As we wrap up our four-part series featuring the unique qualities of Commercial Real Estate Billionaires, we remember the vision it takes to build super communities and super wealth, the courage it takes to remember your vision and believe in your own capability, the action it takes to move your beliefs forward, and finally, we summarize with the basic nature of a Commercial Real Estate Billionaire.
Super wealth isn’t for everyone. It’s possible you’re born into the mentality. It’s possible we’re all capable, but very few of us access the right character qualities to achieve ten-digit dollar status.
If we’re to trust Richard LeFrak, our final Commercial Real Estate Billionaire, a man with a “mini-city” to his name, $4.3B to his wallet, and the 62nd richest American to his wealth status, we must assume it takes more than a late night cash-prayer to achieve unimaginable wealth.
Richard was born into it. His grandfather began developing real estate in 1901, his father expanded with the self-named “LeFrak City”, and Richard’s continuing the trend.
According to Forbes, the LeFrak portfolio includes 5,000 apartments in LeFrak City, a $3 billion investment in a 16-million-square-foot commercial, residential and retail complex in Newport, N.J, and a “Mini-city” with a Westin hotel and 10 residential towers for 30,000 residents – and a marina.
And a marina. Why not? And that’s just his real estate. So what does Richard have to say about increasing wealth?
It’s all about having a vision for opportunity.
The self-named real estate doctor says, we “function and profit from the problems.” There’s no room for the majority opinion or general prosperity, opportunity can only exist against the grain.
On today’s Commercial Real Estate market LeFrak says, “Would I buy something? Yes, I would. Am I prepared to put up substantial equity? Yes, we are. When prices got very high, did I think people weren’t thinking clearly? Yes, I did.”
Hindsight’s 20/20, but $4.3B speaks for itself.
He’s got vision on a grand scale, a tremendous belief in his own capability, and the willingness to act on his beliefs. Wrap those together, and you have the true nature of a Commercial Real Estate Billionaire.
It takes all three for a shot at glory. Our billionaires have them. You might want to consider your share of those attributes. And although they may define a certain personality structure, you may just be bold enough to claim it yours, and that’s a good start.