Summary

In this episode, Mike Demson shares his journey from digital marketing to hotel development, discussing his experiences with significant projects in Sonoma and San Francisco. He emphasizes the importance of partnerships, the entitlement process in real estate, and the lessons learned along the way. Mike provides valuable insights for aspiring developers, highlighting the need for mentorship and the significance of making informed decisions during the acquisition process.

Chapters

00:00 Introduction to Mike Demson and His Background

03:07 Transitioning from Digital Marketing to Hotel Development

06:06 Understanding the Entitlement Process in Real Estate

09:05 Details of the Sonoma Hotel Project

12:18 Exploring the San Francisco Hotel Deal

18:05 Negotiation Strategies and Lessons Learned

24:08 The Importance of Partnerships in Real Estate

30:02 Advice for Aspiring Developers and Marketers

Takeaways

Mike transitioned from digital marketing to hotel development.

He emphasizes the importance of partnerships in real estate.

Understanding the entitlement process is crucial for developers.

The Sonoma hotel project involved significant renovations and value add strategies.

Negotiating the purchase price is key to successful real estate deals.

Starting small in real estate can lead to bigger opportunities.

Having experienced partners can mitigate risks in development.

The San Francisco hotel deal was acquired at a significantly reduced price.

Learning from mistakes is essential in the development process.

Asking questions and seeking mentorship can accelerate learning.