Women in Real Estate: Beeta Lecha
Principal, Spiegel Accountancy Corp.
beeta@spiegelcorp.com | 925.949.5687
My introduction to real estate was happenstance. I was in the first year of a career as a tax professional during the housing market crash. As an entry-level staffer working at Armanino, LLP, I was assigned to work on private lending fund partnership tax returns. It was a time when there was little guidance in the tax code or regulations on issues arising in real estate lending. I spent hours researching emerging issues such as the differences between GAAP accounting and tax treatment for real-estate owned foreclosures.
Although I got my start by chance, my decision to focus a CPA career in an REI niche was intentional. I joined Spiegel Accountancy Corp. six years ago. I was attracted to the firm because its small, dynamic atmosphere is focused on private lending and real estate investing. Our niche focus allows us to see a variety of clients facing similar situations, leverage our expertise and bring accounting and tax best practices to the REI space.
Under the mentorship of our founder Jeff Spiegel, I was promoted to principal, and I manage our tax and fund accounting practices. I’ve learned important professional lessons from Jeff. The No. 1 lesson being not solely to prepare tax returns, but rather to provide value to our clients by bringing strategies and solutions.
I attend a lot of conferences, and I am passionate about sharing information. I speak on hot topics such as the recent Tax Cuts and Jobs Act changes, Qualifying Opportunity Zones or REIT conversions.
Although I am active in the business development of our firm, there was always a moment at a cocktail hour when I looked around and felt intimated that the room was primarily male dominated. I mentioned this once to my father, who retorted, “What do you think it was like for a short middle-eastern man in the 80s?”
So, instead of mulling over whether I’m at an advantage or disadvantage for being a woman, I simply remind myself that everyone feels awkward at networking events. Over time, I have developed great relationships with clients and network contacts. Now when I am at a conference, I feel as though I am in a room full of friends.
I got married and started my family at 18. I have three daughters. My eldest daughter is now in college. Completing my bachelor’s degree from the University of California, Santa Cruz in four years and then raising three young children, while working full time and studying for the CPA exam, were by far the hardest things I have done. I wouldn’t have made it through without the support of my spouse, my parents and my in-laws. Being able to make it through those challenges has taught me that I can accomplish anything.
Is there a woman in the industry who has inspired you and why?
Fresh out of college, I had the good fortune to work with Suzy Cain, who was the chief financial officer at the San Francisco Chronicle. We would talk on our breaks about Harry Potter novels, and she would listen attentively to my career aspirations.
Suzy encouraged me to study for the CPA exam and pursue a profession in public accounting. Suzy was down-to-earth, had a fascinating career and focused whole-heartedly on her kids. My fondest memory of Suzy was one time while she was driving, she turned to me and apologized that her car smelled like old fish tacos because of the soccer gear in the back seat. I knew then that I could focus equally on my career and my kids.
What advice would you give to other women beginning a career in the predominantly male real estate investment industry?
Two-thirds of our leadership (managers, senior managers and principals) are women, all of whom are outspoken and passionate. We are constantly discussing how to improve our processes, improve our firm, or make a change. My advice to anyone starting their career is not to be afraid to speak up. Everyone can be a positive influence for improvement and change. Change will not happen by standing idly or silently by and waiting for it to happen.
