Sometimes it makes sense to go back to basics.
I was recently listening to Jeannette Robinson's interview with Jake Wiley on our REady2Scale podcast and Jake brought up 3 key pointers to effectively scale a business and they really resonated with me.
So, let's take a look at Jake's pointers and think about how we can apply them to our businesses, and lives in general.
#1: Think Bigger
I love this. I've talked before about creating an unstoppable mindset and believe that thinking big is the only way to run a business.
You need to set ambitious goals and keep them in focus, even if others cast doubt on your ability to achieve them.
When you're in multifamily syndication, thinking about scale and how growth can rapidly accelerate at scale really changes your perception. You need to push past doubt, hold onto a growth mindset and continue to focus on achieving your goals.
#2: Real Estate Syndication is a Team Sport
Jake talked about this in the pod: "some of the lessons I've learned are from the deals I was able to do by myself right before I started bringing on partners. Those were the ones that I could financially like handle, and they are the biggest headaches."
Again, we've talked about how to avoid some common mistakes made by new multifamily investors, and one of those is trying to go it alone. It's critical to find the right partners to work with, those you not only enjoy working with but who can also fill in any skillset gaps, push you forward and keep you motivated.
Real estate investing is really a team sport. You might be the GP, but your investors, LP's and partners are a such a key piece to your operations. You might be able to reap more rewards if you can successfully operate on your own, but building relationships and succeeding as a team will be more rewarding and can help motivate you to achieve far more than you can on your own.
I've been fortunate in my career to be surrounded with fantastic mentors, partners and friends such as Veena Jetti (pictured below), who have motivated and inspired me go far beyond where I could have gone alone.
#3: Find Your Passion and Lean In
Doing what you love will not only create an environment you enjoy, but it will keep you moving forward even when things aren't going well.
For us at Blue Lake Capital, we realize our strengths lie in focusing on Class B, value-add multifamily assets in the Sun Belt. That's one of the reasons we've launched our new Multifamily Fund. We are, first and foremost, passionate about delivering for our investors, and the best way to do that is to lean into the areas where we have the most experience and best track record.
Running a real estate syndication business is complicated, of course. But sometimes it just makes sense to step back, simplify things, and go back to basics.
These three pointers can be a good way to refocus, look past the challenges in today's markets, and stay focused on your bigger goals.
As always, Be Bold, Be Great, and Keep Pushing Forward.
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About Ellie Perlman
Ellie is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.