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🧵Do you need an MBA or MRED to be a real estate developer? I receive this question frequently through direct messages. In my opinion, the answer is NO, and not even a college degree is required. Here's why...🧵

Some people believe they have 10 years of experience when, in reality, they've simply repeated one year of experience 10 times. If you're not constantly pushing past your comfort zones and trying to improve, you're likely in the latter category.

The quality of an opinion hinges on the accuracy of the information it stems from, the expertise of the individual presenting it, and their capacity to interpret the information accurately. Choose your advisors carefully.

The entrepreneur who can assess risks and is willing to take them has 90% of success within reach. The remaining 10% is the unpredictable element that injects excitement into the business world. Without this 10% uncertainty, business would become monotonous and boring.

When starting a business, there are no fixed hours or five-day work weeks. You must serve as your own sales/marketing team, operations, investor relations, and handle every other department — unless, of course, if you start with ample capital.

An employee who comprehends the nuances of every facet of the real estate industry, and possesses the capability to oversee and manage a business due to their understanding of its inner workings, is both highly valuable and uncommon.

In times like these, a value-add business model is superior to development. While you can search the country for value-add deals, development is more of a local business. Starting up in new markets is challenging due to the many nuances to learn and consultants to meet.

Old expression: There's a difference between a "man in business" and a "businessman". A man in business merely goes through the motions, while a businessman is competitive, insightful, resourceful, nimble, and driven.

A term I appreciate: "Chutzpah." It's a Yiddish word denoting audacity or boldness, often melded with a hint of arrogance. It captures the essence of nerve, occasionally to the point of presumption. Starting a business and betting on yourself takes chutzpah.

Many of us have a tendency to compare ourselves to others with different strengths and weaknesses. The question is: Are you making the most of the life YOU ought to be living, given your particular skill sets? And can you develop any new skill sets?

"Meshuga l'davar" is a Yiddish and Hebrew phrase meaning "crazy about the matter" or simply "crazy about it." Many businesses have someone at their core who is so driven and passionate that they can be described as essentially "crazy" about it. Elon Musk is a good example.

One of the most intriguing business speeches about starting a business is by Seth Gerzberg, the founder of Ecko clothing. It’s an oldie but a goodie.

A fellow real estate investor told me, 'Many value-add deals purchased in the last few years have turned into value-minus deals' due to the 500 basis point rate increase in rates.

For FAT LOSS, most people would find walking on an incline treadmill superior to jogging outside. I've walked on an incline consistently for 3 miles in the morning and 3 miles in the evening for 15 weeks, no knee pain. I just came back from a 3-mile jog and my knees are in pain.

Sleep Hack: For those who have trouble falling asleep, whats worked for me is listening to fiction audiobooks on Audible, at a barely audible volume, through sleeping headphones with a 15-minute sleep timer, really helps me fall asleep. It stops my racing thoughts.

In high-crime areas like LA & SF, crime statistics are meaningless. We have break-ins and thefts at our construction sites all the time, but we don't report them, knowing that the police are so understaffed they can't do much about property crime and prosecutors won't prosecute.

"Promote crystallization" What is it? and how does it affect Real Estate developers/investors? Developers work to earn a promote, which is a disproportionate share of profits distributed to the developer after a certain preferred return hurdle has been crossed. Once the

3rd Party Construction: Our construction company will be breaking ground this week on a fourplex covering 8,576 sq. ft. in an area adjacent to Beverly Hills (within the City of LA) for one of our clients. Our estimated hard costs are roughly $300 per sq. ft. We are using only