A number of the crazy rich people in the world accomplished that by investing in real estate. Over time, it remains one of the finest methods to create real wealth. Purchasing and holding real estate has helped everyday people make a fortune in every part of the country. Take a peek at the real estate billionaires on the Forbes 400 list. While not every billionaire on the list began with nothing or even made their money exclusively in real estate, there are 24 real estate tycoons on this year’s Forbes 400 list that may act as inspiration for anyone thinking about investing in real estate.
For instance, 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 began by constructing residences in southern California, then joined up with other investors to purchase a large tract of land to plan and develop the city of Mission Viejo, California. He persevered to make headway through his triumphs, moreover becoming the sole owner of the Irvine Company and earning his place as a real estate billionaire.
One more intriguing case study is Sam Zell ($6 billion), who made his money mostly via his stakes in Equity Lifestyle, an owner and operator of manufactured home communities and RV resorts. He moreover has large holdings in the apartment REIT Equity Residential. Zell grew up in Illinois and got his start managing an apartment building. He later bought out the building’s owner. This is how he moved from management to ownership. His journey didn’t end there. He went into apartment building development with a partner, investing in places as diverse as Toledo, Ohio, and Reno, Nevada.
And last but not least, there’s Jeff Greene ($5.1 billion), who began working as a busboy in Palm Beach, Florida. After a short time in politics, Greene started investing in real estate. He generally invested in condos and apartment buildings. He made his first real money during the housing market crash of 2007 and 2008 when he employed unusual investing strategies that involved trading credit default swaps. The subsequent returns put Greene on the Forbes 400 list. His holdings in Florida have even more recently grown in value, bringing billions to his net worth in just the last year or two.
The common factor among these three real-life investor stories is that each one of them spent decades building on previous successful investments to create their real estate wealth. While there’s no assurance that every real estate investor will become a billionaire or even a millionaire, the stories are prevalent enough that it indicates how much potential real estate investing contains.
Starting off in real estate investing can seem to be an elusive dream. However, with a little preparation and some hard work, it can evolve into a reality for anyone who wants it badly enough. Many experts recommend starting by buying a residential rental property. They are inclined to be more affordable than big real estate investments and grant the possibility for both positive cash flows and appreciation. But, to be effective in real estate, you, moreover, really need to have the ideal team of people on your side, prepared to assist you to do well in every investment.
That’s where Real Property Management Allegiance can help! We will definitely be of help to rental real estate investors to give market assessment, quality data, and Miami property management services. We can also assist you in finding great off-market deals on your next investment property. Contact us to learn more.
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