Real Estate Titans: 7 Key Lessons from the World´s Top Real Estate Investors, by Erez Cohen
Real Estate Titans: 7 Key Lessons from the World´s Top Real Estate Investors recounts the stories, biographies and incredible projects of several “titans” of the real estate investment world: Richard Mack (U.S. apartment investment and finance), Urs Ledermann (Swiss real estate), Ronald Terwilliger (U.S. multifamily), Gina Diez Barroso (Mexican real estate), Elie Horn (Brazilian real estate), Richard Ziman (California industrial real estate), Robert Faith (Greystar; Starwood Capital Group), Chaim Katzman (Shopping centers), Rohit Ravi (Indian real estate), Joseph Sitt (International mixed-use) and Carlos Betancourt (Mexican real estate). These folks are some of the most successful real estate investors in their chosen markets and asset classes. I included information regarding each of their niches so that you can be sure to focus your reading on those who have the most crossover with your own real estate interests and investments.
Important Note: Real estate is not your focus and so you are not sure you will derive much benefit from this book? Keep reading. The entrepreneurs highlighted in this book and the principles that they preach go beyond real estate and extend to all areas of business and investment across industries.
The Value-Add of this Book
These “titans” all credit their success to their strong mindset. How do they define mindset? The consensus is that a strong mindset means that you have the ability to break through dark moments that everyone else says present impossible circumstances. This ability hinges on emotional self-control. All the titans note that a strong mindset requires never becoming too attached to any business idea, project or investment. Business is a non-emotional endeavor that should be governed by data, not feelings. All of these titans share the importance of eliminating negative thought patterns and beliefs. Rather, they note, that the goal of mindset should be consistency. Consistency mandates that you avoid the extreme highs and lows that typically confront entrepreneurs and investors. Some practical tips the titans recommend that you implement, among many others noted in the book: daily meditation; exercise; digital detox from phones and social media; gratitude and prayer; healthy eating; and making reading high-quality books a part of your daily routine.
If you want to reach your entrepreneurship and investment goals, there is simply no way around dedicating superhuman effort towards your craft and the compelling mission you have set for yourself. Some tips to implement: The power of getting out of bed early; find your “ikigai” (the reason you jump up in the morning); and to never lose your hunger. As a football coach of mine used to tell us “there is always someone looking to take your spot.”
Deep Focus and Clarity
A recent Harvard study showed that the 3% of graduates from their MBA program in a given year who had their goals written down ended up earning ten times as much money as the other 97% from that same class put together, just ten years after graduation.
I have seen this so many times in my own business life. In my business, Lifeafar Capital, we set big quarterly goals that we then break down into daily and weekly action steps. With this clarity, we are able to make huge progress quickly. I credit this goal-setting for going from $5 million in real estate assets under management in 2018 to almost $50 million in luxury, high-end properties, just two years later.
Just think how much better your business would be if you could take even one action a day that was specifically targeted at a concrete goal for your business. The compounding effect of 365 small daily improvements over just a few short years can be incredible. Be clear about what you want!
The clearer you can get about what you want, the easier it is to get there. Your mind requires that direction. When it has it, then incredible things can happen. Another book on this topic of precise focus that I highly recommend is Outwitting the Devil: The Secret to Freedom and Success.
Decide What You Will be Great At
The titans also emphasize the necessity that entrepreneurs, business owners and investors focus only on what they can be truly excellent at. The advice is to choose and develop your core competencies. This can mean a lot of things. In the world of real estate, this can mean choosing a specific market, asset class, investment type or end product. In the world of entrepreneurship, developing your core competency can extend to personal skills, a unique offering in the market, or a whole host of other competencies. The point is to be great at a few things rather than average at many things.
Learn to Say No
A final tip from the titans: learn to say no to demands on your time that are not aligned with your goals. This is so hard for so many people. There can be so much social pressure to do things that distract us from our missions. Saying no more sounds great in practice. But how do you do it without offending people or potentially missing out on valuable opportunities? Let this book be your guide. (Additional Recommendation: On this topic of learning how to say no, I also have to refer you to Tribe of Mentors, by Tim Ferriss.)
Always seek to fill your mind with valuable education. The day that you stop learning is, as the titans say, the day that you start dying. Read great books. Go down different avenues of learning to expand your mind even outside of those directly related to your business. Education is your advantage. Consume thought-provoking books with an appetite for finding new ideas. Study history. To have a chance at predicting the future for any market or industry, you must understand the past.
Surround Yourself with Greatness
Expand your social circle with purpose. Greatness requires upping your standards. In particular, your standards with respect to who you spend your time with. Dive into this book to explore how you can make these desired relationships a reality. The number one piece of advice for cultivating a relationship with anyone who you see as valuable: find ways to provide the people who you want in your circle with incredible value without an expectation of getting something in return. The universe has a way of balancing things out.
Once you have a sound understanding of timing and demand for your product or service, in real estate or otherwise, take action! It’s time!
How You Will Benefit
This book is a look into the minds of people who disrupted an ages old industry. Are you trying to do the same to yours? Get the book.