I believe that if you take good care of your team they will appreciate it and it show it in their work. I try to do my best for everyone.
Timur Yusufov is a Real Estate Entrepreneur. He has invested and reinvested in developing an inner-city community bringing hope and sanctuary to a once dilapidated area. Timur and his partners are changing the face of Baltimore’s city streets. They are in the process of ridding the community of unsightly hundred-year-old boarded-up properties and bringing the renovated properties up-to-date. As a result of this team’s efforts, they are ridding the area of the criminal activity that typically gives way to empty and abandoned buildings.
Timur graduated from the University of Maryland with his degree in economics and finance. His dream as he left college was to move to New York and become a stockbroker on Wall Street. Much to the benefit of so many others whose lives Timur has touched, he put those dreams on hold to assist his brother in opening his new business. The business was a neglected pharmacy whose customers had largely abandoned their patronage years before. Two years later the pharmacy was thriving. The previous customers had returned, and the business tripled the size of its former clientele.
The ambition and drive that Timur Yusufov has is how he continued his life after he left his brother’s pharmacy behind. He went on with ventures he had invested in long before he began his exit. For example, Timur partnered with a man he had known previously who was knowledgeable in the business. Both were able to benefit from the business relationship.
This was not Timur Yusufov’s only venture. In conjunction with working on renovations and the redevelopment of his community, he is an investor with another friend. This friend has a Ph.D. and is a professor of sports medicine. The professor had developed Rugenix, a line of blends and supplements to address recovery after injury. There were also patented formulas for after work-out to build lean muscles as well as improve brain function, provide clear focus, and manage weight gain. This is an exciting project. There are many people using these products with very exciting and positive results. He is investigating marketing methods to bring this product to the masses.
Timur Yusufov is a tower of strength in his community and an advocate for the good of all. He is a great leader for his team and a committed partner for his businesses. His devotion to family, friends, and the community as a whole is evident from his actions.
Where did the idea for your company come from?
I was always interested in buying commercial real estate. Distressed properties are always sold for very low prices. If we do the work to rehabilitate the property ourselves, it is less expensive, but it gains equity very quickly once the property is complete. If you hold on to the property as the community improves it will make a good profit.
What does your typical day look like and how do you make it productive?
I try to write a list for myself first thing in the morning. During the renovation of a property, it is always one project at a time. Sometimes there are many projects at a time. I see how much I can accomplish off of the list. If I get it all done, great! If the list is not completed I add it to tomorrow’s list and start all over again. Sometimes it is research for wholesalers, sometimes there are meetings.
How do you bring ideas to life?
I just share the idea with my team. Everyone has to have an input. If it works, we just make it happen. I have confidence in my team.
What’s one trend that excites you?
What is one habit of yours that makes you more productive as an entrepreneur?
I am always thinking: how do I make things better? I want to make things better not only for the business but for my employees as well. I believe that if you take good care of your team they will appreciate it and it show it in their work. I try to do my best for everyone.
What advice would you give your younger self?
Be more patient. I always push myself, but patience is very important.
Tell us something that’s true that almost nobody agrees with you on.
I worked at my family’s pharmacy business for a while. In the pharmacy business, it is the automation that no one wanted to change. I purchased an expensive piece of technology. Everyone was afraid of it and of change. But in the end, it was the right decision and everyone was happy. It was the right thing to do. In the real estate business, it is a whole different story. We all work together as a team to get the job done more efficiently.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I am always analyzing myself. I figure out how everything should run on a monthly basis and on an annual basis. I am always analyzing everything. Whether it’s for what materials to use or what team member is best for a project or finding the wholesalers for the best pricing. I always have to think of ways to improve. I am always thinking and making plans for the future.
What is one strategy that has helped you grow your business?
In the real estate business, you have to have money available. You have to build relationships with financial people in the financial industry. You have to be able to let them know that you used the previous loans the way you told them that you would and that there was a successful outcome. You have to build a trust and your reputation. You have to show that you are responsible. So, getting financing in the future is easier and they will work with you on your next project.
What is one failure you had as an entrepreneur, and how did you overcome it?
I sometimes overextend myself with too many projects. I’ve even had projects fail in the past because I wasn’t able to oversee the people I was working with. While unfortunate, these were great learning experiences.
What is one business idea that you’re willing to give away to our readers?
One idea that I think would be very helpful for renovating distressed properties would be to have a device that you can attach to your phone to digitally measure the dimensions of a room and then convert the measurements to square feet.
What is the best $100 you recently spent? What and why?
I purchased a sword. My twin boys are studying Japanese martial arts. It made them very happy to be able to use the sword. It made them even more involved in the practice. The sword cannot hurt them but they are more engaged.
What is one piece of software or a web service that helps you be productive?
I use QuickBooks on a daily basis. It is very productive. It keeps my employee straight. I have been using QuickBooks for the past 20 years.
What is the one book that you recommend our community should read and why?
Objectives and Key Results: Driving Focus, Alignment, and Engagement with OKRs by Paul Niven.
What is your favorite quote?
“You must be the change you wish to see in the world,” by Mahatma Gandhi. Also,
“Strive for continuous improvement, instead of perfection.”- Kim Collins
• Analytical mind who strives to be a little better today than he was yesterday
• Makes a positive difference – community-oriented
• A compassionate, empathetic leader
• Ambitious and Energetic
• Focused and Resourceful
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.