Kevin Bupp welcomes you to another episode of the Real Estate Investing for Cash Flow Podcast with real estate investment veteran Welcome Wilson, who shares anecdotes rooted in incredibly rich personal experience during his 6 decades in real estate development.
Welcome is the founder and chairman of the Board of Welcome Group, a privately held real estate development firm that owns 90 manufacturing and industrial facilities comprising 4 million square feet of space in Texas. He has developed 8,000 home sites in 4 counties. He has also developed apartments, retail centers, office buildings, and a hotel.
"Never go against your gut instinct because the expert tells you something like an engineer or an architect and then in your gut you know he's wrong. Go with your gut because your gut knows more about it than he does."
"To succeed in business, you need to have guts and determination. Guts and determination. When he said guts, he didn't mean the guts to get into a fight. He meant the guts to make a pitch to somebody important that's highly in your favor and be able to keep a straight face and look him in the eye and be sincere."
"Don't let success go to your head. The point is, in a good economy, everything works. Everything works. And you're not invincible. And when the economy turns, practically nothing works and you can't assume that everything is going to work out. You have to prepare for the worst because it's coming."
"One rule that I always had is, if you have five and part of the things to do today, start with the most difficult one first. Do the most difficult one first."
"Having the right partners and the right friends are everything in business. You need to give your partners credit. And by the way, don't ever issue an ultimatum especially to your spouse. Ultimatums do not work."
Discussed in this Episode:
10:38 Importance of a mentor
17:08 Developing Houston
27:08 Role in the Astrodome
32:23 Industrial vs residential
41:04 The importance of friends and family
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