Description:
In this engaging episode of “The Builders,” host Matt Levenhagen welcomes Eric Burns, founder of Flowers Capital, to dive into the journey of entrepreneurship and real estate investment. With a unique background in finance and firefighting, Eric shares his pivot toward real estate and the powerful lessons he's gathered along the way.
Central to the conversation is the concept of “failing forward,” where each failure becomes a crucial lesson that fosters resilience and sharper decision-making in business. Through his insights, Eric underscores the importance of partnerships, personal accountability, and adapting to challenges, providing listeners with a blueprint for building a sustainable and successful business.
The discussion delves into Eric's progression from residential to commercial real estate, underscoring the importance of working with skilled operators and vetting partners to ensure successful investments. Eric and Matt explore the complexities of the syndication model, highlighting the necessity of conservative underwriting and thorough due diligence to thrive in today’s market. Addressing both current conditions and the evolving landscape of commercial real estate, Eric offers actionable insights on embracing change and turning challenges into opportunities.
Through his stories and strategic lessons, listeners gain a rich perspective on the power of perseverance, community support, and consistently refining the customer experience to foster long-term success.
Key Takeaways:
- Failing Forward: Embrace failures as valuable lessons that build resilience, refine strategy, and lead to wiser future decisions.
- Smart Partner Selection: Carefully select and vet potential partners by evaluating their track record, infrastructure, and compatibility with your business goals.
- Customer-Centric Focus: Cultivating a positive customer experience builds trust and long-term relationships, essential in real estate and beyond.
- Community and Networking: Leverage mastermind groups, networks, and accountability communities to accelerate learning, mindset growth, and entrepreneurial success.
- Strategic Narrowing: Focusing on high-impact areas optimizes resources and enhances the likelihood of long-term success in a competitive market.
Eric Burns
Eric Burns is a Cincinnati-based entrepreneur. His journey has taken him from being a finance major to a Cincinnati Firefighter to a residential real estate investor and flipper to finally landing in commercial real estate. He values his journey and believes in the entrepreneurial spirit.
His message to fellow entrepreneurs is simple, STOP TRADING YOUR TIME FOR MONEY and LIVE LIFE BULLISH.
Like many, Eric started his real estate investment career in the residential space and expanded into the commercial arena. His first property was a student housing rental in 2016, while he was still active with the Cincinnati Fire Department. Later, he expanded into renovations, and eventually, after many years of growth, education, and “failing forward”, Eric found himself in the commercial space.
Eric’s story is similar to many entrepreneurs’ as he has navigated ups and downs with successes and failures in his entrepreneurial journey. As it turns out, it was during a less-than-ideal renovation when he realized, after years spent starting side hustles and residential real estate, that he was still only trading his time for money! As a believer in financial freedom, Eric leaned into commercial real estate and found a path to lead him to that destination.
To that end, Flowers Capital reflects Eric’s fundamental philosophies of sourcing and funding deals. Priorities include, firstly, the preservation and growth of investor capital. As a strong proponent of multiple, passive sources of income and protecting the commodity of time, he believes financial freedom is achievable through commercial real estate investment. Flowers Capital is fully intent on achieving those goals for its investors.
Eric considers himself a life-long learner. He believes in the entrepreneurial spirit and understands the realities of that life path. His greatest strengths include curiosity, personal accountability, and resilience.
Real estate investing is truly a labor of love for Eric, but he also thoroughly enjoys fly fishing, traveling, and his Labrador Retriever, Baron.
THE MEAT OF IT!
- Introduction
- Eric’s Background: From Firefighter to Real Estate Investor
- Concept of “Failing Forward” and Its Impact on Business
- Learning Through Failure
- Building Resilience and Accountability in Entrepreneurship
- Overcoming Setbacks in Business and Personal Growth
- Transition to Real Estate Investing
- From Residential to Commercial Real Estate: Key Lessons
- The Importance of Vetting Operators and Building Trust
- The Power of Partnerships
- Insights on Finding the Right Partners and Avoiding Mismatches
- How Strong Partnerships Contribute to Long-Term Success
- Focus on Customer Experience
- Creating a Customer-Centric Approach in Real Estate
- Strategies for Building Trust and Lasting Client Relationships
- Navigating the Real Estate Market Today
- Real Estate Market Conditions and Investment Strategies
- Networking and Community as Essential Tools for Growth
Click to See Episode Chapters and Timestamp
| Timestamp | Summary |
| 0:00 | Failing Forward: Lessons in Entrepreneurship and Real Estate |
| 8:43 | Embracing Failure and Growth in Entrepreneurship |
| 15:56 | Lessons Learned from Business Partnerships and Contractor Challenges |
| 24:11 | Transitioning from Firefighting to Private Equity in Real Estate |
| 28:58 | Enhancing Customer Experience Through Appreciation and Connection |
| 36:46 | Navigating Commercial Real Estate Opportunities Amid Market Changes |
| 42:43 | Entrepreneurial Resilience and Networking on LinkedIn |
Check out these related Episodes:
- Episode 197 – Nicky Billou – The Blueprint for Making Money & Getting Results as a Podcast Guest
- Episode 196 – Brad Bucceri – Creating an Uncopyable Business Identity, Make the Competition Irrelevant
- Episode 195 – Gary Brode – The Real Threat to Your Bottom Line: Inflation and How to Secure Your Future
