#67 Mike Procopio - The Sequel!

Real Estate Addicts

Most sequels usually pare in comparison to the original but, like the Godfather Part II this episode is the exception that proves the rule. We start by discussing recent escalating construction costs and supply chain issues. Is the lumber market like the market for toilet paper at the start of Covid or is this inflation and is it here to stay? Mike gives us a status update on their successful lease-up efforts at The Caldwell and the strategies they are employing to fill the building quickly (12:00). We talk about the growth and vision for Procopio Companies (17:40), Mike’s hiring philosophy and even current open positions. Marc and Mike trade thoughts on the trajectory from small scale residential to building highrise and comment on the various inflection points one hits as they grow on that continuum (23:00). Mike offers his take on where the sweet spot is along that line. Dan somehow gets Mike talking about digital currency and NFT’s (28:01), we talk automated parking (30:00), technology Procopio is employing in their builds (38:00). Finally, Mike and Marc take a deep dive on Guaranteed Maximum Price (GMP) contracts versus lump sum contracts (45:00). Mike expounds on his strong beliefs around shared savings, contingency, liquidated damages and a few of the things he looks for when hiring a Contractor. We conclude with a game of over-rated, under rated or appropriately rated that you won’t want to miss. If you enjoy this episode we’d greatly appreciate if you would leave a review and share it with a friend!