One of our buildings burned down. Here’s what we learned.
The Amplified Impact Podcast
February 11th, 2023
Anthony shares his heart-stopping experience of having one of their real estate buildings catch fire and the valuable lessons he learned in emergency preparation.
Learn how to create your own emergency action plan and be ready for any situation life may throw your way.
In today’s episode of Amplified Impact, Anthony discusses a fire that broke out in one of the buildings owned by Invictus Capital.
He shares the lessons learned from this crisis and the importance of having an emergency action plan in place.
He emphasizes that as humans, we often live in a state of perpetual optimism, but things can go wrong at any time.
Anthony stresses the need to be prepared for such situations and the importance of having the right resources and knowledge in place.
He also shares his personal experience in creating an emergency game plan for his life and loved ones.
The episode provides insights into creating an emergency action plan and the importance of being prepared for when things go wrong.
TWEETABLE QUOTE:
“It’s really easy as humans to live in a state of perpetual optimism where we think good times are just going to keep on rolling. But it behooves us to be prepared to create an emergency game plan for what we’re going to do when things go wrong.” – Anthony Vicino
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Episode Transcript:
Anthony: [00:00:00] So I got a call last week, around four o’clock from my partner Dan Krueger, Invictus Capital. So let me know that one of our buildings was on fire, which is never, never a call you want to get. Truly, whenever you, whenever you hear that there’s some kind of tragedy, some kind of calamity going on at a, at a property, Your gut just sinks.
Anthony: It drops right out of you. And so the reality of the situation is that, you know, we own 30 plus buildings. And so it’s not a matter of if something’s going to go wrong, just a matter of when. And that’s the game of investing in real estate. That’s also the game of business. It’s also just the game of life is that you stay in this thing long enough and like things are going to go wrong, people are going to die, people are going to get hurt, you’re going to get hurt.
Anthony: Things are not going to go how you thought they would. You might go bankrupt. Like all sorts of things can go. And it’s really easy, I think, as humans, just to live in a state of perpetual optimism where we think like, oh, time life is good right now. And so time li times will continue like this and the future’s going to be just like it is [00:01:00] now.
Anthony: And you can get rolled into this false sense of complacency where you think, you know, good times are just going to keep on rolling. And then, you know, we enter into 2020 and we get covid, or then we enter into 2023 and we’re looking down the barrel of a recession. You know, like things happen and. It behooves us, I think, to be prepared to create an emergency game plan for what we’re going to do when things go wrong.
Anthony: I wanted to share with you guys on this episode today about, some lessons learned from that fire. some lessons that we can apply to our life, not just in real estate, but all across the board, and then give you some things to think about in terms of preparing your own emergency action. So the first thing is when the building caught on fire, the very first thing is, we, we got a call.
Anthony: We talked to our mentor, a guy who’s been in the industry for way, way longer than us. He’s an old timer. He is been doing this forever. He is seen everything under the sun and then some, and he’s got resources, he’s got knowledge and just hopping on that call. And the first thing he said to my partner was, just calm down.
Anthony: [00:02:00] Everything’s going to be. Here’s what you need. Here’s the next three things that you need to do, this, this, and this. And just that. somebody telling you, Hey, everything’s going to be okay. Massive, just kind of reduces distress instantly. Because you’re like, you’re, you’re like, okay, maybe this is going to be okay.
Anthony: This person’s telling you that, right? So you can start to think more clearly and then having that action plan, okay, do this, this, and this easy. You can just go on autopilot and start to. And that’s how the rest of the night, that night went. And the next day is just like executing that game plan that the mentor laid out.
Anthony: And it was interesting because at that point we had never had a fire in our buildings before. We’d had other things happen. And you can create your emergency action plan, but you never really know what you don’t know until you’re in the midst of a, of a crisis. But it is worthwhile to sit down before something like that happens and start to collect all the information that you think you might need, like.
Anthony: Let’s make sure that we have a binder ready to go, or a folder in our notion, our team drive, where we can quickly pull it open and say, here’s the information for the insurance guy. Here’s the information [00:03:00] for Red Cross. Here’s the information for the fire marshal. Here’s the information for, you know, the hotels that are within radius of all of our buildings, so that if we have tenants that are out of homes for the night in the dead of winter in Minnesota, we can put them up, we can give them someplace warm and we can get them food and we can take care.
Anthony: And so those are nice things to have figured out before the crisis actually hits, which, you know, we had some of those things, but now we know, from being in that moment that there’s other things that we could do, better into the future. So that’s one example. But in your own personal life, I want you to think about creating, like, what’s your game plan for if something goes wrong in your life or into the life of a loved one?
Anthony: So, for example, my, my partner, Jamie and I, we’ve been together for about five years now, and our lives are very, very intermeshed. And so if something happens to me, Her life is going to obviously be thrown into a lot of turmoil from an emotional perspective. And so we want to make it as easy as possible for her to thrive and function during that period of when thing when you, there’s going to be a lot to do.
Anthony: If, you know, I get hit [00:04:00] by a bus, how do I make it as easy as possible for her to transition into what comes next? And so thinking about things like, okay, what’s my trust look like? How is that set up so that it flows easily and naturally with the least amount of. to my loved ones in a way that isn’t going to cause them difficulty or a lot of headache.
Anthony: How do I make it very clear what my intentions are with my, you know, my, my living will, and so that they can interpret that, interpret that without having to go to court or adjudication or anything like that. How do I make it so that they all know where to find this information? Like what is my lawyer’s game plan?
Anthony: What is my, my plan for. You know, all my emergency information, like maybe I get hit by a bus, but I’m not dead. Like what is my medical, my, what do I want medically to happen to me? Like, do my, does Jamie know where to find that information? And so what we created, her and I is a, an emergency kit at home.
Anthony: It’s a binder with everything that we need to know about the other person in time in terms of like what their wishes are, their blood types. [00:05:00] Where all the passwords are to their phone, to their computer, to their different, last pass, resources, things like that where it’s like, you take this for granted, but like if you get hit by a bus, how is somebody going to log into your computer?
Anthony: Because there’s probably a lot of things on your computer that they need to have access to that would help them. Right? And so if you haven’t figured that out, then you’re, you’re just setting up your loved ones to have to struggle during a period when they’re already struggling enough. And so, Those are some things that I, that we, we sat down and we went through as our last, like our, our will, went through the trust, making sure that everybody understood like what the intentions were, where to find the information, who the contacts are for my, my lawyer, my CPA, all that stuff, or passwords, all this.
Anthony: And just putting it into a binder that’s very easy to find. so God forbid something happens. the transition is as painless and as smooth as possible for whoever comes next. And these are things that you got to think about even when you’re young, even if you think that like you’re there, doesn’t matter.
Anthony: Like, I got nothing I’m going to [00:06:00] bequeath to anybody. Like if I, if I get hit by a bus, not a big deal. Like, it’s not going to affect anybody’s life. Wrong. It’s going to affect a lot of people. We learned this because Jamie’s mom was literally hit by a car a couple years ago. And we, Jamie had to, her and her sister then had to like, spend months trying to unravel all the mystery of this woman’s life and all the things that she wanted, where all her stuff was, like her bill, all of it.
Anthony: It was, it’s way more than you think. And so, Spend some time creating your own emergency action plan for, you know, God forbid the worst case scenario happens, and then scale that back a little bit and start coming up with your emergency plans for your business in case you know, X, Y, Z happens and, and spend the time now.
Anthony: Thinking about crisis prevention and crisis management before you’re actually in that moment, because I can guarantee that’s like the worst time that you want to be dealing with this stuff. So I hope this, I, hope this episode brought you a little bit of value. Hope it maybe didn’t bum you out too much.
Anthony: I know it’s not a topic a lot of us like to think about, but [00:07:00] it is what it is. We’re all fragile, squish. Beings and, big, fast moving hard objects flying through space all around us. And it’s just a matter of time. So one of them catches us or you know, we, we just time out. So, if this brought you some value, do me a favor, just let me know.
Anthony: On the social media’s, ping me, DM me. share. Love to hear from you guys. I, it always makes my day, knowing that you guys are getting some, some value out of this, this podcast, so I appreciate that. as always, I’ll see you in the next step. I’ll see you in the, let’s try this again. I’ll see you in the next episode.
Anthony: And until then, stay hyper-focused my friends.
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