From the darkness to the light: A Talk with Rob Coldwell
Welcome to the Good Life Property Management podcast! I’m your host, Steve Welty. This is a show for property management entrepreneurs who want to build not only a great business but also great lives. I’m here to help you gain the freedom to live life on your own terms while creating a positive impact in the world. Also, please check out Steve Welty’s Music!
On this episode, I want to talk about purchasing commercial space. Rob and I sit down and discuss how you can buy retail space in an opportunity zone. These are areas which have been designated by the federal government which is ripe for redevelopment. Rob recently purchased a commercial property, and while he was researching real estate to purchase, he discovered the opportunity zone. Rob lucked out as the building he bought was in an opportunity zone. With his building, he doesn’t pay tax on the appreciation if he owns the building for 10 years. These properties fall under the 1031 Tax Exchange.
We talk about how Rob is using economic occupancy toward a specific goal. One item which isn’t covered by economic occupancy is maintenance costs. Rob always invests with partners, not necessarily with a long-term plan. Finding the deal flow matters. Rob and I discuss how he breaks down his share in the company and what is his company worth long-term.
Who is the person who is the escalation point in your company? Your team must have a vested interest in your business. Rob says he likes the “bricks and sticks” of business. He also subscribes to “Vision through purposeful action” which encompasses a challenge which Rob chats about on this episode.
We dig into the mind, how our mind and the voices in our mind can create havoc for us. Rob and I talk about making peace with the thoughts in our mind and how we can apply the process of acceptance to many of the troubling thoughts in our head. Rob is a fan of Michael Singer and his book Untethered. We discuss how to reframe the thoughts in your head to create more peace for yourself.
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In This Episode:
[01:34] - Rob talks about buying an office in the opportunity zone in Philadelphia.
[03:10] - What is lighting up Rob in his business right now and economic occupancy.
[04:48] - We discuss different stages of business such as growth, impact and legacy.
[07:02] - How Rob approaches investments and his criteria for choosing an investment property.
[09:08] - Rob’s current partnership model and his investment breakdown for the new real estate.
[12:07] - I’m working on a plan to get fractional ownership to replace my 401K retirement plan.
[13:01] - Rob’s big A-HA moment when it comes to assistant property managers.
[16:00] - Rob’s team retreats - what works and what doesn't work on his retreats.
[18:18] - A few of Rob’s biggest passions he is working on right now.
[21:19] - Developing a mind strategy in order to have a mindset shift.
[22:36] - Rob and I get real together about the mind and how the critical mind can be dangerous.
[24:37] - The importance of having a causal relationship with the thoughts in your head and why your inner child is important.
[28:50] - Peace of mind and why we shouldn’t make the voice in your mind the problem.
[31:28] - We discuss the teachings of the book Untethered by Michael Singer
[33:33] - Making decisions which are simpler.
[34:14] - I bring up the concept of self-love, coming from a place of worthiness and how these add to creating simplicity.
[36:13] - Heart prayer and basic principles which have helped Rob and the concept of the imperturbable.
[43:22] - The story about Rob’s family friend Raymond and Rob’s daughter with Down Syndrome, his view on religion and spirituality.
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