Peter Akguc started his career as trader on wall street after pursuing a degree in finance. But the stress of the job lead to an unhealthily lifestyle. He transitioned into real estate and construction as the economy was rebounding from the financial crisis. The skills he gained on wall street helped him take great calculated risk in real estate investing.
He said that once he started doing building projects on the side, he was much happier out there on the job site than he was managing projects on Wall Street.
But the biggest question he faced concerning whether to switch careers, was this, “Can I support my family?”
Wall Street was a business of taking risks. But so is this.
Take calculated risks, don’t gamble. Not all of them will be home-runs.
Here are some helpful tips to take calculated risks:
- Be very sure on your numbers
- Make sure you have a margin of error
- Be ready, If your spec house doesn’t sell right away
- Know the soft costs
- Be aware of timing – it could take 18 months till finished
- Have contingencies in place
Real estate investing is an easy way to generate wealth.
We live in a relationship-driven world so I like to have a realtor sell the property which they helped me find in the first place.
- Communication is key
- Always try to be 3-4 steps ahead in process
- Be sure to find and retain reliable sub contractors
Here are some tech recommendations:
- Phone calendar
- Google maps
- Google Drive
- Plan Swift
Peter says that we should pay attention to detail. He also says, “Spend money where we will the best return.”
Be fully transparent and totally honest.
When asked to what Peter contributes his success, he said, “I want to give credit to my family and upbringing. My father worked hard and instilled that into us.”
The best advice he ever received was: “Despite what the outcome may be, do the right thing to the best of your ability. 99% of the time it will turn out better than you expected.”
His advice to a new contractor just starting out is to make sure you enjoy what you are doing, and do it for the right reasons. Get the business knowledge so you can run this business profitably for you and your family. Educate yourself everyday.
Check out Peter Akguc and his awesome home building company here!
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