Episode #99 – Derek Lobo – Thriving in Uncertainty

“Stay in traffic. We are in a very changing world. Solicit other peoples’ opinion; people older than you, younger than you, smarter than you, whatever it is. Stay in traffic and pay attention to what’s going on.” – Derek Lobo  


 
  • Show Notes
  • [02:08] Patrick introduces his next guest Derek Lobo.
  • [03:26] Derek and Patrick waste no time getting caught up and getting the skinny on what Derek does. A self-titled “Apartment Schlep.” The best ideas for growing his business have come from his clients. With that comes relationship building through asking questions, listening, and understanding. “Seek first to understand, then be understood.”
  • [08:22] Living into the illusion that multi-family residential real estate is a legacy for your children. It’s apparent through experience and client interviews that the intergenerational transfer of wealth needs to be considered far earlier that one may think. Look out for more from their forthcoming book!
  • [10:43] Derek illustrates the importance of liquidity and clear advance directives in the realm of large scale real estate holdings or development.
  • [13:07] Derek walks through a scenario of how the first generation of a multi-family residential real estate family can set up future generations to succeed. Involving family early sets the tone for clarity in decision making and intergenerational wealth. First generation and the second or third may have vastly different viewpoints.
  • [16:30] Derek shares more about the types of deals he’s doing, what his specific goal is when he starts each day, and offers his perspective on showing up amidst the ups and downs of brokering deals. Humility and stoicism are beneficial characteristics.
  • [20:01] Research is at the heart of Derek’s business and in the last decade or so feasibility studies for new apartment construction is where his team has been hanging out. Derek outlines the five questions that get answered within these studies and the value they bring directly to developers. With the advent of a possible slow down, Derek also touches on the risk mitigation they work on for their clients.
  • [26:08] Patrick and Derek talk about the viability of commercial and retail spaces within the reality of a new global outlook. With the mountain of uncertainty that exists and a lack of strong leadership, nobody really knows how it will play out.
  • [28:34] Let’s get down to brass tacks. Derek reveals the best places to invest. You might be surprised!
  • [36:27] Derek and Patrick take a side road to acknowledge women in business, and the hard road it can be at times. Derek feels an underutilized resource is stay at home Moms, many of whom can bring great skills and enrichment to the business table, and simply need some flexibility.
  • [40:15] Derek’s outlook of our economic world through his apartment sector lens is informed by his keen observations. Emotions, low interest rates (that must remain low) along with resident, investor and developer demand is thriving. A virtual training platform in all real estate sectors is proving to be highly effective and impactful from both Patrick & Derek’s perspectives.
  • [46:55] Patrick offers his view on why the multi-family sector is appearing to be both recession and virus-proof.
  • [48:58] Guidance from a veteran: start thinking in detail about how your company can fit into the current economy and the talent you need to ace it. Derek shares effects and opportunities from COVID-19, that all business owners and entrepreneurs can benefit from.
  • [56:44] Patrick and Derek continue with a robust conversation around the reality of the Canadian economy, where the challenges may be, and where the upsides may occur in the diverse realm of real estate.
  • [63:07] The life changing effects of Derek’s heart attack. With an astounding stat to fuel his resolve, Derek is now committed to his good health and daily routine. As a happy coincidence one of his morning routines is the #1 trait shared by other successful people!
  • [67:13] So what the heck was Derek doing leading up to his heart attack? After it happened he began to reflect on what the roles are that define his life and how he wanted to show up within them.
  • [70:21] Where Derek came from, and the decisive event which steered him out of the employee lane and over to the entrepreneurial highway.
  • [75:32] Derek dives into his first real estate purchase which is still his fondest memory, but how did he even find the path to get there? The life of an entrepreneur is not for everyone, and it is important to honour the traits and strengths we, and the important people around us, will thrive upon.
  • [80:22] The power of the personality test is a great way to explore and discover what inherent talents and skills you possess and then how to harness and hone them into a path that lights you up!
  • [84:35] A profound nugget of wisdom.
  • [85:10] Winding up with some rapid fire: three favourite books to gift; favourite inspirational quote; favourite author; no swear policy; Derek’s weirdness scale is blossoming with age; room-desk-car? Nope cleaning is not his jam. Favourite tune; favourite movie and the positive impact of praise. Derek poses his burning question for Patrick.
  • [91:33] Derek’s gratitude.

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