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TL;DR

Mikey Gabriel, CEO of Crossroads Group, discusses his transition from practicing law to running multiple businesses. He shares insights on the current real estate market, the challenges of hiring, and the future of commercial real estate. He also recommends books on culture and creativity for business success.

Transcript

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Key Insights

• 🍉 Mikey Gabriel recommends saving up for a down payment and approaching real estate acquisitions with a long-term perspective rather than trying to time the market.
• 💦 The eviction moratorium during the pandemic posed challenges for real estate investors, but creative solutions and working with tenants helped mitigate the negative impact.
• 💪 Building a strong company culture is crucial for success and retaining employees.
• 👨‍💼 The hiring process has become more competitive and expensive, highlighting the need for businesses to prioritize their culture and adapt their strategies.
• ❓ The current real estate market has defied expectations, with prices increasing despite the pandemic.
• 👾 Commercial real estate may experience changes, but it is unlikely to become obsolete as businesses and industries adapt and repurpose spaces.

Questions & Answers

Q: What drew Mikey Gabriel away from practicing law and into a career in business?

Mikey initially planned on practicing law indefinitely, but after working with Paul and Andrew, he realized his passion for running businesses. The flexibility and control over his own schedule were appealing factors.

Q: How has the real estate market been affected by the COVID-19 pandemic?

Despite initial expectations of a downturn, the real estate market has boomed. Prices have increased, and the demand for properties has remained strong. It is unclear when this trend will change, as the market continues to defy expectations.

Q: How challenging has hiring been in the current job market?

Hiring has been extremely difficult in the current job market, with many businesses struggling to find suitable candidates. Crossroads Group has faced increased recruiting costs, and the process has become more competitive due to the high demand for workers.

Q: What are the potential effects of remote work on commercial real estate?

While there may be a shift towards more remote work in the future, commercial real estate is unlikely to become obsolete. Spaces may be repurposed or reconfigured, but there will always be a need for physical workplaces.

Summary & Key Takeaways

• Mikey Gabriel shares his journey from practicing law to running multiple businesses within Crossroads Group.

• He discusses the current state of the real estate market and the challenges of hiring in the current job market.

• Mikey also provides insights on the future of commercial real estate and the importance of maintaining a strong company culture.

• He recommends books such as "Creativity Inc." and Bob Iger's book (unspecified) for understanding the importance of culture and leadership in business.