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Veterans in Real Estate

Ted Studdard

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Business to Business Operations Manager | The Home Depot Renovations Services Team Thirty-six hours after graduating from high school, Ted Studdard was on his way to boot camp at the Marine Corps Recruit Depot at Parris Island, South Carolina. Little did he know that he was starting a journey that would span four decades, touch five continents, encompass two wars, and eventually end up as a leader at The Home Depot. The Marine Journey Begins Ted began his military career in 1984 as a Private. Soon after he was approached to attend the Marine Corps Officer Candidate School. After receiving his BBA in Management from the University of Georgia in 1988, he went to Officer Candidate School and was commissioned as a Second Lieutenant. During his initial years of service, he led an artillery platoon in combat and was the Commanding Officer of Battery F, 2nd Battalion, 11th Marines, 1st Marine Division. During 2000-01, Ted attended the Marine Corps Command and Staff College with an academic focus on operational level planning and the theory and nature of war. While there, he also earned a master’s degree in military studies. After a tour as the Commanding Officer of Recruiting Station Nashville, Ted was selected to be the Commanding Officer of the 3rd Battalion, 12th Marines, 3rd Marine Division in Okinawa, Japan. While in command, he was responsible for leading and training 750 Marines and Sailors who executed missions ranging from combat operations in Iraq and Afghanistan to post tsunami Humanitarian Operations in Southern Asia. He was also responsible for negotiating the terms and expansion of US Marine Artillery training in Japan with the Government of Japan. During this tour he conducted multiple international media engagements and press conferences representing the US Marine Corps. Senior Officer Assignments Returning to the US, Ted attended the National War College in 2006 -07. There, the focus was on national strategy and strategic planning. He was selected as a student delegate to the French Centre des Hates Etudes Militaries Colloquium in Paris, France to discuss the role of culture in conflict. He also had the opportunity to travel to Botswana and Zambia as a member of a Sub-Saharan Africa Strategic Studies Team. If that were not enough, Ted also obtained a Master of Science degree in National Security Strategy during the school year. After the National War College, he was assigned to the Joint Staff in the Pentagon serving in the National Military Command Center. As the Section Head for Current Operations (Afghanistan and Pakistan), he was leading operational planning teams and developing the associated strategic plans, which included collaborating with senior national and international military, civilian, and political leaders about ongoing operations and future plans. Next, Colonel Studdard was assigned as the Deputy Operations Officer and then became the Operations Officer for the 1st Marine Expeditionary Force (FWD). He was responsible for planning and directing the daily combat operations in Southwest Afghanistan for a 20,000-person international force. Selected to Command the 8th Marine Corps District, Colonel Studdard returned to the US where he was accountable for over 6,300 Marines and civilians covering a ten-state area.  A New Second Journey After suffering a heart attack, Ted faced new challenges—retiring and charting a new path. Post retirement from the Marine Corps, he transitioned to a second career with The Home Depot, a company whose values aligned with his own. He has held positions of increasing responsibility in field operations, corporate leadership training, talent acquisition and staffing, and business to business operations. These roles gave “civilian” Ted a unique perspective on optimizing human capital in Corporate America. Ted’s second role at the Home Depot was teaching leadership at Home Depot University. Who better to teach leadership than a retired Marine Corps Colonel? After that he became the Divisional Staffing Manager, Western Division – Merchandising Execution Team (MET), and he is currently the Business to Business Operations Manager for The Home Depot’s Renovations Services Team. Ted Studdard has had the tremendous fortune of appearing as a featured guest on national TV, radio, and podcasts, as well as speaking to a variety of audiences about individual and organizational leadership ranging from junior leaders to executives. Also, he has educated business leaders and their HR partners about the value veterans bring to the civilian workforce and how to best incorporate them into Corporate America. Based on his lessons learned and experiences, he also published his first book, Depot to Depot. Much more than a leadership primer, the book provides a great illustration of the transformation that veterans must make as they begin their personal journey from the service back into civilian life. It also highlights the huge reservoir of human capital that can be leveraged by Corporate America to reinforce our national economy. 

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John Morrissey

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Senior Vice President-Operations | CFSI Loan Management I served in the United States Army from July 14, 1992 until April 9, 2000. My first permanent duty station in the Army was at Fort Stewart, Georgia as a Congressional Clerk. This position really set the tone for my military experience. The “Congressionals” Office received inquiries from members of Congress on behalf of their constituents assigned to the various units on Fort Stewart. These were typically complaints against soldier’s commands. Thisjob taught me how to research military regulations and how to interpret those regulations.   After Fort Stewart, I was then stationed in Mannheim, Germany. I had several positions there that culminated with my promotion to Corporal (a rare rank in the Army) and the position of Non-Commissioned Officer In Charge of Personnel Actions. I was personally responsible for two junior enlisted personnel, and the running of an office that processed 300+ requests from soldiers assigned to Mannheim. I had to not only manage the office and ensure all requests were processed in accordance with military regulations, but also ensure my soldiers were proficient in all of their military occupational specialty skills, physical fitness, and common skills (land navigation, weapons proficiency). Their success or failure was attributed to my leadership skills.  Combat and Beyond I was deployed in support of Operation Joint Endeavor (Bosnia) and was in Croatia (considered a combat zone) in January-March 1996. I was part of a group tasked with keeping track of all Army personnel assigned to that theater. Finally, I was stationed at Fort Lewis, Washington in the Officer Management Section. There I was tasked with assisting 5 senior officers in the task of Commissioned Officer assignments throughout Fort Lewis. This position was previously filled by a Staff Sergeant (E6). I was a Corporal (E4) and was recognized personally by the General for my efforts.  Military Lessons Learned Leadership is JOB ONE for Non-Commissioned Officers in the Army.  Once I became a Corporal, I had to step up to leading soldiers by example and by direct action. I learned that everyone needs to be led differently. What works with one person, does not help someone else. I use those lessons every day when leading my employees at CFSI. Discipline is the first, middle and last thing everyone learns in the Army. The Army definition of discipline is doing what is right, even in the absence of direct orders. Operationally, I learned how to manage workflow, meet deadlines, motivate people, attention to detail, making sure the work product is right, understandable, and concise. All these military lessons, experiences, and knowledge are used daily in my business career. Everyone who has ever served in the military has at least one experience they will never forget. When I was in Croatia, the Officer in charge of our group (a Captain) decided that he wanted to go back to Hungary (our main duty station in the theater). On our way to Croatia, we were part of a large military convoy that was protected by armored vehicles. We had also been issued live ammunition in case of an ambush. Going back to Hungary we were not part of a convoy and we had no ammunition. I do not think I ever let the accelerator off the floor, except at stop signs the entire trip.  We ran into a few bands of armed civilians, but just raced past them and they thankfully did not fire at us. We made it back to the Hungarian air base where we were assigned.  It was the scariest several hours I had ever had in the Army!  The Transition My enlistment was set to end in April 2000. I moved to Colorado and planned on taking a couple months off (on leave I was still getting paid by the Army). I lasted two weeks before I was looking for a job. Having no mission was not working out for me. I started applying for jobs in earnest and went in for an interview with a Construction Loan Risk Mitigation company in their Customer Service Department. I would love to say I was hired because of my incredible interview skills, but the real reason was the managers conducting the interview felt that I would show up to work based on my military experience. I stayed in the Customer Service Department for about a year, then went on to the Fund Control Department. After about six months in Fund Control, I was given the opportunity to interview for the open Supervisor of Project Review/Contractor Acceptance position. I got the job and used all my military leadership experience to turn that department around. I went on to be promoted to AVP of the same department, then Vice President of Fund Control. Several years later I helped start CFSI Loan Management with the goal of taking Construction Loan Risk Mitigation services to the next level. Currently I am the Senior Vice President for Operations at CFSI. We provide Construction Loan Risk Mitigation Services to lenders across the United States. It is my job to ensure that we deliver top quality, accurate products in a timely manner. I have three VP level direct reports that I manage, and I handle major escalations from our lender clients. I am also the senior manager on site at our production office in Greenwood Village, Colorado so I deal with personnel, IT, and building issues as needed. I report directly to our President and work in partnership with him in creating new products and services. All this because my company thought I would show up for work!

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Tim Lobner

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Executive Vice President of Operations | Invitation Homes Tim Lobner carries many lessons from his days as a naval officer into his current role as executive vice president, Operations Support, at Invitation Homes. One lesson he relies on often is to “collapse to the essential,” meaning that with all that goes on around a person on a daily basis—both planned and unplanned—it’s important to narrow one’s focus to the few things that really matter. Tim graduated from the United States Naval Academy in 1999 and commissioned as an officer. During his six years as a nuclear submarine officer in the United States Navy, Tim says he found that events that unfolded on a mission were not always predictable or controllable—and the same holds true in business. “But with well-trained personnel that do the little things right at every opportunity,” Tim says, “a leader and their team are well-positioned to react to the surprises that come up simply because they have the bandwidth to focus on the challenge instead of having to exert too much effort on performing the basics.” Teams that Solve the Problem Once Today, Tim’s focus is squarely on leading Invitation Homes’ rehab, turn, and maintenance (RTM); procurement; and vehicle fleet operations. He and his team of more than 500 associates conduct all the activities required to maintain the company’s portfolio of 80,000 single family homes. Each year, they respond to 500,000+ service requests from residents and prepare 20,000+ homes for occupancy. This massive effort of what Tim calls “the big green RTM machine” is successful because he and his team have developed and implemented scalable national programs based on documented policies, processes, and procedures. “Whether in the military or in business, each person has an important role to play toward the success of the team,” Tim says. “And having a documented, consistent way of conducting operations ensures that everyone on the team knows what to expect, when to act, and how everyone’s role creates value for the team and its customers.” One lesson Tim brought from his time in the military is to solve problems once. “On a submarine, you don’t have the luxury of solving problems many times,” he says. “You need to get things right the first time. Identifying the root cause of an issue and solving the problem once is key.” Using this approach at Invitation Homes helps Tim and his team deliver an exceptional experience for the company’s residents. Thoughtful Leadership Tim counts one of his submariner skippers as having a major influence on his leadership style. “He remained remarkably calm at times when others might become unraveled and, in turn, created an environment where our crew could remain focused on performing our jobs despite very real distractions surrounding us,” remembers Tim. “And the direct advice he once shared with me has stuck with me for nearly two decades – ‘never get mad without a plan.’   Tim acknowledges that one major opportunity for veterans transitioning from the military into business is to assess the need for adjusting their leadership style. “What works in the military doesn’t translate perfectly to the private sector,” he says. “I’ve learned that successful leadership in the private sector requires an ability to tailor your leadership and communication styles to a broader audience to develop talent and deliver results.” A Smooth Transition Tim’s love for real estate began while he was still in the Navy. As he tells it, he was stationed in Groton, Connecticut, finishing Submarine Officer School when he received orders to report to a submarine based in San Diego, California. Rent in San Diego was high, so he decided to buy a townhouse and offered to rent a room to his best friend. “My light bulb moment was when I realized that the rent I collected covered roughly 75% of my mortgage and that I was able to use someone else’s money to build equity,” he says. “After that I set a goal of going to business school and pursuing a career in real estate.” Upon his exit from the Navy in 2005 as a Lieutenant (O-3), Tim received his Master of Business Administration (MBA) from the University of Chicago Booth School of Business. Tim began his formal career in real estate in 2006 when he took a job as senior associate with Trammell Crow Company. In his six years at Trammell Crow, he also served in a development role, supporting acquisition and development efforts across industrial, retail and office assets. While he feels blessed to have had the opportunity to work with Trammell Crow, Tim counts the most rewarding experience of his career as taking a chance with Invitation Homes. “In 2012, I left a job I enjoyed with a great company to pursue an opportunity with Invitation Homes, an unknown company at the time,” he says. “I was drawn to the entrepreneurial spirit of the company’s founders and to a business model that not only made sense strategically but also felt more purposeful.” That sense of purpose, which is a common thread spanning Tim’s military and real estate career, led to one of his proudest moments. “I am incredibly proud of my time serving our country, yet I am equally proud of our team’s efforts at Invitation Homes which culminated in our 2017 initial public offering on the New York Stock Exchange,” he explains. “It was an achievement that our leadership team had been working toward for several years and served to validate our business model.”  As Tim looks to the future, he sees continued opportunity to drive further operational efficiencies into Invitation Homes’ service delivery model and to expand upon the industry-leading “leasing lifestyle” that the company provides to its residents. Wherever the journey takes Tim, he will continue to bring the valuable lessons of focus, process, and team appreciation to his work.

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David Young

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Director of Business Development | RCN Capital My name is David Young, and I am currently the Director of Business Development for RCN Capital. RCN Capital is a direct private lender in the non-owner-occupied residential space. Military Beginnings I graduated from the United States Military Academy at West Point in 1997 and served approximately seven years on active duty as an officer in the U.S. Army.  My military career started officially with Beast Barracks as a plebe in June of 1993. Very shortly after high school graduation in Central Massachusetts and playing in a football All Star game, my parents and I took the drive to old West Point on the Hudson River in New York. After saying goodbye to my parents, I quickly adjusted, or was forced into adjusting, to life as a plebe at West Point. There were certainly challenging moments. West Point was a great experience that helped me in many ways. I truly cherished every moment playing Division 1 baseball and excelling in my primary major of Economics and my secondary area of focus of Systems Engineering. There were so many outstanding men and women I met and worked with, to include not just the professors and staff, but also myfellow cadets.  My time on active duty included two stops at Fort Sill in Oklahoma and a lengthy stay of about four years at Fort Carson in Colorado. I was an officer in the Field Artillery and held positions such as Fire Direction Officer, Platoon Leader, Squadron Fire Support Officer, and Battery Commander. Inspirational Leadership There were several inspiring people I worked with and for during this time, but a few leadership lessons and patterns stood out. Two of those are integrity and leading by example.  I led groups of soldiers ranging from as few as 5-7 troops to groups that exceeded 300 soldiers. Many of the soldiers under my charge were several years older than me and more experienced in terms of time served.  Regardless, the effectiveness of leading by example and integrity always stood out. Soldiers responded to leaders that demonstrated the ability and willingness to accomplish the very same tasks asked of them either individually or as a member of a team.  Integrity was always crucial and something that West Point helped me internalize as a professional. Soldiers deserved the truth and were much more effective when leaders were honest not only in laying out the landscape and tasks at hand, but also in delivering coaching, guidance, and instruction that was frank and honest. The Transition These qualities are still vastly significant to this day. I got my start in the Real Estate industry somewhat indirectly via RCN Capital. I started with the company in 2014 and put together a boutique lending business serving another target market.  In 2018 we shifted some of our focus and I took over Business Development for the company.  My current role requires extensive prospecting and interaction with potential and existing clients and partners. One could look at it as securing future revenue streams for the company while also managing our Correspondent channel to ensure clients are performing to their capabilities and desires.  Self-generating new business from scratch requires rigorous hard work and determination, and my military background certainly helps in that area. Ensuring client and company success after bringing in new business also requires extensive follow through, commitment, and persistence. However, while “making a sale” or handling a new partner, integrity and leading by example are always part of the equation. Partners on our lending platform expect and deserve honest and realistic feedback and input on what we can and can’t do, and they also deserve to know what is expected of them in order to make the business relationship a success. I use these traits every single day working in this industry. On a personal note, my main interests beyond time with family, center on investing, fitness, and arts and culture. You can find me at the gym, riding all over Boston on my bike with my daughter in tow, or at a place like the Institute of Contemporary Art or music venue. At all times, thoughts and ideas are circulating regarding investments. My main areas of emphasis focus on non-traditional spaces such as crypto, early stage, scarce assets and collectibles, and digital assets such as websites.  The future appears quite bright for residential real estate, private lending, and RCN Capital. It is my intent to continue to help lead RCN to the forefront of the industry and take on higher levels of responsibility for the company as we progress.

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Scott Kelly

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President | CONREX I entered military service immediately following high school graduation having watched too many John Wayne movies. Little did I realize that path would take me on an incredible journey not only of personal growth but being a part of some of the most secretive missions in our nation’s history. At the beginning, however, I was just a private, which is a great place to start! No matter what level of responsibility you are given in an organization, the ability to understand and empathize with those at every rung of the ladder is invaluable. Listen to them, connect with them, feel their struggles; it helps you really know the company which ultimately, helps you make better decisions. Seeing yourself is difficult and seeing your organization is even more difficult. As leaders, we should be purposeful about doing both. There is no better opportunity to become self-aware than in attending a selection and assessment course for Army special operations. The experience was invaluable for me with everything you could ask for; complete ambiguity, extreme physical and mental stress, and a humbling collection of the most talented people in the world! While I do not tend to wish that experience on anyone, I do encourage leaders to do hard things. Put yourself in uncomfortable situations that test you and strengthen you; physically, intellectually, spiritually, emotionally. We should be constant learners. As a leader, testing and strengthening your team can be even more important. Shared hardships bind men and you need to capitalize on the opportunities that present themselves to do just that. Combat is historically the central crucible for forging deep connections among soldiers and I experienced plenty, having deployed nearly a dozen times for operations and intelligence activities, alongside some of the finest Americans I know. With demanding and focused preparation, teams will rise to meet ‘game time’. Like any sports coach, knowing when to achieve optimal performance can be more art than science and requires constant awareness of your people and the battlefield environment. Time for a Change After 20+ years in the military, I knew that I did not want to do anything related to national security and about one-year out from retirement, a good friend gave me the opportunity to consult for his firm which did Single Family Rentals. I got hooked and two weeks after my last day in uniform, the company had me come in and start running operations. It was a wonderful move for me and my family to Charleston, SC where we already had a solid church that we loved and a good group of very close friends. It made for a smooth transition from the military, though, as to be expected, there were several points of struggle that had to be managed. Real Estate, like the Army, has an encyclopedia of acronyms and essentially, its own language, so I spent time reading and speaking with people to improve my knowledge of the industry’s vernacular. Additionally, because of the structure of Conrex, capital raising, REIT structures, financing and investor engagement are essential functions to our organization’s success and, as expected, areas of weakness for me. So, while I take various courses to improve my competency, I will never have the expertise of many others. Fortunately, the military is full of situations for leaders where you are not the expert! During my career, I was given the responsibility to lead the finest commandos in the world. They are absolute masters of the requisite skills for such a profession; shooting, parachuting, diving, grappling, etc. They have nerves of steel, unending courage, and the ability to think clearly and deeply under incredible duress; the proverbial, ‘PhDs that can win a bar fight’! Unfortunately for them, I was but a pale shadow of these men and their tremendous competence and experience. I was grateful, however, to be told early on by one of the most seasoned of these warriors, “you are not here to be one of them, but to lead them.”  The ROI for leadership is facilitating optimized performance from individuals and achieving exponential performance from a collective group. This requires a tailored touch to people and organizations whether executing clandestine raids or buying, renovating, and renting single family homes! The most compelling commonality between leading a real estate company and leading a military unit is purpose. All individuals and therefore all organizations need a raison d’etre and great leaders provide this! While my military career was rewarding and challenging, my personal purpose remains the same, Soli Deo Gloria! This purpose has made the transition from soldier to corporate leader generally seamless and serves me in all aspects of my life as husband, father, friend. I am very fortunate to be in a sector of the real estate market experiencing tremendous growth with still lots of runway ahead. Hopefully, my military experience from the Army will serve Conrex well as we continue to scale across the country! 

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Trent Ferris

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SVP Auction Events | Auction.com Inspired by my uncle, Calvin “Cal” Ferris, who flew 200 types of aircrafts, I enlisted in the United States Marine Corps in June 1985. Originally, I enlisted as an E-1 and rose to E-5, and I was then commissioned as an Officer of Marines attaining my final rank at retirement in 2005 from the Corps as a Major. During my tenure with the Marine Corps, I had some truly diverse positions, both during peacetime as well as wartime. And in each position, the two things I learned most was the importance of mission accomplishment and troop welfare. One must always have a clearly defined mission and the right people around you to succeed. And, this is such a bigger topic, however. It comes down to perseverance, adaptability, acceptance of other ideas, and working towards a common goal. One of the positions I held was as an Aviation Ordnanceman. In fact, I was the first U.S. Marine selected as the Ordnanceman of the Year. I also served as an Air Traffic Control Detachment Commander and led a team of Marines focused on training and readiness for remote ATC operations. As a Facility Watch Officer for ATC Deployment I served in Support of Operation Restore Hope in Somalia, Mogadishu. Senior Positions Later, I was selected as a team Member for OAG (Operational Advisory Group) Command and Control Systems planning for future conflicts and events. As is often required in an officer’s career, I was also a Recruiting Station Operations Officer, Executive Officer and on a second recruiting tour, the Western Region Operations Officer. After my recruiting tour, I became the Air Traffic Control Facility Officer at MCAS Miramar and served as the COMCABWEST Operations Officer for Airfield Inspection and Licensure as a dual role. All military veterans have memorable events that occurred during their careers. Mine was participating in Operation Restore Hope. Operation Restore Hope was a combat mission. “I’m Not in Kansas Anymore” Leaving the U.S. for the first time to an unknown part of the world, Somalia, only a few weeks from Christmas, was quite memorable. As one of the senior officers, I was responsible for the well-being of 39 fellow Marines and most of the deployment equipment. Delays in Dover, Delaware, coupled with landings in several other countries enroute and then landing at Mogadishu in the early hours was dynamic. What made it more dynamic was that later that morning, less than 72 hours after leaving my family at home, I was in a Humvee with several other Marines headed to the former U.S. Embassy compound when a “Technical” vehicle pulled in front of us.  We were in the basic, un-armored Humvee and there we were, staring down a mounted machine gun in the back of some tribe’s Nissan pick-up. That was really my, “I’m not in Kansas anymore, am I?!” moment. The Rules Of Engagement at the time did not allow any action and as we approached the embassy compound, the technical turned off the main road and we went our own way. Beginning with Auction.com When I retired in 2005 as a Major, I went looking for a job that could utilize my military lessons and skills. I obtained my start at Auction.com largely on the faith of one of my military peers, Walter Skrzynski. Walter told me to go see him after my retirement before I accepted any other position. As it turned out, Walter, who had retired nearly a year earlier, had been in a key position at the original company that eventually founded Auction.com.  I recall going in to meet with Walter and the CEO, Jeff Frieden, and within 5 minutes, based largely off Walter’s recommendation and Jeff’s faith in the work ethic of U. S. Marines, I had an offer. I also recall that the next 55 minutes were spent with Jeff telling Walter how I would not be working for him, but on the auction side of the company at the time. My first year with the Company we conducted 18 auctions; we did 15,500 auctions last year; and in total over 85,000 auctions in my time with the Company. I am currently the SVP of Live Auctions. I lead a team of approximately 400 associate members with the goal of bringing buyers and sellers together through the auction sales model pioneered by Jeff Frieden and Rob Freidman, our original founders. Foundationally, I have the responsibility to ensure that all my team members are executing auctions within theapplicable compliance standards. However, beyond that we are a sales team. My goals with the company are to expand our technology resources and grow our overall presence as the nation’s leading foreclosure auction company through data-driven, customer-focused resources.  Finally, in real estate, there are multiple aspects of a process in flight at any one time. My ATC background really helps me understand how to prioritize and manage multiple tasks while never losing site of the goal. And while being deployed to such far away distant places such as Okinawa, Saudi Arabia, Bahrain, and Kuwait, I realized that the lifestyle we have in the United States is something that I will always appreciate. It is from these past events that I passionately believe that our country, the U.S.A., is the best place to live. 

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