It’s crazy that you could be about to make the worst choice of your life and nothing would stop you. Not even a little popup to ask “are you sure you want to do that?”
I love this little corner of Twitter we call RETwit. My hope for this community is that we can all be a resource for each other. A safe place to bounce ideas and make each other better for it.
At our best we could be Clippy the paper clip for other investors. “It looks like you are trying to design a six unit apartment, have you met @bobbyfijan?”
“It looks like you are about to buy your first strip mall, have you met @realEstateTrent?”
“6% full recourse debt sounds expensive, would you like to ask the community for help finding a new bank?”
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(10 simple rules that will make you successful at anything)
I’ve paid more stupid tax than I care to add up, yet I’ve tried my best to not repeat the same mistakes twice.
Here are 10 things that I wish I learned to years ago.
Never leap from little information to big conclusions. If you don’t know enough, keep searching.
Doubt is not a pleasant condition, but certainty is absurd. No one knows everything about anything. There are always variables that you cannot predict. Learn to be less certain about the things that you think you know, and you will become better about planning for the unlikely.
We created a new hire funnel that turned out to be much for effective than anticipated. Instead of a list of requirements to apply, we shared a page on our site with a blank form and asked “Who are you and what makes you amazing”
The open ended question stumps most and they either don’t write or they submit very poorly thought out responses that don’t get a reply from us.
But every once in a while someone understands that their response is the first interview and they blow us away with an explanation of who they are and show their work ethic with their thoughtfulness.
I’m 40 years old and in 2020 after building several startups (some successful exits and one epic failure in the GFC), I decided to dedicate the next 10 years of my life towards building Harbor Capital. Here is how it is going so far. 🧵👇
Harbor Capital is a RE PE firm that invests only in Class B Industrial properties in Texas. We buy warehouses and manufacturing facilities in the $1-5M price range. Our big hairy audacious goal is to hit $1B in AUM by 2030.
My goal is to build not just a great portfolio, but also to nurture a capable and highly skilled team who can continue to grow our AUM after I step out of the day-to-day operations in 2030.
I’m often asked what the best questions an LP can ask a prospective GP. This one might be controversial, but I think the most effective way to predict success is to ask about their family life. If their relationships are a mess, so are their deals.
Interesting take. Do you really think they are good at what they do?
I’m smiling as I read this Bobby, I remember sitting at lunch with you and how you spoke about your wife and kids with such high regard and how proud you are of your family. I’d invest with you as a GP based on your integrity alone.
If you are buying a property of any type, do your homework on your sellers. There is an incredible amount of public info available on people and companies that you can use to your advantage.
We bought a property recently where the seller was in deep financial trouble. We offered a lower price (just enough above their outstanding loan amt) with a quick close. They accepted.
Another property we found out the sellers were in the middle of an ugly family feud, lawsuits and all sorts of drama. We came in at 40% below asking. They accepted.