Thoughts about business and life. Just thinking out loud.
2022 Was a mixed bag for me. On one end, I saw much of my work from the past four years come to fruition. Financially, it was my best year by a wide margin. On the other end, I dealt with health issues all year, making it hard to enjoy the triumphant moments.
Business
As a business, we were able to ride the housing market and make a killing in the first three quarters of the year. We had record sales in all areas: New construction, wholesale, and education. Just perfect timing that we were able to take capitalize on. We worked hard the last four years looking for land, developing it, and were able to sell it at the top of the market price. The final three months were slightly different as the housing market slowed down. We remain hopeful in the markets we're in because there is still growth and a significant shortage of housing supply in Florida. On a personal note, I received my general contractor's license, which has allowed us to cut costs on the permitting side.
Lesson: You need a good team to run a good business
While still small, it was easy to take control of everything by myself and not rely on others. As I began to try to scale with over 20 construction projects going on, I realized the importance of having good people to help out. If you can hire good people, train them properly and guide them in the right direction, you will have business success more often than not.
Health
Lesson: Health is more important than wealth
This year was probably the most challenging for me because I had to deal with odd health issues the whole year. Focusing on business and life is tough when you physically don't feel well. A lot of anxiety and fear goes on when your body doesn't feel normal, making it really difficult to navigate everyday life. As I still fight to get back to normal, it is essential to realize that without health, wealth means nothing.
Life
Lesson: Your mind plays a significant role in your day-to-day life
Dealing with health issues the whole year threw my life for a spin. Throughout this time, I became highly anxious and nervous and wasn't the same person daily. Some of this had to do with my health, but I also believe my mind worsened. I realized I developed a bad habit of jumping to the worst possible outcome, not only in my health but also in my relationships with people, business, and life. I was always expecting the worst. I intend to correct this moving forward. Reading and researching about the mind-body connection has led me to believe that your thoughts can radically influence your outcomes.
Lesson: Family is everything:
As I navigated this year, my family, friends, and girlfriend were with me through all the highs and lows. I want to take a moment to thank them. I am very grateful and fortunate to have my people. Having a support system and mentorship from people who care about you is imperative, no matter who you are.
2023 Outlook
Business
Next year will look a bit different from the outset. The government has increased rates by a high amount, giving us a distinct landscape to do our business. If all stays the same, I am looking to move into projects where I can get more bang for my buck and shift more into a rental model where I keep what I'm building rather than selling it. I purchased my land below market price, so my costs to develop and rent the property are much lower than if I were to buy on the market. To my investors, be assured that we are working daily on making the right decisions to continue providing great returns and a hedge against inflation. I have about 20 new homes set to complete in the first half of next year, along with 7 Multifamily properties ranging from 2-16 units that we hope to finish in the backend of the year. I will keep as many of these as possible as rental properties. We are also exploring buying 30+ unit properties for cash flow. This next year may be a bit more trying than the last, but my team will do what it takes to come out on top.
Life
My health will be the main priority this coming year. Not having total health this year opened my eyes to its importance. Some things are out of your control, but having a good mindset and doing everything possible to improve your health is essential. I want to make a considerable effort to look for positive outcomes in situations instead of jumping to the worst-case scenario. I often let my thoughts spiral whenever something went wrong, worsening the situation. I recently heard a quote like this: "People get so intent on an expected negative reality that they can't concentrate on anything else, and as a result, you deny yourself the novelty of a wonderful future outcome.". This quote is one that I will keep in mind throughout this coming year.
Final Thoughts
Life isn't easy; you can feel at the top one instant and be at rock bottom the next. The good thing about it is that your perspective on situations can sometimes dictate how things will go. If we maintain a positive outlook and do everything in our power to get what we desire, we can most often get the outcome we want. I genuinely believe that. Everyone goes through shit; the main difference is how they go about it. I am determined to go about things differently this coming year, with much positivity, hope, and commitment.
Great learning! Great challenge to deal with the crisis. I'm sure you'll do it! Thank you for sharing them. They are of great value to me. Thank you!