Ep 23: Inside Commercial Real Estate with Michael Hettrich
As a business owner and real estate expert, Michael Hettrich, president of Ampersand Cooperative, joins Sarina on the podcast to share his story and to give commercial real estate advice.
A self-proclaimed “art school kid” and lifelong entrepreneur, Michael started his career in carpentry, building a successful business in Philadelphia. After selling his business and moving to Chicago, he started a new business in commercial construction, growing to 165 employees and $60 million a year in annual volume. His business partner Phil then introduced him to commercial real estate, which became his passion. It also brought him to Tampa where his commercial properties include the old Santella Cigar Factory in West Tampa where Sarina Fazan Media’s office and podcast studio is housed!
If you are looking for a commercial property to purchase, Michael says that there’s no manual for success. He recommends that you beat the pavement, talk to people, and learn from doing. In fact, he says that personal connections lead him to most property deals. His company typically invests in value-added properties, most of which are not even on the market before negotiations begin. He explains, “We kind of see that diamond in the rough, and then we polish it.”
So how do people get the money to start investing? Michael says, “When you believe in something and know that you’re going to overcome these hurdles, the money comes.” His advice is to go all in. Michael says that being able to buy properties comes from being fearless and being willing to take a risk.
However, Michael cautions that you have to accept failure along the way. He explains, “I’m just tenacious. So, if I put my mind to something, I know I can do it. I can fail 20 times, 30 times, 100 times, I can just keep failing. But every failure you have to learn from and implement a different system that will keep you from not making that same mistake.”
He also recommends trying to stay optimistic. Michael advises, “Keep your eye on the prize. Money’s not worth it. Your health isn’t worth it…Stay positive, stay focused on your goals, and don’t let people deter you from your goals.”
If he were to give any advice to a young person, Michael says, “Real estate, yes. Commercial real estate, double yes.” While property is generally a good investment, commercial properties typically offer more financial reward. Certainly, that’s been Michael’s experience!
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