Showbiz, Advertising, & Real Estate

Did I get rich quick in real estate? No, I did not. But I am now in the position to make my own decisions about how I spend my time, whether it’s on business, on Broadway, or watching my daughter graduate from kindergarten.

~Matt Picheny

Backstage Guide to Real Estate tells the apartment investing story of Matt Picheny, an entrepreneur with an eclectic background. His resume includes time as an actor, digital marketing expert, and advertising exec. Today he runs Picheny, LLC, a real estate private equity firm based in New York City with holdings around the USA. Picheny wrote the book to document his journey and to show others how they might follow his path.

Inspired By Success

It is exciting to be inspired by success. Whenever I notice a business executing well, I ask myself this question: “How can I emulate this level of excellence within Bridgetown Partners?”

Recent inspirational experience: Restoration Hardware in Nashville, Tennessee.

What Is Asset Management?

We once found a $10,000 charge for a plumbing expense that was not for our property (even our manager missed it). Had we not audited our financials on a monthly basis, we would have been responsible for that expense.

-From the book Best in Class
by Kyle Mitchell and Gary Lipsky

A successful commercial real estate syndication firm will build a team to handle the three main segments of the business:

• Acquisitions. Finding and buying investment properties. Working with brokers and sellers to negotiate workable terms.
• Capital Raising. Bringing in equity partners who will participate in the purchase of the property.
• Asset Management. Creating a business plan for the property. Holding everyone accountable to ensure that the plan is well-executed.

The book Best In Class focuses on asset management.

Balloons and Business Leadership

Take a look at the northern Phoenix sky on an early morning. You might see hot air balloons taking off. Clusters of balloons with baskets full of eager people suspended underneath.

I recently took a ride in one of those balloons. Kudos to Hot Air Expeditions for offering an exciting early-morning experience along with some helpful business lessons.

Celebrating Business with BizDayGlobal

BizDayGlobal is the video podcast that celebrates business. The core belief of BizDayGlobal: When people do business with each other for mutual advantage, they are less likely to fight each other.

What is Business?

From the BizDayGlobal 44-second intro:

• Business is cooperation.
• Business inspires all of us to work together, and to win together.
• Business lets us manufacture in Singapore and ship to Barbados through locks engineered in Panama, financed in Switzerland.