The Secret Ingredient

Stephen Stetelman

Broker, Dad, tennis player

I watched Kung Fu Panda this past weekend. In the film, you learn late in the movie that there is no secret ingredient to his father's 'secret ingredient' soup. That was the secret. Related, the 'dragon scroll' which supposedly gave the holder unlimited power, really had no content. 

That's the moral of this story, and something important that I've learned from a decade in commercial real estate. The secret is that there is no secret sauce. We don't know exactly how to do this, but through almost a century of experience, we know what not to do. I think that's sort of the key to real estate, and maybe anything: never make the same mistake twice. 

What have I learned? Roll the dice. Put your money where your mouth is. Play with other people's money. And learn from the mistakes of others. 

What mistakes have I made? I've missed out on deals that I thought were marginal. I've been afraid to take on debt. Honestly, not listening to my dad's wisdom would be a big one. He's literally saying, "I've made that mistake before. Don't do that." And yet, I continue. 
 
Bonus tip: Don't be afraid to make offers. We make offers all the time. Sight unseen. I don't want to waste my time or anyone else's. Add in your contract a walkthrough, and inspection, and any other contingencies to make yourself comfortable, but throw a number out there. Sometimes you'll be shocked by the results. "You miss 100% of the shots you don't take." -Michael Jordan. 
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What are your goals for 2023? Can we help you get there? Are you ready to take the plunge into commercial property? We'd love to discuss opportunities with you. Heck, we may even partner up with you.