Exit Lessons From Experienced Investors: Trust, Skin in the Game, and Building a Business You'd Own Forever

0:03We also like to sort of reflect on some of the exits. So with Invitational Homes, Jody, you've had multiple exits through insurance, real estate. So what would be key takeaways and lessons learned that you would leave the audience with? If there was one thing you want to share with the audience today, what would you leave the audience with? Unequivocally, whoever you invest with, you got to like them. You got to trust them. Trust takes a long time to develop. I'm sorry. Again, I went to Pace. I don't teach you these things. And you like them, you've got to trust them, and they've got to have skin in the game.

0:42You don't want to be the only person that is taking the risk. And it works every time. And if somebody comes up to me and they're not putting any money in the deal, I'm really not interested. Great. I think, Abraham, you mentioned that you're currently working with an exit from Invitation Homes. so what would be a key thing you would leave us with today in terms of insights from the exits yeah again just the dumb real estate guy but build it right you know i think we got kind of a master class education with blackstone as our capital partner uh we were you know thinking very small in the outset just like how do we make these things operate how do we lease them up um our capital partners definitely elevated our thinking to what's the right structure what are we building towards long term I think with with all the real estate that we do we are ultimately we're thinking about as if we want to own it for a hundred years that we're never going to sell obviously we're always also understanding what does this look like in a sale at different points of the of the aggregation process but but I think the biggest thing is if you're building a company that you would want to own forever odds are someone else is going to want it to and there's going to be interest there the only other thing I'd say is we have, excuse me, we have a strong bias towards cashflow.

2:03So we don't do a whole lot of development. We found that, excuse me, over cycles, over the years, cashflow is something that people really like. So we try and stay there. Great. Join the Family Office Club by visiting familyoffices.com. We look forward to seeing you at our next live event.

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