I'm the founder and CEO of PropPoint, a Tenant-in-Common (TIC) investment-sales company based in Santa Monica, Calif. PropPoint works with 1031 investors who want to sell their investment real estate and helps them locate a Tenant-in-Common property (see BW, 2/13/06,
"Getting a Slice of the Commercial Market"). These range from retail space to multi-family to oil rights, and enable 1031 investors to purchase interests in a large, high-quality institutional-grade property. TIC investments fit the retirement lifestyle, and they're ideal for the aging demographics in America.
I split my time among key activities, including leading operations, working on strategy, and speaking with clients and prospects. Having begun my career at Goldman Sachs (
GS ) and having worked for a boutique real estate firm, I'm passionate about investments and real estate. So when I saw a void in the 1031 TIC Exchange real estate market, I jumped right on it.
As a current student in the FEMBA (Fully-Employed MBA) Program at
UCLA Anderson School of Management, I have the benefit of choosing classes that complement the needs of PropPoint and my personal development. I'm a perfect example of how a part-time MBA program can benefit your career. I've been able to test -- and integrate -- B-school cases and concepts into PropPoint's business structure. Whether it's real estate, technology or business law, my focus is on classes that will help me run my business and structure financial transactions -- from corporate privatization to real estate development projects (see BW Online, 3/26/06,
"Creativity Comes to B-School").
5:00 a.m. -- It's a little earlier than normal, but with meetings in northern California today, there's no sleeping in. Plus, my early start means I'll avoid the L.A. traffic. I grab my briefcase and carry-on luggage and head to the office.
5:20 a.m. -- Our new brochures are finally here. Before leaving for the airport, I send out a few e-mails to our investors. An e-mail comes in with an investment summary for a new TIC real estate property -- I make plans to visit this during my trip north.
6:00 a.m. -- Off to LAX for my 7 a.m. Southwest flight to Oakland. More phone calls, parking, security.
7:00 a.m. -- I grab some coffee and read through the day's newspapers. I can't resist pulling out my computer and sending a couple of follow-up e-mails. Before taking off, I squeeze in another review of the due-diligence reports for the properties I will be visiting for my clients.
8:10 a.m. -- Arrive in Oakland, pick-up my rental car, and head to my breakfast meeting.
8:40 a.m. -- I call back to check-in with the office. I learn that one of our larger investors needs more due diligence on two L.A. properties and wants to see more photos. Ryan Stepp, my right-hand man and vice-president in our Client Services group, heads out of the office to visit the properties.
8:45 a.m. -- Breakfast meeting with the president of Atherton Trust to discuss a potential strategic alliance. We identify opportunities for both of our companies. This could be a good strategic partner.
10:10 a.m. -- Time for the next meeting. Bam! Taxi rear ends me in the parking lot. No time for small talk. Head to Pacific Heights. During my drive to San Francisco, I conduct conference calls with three new investors.
11:00 a.m. -- Meet with an investor at my "other" office, Starbucks in Pacific Heights. I have been building a relationship with this investor for almost a month, and we discuss additional investment strategies for his pending 1031 exchange transaction. I ask if he would try our new online property search system. Though he hasn't completed a transaction with us yet, I'm hopeful that I'll earn his business.
Noon -- After our first investor meeting, we head back across the Bay Bridge to see a new TIC property in Emeryville. During the drive, I touch base with our CMO and fellow Anderson student, Brett Voris, about our marketing strategy.
We discuss whether or not we should sever ties with one of our media vendors. When you start a business, you need to quickly get comfortable with uneasy vendor conversations.
1:30 p.m. -- I meet with another developer who's offering a new trophy property across from Mare Island. The tour offers good insights and a chance to network with industry colleagues.
2:50 p.m. -- After the property tour, I immediately call two investors who would be good matches for the Vallejo property. When it's a hot project, you need to move quickly. I then head to Marin for a 5 p.m. meeting with an investor.
3:00 p.m. -- I make a pit-stop on Mare Island to check out some more property developments that I had heard about during the Vallejo tour. The island was shutdown by the government at one time for military purposes, and it's a potentially hot residential development.
4:30 p.m. -- Meet with an investor who's selling his property and considering an investment with our firm. Great meeting, but I didn't need another shot of caffeine.
6:00 p.m. -- I finally cross the Golden Gate Bridge into San Francisco, and feel more relaxed as the day is winding down. Before heading to the Giants game, I meet a potential recruit for our Northern California expansion at Momo's restaurant.
6:50 p.m. -- Arrive at the Giants game and meet up with the guys who are selling the Vallejo property. As a longtime Giants fan, I'm hoping to witness Barry Bonds tie Babe Ruth's record.
7:50 p.m. -- Mixing business with pleasure. With our recruit on one side and a leading developer on the other, I can enjoy the game while also discussing upcoming projects. I think I've found our first hire for Northern California.
9:30 p.m. -- After the game, our group congregates in one of the breezeways, until security tells us to go home. The day finally catches up with me, and I'm ready to unwind at the hotel.
10:40 p.m. -- Check in at the hotel, and immediately check the e-mails and voicemails I received while at the game. I also realize that I still have homework to do.
11:00 p.m. -- Shower to wake myself up a bit, and work on my paper for my High Technology Management class (one of the best courses I've taken at Anderson).
12:00 a.m. -- I hit a wall, and slide into bed. Lights out, because at 5:30 a.m. it starts all over again.
LEARNING CURVE. There are plenty of successful people in the real estate industry who don't have MBAs, but the MBA degree is beneficial. After starting the FEMBA program, I can see strategies that I wouldn't have noticed before. I can identify and take advantage of opportunities more quickly. The MBA curriculum draws upon past company successes and failures, especially in the case method approach. Anderson has helped me to see a good idea, bring it to life, and build a successful company around it. Plus, I found one of my partners at Anderson.
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