Episode Notes

Skip was building Intercontinental Marketing Corporation (IMC) while starting another venture. Purchasing duplexes and fourplexes as a passive investor served his interests in the 1990s. It turns out tires and real estate go together. Once IMC was secure in his son George’s hands, investing in larger apartment complexes became appealing.

In December 2019, Skip purchased his 25^th and last acquisition, an 8-unit complex Brownstone apartment building built in 1890 by the Cathedral in St. Paul, Minnesota. He describes another critical point in his success, hiring a management company for real estate to handle the day-to-day activities like collecting rent. A common thread to all his ventures was working with small groups of contract workers to manage the details so he could focus on other financial details like growing his businesses.

Skip has enjoyed 20+ years of renovating and restoring these 100-year-old apartment complexes making each complex a standout in the neighborhood. He describes himself as the opposite of a slum lord investing to make everything appealing, from the curbside to each building’s inside. Skip’s attention to detail is apparent in this venture too. Original photographs from the late 1800s of the Brownstone properties are adorned in the hallways and entryways, giving a personalized touch. Beautifully landscaped yards with Mums-filled planters outside the buildings in the fall changed seasonally to make tenants feel good. New vintage lightwork, 100% wool carpets, restoring the house, and preserving past woodwork are a few examples of Skip’s effort into each building and unit so people could have a nice place to live in.

‘A crowning blow’ turned 2020 into a liquidating year instead of an expansive one when a confluence of events induced a stress-related wake-up call. The coronavirus pandemic hit—riots in Minneapolis and St. Paul. A growing adverse political climate towards Minneapolis businesses and, to some extent, in St. Paul created a hostile environment and a no-win scenario for business property owners. You will learn more about that.

Skip’s advice. City governments must work more effectively with small business owners to rebuild our Twin Cities. Private property owners feel abandoned. Skip says, “the long-term problems are greater than people realize.” Hear the details.

A 52-Year-Old Memory Resurfaced. This experience provoked a 52-year-old memory for Skip. When Skip started at IBM, he needed training in Detroit, Michigan. Visiting Detroit, he felt sadness and fright after Martin Luther King Jr. was murdered on April 4, 1968. Riots broke out for a week. He will never forget the smell of burning houses and watching tanks roll down the street. These feelings resurfaced after the protests against police brutality broke out upon George Floyd’s death on May 4, 2020, in Minneapolis. With resolve, Skip says that it will take decades to rebuild and repair the damage done to our city and its people that summer. In some respects, the Twin Cities are forever changed.

Skip Thaler ends 2020 with a complex but liberating decision. In an upcoming episode, you will hear the outcome of his decision to sell his 25 rental properties and what our podcast conversations had to do with it.

Attributes of Resiliency

One of Skip’s endearing qualities is his willingness to acknowledge his limitations and strengths and reflect on his learnings. These qualities are attributes of having a resilient spirit. Often entrepreneurs are accused of being workaholics. Are you a workaholic or a hard worker? Find out for yourself. Take the WeMentor Workaholism Quiz.

Another key to Skip’s success is his long-term stable relationships with Jill, their adult children, and their families. Big thank yous to his excellent support staff and many accolades to Jill, who has supported him from the start. Jill is his backbone and soulmate, a real trouper. “Without Jill, there would be no success,” quips Skip.

Skip also says, “once we get out of this goofy COVID-19 pandemic, they will enjoy building a home in Florida and not have their fingers in so many buildings.” Less stress, more sailing once able to travel again, and do some fishing. Most importantly, have his adult children and grandchildren visit them in a warmer winter climate. Entertaining and relaxing daily rides on recumbent bikes with electric assists sound like something for those in Florida to enjoy. In the northern states, fresh snow has spurred the start of the winter sports season. Wherever you are, stay active and enjoy what mother nature has to offer. DOWNLOAD