Ep. 13: How You Really Get Paid in Real Estate: Capital Stacks, Waterfalls & Fee Truths

If you’re a founder stepping into real estate development — or already in it and wondering why you’re the last to get paid — this episode is your wake-up call and roadmap.

Too many women step into deals hoping the upside will come. But hope isn’t a strategy — and “someday paydays” won’t fund your vision today.

In this masterclass-style episode, Katie Kim and CFO Cheryl Heller break down:

What the capital stack actually is (in plain English)

Why most developers get paid last — and how to fix it

What fees you should be charging to protect your business now

How to design your waterfall so you get paid early and keep the upside

What to watch out for in “preferred equity” deals and how to protect your promote

This is your new lens on capital. Real numbers, real clarity — no fluff. It’s time to structure smarter and scale without guesswork.

⏱️ TIMESTAMPS
00:00 – Why most developers get paid last (and how to stop it)
01:40 – Capital Stack 101: Debt, equity, risk, return
04:30 – The danger of being only in common equity
06:00 – Sample deal math: $10M cost, $13M exit
10:00 – Waterfall basics: who gets paid and when
13:00 – Simple vs. compound prep (don’t get blindsided)
17:00 – How promotes (GP carries) actually work
20:30 – Structuring your deal: risk, return, and control
25:00 – Developer fees: what’s fair, what’s strategic
28:30 – Should you reinvest your fees as equity? (real talk)
30:30 – Tax trap: fees are taxable even if reinvested
32:00 – 3 questions to ask before you sign your next term sheet
34:00 – Risk mitigation: how to “break the deal” before you build it
36:00 – Action steps: Build your capital stack with clarity

🔗 Connect with Katie Kim

🌐 Website:
https://www.katiekim.com – The Katie Kim Educational Platform
https://www.thekimgroup.com – The Kim Group

📱 Instagram:
@thekatiekim
@thekimgroup

💼 LinkedIn:
Katie Arnholt Kim, CCIM
The Katie Kim Educational Platform
The Kim Group

📘 Facebook:
The Katie Kim Educational Platform
The Kim Group

🔗 Connect with Cheryl Heller

🌐 Website:
https://www.pillaroneconsulting.com/

📱 Instagram:
@cherylaheller

💼 LinkedIn:
Cheryl A. Heller

💻 Missed the last webinar?
Katie’s FREE LIVE MASTERCLASS returns this November!
📅 Tuesday, NOVEMBER 18th at 7pm CST and
📅 Thursday, NOVEMBER 20th at 12pm CST

→ Learn how to use real estate development as a tool to scale your business.
🚨 BONUS: Submit your deal for a chance at live coaching with Katie!
💥 Type “masterclass” below to save your spot.

🤔 Not sure what your next step is?
Book a call with our team to discuss the best option for you.
👉 https://www.katiekim.com/booking-page

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