Part II: How Women Investors Can Plan for Long-Term Success in Commercial Real Estate
By Roger Porter and Olga Brandeis
In Part I of my three part series about what it takes for women investors to succeed in commercial real estate finance, I talked about that spark inside you to live a bold and creative life; one idea for living a creative life is to pursue investment in commercial real estate. With over 20 years of experience in the industry, I’m using my skills and talents to educate and empower women to utilize their creativity for a real estate investment property. And part of the mission of my firm, Brand Capital, is to embolden women in this space because we have what it takes to excel in commercial real estate.
Part II is rooting into the truth that the path isn’t always easy.
In my storied career, I’ve experienced first-hand how this business demands grit, tenacity, and grace in every stage of the process. The process, in fact, is long and tedious. David Goggins, a US Armed Forces veteran, details in his book, Can’t Hurt Me: Master Your Mind & Defy the Odds, the ways we’ve become complacent to short cuts. “Our culture has become hooked on the quick-fix, the life hack, efficiency. Everyone is on the hunt for that simple action algorithm that nets maximum profit with the least amount of effort.” This may sound like tough love but Goggins isn’t here to sugar coat the process: “If you want to master the mind and remove your governor, you’ll have to become addicted to hard work. Because passion and obsession, even talent, are only useful tools if you have the work ethic to back them up.” Drawing from his many years of service in the armed forces, Goggins creates metaphors of his time in the trenches to illustrate how we can overcome mental hurdles to excel in business, relationships and life.
His words resonate with me because I know in commercial real estate finance that there isn’t a short cut. But the process, connections with others, and end results are so rewarding and gratifying that I feel grateful to be a part of it. Inspired by Goggins’ book, I’ve cultivated within my business three essential practices to keep me on the path to success and to continue to inspire other women investors.
My key practices are planning, patience and discipline, a trifecta of mindful actions.
These practices are reinforced by Goggins’ stories of overcoming mental barriers on the battlefield. But his stories and examples can also be applied to everyday living. At the center of these practices is mindfulness, reinforcing Goggins’ belief that “everything in life is a mind game” for which we must show up focused and prepared.
The first step in my process is the planning stage.
Though this stage seems obvious, a closer look uncovers a deeper meaning of planning that requires a shift in mindset. Goggins illustrates the deeper meaning when he talks about quitting at 40% in his book. What does this mean? He writes that when we start a task or attempt something new, we trick our brains into thinking we are all in, 100% committed to the new thing. But in reality, we are only at 40% committed or have only put forth 40% efforts and this is where most people quit. But it is the small steps in the planning stage that lead to big results:
“We all need small sparks, small accomplishments in our lives to fuel the big ones. Think of your small accomplishments as kindling. When you want a bonfire, you don’t start by lighting a big log. You collect some witch’s hair—a small pile of hay or some dry, dead grass. You light that, and then add small sticks and bigger sticks before you feed your tree stump into the blaze.”
The key is to shift our mindset, commit to a long-term plan and execute on the belief that when we reach the quitting mind, we are not even halfway to fully committed. If we shift our mindset to doubling the effort and time commitment, we will discover substantial gains in achievement, understanding and mastery. It begins with a plan that accounts for our mindset, becoming aware and honest when we feel “maxed” out with our quitting minds, and creates a foundation in firm reality. “Denial is the ultimate comfort zone,” writes Goggins. But with an honest and realistic plan in place, we set ourselves up for success in commercial real estate finance and other life goals we set out to accomplish.
Mindfulness Tip: Give yourself a reality check and pep talk (self-love) when you feel like you don’t want to finish something, anything, no matter how small the task. Know that the quitting mind is relentless and you are in charge. Be kind but firm with your goals and boundaries. When you feel like quitting, remind yourself - 40%!
The second step in the process is about discipline.
The key here is forming strong habits that create a daily practice. Just as long-term health and vitality are about daily and weekly exercise habits, discipline keeps us on course. It trains our minds to show up every day and the habitual nature of it lessens the resistance to our practice. For example, if we want to begin a daily meditation, the first couple of weeks will be a challenge. Our minds will put up resistance. But as we commit to our practice, follow through with each day’s meditation, our resistance subsides and it becomes a habit that is at once fulfilling and nurturing. This is the soul of discipline: facing the resistance head on and feeling our way through it, regardless of the outcome.
Goggins illustrates discipline when he talks about the metaphor of the callous mind. Just as we may develop calluses on our hands when we lift weights – a healthy habit for strength training and long term injury prevention – we can think of our discipline practice as doing the mental weightlifting work every day, resulting in a calloused mind. And when we develop those calluses, we are toughening our minds, forming thick, strong skin that is impenetrable to stressors and resistance. Our calloused minds represent the discipline we have developed over time, the hurdles and hardships we have overcome, and the strength and wisdom we have gained. We are stronger for it, smarter for it and are emboldened to face life’s challenges.
Mindfulness Tip: Try creating a new discipline habit with anything small (i.e. 10 minute daily walks). Commit to yourself. You may not think these small daily habits have anything to do with commercial real estate but they do. It’s about honoring yourself with good habits and committing to yourself through good and hard times: a virtue necessary for success in CRE.
The third step in Part II is about patience.
In our hyper-distracted world, the last virtue we exercise is patience, an often misunderstood idea that is central to success. Why? Patience isn’t about delayed satisfaction or waiting your turn or putting in the time; it is about facing uncomfortable emotions – feelings like guilt, doubt, loneliness, and sometimes suffering. But as Goggins writes, “pain unlocks a secret doorway in the mind, one that leads to both peak performance and beautiful silence.”
In the quiet, we summon the courage to do the right thing. And the right thing is often the path of most resistance, the uncommon thing that others fear will make them appear unlikable or strange. Goggins claims this is precisely the place to dig in and anchor your patience – in the space that allows you to stand out, above the crowd. Be uncommon. If you are a woman investor in the process of purchasing a commercial real estate property, or acquiring your fifth or fiftieth property, patience in this industry is essential.
Mindfulness Tip: Seek out your commercial real estate crew or friends that want to learn and talk about each other's goals in commercial real estate (income-producing) properties. Having a supportive group will help you talk through hurdles where your patience may be tested. Have faith that each decision you make, question you ask, and seed you plant is leading you closer to your goals.
The core theme of Goggins’ book is that every life challenge begins in the mind. But the inverse of this relationship is just as we create pain and suffering within the inner recesses of our brains, we have the power to create joy and fulfillment. “Your mind is the most powerful weapon you have,” Goggins concludes his book. “Train it well.” We can then train it with practices of planning, discipline and patience. I especially compel women investors to utilize these practices for starting their journey and continuing to grow in commercial real estate. Together, we can take part in a robust financial opportunity that strengthens the bonds of sisterhood and promotes wealth generation and long-lasting stability for our families and communities.
