How To Leverage Massive Set Backs To Advance Your Real Estate Career

When you fall flat on your face, do you get up?

Apr 23, 2024

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How Going Down Can Lead to Looking Up

Business owners all have a story of what prompted them to start their own company.

Many times, a setback is just the catalyst they need to step up and start up.

We all experience setbacks. We all get to choose how we respond to them.

When someone tells you you’re not good enough for a job or you don’t fit in, I believe it is a sign you are meant for something more.

The sun will rise again tomorrow. And you get to determine how that new day begins.

Remember this quote if you feel like you don’t fit in somewhere or with a group.

Go where you are celebrated, not tolerated. - Bob Beaudine

Whatever you do, don’t let people who don’t know you define who you are. You choose your path and create the life and career you want.

The project I was working on when I was let go from my “dream job”.

Nine years ago I was let go from my “dream job.”

I was working as a development manager for a great real estate development shop on one of the most significant projects in the city of Boston.

The project is a large mixed-use complex in the Fenway neighborhood. Our team had just received a building permit to build 420 apartments and reconfigure 250,000 SF of retail space. I spent two years on the project, and it was exhilarating and fun but also a total grind.

Then one day, an executive at the firm brought me into his office. He proceeded to tell me he appreciated my work, but thought I would be better off somewhere else.

Oh that stings even today.

Prior to this, I had always been an A-player in jobs, receiving awards, winning, and rarely losing.

So it was a massive blow to my ego and a truly humbling experience.

At the time I also wasn’t in the best place personally. These distractions, in addition to the fact that I wasn’t totally plugged into the culture, led to my departure.

A few months prior to leaving, I began thinking about what to do next.

I came to the conclusion, “I want to build my own thing,” whatever that might be.

I just want to own the upside, not work for someone on a salary and hope someday the owner might cut me a piece of the pie.

A picture of what I imagined owning the upside might look like as a developer.

Shortly after leaving I went out to drinks with a colleague who had been my boss. He said he was sorry and wished me well as we went our separate ways.

I smiled at him and said, “Don’t be sorry you did a great job training me! I learned more about real estate development than I could have anywhere else. I’m sorry you can’t come with me.”

Yes I was confident, but I was also fearful. I was fearful of the unknown, as we all are.

So…into the great wide open for me.

I had no idea what I was doing, but I decided to start looking for real estate development projects.

Starting a business is kind of like big wave surfing. You drop in and hope you make it to the bottom without getting crushed.

With very little capital, some great experience, and solid relationships, I started Pugh Management.

A couple of months after leaving that big shop, I connected with some fantastic business partners. That story is for another post. We still work together on development and investment deals. Below is an image of one of those apartment deals…

So, what can this story mean for you?

You get to choose how to look at failures and set backs.

You can view them as a final defeat or as an opportunity to grow and to do more. It’s your choice.

Let’s get started! John

Stories we have been reading this week:

If you need any additional pep…below is Chumbawamba - “I get knocked down, but I get up again!”

The NBA Playoffs are underway and it is fun to watch. Over the weekend I caught the Lakers vs Nuggets and wow what a thrill it was to watch. LeBron and Anthony going against Jokic and his team.

I can’t think of anything I’d like to see…other than maybe the Celtics going off on the Heat! Let’s go Celtics!

The Magic are started up their series against the Cavs with a loss. I’m hoping they make a comeback and take them down.

Jalen Brunson is leading the Knicks against the 76’ers….another awesome series to follow. Go Knicks!

Who are you rooting for in the Playoffs?

In the NCAA Men’s game SEVEN Duke players entered the transfer portal! I saw that headline the other day and was shocked.