Global property moguls have proven track records in investing and I always look forward to their advice on life and property investments. Some may have missteps that could have cost them millions of dollars along the way, but this did not deter them to make a comeback.
Real estate investing has made millionaires of hard-working folks from the world over. As a real estate investor myself, I have been inspired by their investing life stories and how they overcame obstacles and gained financial freedom for the long term. They have become sources of wisdom and hope especially during the first year of my journey in real estate investing.
To those who are just starting out in real estate and are still quite overwhelmed which of the many roads to take: flipping homes, wholesaling, rentals, among others, do not despair. I have compiled a list of my favorite property moguls and their best quotes to get you in the right direction and have a motivated mindset.
1. Harry Triguboff: “Don’t lose your cool.”
At the time Harry Triguboff introduced the concept of an apartment building, high-rise living in Sydney, Australia, his idea was regarded as strange because single-family homes abound. This did not deter him and pursued his project that has now became the Meriton Apartments Pty Ltd. that has so far built more than 55,000 residential townhouses and apartments since its creation in 1963 .
Triguboff known as “High Rise Harry,” now the second richest in Australia shares his property advice: “This is a lifetime job. You don’t look at it, you know, now and then. It doesn’t really matter. When the market comes down, then I buy my land very cheaply, so I make my money on that. As long as you don’t lose your cool. You have to look at things in the longer term.”
2. Donald Bren: “Hold property over the long term.”
Donald Bren is regarded by Forbes as the richest real estate baron with an estimated ownership of 550 office buildings and 125 apartment complexes under his flagship firm, Irvine Company. Born to a real estate investor-father, Bren was made to work as a carpenter’s apprentice during summer breaks at the family-owned apartment buildings.
His property advice to would-be investors: “When you hold property over the long term, you’re able to create better values and you have something tangible to show for it.”
3. Joanna Gaines: “Go with a budget in mind.”
Joanna Gaines is HGTV’s poster girl along with husband, Chip, with the widely popular show “Fixer Upper.” You might have been familiar with her interior design flare, but Jo, actually has a communications degree from Baylor University. Their house flipping venture has given birth to other businesses under their brand Magnolia and estimated net worth of $5 million.
Her property advice: “Every home has potential but ultimately the potential has to meet the total renovation budget realistically. Always get an inspection to make sure the home is structurally sound; we’ve seen foundation issues that will cost up to $20,000. If the cost of the structural issues is cutting too much into the total renovation budget, we know it’s not ‘the one’ and encourage our clients to keep looking.”
4. Barbara Corcoran: “Create a sense of demand.”
In 1973, Barbara Corcoran built “The Corcoran Group,” a real-estate brokerage firm banking on her ability to sell and identify sales talent. She later sold her company for $66 million in 2001. Now one of the “sharks” on ABC’s “Shark Tank,” Barbara confided with Inc.com that in investing on the right person and business, she asks herself if in case they grow the business together, will this person be thankful.
Her property advice: “In business, you’re the Chief Salesman. Create a sense of demand, rather than waiting to have demand.”
5. Sam Zell: ” Anything is possible.”
Samuel “Sam” Zell, known as the forefather of modern real estate investment trusts in the U.S. Still quite active in management, he still sits as chairman in one of the country’s largest residential REIT’s. His innovative but determined ways started in college, when he made a deal to manage an apartment with 15 units in exchange for a free room lodging.
His advice: “I make a point of shutting out the noise – doing what makes sense to me. I want everyone’s opinion, because there is tremendous value in being a good listener. But then I determine my own path. I grew up believing that anything is possible. And when you’re not aware there are any limitations, nothing stops your from trying.”
6. Robert Kiyosaki: “Finding good partners is the key to success in anything..”
The “Rich Dad, Poor Dad” author Robert Kiyosaki has given emphasis on the importance of financial education, differentiating between assets and liabilities as the road to financial freedom. Aside from his financial education company, he also invested in oil exploration and real estate. He reported to have 10,000 apartment units in 2016.
Kiyosaki’s property advice: “Finding good partners is the key to success in anything: in business, in marriage and, especially, in investing.”
7. Dave Ramsey: ” Slow down and don’t pay too much.”
As a self-starter in business, Dave Ramsey has proven that one could be good in business even as a teen. At the age of 26, he has about $4 million in real estate assets. Ramsey’s investing and business life story is the best example that a bankruptcy in business could still be reversed and you could still make a comeback. Now with a net worth estimated at $55 million, he now mentors others through his books and radio programs.
Ramsey’s property advice: “I think the first thing you need to remember about residential real estate is that beginning investors tend to pay too much. You get emotionally involved. You get excited about being an investor and owning a property, and you have a tendency to pay too much. Slow down and don’t pay too much. Old time real estate dogs will all tell you that in the real estate business, the money is made at the buy. In other words, steal it or don’t buy it.”
Property investing could be your key to success and financial freedom. Read more on Real Estate Investing