Ali Nichols - Partnering to Expand Property Ownership

Ali Nichols is the co-founder of Getaway, an innovative real estate financing platform that empowers real estate entrepreneurs with creative financing solutions to build portfolios without taking on restrictive capital.  In this episode, you’ll hear how Ali merged her passions into founding a business, the insights she gained along the way that led her to shift business models, why she prefers working with a business partner, and what her plans are for the future to scale Getaway. Ali tells us how she combined two of her passions into entrepreneurship, the inspiration she gained from working at Uber, and the early stages of launching her business and raising capital. Ali describes how she used research and testing to develop her value proposition, the importance of honing in on the core problem you solve, and how Getaway helps its customers build real estate portfolios.  Ali shares the two channels that have yielded the most growth, how Getaway uses customer research and feedback to improve its product, pivoting from offering fractional investments to assisting customers in outright property ownership, and how she realized Getaway needed to shift business models. Ali discusses the importance of building and nurturing partnerships for distribution, the difference between investment buyers and residential home buyers, and the challenges in the current real estate market. Finally, Ali talks about the symbiotic relationship she shares with her co-founder, the benefits of being in business with a partner, the importance of defining roles and responsibilities in a partnership, the unglamorous reality of entrepreneurship that isn’t talked about enough, and Getaway’s future plans for expansion. Don"t miss Ali Nichols" reflections on her journey with Getaway and the hard-won wisdom she shares. Skip to Topic: 3:31 - Going from business idea to startup 4:41 - Validating your business idea through research and testing 6:43 - Identifying the core problem you solve for customers 9:01 - How Getaway helps customers build real estate portfolios 10:37 - Shifting business models based on customer feedback 12:04 - The two channels that have contributed to Getaway’s growth 14:05 - Knowing when it’s time to shift your business model 16:29 - Identifying your ideal customer 17:16 - How to use partnerships to grow your business 22:20 - Understanding the risks of real estate investing 24:40 - Forging a successful co-founder working relationship 28:21 - The unglamorous truth about being an entrepreneur  31:58 - Scaling the business to include foreign investors Find Ali at: Website: https://www.getaway.co LinkedIn: https://www.linkedin.com/in/alicnichols/ Visit Stephanie at: https://stephaniehayes.biz/ Follow me on Instagram | Facebook | LinkedIn | Twitter Support the show