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Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success
- By William J. Poorvu
- Published Feb 17, 2008 by FT Press.
- 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
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Product Author Bios
William J. Poorvu managed the real estate program and taught real estate courses at Harvard Business School for 35 years. He has personally trained many of today’s most successful leaders in the real estate industry. He is a successful real estate entrepreneur himself and also a professional investor, both on his own behalf and for various endowment boards on which he serves. He also authored The Real Estate Game: The Intelligent Guide to Decision-Making and Investment.
“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
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13 of 13 people found the following review helpful
Good advice., By
This review is from: Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success (Paperback)
Bill Poorvu's newest book provides meaningfully helpful information and guidance to those who are considering becoming professional real estate investors. An accomplished investor himself who happens to teach the topic at the Harvard Business School, he does so with a multi-layered approach which is engaging, clear and highly informative. This book has nothing in common with the multitudes of `get rich quick' books--typically largely worthless--or the hyper-technical texts that are useful only to backroom laborers. Rather, Poorvu provides advice derived from a lifetime in the real estate field designed to help the fledging understand how to enter the real estate investment world, what life is like when you do, what problems real estate businesses commonly encounter and what methodologies have succeeded for sober, successful investors who are in it for the long run. In an era of speculation and dice rolling that often results in unsatisfactory results, it is both refreshing and...
Read more
15 of 17 people found the following review helpful
Must-read if you are serious about real estate,
This review is from: Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success (Paperback)
If you're looking for get-rich-quick-in-real-estate-schemes-for-dummies, don't look here. A recognized authority, with extensive experience in the real world as well as in academia, Poorvu does not bore us with the "models" typical of Harvard professors, nor the empty get-rich-quick schemes of most real estate authors. Instead, he presents real life stories of people who have made successful careers in real estate, following them from their first jobs and first investments, through decisions that enable them to build on their successes, survive setbacks, and balance career and family. This book is indispensable for anyone considering a career or even an avocation in real estate.
4 of 4 people found the following review helpful
Another great book by this author, By
This review is from: Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success (Paperback)
I picked up this book because I also read Poorvu's other book The Real Estate Game. This book is another great one by this author. He teaches readers how to enter the real estate industry, do the first deal, and gain experience and success in real estate. This book is unlike others that try to persuade you that real estate is the fastest way to get rich. This one is different because the author truly describes the realities of the real estate industry.Real estate may be considered a single industry, but for most participants it is a local business. It is also a cyclical business, but the author says that being a contrarian and going against the crowd can have great advantages over the long term. Also there is no one recipe for success. Players can specialize in different niches. I think readers will find the section on how to enter the industry particularly helpful. The author says that the real estate industry has almost unlimited points of entry because the... Read more |
Online Sample Chapter
Creating and Growing Real Estate Wealth: The Starting Line
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
Sample Pages
Download the sample pages (includes Chapter 1 and Index)
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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