20 Lessons Learned Converting Motels To Apartments

This is getting fun.

Converting motels and hotels into apartments has taught us many lessons we should ALL LEARN when building a business.

Here are a few I’ve learned:

1. Don’t put all your eggs into one basket

This has been a big mistake in the past. Have a contingency plan and be open to mitigating risk by spreading out your opportunities amongst different groups of people and different markets.

2. Be kind no matter what

Relationships are worth more than gold itself… treat everyone kindly. When frustrated, escape your environment and cool down.

3. Plan to pivot, or at least set your expectation to pivot

Basically, be humble, and plan to be even more humbled as you grow and learn.

Go all-in on your plan, but don’t be surprised if you need to make adjustments…we've made many adjustments and have come out on top!

4. Even contractors are sales guys… don’t get sold by the wrong ones

Be careful with contractors and vendors who sell themselves so well that you become jaded by the reality of their actual work.

Check, check, and check once more.

Get referrals, call them up, look at previous contracts, and take a look at previous workmanship. Call other vendors that have worked with them and get their take on their timing, their budgets, their attitude, etc.

Obviously, get license numbers and proof of insurance, ask about claims histories, and get personal… these are your investors you are taking care of.

5. Contracts can save lives

Put everything in writing, and even have a penalty if a contractor or other vendor does not follow through.

Lesson learned.

6. “WHO, NOT HOW”

You don’t need to know everything, but you DO need to know WHO knows what you don’t know.

Don’t do everything yourself; you’re not the jack of all trades. And even if you are, your time is better spent building your business and handing it over to someone that is dedicated to that one skill.

7. Order ahead of schedule

Be proactive.

8. Plan twice, then audit your plan

Just because you think it’s a great idea doesn’t mean it is. And just because others don’t believe in your idea doesn’t mean it’s not a good idea either. Find savvy professionals who have carried out an audacious plan, maybe even similar to yours, and ask them to audit your plan.

Be open to the constructive criticism needed to make improvements or adjustments to your plan.

9. Believe in your plan even when others don’t

There might be a fine line here, but a well-thought-out plan can be executed with the right leadership.

I remember when I explained my plan to a few others at the beginning of my venture, to convert hospitality assets into apartments… they laughed, saying it wouldn’t be profitable or easy.

They were right about it not being easy.

They were very wrong about it not being profitable.

It’s OK to believe in something that others don’t believe in. For some, it might be fuel to execute.

10. Create redundancies

There are so many repeatable processes that can multiply growth, look for redundancies and create standard operating procedures to get better results over time.

11. Log everything

History is doomed to be repeated if we don’t learn from it. Log activities to better understand how to navigate the future.

12. Be patient with vendors, but don’t hesitate to move on

They need you, you don’t need them.

13. Hold everyone to a schedule

Set a timeline expectation. We all know time is money, so make sure there are penalties and rewards in place.

14. Be honest with your investors

If something bad happens with your investor’s cash that’s not replenishable, share it. If something great happens, share it. Integrity is worth more than any amount of capital.

15. Pick up the phone even on your day off

And then kindly tell the individual that today’s your day off, and that you would like to hop on a call another time.

16. Learn to shut it all down at the end of the day to be present with the family

Probably the hardest to follow for me specifically, but also one of the most important lessons for all entrepreneurs.

17. Go to church

Have faith and have a purpose. Believe that miracles can happen, but only through a strong work ethic and by helping others along the way.

18. Be persistent

19. Demand what you want, but be open to something better

Get out of your head, sometimes there are opportunities that are much better that don’t exist in your brain. Gain perspective.

20. Go the distance, even if you lose

In reality, you’re not losing anything; you’re gaining knowledge and experience, which will help you avoid pitfalls in the future and only select the best deals.

There's more to this, but these are some lessons that the past couple of years have taught me that are replicable in other businesses or startups.

Be open to thinking outside the box, stick to your convictions, and persist until you have to pivot.

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