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Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success

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Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success

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Description

  • Copyright 2008
  • Dimensions: 6x9
  • Pages: 272
  • Edition: 1st
  • Book
  • ISBN-10: 0-13-243453-9
  • ISBN-13: 978-0-13-243453-9
  • eBook (Watermarked)
  • ISBN-10: 0-13-713591-2
  • ISBN-13: 978-0-13-713591-2

“This well-organized book shows what a typical life in real estate is like so that newcomers can decide whether the field is right for them. It also offers advice on how to grow real estate investments for people who are already in the industry. Poorvu includes a variety of real world stories about people and their career experiences to make for an interesting read with a practical edge.”

 –Publishers Weekly

“This new book by Bill Poorvu trumps any real estate book you’ve ever read.”

 –James Grant, editor of Grant’s Interest Rate Observer

  

There are plenty of “get rich quick in real estate” books. This is not one of them.

Your guide, William Poorvu, is a lifelong real estate investor and consultant, and former head of the real estate program at Harvard Business School. Drawing on his personal experience–and hundreds of interviews with many of the most successful real estate investors and entrepreneurs–Poorvu illuminates every stage of your “life” in real estate: creating wealth, growing it, and

managing it successfully. He reveals the milestones, pitfalls, and rewards associated with real estate investing, offering powerful insight into the challenges and opportunities you’ll face as you start out...scale up...ride the industry’s cyclical waves and then leverage, share, or pass  along the wealth you’ve created.

This book contains dozens of real life personal stories, hands-on checklists, and questions to guide your decisions...and it delivers unparalleled insight into how the real estate industry

really works:

Be strategic: choose your best route into the business

Define your successful real estate career, and learn how to make it a reality

Build your foundation: your first job, your first deal

Spot a great opportunity to add value, and jump on it

Scale up: build and sustain your success

Hire a great team, manage them successfully, and find the capital you need to grow

Survive the downturns: be flexible and nimble

Recognize new realities, adapt to them, and uncover the opportunities they create

Take stock: make the most of your success

Balance your business, wealth, and family

Sample Content

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Creating and Growing Real Estate Wealth: The Starting Line

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Table of Contents

        Acknowledgements viii

        About the Author x

    Introduction: The Many Paths to Success 1

PART I: Starting Out 7

    Chapter 1: The Starting Line 9

    Chapter 2: Finding a Focus 25

    Chapter 3: Moguls in the Making 45

PART II: Scaling Up 59

    Chapter 4: Five Good Questions 61

    Chapter 5: Good Moves 77

    Chapter 6: Grand Visions 101

PART III: Hedging Your Bets 123

    Chapter 7: X Factors 125

    Chapter 8: Broken-Field Running 141

    Chapter 9: Moving the Fleet 165

PART IV: Taking Stock 193

    Chapter 10: Your Business and You 195

    Chapter 11: Your Business and Your Family 209

    Chapter 12: Looking Forward, Looking Back 229

        Index 249

Updates

Errata

PrintNumber ErrorLocation Error Correction DateAdded
1 p13 The one reliable constant is that this is a cyclical industry—one in which playing a contrarian game and swimming against the tide, can have great advantages over the long term. The one reliable constant is that this is a cyclical industry—one in which playing a contrarian game and swimming against the tide can have great advantages over the long term. 4/22/2008
1 p14 Customer service. Understanding and satisfying your existing tenants needs leads to higher occupancy and lower turnover. Customer service. Understanding and satisfying your existing tenants’ needs leads to higher occupancy and lower turnover. 4/22/2008
1 p52 Because they couldn’t compete on price, they stayed open six and half days per week and offered free delivery. Thriving against the odds, the brothers opened two additional small grocery stores in Eldora and Minton—Iowa farming communities of about 10,000 people each.

Because they couldn’t compete on price, they stayed open six and a half days per week and offered free delivery. Thriving against the odds, the brothers opened two additional small grocery stores in Eldora and Vinton—Iowa farming communities of about 10,000 people each.

4/22/2008
1 p53 The middle brother, Morris, was installed to run the operation.
The middle brother, Maurice, was installed to run the operation.

4/22/2008
1 p72 Are you/your investors willing to wait a long time to achieve your “payday?”
Are you/your investors willing to wait a long time to achieve your “payday”?
4/22/2008
1 p73 Sometimes you can find corporations that want to liquify their assets, removing what may be an undervalued, illiquid asset on their balance sheet by selling and leasing back their property. Sometimes you can find corporations that want to liquify their assets, removing what may be an undervalued, illiquid asset on their balance sheet by selling and leasing it back to you. 4/22/2008
1 p110 This led to the Bucksbaums establishing a good business and personal relationship with the Rosenfield family, the owners of Younkers.
The relationship soon took an unexpected turn. The Rosenfields invited the Bucksbaums to co-develop a center in downtown Des Moines. Although the Rosenfields were expanding the Younkers chain to the suburbs, they also were worried about their flagship downtown Des Moines store. They therefore pursued and secured federal urban renewal funds, which were then being made available to help revitalize declining urban centers, including Des Moines. Matthew Bucksbaum—who had moved to Bettendorf to manage the building of their center there—again packed up his family and relocated back to Des Moines.
This led to the Bucksbaums establishing a good business and personal relationship with Joe Rosenfield, the owner of Younkers, who helped mentor the brothers.
The relationship soon took an unexpected turn. Rosenfield invited the Bucksbaums to co-develop a center in downtown Des Moines. Although he was expanding the Younkers chain to the suburbs, he was worried about their flagship downtown Des Moines store. Therefore, he created an urban investment trust to help finance such new projects. Matthew Bucksbaum—who had moved to Bettendorf to manage the building of their center there—again packed up his family and moved there.
4/22/2008
1 p111 In 1970, the Bucksbaums’ answer was to package their properties—as well as a few from the Rosenfields and another local family—into what initially was an intrastate REIT, whose shares could not be sold out of state. In 1970, the Bucksbaums’ answer was to package their properties—as well as a few from Joe Rosenfield and another local family—into what initially was an intrastate REIT, whose shares could not be sold out of state. 4/22/2008
1 p111 Goldman Sachs was able to underwrite a large stock offering for them, and—to the Bucksbaums’ delight—their old friends, the Rosenfields, subscribed for a million more shares.
Goldman Sachs was able to underwrite a large stock offering for them, and—to the Bucksbaums’ delight—their old friends, Joe Rosenfield, subscribed for a million more shares.
4/22/2008
1 p116 Before one of our board meetings, Trammell called at the very last minute to say that he couldn’t attend one of our board meetings. Before one of our board meetings, Trammell called at the very last minute to say that he couldn’t attend. 4/22/2008
1 p148 The main slope of the mountain faced north, which gave it a lot of sunshine on cold days—a good thing. The main slope of the mountain faced south, which gave it a lot of sunshine on cold days—a good thing. 4/22/2008
1 p152 Scale-up location(s): Pittsburgh East Coast
Scale-up location(s): Pittsburgh, East Coast
4/22/2008
1 p161 Know how much to pay for land, calculate backward from what the property will eventually sell for to the end user. Know what to pay for land by calculating backward from what the property will eventually sell for to the end user. 4/22/2008
1 p168 Within another three years, the portfolio had grown from 20 to 70 motels. Some were developed from scratch; others were acquired. Most of these mid-sized, mid-priced motels were now located in larger urban areas all along the East Coast, with a few in smaller markets. Although considered limited-service motels, many had their own food operations, meeting rooms, and other retail uses. Within another three years, the portfolio grew from 20 to 70 motels and hotels. Some were developed from scratch; others acquired. Most of these mid-sized, mid-priced properties were now located in larger urban areas all along the East Coast, with a few in smaller markets. Although considered limited-service, many had their own food operations, meeting rooms, and other retail uses. 4/22/2008
1 p168 ...to re-create that relationship in 60 new motels with 7,696 rooms. Obviously, there was a need to develop an organization to help operate and market the properties. ...to re-create that relationship in 60 new properties with 7,696 rooms. Obviously, there was a need to develop an organization to help operate and market them. 4/22/2008
1 p172 In 1991, Doug was introduced to David Swensen, Yale’s chief investment officer, by someone with whom David had worked when he was at Salamon Brothers. David had not been happy with the options he had in that asset class. In 1991, Doug was introduced to David Swensen, Yale’s chief investment officer, by someone with whom David had worked when he was at Salomon Brothers. David had not been happy with the options he had in the real estate asset class. 4/22/2008

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