Greg Bond shares his journey from single-family homes to commercial properties, including the challenges and successes he encountered along the way. Greg is a successful commercial real estate investor and property management guru. He started out in his family’s map-making business. But when technology made paper maps obsolete, Greg learned how to educate himself on new ideas so he’s comfortable with taking risks. He started out in residential but he’s quickly shifted into industrial real estate, using 1031 exchanges and accelerated depreciation to maximize his return on investment. Greg shares insights and experiences from his real estate and property management career and what intrinsically has influenced his aspirations for a better life.
Takeaways
*Transitioning from single-family homes to commercial properties can provide higher returns and cash flow. *Having a reserve fund is essential to manage risks and handle unexpected expenses.
*Diversification across different asset classes can help mitigate risks and provide stability in a changing market.
*Building relationships with tenants and maintaining good cash flow are key to success in real estate investing. Establishing a morning routine can provide uninterrupted time for thinking, strategizing, and preparing for the day.
*While negotiating is important, it’s crucial not to be fixated on getting the best deal and potentially missing out on good opportunities.
*Cashflow and employee management are common struggles in business, and finding solutions through training, accountability, and getting the right people in the right positions is key.
*Investing in education and surrounding oneself with knowledgeable and experienced individuals can greatly contribute to personal and professional growth.
*Using key performance indicators (KPIs) to track progress and make informed decisions is essential for success in business. Inspirational figures, such as local pastors and sports coaches, can have a profound impact on shaping aspirations and values.
Resources Mentioned
Greg’s Property Management Services https://www.tpmguys.com/
1031 Exchanges: https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Sharper Business Solutions: https://sharperprocess.com/
Robert Kiyosaki: https://www.richdad.com/about/robert-t-kiyosaki
Dave Ramsey: https://www.ramseysolutions.com/
Central Florida Realty Association (CFRI): https://www.cfri.net/default.aspx
Get in touch with Greg Bond: [email protected] or [email protected]
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Chapters
00:00 Introduction
05:11 Changes in Practice
16:33 Transition to Commercial Properties
19:41 Starting in Single-Family Homes
22:39 Entering Real Estate Full-Time
26:55 Transition to Commercial Properties
32:02 Education and Risk Comfort
38:39 Day in the Life 47:03
Morning Routine and Productivity
48:44 Importance of Negotiating
50:09 Struggles in Business: Cashflow and Employees
50:47 Solving Cashflow and Employee Issues
53:22 Importance of Education and Surrounding Yourself with the Right People