In this episode, we’re sharing some of our FAVORITE business and real estate investment conversations from the past year.
As we head into 2025, here are some expert tips to build wealth, scale your portfolio, and live in abundance.
You’ll hear from preeminent business and real estate leaders, including Kelly Roach, Greg Selkoe, Tiffany Taylor, Justin Colby, Todd Nepola, Phil Gutman, Jon Gordon, Adam Mendler, Erica Keswin, and David Meltzer.
Kelly Roach on the common denominator of the issues that CEOs face:
“I think a lot of people start a business because they’re passionate and they want to make money, they want to use their talent for good, they want to make a difference, and they have a thing that they like to do. I think a lot of people get to a certain level in business by blunt force. A lot of hard work and a lot of massive action. And that carries you to a certain point. And then you get to a point where now you are the business, and a lot of people don’t know how to cross the bridge from being the business to building the business.”
Greg Selkoe on why perseverance in the workplace is critical:
“I’m a pretty tolerant guy so even if I’m parting ways, I’m not yelling or getting upset. Generally, I’m always trying to be someone who even would be around to help people in the future. But most of the time what happens with folks who don’t work out in companies that I’ve been involved in, is that they’re just not willing to do the extra stuff. They feel like they’re owed something from day one. … You can’t keep score. ‘Well, if I’m going to do this. I need that.’ No. Just do it because you love it and do a really good job and even if it seems like it’s taking longer, you will eventually be recognized for that, and it will pay off.”
Tiffany Taylor on creating your “Elite Mind”:
“When you look at elite performers, there are going to be similar patterns. They’re going to have a clean and clear mind, first of all. They’re going to have a high level of confidence; not just self-confidence but earned confidence in their skill and their craft. They’re going to have clarity in who they are and what it is they want. And they’re going to be performing at a very high level. So, an elite mind is the root cause of what creating an elite life in business is going to look like.”
Justin Colby on what to do when buying your first property:
“Starting out, I would say you want to go and partner with someone on, like, a single-family home. I wouldn’t go raise millions of dollars when you’re just starting out. You need a track record. … I would tell anyone out there, you should not be buying a flip, you should not be buying a rental, you should not be buying an apartment, or a commercial property, with any of your own money. You should always be raising money. There’s a lot of dry powder out there. You just need to know how. And when you’re just getting started, give away the farm. Because you need to build your track record.”
Todd Nepola on the downside of home ownership:
“The problem I have is that far too many people say, ‘I bought a house. This is the best investment I could make.’ And I try to recreate the point that it’s a terrible investment. And then they want to preach to me, ‘But listen, Todd. I’m paying off my mortgage versus paying rent and wasting the money.’ And they’re not understanding the dynamic that your real estate taxes are out the window, your maintenance and landscaping are out the window, your roof repairs are out the window. The equity you’re paying down is simply money you’re putting there from your savings. That doesn’t make it an investment.”
Phil Gutman on whether it’s better to invest in new construction or a rehab:
“It’s easier to start from the ground up because when you’re buying somebody’s old product and then you completely redo it, you’re still dealing with something that has outdated plumbing, outdated electric … I mean, sometimes it’s really more cost-effective and more efficient to start from the ground-up. Also, in my market, which is the ultra-luxury high end, to get top dollar per foot people won’t buy a rehab at those numbers. They want to know that everything is brand spanking new, and high end, and really gone over with a fine-toothed comb.”
Jon Gordon on a common trait among all great leaders:
“They create oneness, they create connection. I work with Dabo Swinney, Sean McVay, Erik Spoelstra of the Miami Heat. Erik is all about focusing on creating a great culture and getting his team to be one team, focused on one mission, one goal, all working together. … They also lead with optimism and belief. They are positive leaders. They know that you win in the mind first. So, they’re really big in terms of investing in their own mindset to better lead their teams. You can’t be a great leader if you don’t have a positive mindset.”
Adam Mendler on a hidden skill of successful leaders:
“Great leaders are great listeners. Great leaders don’t walk into a room intent on speaking; they walk into a room intent on learning. Great leaders are continually trying to improve and continually trying to get better. They recognize that whatever got them to where they are today isn’t necessarily going to get them to where they want to be tomorrow.”
Erica Keswin on how to stay on top of a hybrid or remote work environment:
“Make sure you are focused on outcomes and measuring performance. Because I think (leaders often say), ‘Oh, I feel like productivity is going up,’ or ‘I feel like it’s going down’ … maybe depending on your demographic you just assume that nobody is working at home. You need to measure performance so you can really look at those things!”
David Meltzer on why he thoroughly studies his calendar:
“I study my calendar. Studying means to me that I pay attention to – and I align – my intention. Which is: is what I ‘m doing, saying, thinking, feeling, and believing aligned with where I want to be or better? So, I break it down to negotiable time and non-negotiable time. So, sleep is non-negotiable, and so are family, faith, and finance. Then, the (rest of the day) is negotiable time, which I break down into planned activities and unplanned activities. So, I’ll actually study where my free time is.”