Jake
@TheDukeofDirt
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Acquiring apartments and golfing | Philadelphia | Instead of coffee, lets play 9
Joined June 2021
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Bruce Flatt is worth $4.3 billion and you've likely never heard of him
As the CEO of Brookfield, he has grown AUM to $725 billion
He has shared his 30+ years of knowledge in podcasts and interviews
I refined it all into 14 lessons every real estate investor should read:
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Barry Sternlicht is worth $4.7 billion dollars
He has built Starwood Capital into one of the biggest real estate investors in the world
He is not opposed to an interview - I listened to as many as I could
Here are 17 lessons from Barry Sternlicht every investor should know:
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Barry Sternlicht is worth $4.7 billion dollars
He has built Starwood Capital into one of the biggest real estate investors in the world
He is not opposed to an interview - I listened to as many as I could
Here are 17 lessons from Barry Sternlicht every investor should know:
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Dean Adler is one of the sharpest minds in real estate
You probably don’t know who he is, but you should…
His theory on real estate cycles has proven to be lucrative over the years
Phase I 👇
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Stephen Ross is worth $11.6 billion dollars
In 50+ years of experience, he has built Related into the largest real estate developer in the US
He doesn't give many interviews, but the few he has done are GOLD
Here are 15 lessons from the king of NYC real estate:
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Jon Gray is worth $4.86 billion dollars
He has shared his knowledge from 30+ years at Blackstone in podcasts and interviews
I listened to everything I could find
Here are 11 lessons every real estate investor should know:
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Every real estate investor should save these 2 screenshots on their phone.
Trammell Crow’s 24 lessons from the 1980’s real estate collapse:
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Jon Gray is worth $5.5 billion dollars
In 30+ years of experience at Blackstone, he has grown from analyst to president of the largest real estate owner in the world
11 lessons from Blackstone's Jon Gray you should read:
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Bruce Flatt is worth $4.4 billion and you've likely never heard of him
As the CEO of Brookfield, he has grown AUM to $725 billion
He has shared his 30+ years of knowledge in podcasts and interviews
I refined it all into 14 lessons every real estate investor should read:
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608
Want to improve your real estate knowledge without paying for a $50,000 degree?
Read these 8 books (a personal master's in real estate)
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The wealthiest real estate investor I know obsessively tracks data on his properties
Here is the exact data he tracks:
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Stan Kroenke is worth $12.9 billion
He is also the 5th largest land owner in the US
The craziest part:
He used this simple strategy to create the majortiy of his wealth 👇:
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Sam Zell is worth $5.2 billion dollars
He has shared his expertise from 50+ years of investing in his book "Am I Being Too Subtle?"
I read all 229 pages
Here are 10 lessons every investor should know from the "Grave Dancer":
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Kroenke married the heiress to Walmart and immediately began developing Walmart anchored shopping centers
Somehow, he knew exactly where Walmart wanted to be, many times over...
Savvy business move, Stan!
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2 years ago, I knew NOTHING about real estate. Now, I work at an institutional private equity shop
Here are some resources I used to learn about real estate and land this job…
Time for a thread 📕
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I've spent 100's of hours studying the wealthiest real estate investors in the world
From the likes of Sam Zell to Stephen Ross to Jon Gray, their lessons are invaluable
Here are the top 15 lessons from the most successful real estate investors in the world
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He has successfully built a $220+ million dollar real estate portfolio
On top of that, he has positively impacted and mentored thousands through his blog, tweets, and podcasts
His name:
@moseskagan
I've consolidated his ideas into 15 life changing lessons you must read:
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Meet Amazon's landlord: Hamid Maghadam
He started from nothing and has built Prologis into a $215 billion dollar real estate giant
He has shared his 40+ years of knowledge in various interviews
I distilled it all into 10 lessons every investor shoud know:
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6 Youtube Channels to learn Real Estate Excel Modeling
1. Joshua Kahr
2. Ike Hoffman
3. Kenji Explains
4. Break Into CRE
5. David Almeida
6. Adventures in CRE
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One of the stupider things I did in college:
Alabama was playing at Georgia in Sanford Stadium
It was a rainy day, and the forecast called for rain throughout the game
I didn't have a ticket, but got a crazy idea while at the bar:
I had a rain suit that matched what all the
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Sam Zell is worth $5.2 billion dollars
Known as the Grave Dancer, he has amassed a large part of his fortune during financial downturns
He has shared his secrets to success in his book "Am I Being Too Subtle"
Here are 10 lessons every investor should read:
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Best tools for real estate investors:
1. My Maps - Map your properties and comps
2. Chatham Financial - Quote all ranges of debt
3. Apartments,com - Find the rents in any market
4. Excel WST Macros - Analyze any deal 5x faster
The best part - they are all free
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Best tools for real estate investors:
1. My Maps - Map your properties and comps
2. Chatham Financial - Quote all ranges of debt
3. Apartments,com - Find the rents in any market
4. Excel WST Macros - Analyze any deal 5x faster
The best part - they are all free
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Excel can be the most powerful tool in a real estate investors toolbox
Unfortunately, most investors stink at it
Use these 8 Excel tips to save you 100's of hours:
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Ira Lubert is a Billionaire investor
And chances are you've never heard of him...
He has built his little "family office" into a $50 billion behemoth
Here are 10 lessons he lives by
🧵
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Gerry Hines started from $0 and built Hines into a $92.3 B AUM firm
After 60+ years of work, he is known as a pioneer of real estate development
He has shared his wealth of experience in books and interviews
Here are 9 lessons every real estate investor must know:
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Want to improve your real estate knowledge without paying $50,000?
Read these 7 books (a personal master's degree in real estate)
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Prologis is the largest industrial real estate owner in the world ($112 Billion market cap)
CEO Hamid Moghadam’s strategy on handling debt maturity is brilliant👇
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Stan Kroenke is worth $16.2 billion
He is also the 5th largest land owner in the US
The craziest part?
He used this simple strategy to create the majority of his wealth 👇:
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23
301
Meet Amazon's landlord: Hamid Moghadam
He started from nothing and has built Prologis into a $215 billion dollar real estate giant
He has shared his 40+ years of knowledge in various interviews
I distilled it all into 11 lessons every investor shoud know:
4
39
289
Barry Sternlicht is worth $3.8 billion dollars
He built Starwood Capital into one of the largest real estate investors in the world
He is not opposed to an interview - I listened to as many as I could
Here are 10 lessons from Barry Sternlicht everyone should know:
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Gerald D. Hines built his development firm from $0 to $92.3 billion of assets under management
In his 60+ years of experience, the firm has developed in 28 countries and has grown to 4,700 employees
Here are 9 lessons every real estate investor must know:
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If you are a real estate investor and you are not tracking these 6 market/demographic metrics, I have advice for you:
Read this:
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Ira Lubert has built his little "family office" into a $50B behemoth
And I bet you've never heard of him
I've dug deep to find what sets Lubert apart
Here are 12 lessons from the wisest man you didn't know:
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In honor of Sam Zell, a few of his most infamous lessons he has shared over the years:
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Blackstone manages ~ $1 Trillion dollars
They are the most successful investing firm of our day
But it all starts with their approach to investing and risk
Here is Blackstone's 7-part investment process every investor should know:
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I am 27 years old
I asset manage $1B+ of real estate
This is my 6-step roadmap to burst into commerical real estate
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I have to admit something:
I spend most evenings watching interviews of the most successful real estate investors
From Sam Zell to William Zeckendorf (and many in between), their lessons are PRICELESS
I've gone back and chosen the BEST of the BEST lessons 👇
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Sam Zell, Jon Gray, Francis Greenburger
3 Real Estate Billionaires bound by 1 strategy:
Finding market inefficiencies and exploiting them
Here are 5 simple frameworks to begin identifying, understanding and exploiting market inefficiencies:
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Want to improve your real estate knowledge without paying for a $50,000 Masters degree?
Read these 8 books (a personal Masters in Real Estate):
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ReTwit (real estate twitter) is a free university
But 97.3% miss out on the best content
I've gathered the best threads in ReTwit history
Save yourself time from scrolling, read this:
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Steve Schwarzman founded Blackstone when he was 38
He left an extremely lucrative career to start Blackstone
But it ultimately turned him into a Billionaire
Listen how he perfectly explains entrepreneurship 👇
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Steve Schwarzman is worth $25.6 billion dollars
In 50+ years of experience, he has built Blackstone into the worlds leading investment firm ($951 billion AUM)
Here are 18 lessons from the founder of Blackstone every investor should know:
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Gerry Hines started with $0
Today, Hines is a $94.6 Billion AUM firm
After 60+ years of work, he is known as a pioneer of real estate development
Here are 9 lessons he shared in books and interviews:
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Played golf with a guy the other day
Told me he inherited a piece of real estate that nets $250K / year
Doesn't have debt on it
Calls it his slush fund - reserved only for doing "fun sh*t"
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Just got my haircut
Barber asks me what I do
Me: real estate investor
Barber: Oh, I just sold one of my buildings
Me: Apartment building?
Barber: Yes, 20 unit on x street (best street in town)
Told me he owns a few others
My rough calcs yield ~ $8M+ portfolio
Niceee
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Jeff Blau is CEO of one of the world's largest real estate developers (Related)
Jeff has overseen $60 billion of real estate development
I listened to as many of his interviews as I could
Here are 7 lessons from Jeff Blau:
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Kroenke married the heiress to Walmart and immediately began developing Walmart anchored shopping centers
Somehow, he knew exactly where Walmart wanted to be, many times over...
Savvy business move, Stan!
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If you are a real estate investor and you are not tracking these 5 demographic metrics, I've got a tip for you:
Start now
[THREAD]
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7 websites I could not live without as a real estate investor:
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6 Youtube Channels to learn real estate Excel modeling
1. Joshua Kahr
2. Ike Hoffman
3. Kenji Explains
4. David Almeida
5. Break Into CRE
6. Adventures in CRE
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In 1987, at 37 years old, Jonathan Wener acquired the Royal Trust Building for $65 million
The story of how he closed the deal is the best thing you'll watch today 👇
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Best tools for real estate investors:
1. Excel WST Macros - Analyze any deal 5x faster
2. Chatham Financial - Quote all ranges of debt
3. My Maps - Map your properties and comps
4. Parceled - Property record data
5. City Data - Data for days!
The best part - they are all free
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Steve Wynn is worth $3.4 billion dollars
He is widely thought of as the man who built the Las Vegas we know today
In the video below, he explains the story behind THE lesson he credits with his success
This is a GREAT story - check it out 👇
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7 pieces of software I couldn't live without as a real estate investor:
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David Rubenstein is worth $3.2 billion dollars
As a pioneer of the private equity industry, he founded The Carlyle Group 37 years ago
I listened to all the podcasts and interviews I could find
Here are 9 lessons from David Rubenstein every investor should read:
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I asked, you all delivered
7 real estate newsletters you should be reading:
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Want to become a better real estate investor?
Then study the best real estate investors
I've made it easy for you
8 threads to become a smarter real estate investor in 2023
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I've made an irreversible decision:
For the past few years, you've known me as The Duke of Dirt
Today, that changes...
Hi, my name is Jake
Here's a bit about me:
Prior: Asset Manager at Institutional Real Estate Firm(s)
Now: Acquiring multifamily assets in the Philadelphia
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If you pay for Costar and don't use these lesser known features, you're wasting your money...
5 Costar features you probably don't know, but should:
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Ira Lubert is a Billionaire investor
Chances are, you've never heard of him...
He has built his little "family office" into a $50 Billion behemoth
Here are 10 lessons he lives by:
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Full video 👇:
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Are you in real estate and looking to up your game?
Look no further...
5 must-listen podcast episodes you cannot afford to miss
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The 6 best Youtube channels to learn real estate Excel modeling (for free):
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Where is the best place you have visisted that few people know about?
I'll start:
San Sebastian, Spain
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I don't care if you like the NFL or not...
It's fascinating to learn how each NFL owner made their money before buying an NFL team 👇
AZ Cardinals (Bidwell) - Lawyer
ATL Falcons (Blank) - Home Depot
BAL Ravens (Bisciotti) - Staffing
BUF Bills (Pegula) - Oil & Gas
CAR Panthers
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Stephen Ross has 60 + years of experience and is worth $11.6 billion dollars
In that time, he has built Related into the largest real estate developer in the US
He rarely gives interviews, but the few he has are GOLD
Here are 15 must read lessons from Stephen Ross:
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Dean Adler is one of the sharpest minds in real estate
But you probably don't know who he is...
You should:
His theory on real estate cycles has proven lucrative over the years
What is each phase and how should you position yourself?
👇
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Sam Zell:
Between 1974 and 1977, we bought $4 billion in assets with $1 down and a hope certificate
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6 books to become a better real estate investor in 2023:
1. Risk Game
2. Deep Work
3. King of Capital
4. Triumph of the City
5. The 80/20 Principle
6. The Intelligent Investor
What am I missing here?
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There is over $5.1 trillion dollars of value in US apartment buildings
Sadly, most owners don't how their assets are valued
If you want to make money in real estate, read this:
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One of my favorite pieces of advice from Stephen Ross:
"When things are bad, no one sees the good. When things are good, no one sees the bad"
Timely advice
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Hamid Moghadam is worth $100+ million and you've likely never heard of him
As the CEO of Prologis, he is the largest owner of industrial real estate
He has shared his 40+ years of experience in interviews and podcasts
I've refined his insights into 10 potent lessons:
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1. The compounding of returns is an incredible miracle of finance and human existence
On top of capital compounding, Flatt believes in personal compounding:
"Everything you learn is additive, and if you keep at it day after day, you too shall realize a miracle"
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6
128
Sam Zell, Jon Gray, Francis Greenburger
3 Real Estate Billionaires bound by 1 strategy:
Finding market inefficiencies and exploiting them
Here are 5 simple frameworks to begin identifying, understanding and exploiting market inefficiencies:
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10
126
Blackstone's real estate business has $326.1 billion of AUM
They run this business with 890 employees
That's $366 million AUM / employee
Just some perspective of how big some of these firms are
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Steve Wynn is worth $3.2 billion dollars
He is responsible for developing much of the Las Vegas we know today
He has shared his 50+ years of knowledge in podcasts and interviews
I refined it all into 10 lessons every real estate investor should read:
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4 value-add plays with the best ROI
-Paint
-LVT Floors
-Light Fixtures
-Bath/Kitchen Faucets
What else am I missing?
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I went back and read 15 years of Blackstone annual letters
They contain gems of wisdom on investing and opportunity
Here are 9 timeless principles you should know:
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Bruce Flatt is the CEO of Brookfield, a $850 Billion AUM firm
His advice on what type of assets to buy 👇
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Value has been created:
Who: Donald Bren
What: Irvine Land
Price Paid = $337 M
Estimated value today = $10+ B
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Steve Schwarzman is worth $27.3 billion dollars
In 50+ years of experience, he has built Blackstone into THE largest real estate investor in the world
He has shared his knowledge in podcasts and books
Here are 11 lessons from Steve Schwarzman every investor should know
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1. When things are bad, no one sees the good. When things are good, no one sees the bad
People are bad at seeing outside the near term financial situations
Keep this in mind whenever the economy takes drastic moves
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2. Surround yourself with the best talent there is
Ross coined the acronym "PHD" for:
Poor
Hungry
Driven
This is the criteria he looks for in hiring great talent
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If you pay for Costar and don't use these lesser known features, you're wasting your money...
5 Costar features you probably don't know, but should:
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114
“If you don’t know you can’t, there are no limitations”
Love the way Sam Zell approached life
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6. Flatt's 4 Investment Guidelines
1. Invest where they possess a competitive advantage
2. Acquire assets on a value basis (invest where other capital is not)
3. Build sustainable cash flows
4. Superior returns require contrarian thinking
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In 1979, a young man with a little trucking business had an idea that would one day make him a Billionaire
But this idea would also change the Canadian/US border forever
Who's up for a story?
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If you're an LP in a real estate deal, you should (at least) be receiving:
-Rent Roll
-Trial Balance
-Balance Sheet
-General Ledger
-Income Statement
-Statement of Cash Flow
-12 Month Income Statement
-Bank Statement and Reconciliation
-Income Statement w/ Budget Comparison
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William Zeckendorf's holdings would be ~ $25 Billion if he was alive today
As a NYC real estate developer in the 1900's, he played real life monopoly
His 50+ years of expertise has been shared in his autobiography
Here are 11 lessons every real estate investor should know
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Lessons from my notes on Stephen Ross - $10.1B founder of Related (the largest real estate developer in the world):
1. Surrounds yourself with PHDs:
Poor
Hungry
Driven
2. Accept help from those willing to help - you cannot get there alone
3. When things are bad, no one sees
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I just got back from the epic Real Estate X Gala in New York City
4 insights from 24 hours in Manhattan:
1. Big cities make you think bigger
Everything is seemingly bigger in New York City. The pace of life is faster. The buildings are bigger. The people are working on bigger
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William Zeckendorf's real estate portfolio would be worth ~ $25 Billion today
But you've probably never heard of him
He played real life Monopoly in NYC... And won
Here are 8 powerful lessons from the original real estate tycoon:
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