Part III. Hedging Your Bets
If you were to plot your real estate career on a timeline, the longest stretch most likely would be dedicated to what I call “dealing with the cycles.” The cycles are absolutely key. I’ve often referred to this industry as one with ten-year cycles and five-year memories. You have to stay out of that trap! You have to hedge your bets.
You’ve jumped in, scaled up, and settled upon a business model that works for you and your colleagues. You’ve gradually built your personal wealth, cutting down on those sleepless nights. You’ve arrived.
Or have you?
In fact, almost nothing about real estate is forever. Sooner or later, your successful model is going to be challenged by some factor, either outside or inside your organization. ...
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