12DOC2023 Lesson 1: You must fail to learn

TLDR

• Failing is part of the learning curve.

• If you're not failing, you're not trying.

• Two homes built this year were not up to standards, but it was a good learning experience.

• Endangered species can hold the project up if you don't prepare beforehand.

• Quality control needs to happen at every stage of the construction process. 

• Rapid expansion from 20 projects to hundreds of projects a year has presented new problems.

• Experience becomes the best teacher.

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Intro

It's easy to think that all business deals go well. Gurus will tell you they've never lost money or they never messed up because they know something you don't. I call bullshit on these people. Everyone has failed at some point; that's part of the learning curve. If you're not failing, you're not trying. Fail fast, learn from it, and try again is my motto.

My first few deals of the year were not the best ones I've done. I built two homes this year that were not up to standards. Even though the results were less than stellar, they were a good learning experience.

Like every other deal, I underwrote them and ensured the numbers made sense. I did my due diligence on the properties and got to building. Below, I outline some of the challenges and lessons that I went through…