Several of the richest people in the world achieved that by way of investing in real estate. Over time, it remains one of the most ideal ways to acquire real wealth. Purchasing and holding real estate has helped everyday people make a fortune in every part of the country. Just check 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 illustration, Donald Bren ($16.2 billion) established 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 homes in southern California, then joined with other investors to acquire a large tract of land to plan and develop the city of Mission Viejo, California. He continued to build on his achievements, subsequently becoming the sole owner of the Irvine Company and earning his place as a real estate billionaire.
Another striking case study is Sam Zell ($6 billion), who made his money mainly through his stakes in Equity Lifestyle, an owner and operator of manufactured home communities and RV resorts. He also has large holdings in the apartment REIT Equity Residential. Zell grew up in Illinois and obtained his start managing an apartment building. He eventually bought out the building’s owner. This marks his move from simply managing rental properties to owning them. 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.
Additionally, there’s Jeff Greene ($5.1 billion), who started working as a busboy in Palm Beach, Florida. After a quick stint in politics, Greene went into investing in real estate. His investments, at this time, were mostly in condos and apartment buildings. He made his first real money during the housing market crash of 2007 and 2008 when he applied unusual and 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 increased in value, scoring 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.
Getting started in real estate investing might feel like a faraway dream. However, with a little preparation and some hard work, it can evolve 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. 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 Ascension can help! We collaborate closely with rental real estate investors to furnish market assessment, quality data, and Dalton property management services. We can even aid you to find great off-market deals on your next investment property. Contact us to learn more.
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