Various exceptionally wealthy people in the world reached that way by investing in real estate. Over time, it remains one of the best means to get real wealth. Acquiring and managing real estate has helped everyday people make a fortune in every part of the country. Just check out the real estate billionaires on the Forbes 400 list. While not every billionaire on the list came from being poor or even made their money exclusively in real estate, there are 24 real estate tycoons on this year’s Forbes 400 list that may serve as inspiration for anybody considering investing in real estate.
As an example, Donald Bren ($16.2 billion) developed a real estate empire in California and founded the massive Irvine Company, owning more than 126 million square feet of real estate, more than 560 office buildings, and 125 apartment complexes. Bren has started constructing houses in southern California, then teamed up with other investors to invest in a large tract of land to plan and develop the city of Mission Viejo, California. He proceeded to expand on his triumphs, eventually becoming the sole owner of the Irvine Company and earning his place as a real estate billionaire.
Another motivating case study is Sam Zell ($6 billion), who made his money mainly via his stakes in Equity Lifestyle, an owner and operator of manufactured home communities and RV resorts. He further has huge holdings in the apartment REIT Equity Residential. Zell grew up in Illinois and got his start managing an apartment building. He thereafter bought out the building’s owner, signifying his start in owning rental properties. He didn’t stop there and continued to grow in the industry. He went into the apartment building development industry with a partner. Together, they bought investments in places as diverse as Toledo, Ohio, and Reno, Nevada.
Also, there’s Jeff Greene ($5.1 billion), who got started working as a busboy in Palm Beach, Florida. After a quick stint in politics, Greene went into investing in real estate. His usual purchases were condos and apartment buildings. He made his first real money during the housing market crash of 2007 and 2008 when he took advantage of uncommon investing strategies that involved trading credit default swaps. The resulting returns landed Greene on the Forbes 400 list. His holdings in Florida have even more recently soared in value, adding billions to his net worth in just the last year or two.
The common point among these three real-life investor stories is that each and every one of them spent decades building on previous successful investments to bring up their real estate wealth. Even though there’s no certainty that every real estate investor will become a billionaire or even a millionaire, the stories are definitely common enough that it demonstrates how much potential real estate investing holds.
Beginning or getting started in real estate investing can look like an impossible dream. But really, with a little planning and some hard work, it can turn into a reality for anyone who wants it badly enough. Several experts recommend starting by buying a residential rental property. They tend to be simply more affordable than other real estate investments and endow the possibilities for both positive cash flows and appreciation. Nevertheless, to be profitable in real estate, you definitely ought to have the perfect team of people on your side, able to support you to take advantage and make the most of every investment.
That’s where Real Property Management Performance can help! We work with rental real estate investors to provide market assessment, quality data, and Long Branch property management services. We can even support you in locating great off-market deals on your next investment property. Contact us to learn more.
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