Writing · Capital / Finance / Investing
Someone reached out to me on LinkedIn wanting mentorship on commercial real estate deals. Eager and fired up.
I said yes. And I gave them work.
I told them to review their underwriting model. Double-check it. Walk through every assumption. They came back and said they had.
So I went through it myself. It was full of holes. Errors in the rent growth assumptions. Operating expenses that made no sense. Basic math that didn't tie out. I sent back a detailed, line-by-line list of issues.
Then I gave them books to read. Gave them additional models to rebuild from scratch. Reps. The same way you'd hand someone a barbell and say,
"Start here."
That's when the conversation stopped.
Not when the work got hard. When the work got real.
I've thought about this a lot since. It's not an isolated case. I see it constantly.
People who genuinely believe they're ready to learn. But the moment you hand them the actual work, they disappear.
Bobby Knight was right on this topic.
"The will to win is not nearly as important as the will to prepare to win. Once you prepare to win, winning is almost anti-climactic."
That last word is the one nobody talks about. Anti-climactic.
Knight isn't just saying "work harder." He's saying that if you've actually done the preparation, the game itself should feel almost boring. The model should be clean before anyone else touches it. The deal should be airtight before it hits an investor's desk.
That's what prepared looks like. It's not exciting. It's thorough.
And it works like lifting weights. You can't bench 400 without first benching 200. Preparation is progressive. Each rep builds capacity for the next one. You can't skip to the end, and you can't fake the reps.
So why do so few people do it?
Sometimes it's discipline. Sometimes it's that the reward structure is broken.
Nobody claps for preparation. Nobody posts about the three hours they spent stress testing their assumptions.
But sometimes it's simpler than that. Nobody ever showed them what preparation looks like. No one modeled it. No one trained it. You can't will yourself to do something you've never been shown how to do. That's not a motivation problem. That's an exposure problem.
The person who reached out to me? I don't think they were lazy. I think they'd never been handed real reps before. And when they got them, they didn't recognize the gift.
Invert Bobby Knight's advice. How do you guarantee losing? Simple. Skip the preparation and hope the meeting goes well.