3 Lessons Learned at the Commercial Academy Mastermind
- Go Class A – So Henry, Aaron, Dakota, (partners of mine) & I went out to lunch with a few of my friends. One guy has $180M in retail, another has $1.2B in multi family & another earned $37M in income last year. There were about 18 of us in total. Henry quietly paid the entire check. Class A act here. The lesson here is that it was a strategic move. Once everyone realized what happened, they thanked Henry and had a short conversation. Great investment into building a relationship & Great first impression
- Bigger is NOT Always Better – One of my friends has a very large, highly vacant property that is taking a TON of work to stabilize. This is a heavy lift-and he does expect heavy profit. But there is a personal cost in energy, time, & sleepless nights that come along with a lift like this. May or may not be worth it-but I learned to include this in my analysis on bigger, heavy lift deals.
- Choose Wisely-Time & Money are Limited. Along the line of the heavy lift, I further realize that time & money are limited. More so time. There are only so many deals you can do-so choose wisely. Not all deals deserve to get done. The profit must align (meaning there needs to be ENOUGH profit) with the risk involved. I now include the risk of the time wasted on a project in addition to the money risk involved. Can always make more money, but cannot make time.