The only failure I can think of is one of inaction. I had the opportunity to start this business much earlier, and I failed to seize the opportunity right away.
As a veteran of the real estate industry, Tim DeCapua understands how a changing marketplace can influence the perception of buyers and sellers. Noting how buyers –- particularly those interested in properties that could double as an investment –- had become increasingly hesitant in taking on the risk of purchasing a home in need of repair, Mr. DeCapua founded Wealth Building Real Estate. The company has enjoyed consistent growth and has quickly established itself as one of the most highly regarded real estate firms in the area.
The founder and president of the company, Mr. DeCapua has filled a significant need in the real estate marketplace. The company’s efforts benefit contractors, property managers, renters and investors, and the manner in which the company operates is quite unique. Mr. DeCapua and his staff first identify properties that meet a strict set of standards — including that the property itself is undervalued as is. After purchasing the property, the company works to improve the home in a way that both increases its resale value and makes it more attractive to renters and buyers.
Mr. DeCapua and his company then put a property manager in place and secure renters for the property, establishing the property as one that is immediately profitable. Wealth Building Real Estate is then able to sell these properties to parties who wish to invest in real estate without having to take on the risks that accompany purchasing a property in need of repair. Since Wealth Building Real Estate has eliminated all of the inherent risks relating to this process, investors are able to purchase a property that is earning income the moment it is sold.
Where did the idea for Wealth Building Real Estate come from?
I have been in the real estate industry for quite some time, and I saw that the attitudes of buyers toward certain types of properties were changing. There was a decreased willingness among buyers to take on the risk of buying a distressed property, even if the potential for reward was still apparent. Investors still wanted to purchase real estate, but they were just hesitant due to the amount of time and effort it could take to turn a profit on the property. With Wealth Building Real Estate, we take on the risk and invest the time and effort into the property so that investors are able to generate income from their property on day one.
What does your typical day look like and how do you make it productive?
I am responsible for a number of facets of our business, which means that I oversee our investments at their various stages. I like to spend the first part of my day researching the properties that may become potential targets of ours, and then I spend a lot of time monitoring the progress of our properties in different stages of development. I frequently meet with my team to discuss any important issues relating to the company, and I make a point to spend frequent face-to-face time with our investors and with the people who are working with us on our real estate projects.
How do you bring ideas to life?
When it comes to ideas I think I am like anyone else. I don’t have brainstorming sessions or set aside a certain time of day for creative thinking. I simply make sure that I document every idea I have whenever it happens to come to me. I use the notepad feature on my mobile phone to jot down any ideas and after I have had some time to work on each individual idea, I present it to team members so we can have a discussion on the idea’s merits.
What’s one trend that really excites you?
There were some predictions that this younger generation would be hesitant to enter the housing market, but I have found that has not been the case. We have worked with investors of all ages, and it seems like this younger generation is quite sharp when it comes to real estate investing.
What is one habit of yours that makes you more productive as an entrepreneur?
I really like to know what other people think, what ideas or thoughts they may have on a certain subject, so I am always trying to elicit a thought or opinion from my staff that they may not have otherwise shared. I think that helps me in shaping my own thoughts and ideas, but it also helps my team members feel more invested in the company’s efforts because they know they have a voice that will always be heard.
What was the worst job you ever had and what did you learn from it?
Without going into the specific details, I once had a job where I was constantly instructed to do tasks in a very specific way that just so happened to be somewhat inefficient. It took me weeks to work up the courage to suggest an alternative way of doing things that I was sure would be more efficient, but it was summarily dismissed by my boss at the time. I learned that it does not matter where an idea comes from; it only matters that the idea is sound and good for business.
If you were to start again, what would you do differently?
I would have founded the real estate company much sooner. I had the basis of the idea for some time, but I also had a secure position at a respected real estate firm that I was not ready to leave. I knew that this would be a very profitable venture, but it took some time to convince myself that it was worth the risk.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I engage everyone in conversation as frequently as possible. Not to the point of distraction, but it is important that I know my staff on both a personal and a professional level and that the lines of communication are always open.
What is one strategy that has helped you grow your business? Please explain how.
We are completely committed to customer service, and that includes after we have completed the sale of a property. Our business benefits a lot of people along the way, and we want to be sure that these benefits continue after we compete our role in the process.
What is one failure you had as an entrepreneur, and how did you overcome it?
The only failure I can think of is one of inaction. I had the opportunity to start this business much earlier, and I failed to seize the opportunity right away. I was fortunate that no one else beat us to the marketplace with a similar idea.
What is one business idea that you’re willing to give away to our readers?
The best business ideas are those that we come up with on our own. I would be doing the readers a disservice by suggesting they pursue an idea that is not their own.
What is the best $100 you recently spent? What and why?
I buy lunch for the office every Friday. The staff gets to choose where the food comes from, and I am very fortunate that they have exceptional taste. I have never been disappointed in the Friday staff lunch, though it usually runs quite a bit more than $100.
What software and web services do you use? What do you love about them?
We use a lot of different programs that identify the types of properties that suit our interests. It makes it much easier since we are able to customize our searches based on the specific traits we are looking for.
What is the one book that you recommend our community should read and why?
I am always interested in learning about leadership and the qualities that effective leaders possess, so “True North” was an exceptional read for me. It was written by Bill George and Peter Sims, and they provide some very helpful insights.
What people have influenced your thinking and might be of interest to others?
I enjoy Warren Buffett a great deal. His belief in simple and consistently intelligent investment has always inspired me to pursue my own lofty goals, but to do so in the way that best ensures continued success. I try to give out some good information on my blog as well (Tim DeCapua Real Estate Tips, Tricks, Loans, Mortgages, Investments and More).
Wealth Building Real Estate on Facebook:
Wealth Building Real Estate on Twitter: @wbrealestatellc
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.