Do you often wonder how billionaires came to be? No, not those who were born with wealth. Rather, the people who climbed their way to the top of the peak. What did they do right? Was there a path or guide or trick that that these real-estate tycoons followed to get them where they are now?
The trails that wealth leaves
Aside from Jay Paul and Jeff Sutton both being billionaires, what do these two have in common? The answer is trend recognition.
Jay Paul is the owner of Jay Paul Company which made its wealth leasing high-end offices to giant companies such as Amazon and Google in the Bay Area. Jeff Sutton, founder and president of Wharton Properties, is similar in which the company acquires and handles over 120 buildings in New York and rents it to top fashion brands operating in the city.
Both these guys identified their area to have a potential for real-estate growth. San Francisco is a hub where tech companies are popping left and right, and New York is among the top cities where fashion attracts a large number of end-users.
Both Paul and Sutton have built their empire over the years simply because they have an eye for uprising trends.
Vision and tenacity
But trend isn’t the only thing needed to succeed in the real-estate world. You’ll also need both vision and tenacity. The latter to help realized the former.
Take David Walentas as an example. Walentas is another billionaire who’s known for transforming DUMBO, or Down Under the Manhattan Bridge Overpass, into one of New York’s most vibrant neighborhood with his Two Trees Management Company.
One of Walentas’ biggest moves that propelled him to wealth was his $12 million dollar investment to buy two million square feet worth of space in the New York borough. This was also the reason that got most his partners and bank connections to distance themselves from him as they viewed this acquisition as both ridiculous and highly ambitious. Today, a single apartment in the area costs twice as much as his overall original investment. This vision of his took him 25 years in the process. Walenta’s tenacity more than paid off in the long run, and got him to join the ranks of billionaires, who, similar to him, held fast to their vision.
Don’t stick to the norm
Look at things in different perspectives. While it’s understandable to follow the path of people who already made it, it doesn’t always work for everyone. Remember that in order to reach success, you have to break out of your comfort zone from time to time.
One fine example is the billionaire that was mentioned above: Jeff Sutton. One of Sutton’s greatest skills is how he managed to turn a working concept into something completely its opposite. He managed to closed deals by looking for tenants first, then buying a commercial property instead of doing it in reverse.
One would imagine that Sutton has the gift of silver-tongue for pulling something this ingenious. Studying how these individuals think doesn’t ensure the success of an investor, but it can certainly shed light on matters that can elevate them from where they are now.