Several of the richest people in the world achieved that by way of investing in real estate. Over time, it has remained one of the best approaches to developing real wealth. Investing and acquiring real estate has assisted everyday people to make a fortune in every part of the country. Just have a look at the real estate billionaires on the Forbes 400 list. Although not every billionaire on the list started off 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 function as an inspiration for anyone thinking of investing in real estate.
For example, 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 making houses in southern California, then joined together with other investors to purchase a massive tract of land to plan and develop the city of Mission Viejo, California. He persisted in order to develop his achievements and building on his previous successes, he later becoming the sole owner of the Irvine Company and earning his place as a real estate billionaire.
Another inspiring case study is Sam Zell ($6 billion), who made his money principally through his stakes in Equity Lifestyle, an owner and operator of manufactured home communities and RV resorts. He likewise has substantial holdings in the apartment REIT Equity Residential. Zell grew up in Illinois and obtained his start managing an apartment building. He subsequently bought out the building’s owner, signaling his shift from managing rental properties to owning them. He didn’t stop there. He then 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 brief time in politics, Greene started 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 consequent returns positioned Greene on the Forbes 400 list. His holdings in Florida have even more recently increased in value, adding billions to his net worth in just the last year or two.
The common aspect among these three real-life investor stories is that each of them spent decades building on previous successful investments to increase their real estate wealth. Although there’s no exact guarantee that every real estate investor will become a billionaire or even a millionaire, the stories are typically common enough that it illustrates how much potential real estate investing holds.
Trying to start in real estate investing can seem like a distant ambition. However, with a little preparation and some hard work, it can turn into a reality for anyone who wants it badly enough. A lot of experts recommend starting by buying a residential rental property. They appear to be more affordable than bigger real estate investments and provide the possibility for both positive cash flows and appreciation. However, to be fruitful in real estate, you must also have the proper team of people on your side, eager to assist you in making the most of every investment.
That’s where Real Property Management Solutions can surely help! We collaborate closely with rental real estate investors to furnish market assessment, quality data, and Beaverton property management services. We can even assist you to look at and find great off-market deals on your next investment property. Contact us to learn more.
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