When it comes to real estate investing very few investors actually look at building their property portfolios as a real business. They need a shift in their way of thinking and to approach real estate investing more like an entrepreneur.
Real Estate Development – Two Essential Keys to Building a Successful Property Development Business!
Many people familiar with the real estate market and industry are very familiar with the term “real estate developer,” and perhaps can even name a few famous ones, from Donald Trump to Alfred Taubman. It would seem that the term itself is very self-explanatory, as real estate developer simply develops or improves real estate.
This is a story I heard growing up:
When my grandfather was 10 years old he found a penny. With that penny he bought a pencil. He sharpened that pencil then sold it for two cents. He took that two cents and bought two more pencils, sharpened them and sold them for four cents. He reinvested his four cents in four more pencils, sharpened them and sold them for eight cents. Then, again, he bought eight more pencils, sharpened them and sold them for sixteen cents. This went on until my grandfather had amassed $10.24. That’s when my great Aunt Sophie died and left us her portfolio of shopping centers, office buildings and rental homes. Our family has been in the real estate business ever since.