’re offering precautions, you know what I mean? And we asked, we specifically asked, like, hey, you know, I do my due diligence.

It says on your website that you’re offering concessions. Oh, no, they’ve burned off. They’ve burned out. We’re not offering concessions anymore. I’m like, okay. Well, yeah, it turns out that when it got into underwriting with the lender, we were adding up and boom, we finally got a report that showed all of the concessions. We had to do this whole, like, net rent effective analysis because they had it burned off. Then on top of that, they were still offering concessions. So that was pretty hairy. We got through it, but it was a pretty hairy deal.


[00:14:28 – 00:14:31] – Nicole Pendergrass (Noirvest Holdings)

Wow. So even with all of that, you still were able to get it funded, right?


[00:14:32 – 00:14:57] – Niki Perez (authenticcre.com)

We did. We got. funded by a creative bridge lender, it died with the initial lender that we had, you know, got underapp with. And keep in mind, there are some non-refundable fees that go into signing up these apps, you know, so that’s money lost there too for the sponsor. Like, just tell us what’s up, you know, the beginning.


[00:14:58 – 00:17:40] – Nicole Pendergrass (Noirvest Holdings)

That’s what you said, the transparency on the operator and investor side and your side, like everyone has to work together to make this come to fruition. The thing though that you said that I want people to pull away from that is that if you are looking for a deal that someone is offering for sale, that’s another thing that you should be looking at, making sure numbers, just the way Nikki was looking at doing her due diligence and making sure that the numbers meet sense and that things were aligned, that like, if there is a huge gap between what you’re really seeing or on the P&L and what’s happening on the rent role, there has to be something explaining that. And maybe the seller is hiding concessions or other information because they want to increase their N.O.Y.

Like if they boost their N.O.Y, that boosts their purchase, their valuation, but you don’t want to buy a building that is offering concessions at all and that you weren’t planning for. Now all a sudden your lease subs decrease because you’re not offering concessions anymore and everyone’s used to the concessions, you know? Like, so that’s something that really could, that’s like a big red flag even with her and with you as an investor looking at deals.

And that’s why you need someone like Niki and your team who can sniff out that kind of stuff and be like, look man, something’s not adding up here, something’s fishy and you will get to the bottom of it. And it’s great having someone like her as well just because then she can still pivot and find a lender who can make it happen and still get to the bottom of things.

So, talking about like getting lenders who are in alignment or just like making things and making deals work, I know right now is a pretty hairy time in commercial real estate, especially like in multifamily there’s some stability happening I guess, but the lending aspect of it with the rate increases over the past year have been a huge concern for a lot of people and everybody’s interested in the financing, right?

How do we get the money to do the deals? So what have you seen recently as far as what lenders are requiring and what they’re maybe like, they’re alone to value that they’re making, are they requiring more experience, more equity, what are some of the holdups that you see happening that have been changes in making lending stricter and fall, you know, potentially even falling through, you know, I’ve heard of a lot of deals falling through at the 20, 23rd hour, you know, so what are some of those things that are happening and bubbling under the surface that investors looking to get in should be aware of when they’re looking for lending?


[00:17:41 – 00:20:14] – Niki Perez (authenticcre.com)

I think the most important part about responding to that question is starting off by saying you need to understand what type of lender you want where, you know, how we say, okay, I’m an investor and I have a specific criteria of the type of properties that I invested, right? The lenders are the same way. Lenders all have specific appetites. They have specific boxes of how they look at deals and what type of asset types they’re going to look at. So, I think it’s important to know where you fall into that space, where your deals fall into that space.

I mean as just as I actually have some real-time information here. So, like I’ve worked with You know banks, life companies and the agencies and debt funds right and but by the agencies I mean the government sponsored enterprises the Freddie Mac and Fannie Mae, you know stuff like that They hold the market share for multifamily. They don’t do capital markets, but You know all of these different types of lenders that I just mentioned look at LTV Like you like they look at LTV.

They look at You know DSCR maybe a little bit differently than others do so for example like life companies today They’ll go up to you know 70% of cost Maxed out at 65% of stable value, right? You can get interest only with them You can get a 25 or 30 year amortization with the life companies.

I think you’re going to see more 25 year You know, depending on the deal, but on a permanent loan basis, can gauge, you know, the 10-year treasury is always a good, I think, yield index to go by. So, for the life companies, you’re looking at 200 to 250 spread over the 10-year treasury. They’re non-recourse and they are picky about sponsorship, right? So, the life companies prefer institutional investors. They prefer investors that have, I break down the level of experience between low, moderate, and high.


[00:20:15 – 00:20:47] – Ad2

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[00:20:48 – 00:23:01] – Niki Perez (authenticcre.com)

They want a high-level experience sponsorship group for bank financing, right? can get up to 75% today, you know, they’re more active in the 5-year funding money space and you’re looking at, you know, $250 to $300 over the treasury, those are full recourse, and they require some level of experience. not as picky as a live company. That can be, I think we see a lot of beginner investors start with banks because they have a more open minded credit box and level of experience when a level of appetite requirement for beginner investors.

So, we’ll see beginner investors start with the banks and then when they start rolling with their portfolio and getting more experience, you can move on to different kinds of lenders. So, I mean, those are just some examples of what we’re seeing in the market today. Again, the agencies are going to be for multifamily. They hold the market share. think they’re always going to. And they look at deals, you know, on a basis of basically.

It’s a, it’s a, it’s a combination between LTV and debt service coverage ratio. So, it’ll be the first box is up to 80% on a 125-debt service coverage ratio. The second box is lower tier, which is at 65% on a 135-debt service coverage ratio. And then the last one would be 40, 55% loan to value, and then a 155-debt service coverage ratio, 145 to 155. And that being said, the lower your LTV is in that 55 to 65% space, I think today with any lender is going to be the deal that is going to be highly prioritized. It’s less risky for the lender and you have more skin in the game. coming in with more equity, know, 35%, whatever the case may be.


[00:23:02 – 00:23:36] – Nicole Pendergrass (Noirvest Holdings)

Yeah, so basically if you’re your LTV, your loan to value is lower because you’re bringing more down payment or whatever to the deal and your debt service coverage ratio is now higher because you have less debt. So now that’s something that is more appealing to the banks. And what I wanted to do is also break down like LTV and DSCR and the 250 or 300 basis points. What do those terms kind of mean just for people who are newer and understanding lending terms?


[00:23:37 – 00:25:16] – Niki Perez (authenticcre.com)

So, your loan to value is a percentage and it’s basically the percentage of the loan amount that you’re going to be given by the lender. So if you’re purchasing a property for whatever XYZ amount and you want a 75% loan, your loan is going to be 75% of whatever number. Which means that you’re coming in with a 25% equity down payment.

The debt service coverage ratio is basically the coverage ratio that shows how much your cash flow supports your loan. So, if you know, let’s say your debt service coverage ratio, that means that you’re between your loan and your expense and all that, you’re breaking even, right? You’re breaking even. That’s not very attractive, I think, to anyone. For you as an investor, nor for a lender that’s trying to lend you money, that doesn’t really make them feel super comfortable in giving you a bunch of bucks. Typically, if you’re at a 125, that’s a good place to be. If you can prove that your property is operating out of 125 and your cash flow support your loan ask out of 125 debt service coverage ratio. You should be, you know, pretty good to go.


[00:25:17 – 00:25:46] – Nicole Pendergrass (Noirvest Holdings)

Okay, cool. Thank you for those explanations. So, what I want to do now, is there anything else that you wanted to add about lending debt, analyzation, making sure that you’re looking at your numbers correctly, anything that people, especially like newer investors, are people wanting to get into the game, should really kind of look out when it comes to acquiring a deal.


[00:25:47 – 00:27:20] – Niki Perez (authenticcre.com)

I definitely think that, you know, what you touched on earlier, and I’ll just kind of, you know, go back to it because I think it’s really important to highlight is that when you’re trying to acquire these properties and you are requesting these due diligence items from the seller, if there is even a moments pause where you’re like, that don’t seem right or they’re not very forthcoming, they’re like, oh, we don’t have a rent role, we’re just going to give you a unit mix or we don’t have a full year’s worth of operating history, whether it’s rolled up into one P&L, that’s fine too, but if they just want to provide the last six months, I mean, that’s a red flag, you know, if they’re not going to want to provide you a full rent role, that’s a red flag and what I would say to that is also don’t be afraid to push, you know, some people in these beginning stages, I don’t think that they feel comfortable enough or confident enough to say, well, this is what I really need.

If you want to sell me this deal and you want me to be able to get the financing that want to able that that I need from it, or if you want me to actually make you an offer that is the value that you’re allocating to this property, give me the information that I need, period. And if they don’t want to do it, don’t be afraid to walk away either. It’s okay. You’ll find another one.


[00:27:21 – 00:28:41] – Nicole Pendergrass (Noirvest Holdings)

Yeah. And actually, that’s a great point. I’ve heard people say, like, one of the best deals they did was the one they didn’t. Oh, you have to be okay with walking away. So, I actually was about to transition, but I got one last question because you were saying some of that stuff about P&Ls and rent rules and all that stuff.

There, what if you are targeting mom-and-pop type of sellers who are not professional property managers and do not really run and keep track of their numbers like they should be, how do you kind of get, what do you do to get information to kind of, even if you sell or truly doesn’t have it, you know, like, how do you evaluate the deal? Because I’ve definitely posed on a deal where it was, you know, mom and pop situation, the husband dealt with the real estate and he had passed a couple of years before, so a wife really wasn’t like, she let some, the guy who was helping her husband kind of continue running it, but she didn’t have any documentation for us. So, we were doing a lot of pro forma with not any, you know, back up like hard evidence kind of to, to help us with that innovation. So, what do you suggest people do in that kind of situation?


[00:28:42 – 00:31:02] – Niki Perez (authenticcre.com)

I suggest that you, I think it’s good to plan ahead, right? I think that it’s inevitable, especially with the smaller size, and let’s just focus on multifamily with the smaller size multifamily properties, know, you know, five units to call it 50.

And, you know, you’re more than likely to run into a situation where a seller doesn’t have the best accounting resources available. So, in knowing that, I would definitely educate yourself on what an actual P&L statement should look like and provide to you, you know, like what the income needs to have, right, in order for you to really assess it. It’s, you know, your gross potential rent, your vacancy, is their bad debt, are their concessions, right, make sure that you understand what all of those terms mean and how they calculate.

Know your market, right, if you need to pro forma, know your market. And then the expenses too, you know, especially real estate taxes and insurance these days, I would definitely make sure that you understand how those are reassessed per your county or whatever deal that, you know, whatever municipality the deal is in. And then, you know, insurance is tough, right? Especially until you get your appraisal insurable value and stuff like that, it’s tough. But you can still reach out to very, you know, educated local commercial property insurance agents in the area or talk to people that have done a deal, right? Or talk to your local appraisers and see what they’re thinking about insurable values and that’ll help you too.

The point is get prepared, educate yourself so that when you are presented with a situation where you have choppy numbers and you need to piece them together, you’re able to do it efficiently and the knowledge to do it skillfully. Then you can, you know, put them together in a way that shows you the timeline. Maybe you can create your own T-12, you know, maybe you can create your own T-6, you know, however, whatever information you have.


[00:31:03 – 00:32:06] – Nicole Pendergrass (Noirvest Holdings)

Okay, cool, love that, that’s, and that’s awesome. So why is very important to know your market? like you said, you could ask another investor, maybe within the market, like talking to actually lenders or property managers and seeing what they see as like standard expenses for certain line items and stuff and trying to piece together as best you can.

But every market is a little different. So, you know, you need to know your market. And that’s why I always am a proponent for especially newer investors starting with one market, you know, or to Max, because it’s very hard to know to level of detail you need to. If you’re spread then and you’re doing like all these different markets, even like if it’s in the same state, every market is, you know, is different.

And if you’re getting to a situation where you need to analyze a deal, you don’t know the standard expenses per unit, you know, for a particular market is harder for you to kind of piece that together and make sense of it. If you come to a seller who doesn’t have like all the accounting together like you said.


[00:32:07 – 00:32:49] – Niki Perez (authenticcre.com)

I’m glad that you brought that up too because it brings up another really important point that as a sponsor, borrower, investor, especially in the beginning stages, if you are local and you are just only building your portfolio in your local markets, that is a main question that lenders are going to ask you. How close do you live to the property? How many properties do you manage your own within your market? That’s a really important, you know, aspect to the experience that lenders are going to look at. So, thank you for bringing that up. It’s important.


[00:32:50 – 00:34:56] – Nicole Pendergrass (Noirvest Holdings)

Yeah, definitely. Well, this conversation was just insane. Like you gave so many paying attention to and just like sharing your whole journey. and how you’ve got to creating your own, your own firm, authentic CRE. Guys, I’m going have the link to her firm in the chat in the notes. So, make sure you look her up and reach out when you’re doing your deals and seeing how she can help you and assist you with making sure you’re underwriting is together and everything is in line so that you have the best chances of closing that deal.

So, what we’re going to do now is we are going to transition to segment called Digest with the Guest. These are the last four or five questions I ask every guest. First, I wanted to give a shout out to someone who left an amazing review on Apple Podcast. So this is from Cinefly, a much-needed financial education and love this podcast. I’ve watched Nicole build her brand. So, to finally listen to her much-anticipated podcast with a breath of fresh air is quite relatable to the everyday person and meet you wherever you are in your journey. Take a listen, you won’t regret it. Lots of great guests and diamonds, diamond diamonds. Thank you. See me Um, I love this, this review.

Everyone, if you have not left a rating or review on Apple podcast, please do so. That helps us get conversations like this that we’ve had with Nikki today out to more people who are looking for this kind of information and it helps expand our reach and it helps us all level up together and get the information that we need, right? So, that’s just what the guest Warren Buffett said, diversification is protection against ignorance. Um, so what do you take that to mean that a good or bad thing? And how, what are your views on that?


[00:34:57 – 00:35:02] – Niki Perez (authenticcre.com)

Diversification is protected is protecting against ignorance.


[00:35:03 – 00:35:05] – Nicole Pendergrass (Noirvest Holdings)

Yeah, protection against ignorance.


[00:35:06 – 00:36:12] – Niki Perez (authenticcre.com)

I think that it means the more you know, the more equipped you are to handle very variable situations. Like, you know, we say all the time that, you know, what it, I forget what that phrase is, but being a jack of all trades means that you’re a master of none. You know what I mean? And I think it’s fine, you know, but I think also being a jack of all trades means that you are very diversified and you can offer, you know, expertise in many areas and walks of life. And I think that being able to be that type of persona and have that type of mind frame is very, very powerful because it means that you are able to look at situations from a different lens versus being ignorant about them.


[00:36:13 – 00:36:17] – Nicole Pendergrass (Noirvest Holdings)

Yep. Love that. You played Monopoly before?


[00:36:18 – 00:36:19] – Niki Perez (authenticcre.com)



[00:36:20 – 00:36:27] – Nicole Pendergrass (Noirvest Holdings)

Okay. In the game of Monopoly, Boardwalk or Baltic. What’s your first purchase if you had a choice and why?


[00:36:28 – 00:36:38] – Niki Perez (authenticcre.com)

Shoot. Probably Baltic because I think it’s cheaper and I might be able to build on it faster and then I can move on to Boardwalk.


[00:36:39 – 00:36:54] – Nicole Pendergrass (Noirvest Holdings)

Like that. Hey, stepping stones. That’s what I’m all about. Starting small and stepping your way and using that as a gateway to step up into the next investment and level up. Love it. What does wealth mean to you?


[00:36:55 – 00:37:40] – Niki Perez (authenticcre.com)

I can tell you what it’s not to me. I don’t think wealth is health and I don’t think broke is broken. I think that I think that for us to truly be wealthy, we need to have a very strong foundation first. And I don’t think that that comes from money. I think it comes from moving through life with good intentions and behavior and aligning yourself with, you know, everyone that values what you value in making something really amazing come from it.


[00:37:41 – 00:38:13] – Nicole Pendergrass (Noirvest Holdings)

Okay, I love that. Great answer. Okay. And then now we actually we asked each guest to create a question for the next guest. It can be anything business, personal, funny, whatever, whatever you want. I know you thought of a question. I love your question, but I’ll ask you the last guest question first for you. Which is, what does black or black Brown I’ll add that in black or black or brown wealth mean?


[00:38:14 – 00:38:15] – Niki Perez (authenticcre.com)

What does it mean?


[00:38:16 – 00:38:21] – Nicole Pendergrass (Noirvest Holdings)

Yeah, It’s very broad question open-ended question.


[00:38:22 – 00:39:23] – Niki Perez (authenticcre.com)

I mean I think see the same I think of wealth in in in a different way I don’t always I don’t think about it when it comes to money But I think for people like us. I think that wealth comes from creating a Pathway for our future generations to walk in our footsteps I think it’s really important. I know that you know I wish my dad had talked more to me about creating a pathway for people that look like me and you growing up and I really want my son to be able to understand what that looks like, and for him to be able to perhaps step into the shoes of running authentic CRE one day. You know, I’ve created a speech for him to create generational wealth for himself in his case as well.


[00:39:24 – 00:39:46] – Nicole Pendergrass (Noirvest Holdings)

All right, I actually, I really love that. So, in a nutshell, it’s more about making it generational, right, making wealth generational, and the knowledge behind it, so that we can keep it generational after that, you know? Okay, love it. Now, you wanna share your question for the next guest?


[00:39:47 – 00:40:10] – Niki Perez (authenticcre.com)

Well, mine is more funny, but I think it went something like, you know, it’s the zombie apocalypse, you know, the horde is near, and you have a short amount of time to grab three things from your home before you vacate it forever. What are the three things that you take?


[00:40:11 – 00:41:14] – Nicole Pendergrass (Noirvest Holdings)

I don’t have sound effects, but that’s my sound effect. love that question because one, it does get to my set of like, what’s important to someone, but that too, it has a funny twist to it. Like a fish is like, curls are culturally relevant, doesn’t have to be, you know, serious. I think it’s the first, actually, you know, one of the person did ask a question that was not, it was just a funny question. It’s all a question. had no really deeper meaning behind it. It was just a funny question. So, I love this.

I love these segments, but in any case, I will make sure to ask the next guest that question, and I can’t wait to see what she says. I know who that’s going to be. But in any case, like that’s a wrap. So, wrap, thank you so much, Niki, for joining in with us today and being so authentic and sharing so many insights. Like throughout this whole conversation, I can’t wait for this to air for everyone to enjoy what you just shared with me. This is fantastic.


[00:41:15 – 00:41:29] – Niki Perez (authenticcre.com)

Thank you for having me. We’ve been talking about it for so long and I’m just so happy to contribute to what you’re doing because what you’re doing is amazing. So, thank you for putting this on and sharing this with everyone because it’s really important. Thank you.


[00:41:30 – 00:41:36] – Nicole Pendergrass (Noirvest Holdings)

Well, thank you again. Alright, everyone, we will see you the next time. Take care.


[00:41:37 – 00:42:14] – Outro

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