[quote style=”boxed”]”Not everyone is meant to be an entrepreneur, but if you’re built to be one, nothing else will really work for you.”[/quote]
Richard Myers founded Realty Capital in 1987 to acquire, develop, and manage investment-grade commercial and residential real estate projects.
In 2011, Realty Capital became an employee-owned firm, Realty Capital Management (RCM), which Richard manages with partners Jimmy Archie and Tim Coltart. The strategy for RCM remains the same: develop in areas with strong positive trends in population, employment, and income, and continue to diversify holdings to offer quality investment opportunities to valued equity partners.
In addition to his responsibilities at RCM, Richard is the chief executive officer of Realty Capital Partners (RCP). This company provides individual investors with the opportunity to invest in real estate projects. RCP has invested approximately $350 million in equity, representing approximately 1 billion dollars’ worth of real estate projects.
Richard formerly was a partner with Lincoln Property Company; prior to that, he was senior vice president of GSC Realty Corporation. While at GSC, he was responsible for the acquisition and development of approximately 450 million dollars’ worth of commercial and residential projects located in 10 states.
What are you working on right now?
Right now, our Lakeside DFW project requires most of my time. This is a $1 billion mixed-use development in Flower Mound, Tex. We have had to be creative in getting this development underway, establishing a tree farm onsite that holds harvested trees from the property. Our plan is to replant the trees in the parks and throughout the development once construction has been completed.
I’m also working on Harvest with our partner, Hillwood Communities. This project is a 1,000-acre master-planned community located in the towns of Northlake and Argyle, Tex.
Where did the idea for Realty Capital Management come from?
Jimmy Archie, Tim Coltart, and I wanted to create an employee-owned company to give our longtime, valued employees some of the benefits of owning the company. We think this concept provides additional motivation for employees, and it rewards them for their years of service.
What does your typical day look like?
It has a lot of variety. I might have meetings with bankers and bricklayers in the same day. Each property development is its own business with marketing, finance, operations, and construction issues. Thus, when you’re developing a property, you’re working on all aspects of its business. I find that variety very interesting.
How do you bring ideas to life?
I love to brainstorm with people, conduct focus groups, and sometimes just daydream about ideas. To bring them to life, I determine an action plan and try to find and put together the best team to help me carry out the plan.
What’s one trend that really excites you?
I’m excited about the current economic recovery. I have been in the commercial real estate business long enough to have made it through previous recessions, so it is exciting to see things turning around. We’ve made it through the last few years, and many commercial development companies can’t say the same thing.
Also, I love the urbanization of American cities, which makes them more interesting places to live. We’re moving away from suburban sprawl and back toward the concept of thriving metropolises.
What was the worst job you ever had and what did you learn from it?
It may have been my job as an economic analyst at Caterpillar Tractor Company. It’s a great company, but it taught me that I really wanted to do something more entrepreneurial. Not everyone is meant to be an entrepreneur, but if you’re built to be one, nothing else will really work for you.
What is the one thing you do over and over and recommend everyone else do?
Work, don’t worry. The more time you spend obsessing over something, the more likely it is to actually become a problem in your life — it’s a self-fulfilling prophecy. Your productivity and your contentment will be drastically improved by simply putting your head down and working. It will clear your head and help you make decisions based on logic, not fear.
What is one business idea that you’re willing to give away to our readers?
It’s time to own property in Texas. They say everything’s bigger in Texas, and that includes property values! It is likely a worthwhile investment, whether you’re interested in commercial buildings or residential properties.
Tell us a secret.
I like to ballroom dance.
What are your three favorite online tools and what do you love about them?
Zillow
Google Maps
The Wall Street Journal Online
They’re all helpful tools in getting my daily work done — or learning more about it!
What is the one book that you recommend our community should read and why?
I’d recommend “A Pattern Language” by Christopher Alexander, simply because I learned a lot from it.
What’s on your playlist?
I listen to everything from Madonna to Mozart.
If you weren’t working on Realty Capital, what would you be doing?
I would still be doing something with real estate. It’s my passion. If you don’t love what you’re doing, do something else.
Three people we should follow on Twitter and why?
That’s a good question — I don’t use Twitter.
When was the last time you laughed out loud? What caused it?
I laughed because of a dirty joke I heard last weekend….
Who is your hero?
My mom was my hero.
Tell me about a time you failed and what did you learn?
That usually happens once per week; I’ve learned to try again. It’s not really a failure until you admit defeat.
What would you have done differently in your personal life?
I would have spent even more time with my daughter when she was younger. It’s easy to get caught up in your goals, especially where your career is concerned, but it’s very important that we build our lives around the things we value most.
Connect:
Richard Myers on LinkedIn:
Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas.