Blue Dirt
Blue Dirt: Commercial Property Investing delivers expert insights and strategies for building and managing a successful commercial real estate portfolio. Whether you're a seasoned investor or just starting out, this podcast uncovers market trends, financing tips, and key investment principles to help you thrive in the industry.
Blue Dirt
Commercial Real Estate Doesn't Have to Be Complicated
Diving beneath surface-level dealmaking, this eye-opening episode tackles the foundations of commercial real estate investing that most property shows never cover. Hosts Michael and Donnie, drawing from decades of experience as active investors, brokers, and property managers, break down exactly what makes commercial properties fundamentally different from residential investments.
"We make cashflow all the time," explains Michael, contrasting his commercial success with years of residential properties that only delivered profits upon sale. This episode meticulously unpacks why triple net leases create consistent returns, how commercial tenants operate on logic rather than emotion, and why longer lease terms (3-20 years versus typical 7-12 month residential agreements) transform the investment experience.
Whether you're curious about retail storefronts, warehouses, office buildings, or specialty properties like medical facilities and mobile home parks, you'll discover how each category functions as an investment vehicle. The hosts explain essential terminology that new investors need to master, from NOI and cap rates to tenant improvement allowances and internal rate of return calculations.
Most valuable is their practical guidance for beginners: "It doesn't matter how much money you have, just start." Through personal stories and actionable advice, they reveal creative approaches to entering the market - including partnerships, REITs as stepping stones, and leveraging sweat equity when capital is limited. Their refreshingly direct approach cuts through industry complexity to deliver a roadmap anyone can follow.
Ready to transform your investment strategy? This episode provides the knowledge foundation to evaluate opportunities with confidence and begin building long-term wealth through commercial real estate. As the hosts convincingly demonstrate, you don't need specialized expertise to succeed - just the right information and willingness to take that first step.
Learn more about Blue Commercial Properties on our website.
Welcome to Blue Dirt, the podcast that digs deep into the foundation of commercial real estate investing. Unlike most real estate shows that focus on dealmaking and market trends, blue Dirt gets into the nuts and bolts of what truly builds long-term value the building itself. We break down how to spot deferred maintenance before it costs you, why a solid preventative maintenance program is a game changer and how triple net leases can maximize your investment returns. We'll also explore the importance of strong landlord-tenant relationships and how they drive stability and growth in your portfolio. Whether you're a seasoned investor or just getting started, blue Dirt gives you the practical knowledge to make smarter, more profitable decisions in commercial real estate. It's time to get your hands dirty and build value from the ground up. Let's dig in. Welcome to another episode of Blue Dirt, where even idiots can make a killing in commercial real estate. Today we're going to kind of talk a little bit more about commercial real estate categories and concepts, just for those that may want to understand what we are talking about when we talk about commercial real estate. So, without further ado, we got Donnie, that's right and Michael. So Don works in property management primarily, and construction, and I am a broker. So we kind of work together. We team up on properties. We buy them together, we build them Well, more, renovate, and then we love properties. We buy them together, we build them Well, more, renovate, and then we love on them and hold them forever, squeeze them so tight, squeeze them so tight.
Michael Carro:So what exactly is commercial real estate? These are some questions we're going to try to get answered. Why does it matter for investors? And if you have zero experience, what's the smartest way to get started? So let's just talk about what is commercial real estate in general. Well, I would say it's almost everything. That's not a house, an individual house, right? Single family, um, so what are some categories? So you got retail. So anytime you go to a store, that's commercial real estate, right? Uh, anytime, uh, you uh get a package from Amazon. It likely came from a warehouse, so you have your industrial and warehouse uh real estate right. Then you shouldn't fulfillment whatever, right? Uh, then you have we are in an office building right now. So offices in general. Whether it's an office building, single tenant, whether it's 100 stories in downtown Manhattan, doesn't really matter, those are commercial buildings. Then you have commercial land that is not necessarily meant for a single house. Now, it could be meant for a housing subdivision, so that would be what we would call a commercial piece of property. But residential can be when you're talking about multifamily. So if we have an apartment complex, a condo complex, you're going to sell a whole complex. You. You might have now technically they say anything over four units or more, but I'm just talking about in general from you as an investor. You know what we're classifying as commercial.
Michael Carro:And then you have a lot of unique things. Um, that would unique product classes. It could be a medical office building, it could be a golf course, it could be a Marina. What are some other really random stuff that people would buy? One of your favorites mobile home park? Mobile home parks yes, we did own one of those. Yeah, senior living, assisted living, assisted living facilities. So you just got a million little categories and so some people. There's a guy who I know in California who loves to buy vacant QSRs, quick service restaurants, so his he likes restaurants with drive-thrus and he just buys them all across the country. That's what he wants.
Michael Carro:And um, he'll buy vacant, he'll buy ones with people in them, but but, um, you know he is, he's, he's primarily a vacant uh, property owner and uh, and then of course he wants to fill them in and put tenants in place and that's that's. That's what he likes. You've got other investors that really like a category like industrial. We've got a great guy in town who I think is really talented, who's? He builds and owns medical office building. Just, he's phenomenal at that. Um, so you know you can. Now, if you're like Donnie and I, we buy everything. We are a price per square foot buyer. So if we can get the right deal, we don't care if it's office, industrial, whatever it is, we'll buy it If it's a, if it's the right price per square foot.
Michael Carro:And it feels like the market has a demand right, right, well, it has to have that and that's the right price per square foot. When I say that, let's say we're going to buy a retail building, well, the right price per square foot in this area might be $100 a square foot. The right price per square foot in this area might be $60. So it's definitely area driven, because what can I get in a lease rate in one versus the other? So it's not a single static price per square foot. It is a variation based on area and demand, right? So the laws of of supply and demand always, always, always, come into play with whatever we do. Okay, so how does um commercial real estate differ from residential real estate investing? And I'm just going to give you my own take, because I started off investing in residential, and let me qualify this. There's probably a lot of residential investors that may be listening, and there's a lot of residential investors that do great. I am not one of them. So I'm just going to be honest and upfront. I'm not one of them.
Michael Carro:When I started investing, I invested in single family homes. We bought four of them. Then we bought a mobile home park and I'm going to stop there before I moved into commercial real estate and I'm going to stop there before I moved into commercial real estate. So we bought them. We had great occupancy. We owned these properties over 10 years. We had great occupancy collectively over a 10 year period, with four houses. We might've been vacant five months total. We bought them in really good areas. I mean, everything was solid. But the three things that I always want my properties to do is give me cashflow, principal, pay down and have appreciation. Well, I'm going to tell you what these houses, these residential units, were not giving me the love of the cashflow. Yes, we were paying down principal and, yes, we were getting our appreciation. So we did make money when we sold them 10 years later. That's when we made money, but I didn't make any money owning them.
Michael Carro:Conversely, with commercial real estate, we make cashflow all the time. So now we get all three and that's what we expect out of our commercial properties. So, number one our tenants are a little bit different. Our tenants are logic based decision based on data and need, whereas residential is typically an emotion based decision. That's fine. Now there's some logic. Well, we have X amount of kids, we need X amount of bedrooms, we need this, we need. So there's some logic, but, but typically it's an emotion-based decision, not logic-based.
Michael Carro:The other thing is is our leases tend to be longer. A typical residential lease is seven to 12 months, whereas a typical commercial lease is three to five years and, by the way, they can be longer seven, 10, 20 years. So we've done all of them. In fact, I did a medical office building which was 50 years. Okay, all right. So leases can be much longer. Also with residential, and again talking from my own personal experience, we got the calls on every single issue, no matter what was the problem air conditioning, plumbing, electrical no matter what the issue, we got the call, we had to fix it with our commercial properties. Donnie, what happens?
Donnie Redhead:We get calls, sometimes Most of the time we don't. Now, most of the time these leases that we tend to implement are triple net leases and therefore, unless it's a roof leak, unless it's a structural or even a lease question, typically the tenants are managing it themselves, and I would say it also depends on the number of tenants in the common area.
Donnie Redhead:If it's a single tenant. Triple net lease. Sometimes they don't ever. I won't hear from these people but once a year and I usually have to call them just to check in see how things are going. But the reality is that is a huge, huge thing for you know. Now I will say this we have a strong maintenance group that helps and we are always very proactive in getting into the space. So ours may be a little different, but just for for argument's sake, triple net lease, get them in there. They're going to manage a lot of their own expenses themselves and call their own preferred vendor for whatever it is.
Michael Carro:So it's because of what Don just mentioned that that affords the property owner a lot more opportunities for cashflow. The tenant, as he mentioned, in a triple net lease pays. The triple net means the first N, let's just say the tenant is going to pay the landlord's property taxes. The second N, the tenant is going to pay the landlord's property taxes. The second N, the tenant is going to pay the landlord's property insurance. The third N, the tenant's going to pay the landlord's maintenance on that property.
Michael Carro:So when you own residential and you pay all of those, that all comes out of your potential cashflow. That all comes out of your potential cashflow. So I know, I know you, I know you mark it up right, you definitely mark it up. If you, if you have a mortgage, you might be making what appears to be a positive cashflow of two, three, four $500 a month. But then you have to go make a $3,000, you know, hvac repair one year and maybe two years later you had to put on a $5,000 roof and then. So each time it may only be one big expense a year but that typically eats into that positive cashflow that you might have gotten. So but yes, you're enjoying principal pay down and you're enjoying appreciation. So when we ultimately did sell all of our assets, all of our residential assets, we made money, but I don't know if it was really any more than it would have been had we had a commercial that also paid me along the 10 years that I owned it.
Donnie Redhead:So to me that's the primary difference, and I had you know, I had one residential investment right and this one actually was, um, I think, a little different years. Yours would be considered what residential long-term right, cause you said seven to seven to one year for the seven months to one year for the lease, and mine was on Airbnb. So, by the way, when I had mine.
Michael Carro:Airbnb didn't exist.
Donnie Redhead:I don't think that's what I was going to say. That's not qualified, because I was like I think you got out before. That was a thing, right, cell phones weren't around, yeah, and uh, we had rotary phones. Yes.
Michael Carro:Yes, rotary phones.
Donnie Redhead:So but you know, being where we were in Florida, my house did really well in the summer. I actually made pretty good profit during, uh, during the summer, but the second, the winter months, came around, I made no money.
Michael Carro:I and it really went. And so when you go over an entire year, what did it look like? I mean, it was like a couple hundred dollars a month.
Donnie Redhead:Okay, I mean, and I'm talking, that was a couple hundred dollars a month, not including any repairs and maintenance.
Michael Carro:Oh well, then you gave it all back.
Donnie Redhead:I mean at the end of the year, maybe I made a thousand dollars, maybe. So it just. But it wasn't worth the headache. I'll say that.
Michael Carro:And it wasn't worth it and, if I remember, you were managing that yourself.
Donnie Redhead:No, I actually handed it off.
Michael Carro:I used a third party residential manager right, even though we had a commercial property manager. Um, you know, because we have good relationships and it wasn't our wheelhouse, so there's a little nuances and difference of right. And so you can either go in, find a property that you buy yourself, you can get in with a couple of friends or partners and go in and try to buy something together, so you kind of share that risk. You can test the real estate waters by just getting into a real estate investment trust. You know, just take, just like you would buy a stock and bond, but at least now you're more focused on a real estate investment trust, maybe you have 5,000, 10,000, 50,000. You can always do that. Or, like Donnie and I, we work in the business. So we're getting additional knowledge by working in the business and we're seeing a lot more deals. And while a lot of our deals most of our deals are for other people, the education that we get from it is ours. We get to keep the education. So that way, when the right deal comes along, we know enough about the market, we know enough about the asset class, we know enough about the financing to intuitively say this looks really interesting to us, let's move forward, and then what we do is we'll lock it up. Locking it up means we put in a purchase and sale agreement, get it under contract and there's a due diligence period. Due diligence for us, for ease, is just your inspection period During a commercial real estate inspection period a little commercial real estate inspection period, a little bit different than a house.
Michael Carro:There's a few things that you'll want to do In addition to complete inspection of the property. You're going to engage your lender, and when I say your lender, you should go out to probably 10 lenders. You're going to get a lot of rejections, that's okay. Be prepared for the rejection. It's not like a house. The property you're buying has to fit a certain product class category for a lender, and even your favorite lender might have too many of that asset class that they just can't do it, even if they wanted to.
Donnie Redhead:Too many retail buildings right and their portfolio and it doesn't balance based on someone somewhere reviewing certain numbers and they go. Nope, doesn't check the box, doesn't matter that you have a great relationship Just doesn't fit the criteria.
Michael Carro:Rejection in banking is okay. Keep knocking on that door. These bankers want to do loans, but it has to make sense. Some lenders are so ultra conservative I'm thinking like a Wells Fargo they would never give an investor like me a loan, right, but there's plenty of other investors or lenders that will, so be okay. Don't take rejection personally as it relates to lending. Okay, but also, before you even make offers, you should at least know what type of risk you have.
Michael Carro:Go talk to lenders, take them out to lunch, ask them you know how you look on paper and how you can improve. Know a little bit about yourself. Have a personal financial statement ready to go, even if there's not much on it. Be prepared and understand and so, um, so that way, when you go for a loan, you know you're at least better prepared. And again, go to 10 lenders and then, um, so then you're at least positioning yourself for action. And, like I said, Donnie and I are both in the business, so we constantly see these deals. So, uh, Don, let's talk about some terminology in in the business. What are some terms, um, that a listener might be interested in that may not know?
Donnie Redhead:Uh, one I think we were just talking about was, uh, central business district, okay, so CBD, not like the other stuff. Um, so that's, that's when you see, not necessarily in our market, I mean, we can refer to our, our kind of downtown core, is that but you really see that in in big cities, right? So they're going to refer to that.
Michael Carro:Um, we, we have a lot of investment terms in commercial real estate, right, you know we have NOI right, Not net operating income right. So net operating income, you'll also see a term that's somewhat related if you look at enough properties called cap rate. So how is NOI and cap rate related, right? So it's a simple formula. If you take, let's say, you have a property that has occupancy and it has an NOI of, let's see if I can do the math in my head.
Donnie Redhead:Let's see $100,000 in net operating income, right.
Michael Carro:Okay, and so if you have a cap rate and I'm going to use an easy one for this mathematical equation and you have a cap rate of 10%, right. So you have the NOI divided by cap rate equals the purchase price, right? Or it's in reverse, but either way it's going to equal a million dollars, so so, I know the answer, I know the answer.
Michael Carro:So? So these variables, you just need to know the answer that way. So, um, so these variables, you just need to know. So net operating income cap rate is a one year measurement on return on investment for that asset. What I prefer to use is something called IRR, the internal rate of return, which is what we use when we model all of our properties. We use the CCIM model of a five-year hold. So we buy it day one of year zero. Essentially, we sell it day one of year six, so we have to do a whole predictive model. But the IRR, the internal rate of return, tells us the return on that investment over the life of the loan versus that one-year measurement that the cap rate is.
Donnie Redhead:Even though we don't plan on selling it, maybe at the end of a year or five, you still run it that way and you still always you know ultimately prepare the assets for the event of sale.
Michael Carro:Right. Well, you have to have your own model. So you know, this is our model. That's really our discounted cashflow analysis. So there's some other terms. We have a triple net lease, which we talked about.
Donnie Redhead:Right Right, so that's where tenants paying for all the operating expenses related to that asset. As well as as well as Insurance, correct Property tax, and I was lumping that in there in my mind. So carrying cost of operating of the property taxes, property insurance, the cam, the common area maintenance and you'll lump not just maintenance but landscaping, common area power, common area cleaning. Maybe, depending on the asset, you got cash on cash return, right.
Michael Carro:So you might see C, little O, big C. So cash on cash. You might see TIA, so tenant improvement allowance allowance. So you're a landlord, you got this tenant. It needs the space, needs some refurbishment. The tenant may say, hey, do you offer a tenant improvement allowance and some fact? The answer, my answer, is always yes, but it has to make financial sense.
Michael Carro:So if I have, if I'm offering a property at let's pick easy numbers, that's how I work at $10 a square foot. And I also like to talk in drastic examples. So if I get a tenant that wants to come in and they say and I offer something at $10 a square foot, and let's just say the space is 2000 square feet, so they're asking for $20,000. And I'm sorry, they asked for $10 a square foot, so that's $20,000. But my rent is only $20,000 a year, right. So they come in and say, hey, listen, I will do. And again, here's my drastic example I'll do a six month lease If you give me a $20,000 tenant improvement allowance.
Michael Carro:Well, clearly that doesn't make sense. I'm going to invest $20,000 into the space but the maximum amount of rent I'm only going to get is 10,000. Well, clearly that doesn't make sense. But if the person said hey, I'll get, I need $20, uh, $20,000. Um, but I want to give you a 10 year lease. Well, now you've piqued my attention. You know what I mean. And then everything in between. Now, let's just say the space, no matter who takes it over, I've got to put in $15,000. Cause it's missing something, it's missing a restroom, it's missing, you know, some really AC, missing lighting whatever it is, it doesn't matter.
Michael Carro:So, but they're asking for 20, but I need to put in, you know, 15 anyways. Well, so maybe the $20,000 isn't as big of a deal because they're going to do those other things that need to be done. So maybe it's a maybe I'll do a three-year lease, or a five-year lease, or a seven-year lease, you know. So you have to look at everything. But let's just use the same example. They want a tenant improvement allowance of $30 a square foot. Well, but they're willing to give me a five-year lease. Well, maybe I say yes, but instead of giving them a $10 a square foot rate, maybe I increase that lease rate to 12. So I'm giving more money up front, but they're going to pay me more over time.
Michael Carro:So there's a lot of levers that we can pull as landlords to make a deal, because maybe my money, maybe I have extra capital, maybe the tenant doesn't have the extra capital to put into the space, but we both work together for a win-win scenario. So those are a couple of things that you might come across from a terminology standpoint. So, and then, how is the value created in that asset, don? How do we create value in some of our properties?
Donnie Redhead:Overall improvements to the space, right Right Come through and maybe the lights, converting them all to LED, adding additional security, perimeter lighting, updating the landscaping, seal and stripe, really beautifying the asset tends to have the greatest, I'll say, feel the perception that the values increased. Well, we love putting the new roof on and making sure everything is sound. From a building system standpoint A lot of times, that I think can probably convey is the most perception of value, absolutely.
Michael Carro:But. And then the opposite, or the other side of that type of value is the investment value that you get through, uh, signing a good lease. Right, so you now sign a lease you just signed a five or 10 year lease that automatically added value to your investment, and then lease rate increases on an annual basis. Most of our leases have a three percent annual increase to kind of keep up with the cost of inflation, right, and then controlling expenses. Don mentioned LED lights. We convert a lot of our lights from low efficiency to high efficiency lighting, and so whenever we can do that, and then we also you also install a lot of thermostat controls even.
Donnie Redhead:It's kind of surprising. Um, they don't need to be that old, but they all have a lot of fluorescent lights, right. The second we get in there because the ballasts go bad. That's what controls, uh, the power flow in these. A lot of these larger kind of classic office fixtures. Yeah, we're coming through retrofitting those to to led and, yeah, that's a great way to both. It has a greater appearance and saves power. The thermostats that you're talking about will come through and automatically install smart thermostats that we can control remotely Right, help keep costs control. And something else that we really like is it shows humidity immediately on the thermostat. Humidity is always an issue here in Pensacola, so it's, it's. That is a very nice additive where you can go by. Okay, everything looks good, right, 50% humidity, whatever it is, it's not off the registration, right Off the register, so it's. That's another nice little value add.
Michael Carro:Right. And then another thing is if you could increase the quality of your tenant, so if you went from you know Don's burgers to McDonald's, obviously that would be a significant increase in quality of a tenant. So that adds value to product, not product not burger.
Michael Carro:Yeah, don's burgers I'm going to, I'm going to eat his burgers all day long, but from the quality of that tenant, so you know. Uh, so all of these factors improve the quality of the investment, the quality of the asset and usually increase the quality of your continued cash flow. So how much money do you need to start? And I'm going to say, it doesn't matter, just start. Start saving now, start investing now. There's no better time than now. I don't care if you put your money in a REIT to start and then you use that as your savings account until you find a property, that, um, that you can then draw that from as a down payment. Don, my favorite, my favorite, non-trick question If I want to buy a hundred thousand dollars in stock, how much money do I need? A hundred thousand? If I want to buy $500,000 worth of real estate, how much money do I need?
Donnie Redhead:Well, it depends, but let's just say a hundred thousand.
Michael Carro:Right. So typically you can buy four to five times the amount of cash you have if you uh to buy a property. So so maybe you bring in friends on a deal, especially if you find a good deal. Bring in some friends. I love doing deals with friends, but you have to also make sure that you guys are on the same page. If you plan on flipping a property but you have a friend that was expecting a long-term hold, or vice versa, have these conversations in advance of what your long-term and short-term plans are for the property.
Michael Carro:Also, be careful of inviting people that need need need that investment money to live off of, because they're going to want their money out quick and they're going to be a pain in the butt. So choose your partners wisely. Understand that when you invest, there's always an opportunity to lose capital principal. There's always an opportunity to lose capital principal. Maybe you lose it all, but there's also a chance that you win it all. So just make sure that you understand whoever you decide to partner with, if you decide to go down that route, that your goals and conversations are aligned. Yeah.
Donnie Redhead:Yeah, and going back for a second, what you touched on is exactly what I do. If I ever get a little bit of cash, I put it in. There's a couple reads that I have that I put them in there. There's a couple other ones, but I do like some of the reads I'll put in there and just wait until there's another opportunity.
Michael Carro:Then I'll deplete it and transfer it over and then another thing is maybe you find somebody that you have time and experience that you can put in in the labor of a property, so maybe you bring a little bit more sweat equity to a deal and you get somebody else who maybe has money but they're so busy with their job that they can't, so both of you can give something that's equitable to the relationship. So you can also be creative. Also, there's things that you can do to generate maybe some additional revenue. Maybe you have a little space over a garage that you can lease out and maybe it's $500, $1,000 a month that you can house, hack and use that money and over over a year, every year $6,000 to $12,000 extra and then put that into more commercial real estate investing. So what can you do today? What can you do right now, in this next week, to advance your deal forward? Any ideas?
Donnie Redhead:Don your deal or just learn what are you talking about? Both Learn, listen to Blue Dirt. My goodness, I could not have thought of a better one your deal, or just learn what you're talking about? Both learn, listen to blue dirt.
Michael Carro:My goodness, I could not have thought of a better one. I wouldn't didn't even think about that. Like or subscribe right now before you forget, and we can be your resource for buying and selling more commercial real estate. But also look at deals constantly. Scour the market, scour your market, understanding every little aspect, even if you're not ready to buy. Get the knowledge of what the market conditions are like. So when a property comes across your desk and you know whether it's a good deal just by looking at it. Why? Because you already looked at 100 or 200 or 500 deals and now intuitively you know, boy, that's a good deal. And then you figure out how to buy it.
Donnie Redhead:Yeah, instead of just sitting there scrolling on whatever social media most people are using I mean, the one I like the most I think the mobile app is probably the best is Crexie. They have a free version right. Download that, get on there and just scroll and just get familiar. Go to your geographic area oh, it's kind of interesting, I didn't realize that was for sale. Oh, I didn't realize that was for lease, and then just kind of build that.
Donnie Redhead:I mean, of course, if you want to get really involved in it, you can build your database, build your database, build your spreadsheet, start tracking things and seeing how long it's taking for it to fill, you know, backfill these spaces, or how long that's sitting on the market. You can go to the backend and look at the property appraiser, see when it sold and what it sold for. But I mean, if you're just scrolling, you can. Your mind is going to start building the patterns You're going to see hey, I see a lot of vacancy in this. It looks like there's a lot of office space here. Okay, this looks like. You know, I see a bunch of these prices, but this one's about 20% less. Why you can start building that curiosity, building those patterns in your mind and scroll, uh you know, on your phone and look at that versus versus looking at just some nonsense. Uh, out there.
Michael Carro:Right, and then also, invariably within your area, there are going to be commercial investors people like myself who are CCIM Certified Commercial Investment Members. Occasionally we'll have events in our community that you can go to. You can learn from Sometimes. Donnie and I will hold an investment class that we'd like to teach people there's always things going on. There's probably some great podcasts other than Blue Dirt that you can begin to gain knowledge, build up a level of knowledge in anything that you have interest in and then put together a plan. If you don't know where to start, start off with a plan that says where am I today? What are my goals for 3, 6, 9, 12 months? So at least get 12 months to work towards your path of buying your first, second 10th I don't care where it is next property and because if you have this plan in place, there's a much better chance of you achieving it than if you didn't put anything down at all.
Donnie Redhead:Yeah, and something a little bit off, but on the same thread, if there is, as we keep going through this and doing more podcasts if there is questions that we're not answering that you want answers to that you're coming across these deals and have these kinds of questions, these challenges shoot us messages. If there's types of investors or types of product classes that we need to, or vendors that are really good in specific sectors architects, engineers, meps, whatever it is let us know and we can bring these kinds of guests in and really kind of do even deeper dives, cause, ultimately, we know a little bit about a lot, it seems like, but there's, there's really good people that we know that are really good at all of these, these different, you know roles and are really really smart.
Michael Carro:So I'm going to finish with don't try to be perfect and don't try to overanalyze. You can get into the analysis, paralysis and never do a deal. You can talk yourself out of anything. I'm the opposite. I talk myself into almost everything, um, but I now have a skillset that were you know if I get something under contract. If I am under contract in a week from now, there's a high, high likelihood. If I am under contract in a week from now, there's a high, high likelihood 99% that I'm closing.
Michael Carro:Because we attack a property once we get it under contract and within seven days I typically know if we're closing, because what I also don't want to do is have something under contract that I'm probably not going to close on. So I pull the ripcord really fast because I want to be fair to the seller that allowed me to get that property under contract and the broker. So we know really fast. We don't like to wait to the day before due diligence expires, unless something comes up that we don't know about. So don't wait for perfection. Get in there, start investing right now and start building your portfolio of of wealth that you want for you and your family.
Donnie Redhead:Yeah, perfect Is the enemy of the good, that's right.
Michael Carro:Well, that wraps up another episode of the blue dirt podcast podcast, where even idiots can make a killing in commercial real estate. Uh, thank you, and we ask that you please subscribe and like and share this episode.
Donnie Redhead:That's right.
Michael Carro:That's a wrap for this episode of Blue Dirt. We're here to help you build smarter, invest wiser and create long-term value in commercial real estate, one solid foundation at a time. If you found today's insights useful, be sure to subscribe so you never miss an episode, and if you know somebody who could benefit from these discussions, share Blue Dirt with them. Got questions or topics you'd like us to cover? Reach out. We'd love to hear from you. Until next time, keep digging deep, stay sharp and remember real value is built from the ground up. See you on the next episode.
