Nick Sansone

So when you focus on the problems and then focus on the solutions of those problems and then do everything you can to avoid those problems from actually happening, you're starting in the right place with your deal. Yeah.

So when you focus on the problems and then focus on the solutions of those problems and then do everything you can to avoid those problems from actually happening, you're starting in the right place with your deal. Yeah.

Well, I can give you a couple, but one quick one is, We can, it's human nature to get complacent when things are going really well. And the advice that I would give to other people based on our own experience is if you're running a company or you're running your own real estate deal or you're running your own bank account is watch those numbers.

Well, I can give you a couple, but one quick one is, We can, it's human nature to get complacent when things are going really well. And the advice that I would give to other people based on our own experience is if you're running a company or you're running your own real estate deal or you're running your own bank account is watch those numbers.

When money's coming in and revenue's coming in and everything's going great, man, it is easy to take your eye off the ball. And we had a situation with our company where we had a, um, a gentleman that was keeping track of our numbers and profits looked incredible. We had developments going all over the country. Things were rolling. This was a pre this was a, no, I'm sorry.

When money's coming in and revenue's coming in and everything's going great, man, it is easy to take your eye off the ball. And we had a situation with our company where we had a, um, a gentleman that was keeping track of our numbers and profits looked incredible. We had developments going all over the country. Things were rolling. This was a pre this was a, no, I'm sorry.

This was, this was post COVID because things really exploded post COVID. Yeah. And, um, To say a mistake was made in the bookkeeping is an understatement. We're talking about millions of dollars off. And we realized the mistake late into the year. And we went from thinking that our operating business was just gonna crush it to literally overnight,

This was, this was post COVID because things really exploded post COVID. Yeah. And, um, To say a mistake was made in the bookkeeping is an understatement. We're talking about millions of dollars off. And we realized the mistake late into the year. And we went from thinking that our operating business was just gonna crush it to literally overnight,

seeing that we actually might not have enough cash and operations to support overhead. And the reason that happened is we took our eye off the ball and we stopped paying attention to the numbers. And we were out there doing development deals all over the place. Now our development business is separate from our operating company. Our operating company is a service business.

seeing that we actually might not have enough cash and operations to support overhead. And the reason that happened is we took our eye off the ball and we stopped paying attention to the numbers. And we were out there doing development deals all over the place. Now our development business is separate from our operating company. Our operating company is a service business.

But the lesson, now we ended up working out of it, but you know what we did? We started having a weekly meeting on the cash in the bank and on the projected revenue coming in. And so to anybody that's out there from a lesson learned is don't get complacent with your numbers. And especially when things are going great. I don't mean to sound like a pessimist.

But the lesson, now we ended up working out of it, but you know what we did? We started having a weekly meeting on the cash in the bank and on the projected revenue coming in. And so to anybody that's out there from a lesson learned is don't get complacent with your numbers. And especially when things are going great. I don't mean to sound like a pessimist.

You got to be looking around the corner. for the next issue that's going to be coming, because that's the way the world works. When things are really smooth and you're in a nice valley, there's a mountain coming again. And it's just how it is. It's peaks and valleys. And that was a big deal for us. The second one, very quickly for anyone in real estate, make sure to check your soil.

You got to be looking around the corner. for the next issue that's going to be coming, because that's the way the world works. When things are really smooth and you're in a nice valley, there's a mountain coming again. And it's just how it is. It's peaks and valleys. And that was a big deal for us. The second one, very quickly for anyone in real estate, make sure to check your soil.

We thought we were geniuses. We found a a half a million square foot industrial building that was off market, brand new. Like, oh my God, brand new in a park where it was, the whole park was 100% leased, but for this building. Like, my God, there's tenants everywhere wanting to get in this park. I have no idea why these developers developed this and now they want to get out of it.

We thought we were geniuses. We found a a half a million square foot industrial building that was off market, brand new. Like, oh my God, brand new in a park where it was, the whole park was 100% leased, but for this building. Like, my God, there's tenants everywhere wanting to get in this park. I have no idea why these developers developed this and now they want to get out of it.

Hell, we're going to step in. We get under contract. We didn't do the proper soil testing, which is geotech environmental reports. After we closed on it, we realized the entire floor of the warehouse is cracking and moving. Okay. You're not going to get a tenant.

Hell, we're going to step in. We get under contract. We didn't do the proper soil testing, which is geotech environmental reports. After we closed on it, we realized the entire floor of the warehouse is cracking and moving. Okay. You're not going to get a tenant.

And when you have soil issues, especially in a building that's already built and your floor is cracking, the remediation for that is crazy expense. So we ended up actually coming out all right because our underwriting on the deal was so doggone conservative. We got out of it okay. But if you're in the development business, man...

And when you have soil issues, especially in a building that's already built and your floor is cracking, the remediation for that is crazy expense. So we ended up actually coming out all right because our underwriting on the deal was so doggone conservative. We got out of it okay. But if you're in the development business, man...