Wed, 20 September 2017
One of the big real estate rookie mistakes is to turn into a Walmart shopper as you build your team. It is easy to see a coach, lawyer, or property manager as an expense and choose to go with someone less experienced—or even elect to do the job yourself. But today’s guest can attest to the fact that a quality team is an investment that can save you millions in the long run.
Damion Lupo is a serial entrepreneur with a ‘think big’ mentality. In the last 25 years, he’s founded more than 30 companies in a number of industries including insurance, precious metals, venture capital, financial consulting and real estate. Damion is also a black belt in three different disciplines and the architect of Yokido, his very own martial art.
Damion’s personal philosophy centers around self-responsibility and a conviction that candor, growth and a big vision provide the only path to freedom. His commitment to these values led to the creation of Total Control Financial, a FinTech that seeks to reinvent financial control and empower Main Street with the tools of financial transformation. Today Damion discusses his first multifamily deal, a 119-unit property in Memphis that resulted in a $2M loss, and the lessons he learned from the experience. He shares the transformational power of failure, the importance of building a team you can trust, and the extraordinary value of a mentor. Learn how Damion’s shift from consumer to contributor had a revolutionary impact on his life.
[4:03] How Damion got into real estate
[5:44] Damion’s first steps in real estate
[7:18] How Damion was able to avoid bankruptcy
[7:58] How Damion got stretched too thin early in his real estate career
[9:35] The lessons Damion learned from his first multifamily deal (119-unit in Memphis)
[14:31] What Damion could have done differently on the Memphis deal
[19:50] The value of a coach/ mentor
[24:48] Damion’s advice around leading a team
[25:52] How Damion reinvented himself after hitting rock bottom
[32:45] How dark times set you up for success and fulfillment
Connect with Damion Lupo
Direct download: MB_079__How_I_Lost_2M_in_Multifamily_and_Lessons_Learned__With_Damion_Lupo.mp3
Category:Commercial Real Estate -- posted at: 7:43pm EDT