Season 1,

86: How to Lose Money by Making a Fast Decision with Jason Yarusi

October 14, 2017
MP3

During 2012, Jason starting Alphabet City Brewing Company – a New York City based brewery that distributes to over 500 restaurants and bars in New York annually. In that same year – Jason helped opened Jack’s Sushi and Sliders, a New York City lynchpin in the Gramercy neighborhood for fast affordable bites. In 2013 Jason moved to New Jersey to take over the strategic operations of the family business of House Lifting and Building Moving – W.A. Building Movers. Jason’s family has been in the construction industry for over five generations.

In 2014 Jason bought his first investment property in a beach town effected by Hurricane Sandy and focused the team’s focus in the direction of growing a real estate portfolio.

Time Stamped Show Notes

[1:55] Taking action and making a quick decision without thinking the next steps can lead you to dire steps.

[4:30] With flip and hold sales, it’s a constant job in order to keep the cash flow going. Jason was out there searching for the next job until he had a moment of clarity.

[5:30] Jason started putting together a team after focusing on more approachable markets and learning enough about the market in Kentucky.

[7:52] With a house in Union Beach that needed complete renovation, and being prepared for that kind of jobs, Jason decided to add a second story to add value.

[10:00] Being very busy with around 50 active project, a subcontractor was hired to do the work of piles for the foundation.

[11:20] When the contractor called to confirm the measure of the piles, because it was marked different than in the plan he had, Jason was quick to tell him to follow the plan he had without checking first.

[13:12] Got a call from his dad because something was not lining up with the foundation. This quick decision hurt his projects but better happen to him than any of his customers.

[14:45] To match the piles, the walls and roof had to be taken off. Lost time and around $65,000.

[17:30] It’s amazing how in a split second a life can change, that why we have to focus so our energy flows in a set direction.

[21:17] Failing Forward Segment

  • Why did this failure experience happen to you? – “I was rushing to make a quick decision that I had more time than I knew and I just thought that I had to get it done because getting it done is me most important thing right now.”
  • What is the single most important lesson you learned from this? – “You have to take action and you have to take risks but always gotta be calculated.”
  • How do you protect yourself from failing in this way again? “When you need to make a decision, take a breath and think it thought and don’t just pass it of as if it was an easy decision without ramifications. Also surround yourself with the right people, the right partners.”
  • Who do you turn to when you need help? – “MY wife is in the business with myself and  a partner Kevin who I grew up with, he’s in the multifamily business with me and we both bring different things to the table so I turn to them first just to make sure that our interests and our choices are aligning.”
  • What advice would you give to someone in a similar position? – “You have to breathe. I was already down, I had nowhere else to go but up, so I actually took a moment and had to think about what would be the best point here that could make this project at least end up being a good home for a good family and luckily I had not only my Jedi father who knows all kinds of tricks and we came up with several ideas to really make the project still a winner with what we have to work with.”

[26:20] Jason’s moral of his experience: “Don’t rush into something. Have the right team in place, the right people in place and the right focus so you can have a direction and lead the team you have with you.”

[26:50] Connect with Jason podcast wife REI Foundation Podcast, platform for investors of all sizes. Have the audience realize that investing in real estate can be an amazing platform.

[27:50] Jason’s final thought: “You can make mistakes, just learn from them and don’t make them again.”

To hear this episode and many more like it on your mobile device, you can subscribe to How To Lose Money via iTunes or Stitcher.

Quotes

Leave a Reply

Scroll to top