10 Common Traits of Real Estate Billionaires
February 11, 2010
According to Forbes magazine’s 2005 annual list of “The world’s richest People”; the real estate investing billionaires have a lot of things in common. This can’t be a coincidence. Let’s look at some of those similarities.
1. Go commercial. Residential properties seem to stay out of the interest in the billionaire’s perspective. They usually go for office buildings, shopping centers and apartment buildings. This strategy seems very popular for the wealthiest man in American real estate, Donald Bren.
This billionaire made a lot of his money as chairman of The Irvine Company. This real estate investment company is famous for developing quality communities like the 93,000-acre Irvine Ranch in Orange County. Donald Bren is the 6th wealthiest real estate billionaire and the 122nd richest man in the world with a worth op approximately $4.3 billion.
2. Do more than invest. Most people buy property and then hope and pray that the property will appreciate in value. Improvements are very important. This can easily link into the term “flipping houses” which can result in astronomical capital gains.
3. See the property not for what it is, but what it could be. If you buy a office building, it doesn’t mean that an office building is the best use of that property. It is very important to know the area, the market surrounding the area and future tendencies. It becomes very important to think outside the box to sniff out possibilities.
4. Be relentless & tenacious. Billionaires don’t let obstacles or pitfalls keep them from achieving their goals. A lot of billionaires have gone bankrupt more than once. What makes them different is they used the failure as inspiration to do it better. The concept: “Failure is just another form of learning” comes to mind.
5. Have a thick skin. Other people can be resentful and jealous of successful people. Be strong against criticism, don’t let it skew the path to your goals. The thing that I have found is that the people who are always skeptical or pessimistic are usually the ones that know very little about the subject. Next time people have a pessimistic view about real estate, just ask them how many properties they own.
6. Have superior information. The power of information lies not in what you know but in what you dont know and how quickly you can gain the knowledge of what you don’t know. If you do more research than your competitor, you will have the upper hand in any deal.
7. Don’t accept the cards you are dealt with. According to Forbes, two-thirds of billionaires who made their cash in real estate where self made. This means that they didn’t inherit it or won a lottery. They used their heads and made thinks happen.
8. Live in California. U.S. billionaires who made their fortune in real estate, 7 out of the 21 lived in Atherton, Newport Beach, Stockton, Palo Alto or Illinois. That’s one-third of them.
9. Get, & stay, married. Of the 43 real estate billionaires whose marital status is known, 37 are married, 5 divorced & 5 widowed. Makes me think of the quote: “behind every successful man is a more successful woman” and visa versa.
10. Get the education. 26 Real estate billionaires’ education is known. Out of those, 20 have got at least a college degree, 3 have got high school diplomas, and 3 were high-school dropouts. This is not to say you can’t get rich without a degree, but it should make you think.
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The Columbian Condos Chicago, Illinois – Luxury High Rise Condominiums
February 2, 2010
Located in downtown Chicago, Illinois, The Columbian Condominiums are in the heart of the rich cultural and artistic life of Chicago. The condominium complex offers residents offices, theaters and boutiques. With tennis courts, running and biking around the lakefront, mini-golf and ice-skating all in Grant Park, the Columbian is close to all the active recreation one could desire.
The Columbian Condo homes are an essential part of rich Chicago life, with entry to the great boulevards and Symphony Center, Millennium Park’s Dance State and Gehry Bandshell.
24-hours a day the courteous and professional staff is on call to respond to your every need, the Columbian is committed to providing you with the most comfortable living experience possible. The state-of-the-art fitness center comes professionally equipped with the top line of cardio and weight-training equipment and there will also be an entertainment suite available for residents to entertain guests. Embodying utopian planning schemes rare in modern high-rises, the Columbian offers a completely unique amenity; each unit is oriented to provide permanent unobstructed and protected views of the city, including Grant and Millennium Parks.
The Boulevard on floors 9 to 32 has seven floor plans; which start at $770,500-850,700. Floors 33 to 39 contain the Tower homes; there are five floor plans to choose from. The Tower condos start at $1,337,800-1,344,900. The Penthouses, floors 40-44 contain only three grand residences per floor, some of which lead into expansive terraces. The top floors, 45 and 46 have only two extraordinary city homes per floor, each with 24-foot private balconies.
Elegant and sophisticated in contemporary architectural style, the Columbian offers endless city, lake and park views that you will not find in any other Chicago high rise condo. Discover why The Columbian condos in Chicago, IL have inspired such ardent interest among potential homebuyers seeking modern luxury condo living.
For more information visit: http://www.yaerd.org/the-columbian-chicago-condo.html
For more details on this property, including objective investment advice and pricing information, please call our free investment advicehotline, 312-546-4911 or email us directly, freeinfo@yaerd.org
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