- Absolute returns, 13
- Absorption rates, 69
- Accel, 160
- Accelerated depreciation, , 12
- Accountability, 177
- Ackman, Bill, 192–193
- Acquisition cost, 199
- Added value, 14–15, 33, 94–96, 184, 187, 213, 245, 251–252
- Adidas, 153
- Africa, 128–129, 142
- Agendas, creating written, 186
- Airbnb, 18, 108, 119, 132, 145
- Air Cargo World (magazine), 138
- Albany, New York, 180
- Albom, Mitch, 132
- Aleppo, Syria, 65
- Alliances, 212
- Altavista 147, 252–255
- Amazon, 118, 145
- Amazon, Brazil, 138
- Ambition, 211
- American Express,
- American Land Fund, 244
- Anaheim, California, 155
- Anderson, Erika, 223
- Apartment development, 41–43
- Apollo Real Estate, –6, 12
- Apollo-Rida, –9
- Appaswamy Real Estate, 111, 119
- Apple, 99
- Arden Realty, 75
- Argentina, 60
- Arguments, avoiding, 220
- The Art of the Deal (Trump), 120
- Asbestos, 80
- Ashland University, 250
- Ashley Stewart, 125
- Asset class, xvi–xvii, 55, 113, 183
- Asymmetric risk rewards, identifying, 201, 202
- The Atlantic, 194
- Atrium European Real Estate, 244
- AT&T, 91
- Austin, Texas, 95
- Automation, cognitive, 132
- Awards, winning, 115
- Aztec empire, 130
- Baby boomers, 95
- Back of the Envelope (BOTE) analysis, 197–199, 208
- Bad partners, 249
- Barcelona, Spain, 124
- Barroso, Gina Diez, 51–64
- advice for women, 60–62
- building relationships, 209–210, 217
- on choosing the right project, 53–55
- on Dalia Empower, 59–61
- on having purpose, 166
- on her beginnings, 52–53
- on her passion for education, 57–59
- key principles of, 63–64
- philosophy of, 63
- powerful mindset of, 154–155
- on real estate business, 55
- on technology, 56–57
- Bear markets, 195
- Behaviors:
- of buyers, 223–224
- matching to buyers, 224
- Beijing, China, 188
- Beit Shulamit (House of Shulamit), 168
- Belief, in yourself, 18–19, 86, 109, 119, 147, 160, 237–238
- Berkeley, California, 84
- Berlin, Germany, 60
- Betancourt, Carlos, xv, 135–150
- favorite deal of, 137–138
- on hard lessons, 138–139
- on having leadership skills, 146–147
- on his beginnings, 136–137
- key principles of, 149–150
- on leverage, 142–145
- on maintaining your health, 147–148
- philosophy of, 148–149
- powerful mindset of, 154
- on real estate, 232
- on risk management, 140, 142
- on technology, 145–146
- Beverly Center, Los Angeles, 156
- Bezos, Jeff, 127
- Bible, 109
- Big-box concepts,
- Black, Leon,
- “The Black Hole of Retail,” 181–182
- Blackstone, 192, 244, 246
- Blockbuster, 104
- Blockchain, 106–107
- Bond market, 54
- Bond Street, London, 124, 129
- Boston, Massachusetts, 29, 156
- BOTE (Back of the Envelope) analysis, 197–199
- Bracor, 143
- Branding, 178
- Brazil, xv, 65–67, 105, 136–140, 142–143, 147, 191
- Bresco, 135
- Bridgewater Associates, 194
- Bronx, New York, 125
- Brooklyn,New York, 125
- Bryant, Kobe, 170–171
- Buffett, Warren, 66, 71, 167
- Buildings, creating unique, 26–27
- Bull markets, 195
- Bureaucracy, in universities, 58
- Burlington Arcade, London, 129
- California, 155–156, 179
- Campinas, Brazil, 138
- Canada, 61, 105
- Capital expenditure investments, 198–199
- Capital stack, of real estate, 42, 43
- Cap rates, 127–128
- Carmel, California, 79
- Carnegie, Dale, 220–221, 227
- Cars:
- and car sharing services, 132
- driverless, 56, 70, 119
- electric, 56
- Carter, Jimmy, 79
- Caruso, Rick, 155–156
- Cash flow, , , 13, 49, 53, 207
- Castro, Fidel, 136
- Cautious, being, 139, 205
- CBRE, 234
- Cell towers, , 11
- CENTRO University, 51–53, 58–59
- Champs Élysées, Paris, 124, 156
- Chan, Ronnie, xv, 193
- Charities, giving to, 133, 167–168
- Charleston, South Carolina, 156
- Chayyim of Volozhin, Rav, 72
- Chennai, India, 115, 119
- Chennai Airport, 112
- Chile, 61
- China, 60, 142, 187–188, 193, 234
- Chung, Simon, 120
- Cincinnati, Ohio, 197
- Circle of Influence, 209–210
- City of Hope, 85
- Clarity, see focus, having
- Cognitive automation, 132
- Commercial real estate, 199–200
- The Committee of 200, 60
- Commodity markets, 45–46
- Common sense, 108, 118
- Communication skills, 222, 226
- Communism, in Poland, –10
- Compounding, 202–205
- Condominium conversions, 79
- Connections, making, see making connections
- Construction debt, 41
- Construction financing, 114–115
- Construction loans, 43
- Construction risks, 252
- Constructive feedback, 214
- Core competency, 186–187
- Cortes, Hernan, 130–131
- Cost(s):
- acquisition vs. replacement, 199
- shipping, 114
- Cost basis, 53
- Cost overruns, 114
- Counter-cyclical investments, 93
- Coworking companies, 18
- Creativity, 193
- Credit, 206
- Crow, Trammell, 39, 40, 90, 96, 99, 215
- Cryptodollars, 106
- Cryptoeuros, 106
- Cryptoshekels, 106
- Cuba, 136, 148
- Curiosity, 68, 113, 248
- Customers, ideal, 178
- Cycles, 140–141, 150, 195
- Cyclical economy, 40
- Cyrela Brazil Realty, 65
- Daewoo,
- Daily routine, 71, 132–133, 160
- Dalia Empower, 59–61
- Dalio, Ray, 194
- Dallas, Texas, 95
- Deals, selection of, 53–55, 85–86
- Deal funnel, 68, 69
- Debt, 39–40, 79
- analyzing, 200
- avoiding, 96
- construction, 41
- inevitability of, 117
- leveraging with, 15–17
- recourse, 41–42
- risks of, 48–49
- and signed leases, 125
- taking too much, 128
- timing of, 85, 231
- types of, 183
- Declaration of Principles, 35
- Demand, 85–88, 95
- demographics and, 95
- understanding, 205, 231
- Demolition, 28
- Denver, Colorado, 93–94
- Department of Civil Aviation, 137–138
- Depreciation, accelerated, , 12
- Detroit, Michigan, 79
- Development:
- apartment, 41–43
- business model, 195
- effects of downturns on, 96
- fees, 204
- ground-up, 68, 70, 106, 199–200
- property, 188
- urban, 28
- Development financing, 42
- Diarq, 52–53, 56
- Direct income,
- Disciplined, being, 185–186
- Disney, Walt, 127
- Disneyland, 155
- Dispenza, Joseph, 158
- Disruption, in real estate market, 104, 107–108, 118, 142
- Distributions, 200
- Diversified portfolio, , 126
- Dividend distribution, 200
- Downsides:
- knowing potential, xv, 13, 18–19, 40
- minimizing the, 70, 93–94, 96–97, 117–118
- preparing for, 200
- Downturns:
- anticipating, 40
- effects of, on development, 96
- as inevitable, 206
- and overleverage, 55
- preparing for, 205–206
- surviving, 117
- Driverless cars, 56, 70, 119
- Drone delivery services, 70
- Drucker, Peter, 178
- Due diligence, 11, 30, 55, 105–106, 139, 144
- Earnings before interest, taxes, depreciation, and amortization (EBITDA),
- E-commerce, 17, 54, 118
- Economic cycles, 140–141, 150, 195
- Economic logic, 180
- The Economist, 132, 194
- Economy, cyclical, 40
- EdR, 92
- Education, 191–208
- and becoming a master in financing, 206–207
- having a passion for, 57–59
- and identifying asymmetric risk reward opportunities, 201, 202
- importance of, 44–45, 71–72
- and learning by doing, 32–34, 98–99
- quantitative skills as part of, 196–200
- reading to continue your, 192–194
- and risk management, 205–206
- studying real estate history as part of, 194–196
- and understanding geometric returns, 202–205
- Electric cars, 56
- Elizabeth II, Queen of England, 84
- Emotional attachment, to investments, 31, 94, 157
- Emotional maturity, 230
- Enterprise Community Partners, 167
- Enthusiasm, 220
- Entrepreneurship, 128–129, 131
- and philanthropy, 63
- ups and downs of, 159
- working in, 58
- Entrepreneurs' Organization, 102
- Equitable Life Insurance, 80, 244
- Equity, 25, 43, 66
- analyzing, 200
- debt vs., 117
- to finance projects, 116
- preferred, 15
- private, , –6, 11, 12
- public, 82
- sweat, 92–93, 125, 164
- types of, 183
- when to focus on, 54
- Equity-to-debt ratio, 117
- Estee Lauder, 54
- European market, –9, 14–15, 29–30, 105
- Excel (Microsoft), 247
- Executing ideas, 229–239
- and believing in yourself, 237–238
- fears of, 229–231
- limitations to, 231–236
- mitigating risk of, 231
- and timing, 236–237
- Exercising, 159–160
- Exotic locations, 114
- Expertise, developing, 179–183
- Extroverts, 223
- Facebook, 167
- Faith, Robert, 89–102
- on adding value, 94–96
- Trammell Crow and, 215
- example of creativity from, 193
- as expert in multi-family sectors, 179
- on getting started in real estate, 98–99
- as a great communicator, 222
- on having integrity, 97–98
- on his beginnings, 90–92
- on importance of mentors, 99
- key principles of, 101–102
- on making mistakes, 93–94
- philosophy of, 100
- on risk management, 96–97
- on selling, 222
- on using sweat equity, 92–93
- on working hard, 164
- Family businesses, 83, 112–113, 119–120
- FAR (floor-to-area ratio), 137
- Feedback, constructive, 214
- Fees:
- recurring, 42
- structuring and development, 204
- Ferragamo, 181
- Fibak, Woitek,
- Fiduciary, being a, 31
- 5th Avenue, New York, 124
- Figueroa, Héctor, 225–226
- Finance, importance of understanding, 97
- Financial assets, 143–144
- The Financial Times, 194
- Financing:
- becoming a master in, 206–207
- construction, 114–115
- development, 42
- mezzanine, 15, 179
- re-, 28, 200
- terms and draws of, 200
- using leverage when, 107
- Fintech startups, 132
- “First mover advantage,” 45
- First names, using, 220
- “Fit,” and vision, 25–26
- Floor-to-area ratio (FAR), 137
- Focus, having, 175–189
- and avoiding distractions, 71
- and clarity, 178–179, 183–184
- and developing a specific area of expertise, 179–183
- and goal setting, 175–178
- Ronald Terwilliger on, 186–187
- and time management, 184–186
- Zhang Xin on, 187–188
- Forbes magazine, 66
- Ford, Lucille, 250
- 4K videos, 104
- Franklin, Benjamin, 127
- Frasier, Charles, 39, 40
- Friedman, Milton, 250
- G20 Initiative, 60
- Garages, 26–27
- Gates, Bill, 66, 71, 167
- Gazit-Globe, 103, 110
- GDP (Gross Domestic Product), xvii, 86, 103–104
- General Growth Properties, 206
- Genuine, being, 216
- Geometric results, 171–172
- Geometric returns, 202–205
- Gilbert, Arthur, 84
- Gilbert Foundation, 84
- Gilbert Trusts, 84
- Giving Pledge (Gates and Buffett), 66, 167
- Global Wellness Institute, 62
- Goals:
- accomplishing, 211, 223
- for putting together good deals, 230
- setting, 175–178
- Goldman Sachs, 187, 244
- Google, 145
- Great Britain, 112
- Great Recession (2008), 41–43
- Gretzky, Wayne, 16, 230
- Grey, Jonathan, xv
- Greystar, 89, 90, 96, 97, 100
- Gross Domestic Product (GDP), xvii, 86, 103–104
- Ground-up development, 68, 70, 106, 199–200
- The Grove, 155
- Habitat for Humanity, 167
- Habits, for powerful mindset, 159–160
- Hadid, Zaha, 188
- Haefeli Moser Steiger (architectural firm), 25
- Handshakes, 24, 30, 35
- Hard work, see working hard
- Harvard Business School, 38, 90, 91, 175
- Headhunting, 24–25
- Health, 46, 71–72, 84, 86, 100, 147–148, 159–160
- High streets, 124, 179
- Hill, Napoleon, 177, 239
- H&M, 181
- Holloway, Benjamin, 244
- Hollywood, California, 80
- Home Depot,
- Home ownership, 15
- Honesty, 63
- Hong Kong, China, 187
- Horn, Elie, xv, 65–74
- on adapting to success, 231
- and closing a deal, 165
- on doing good deeds, 167
- favorite investment of, 67
- on gathering information before investing, 68–70
- on his beginnings, 66–67
- on importance of learning, 71–72
- key principles of, 72–73
- on leverage, 70
- on making mistakes, 67
- philosophy of, 72
- powerful mindset of, 154
- on self-improvement, 70–71
- on taking risks, 67–68
- Hotel business, 18, 108, 112, 116–117, 119, 132, 179
- House of Shulamit (Beit Shulamit), 168
- Housing, rental, 43–44, 96
- How to Win Friends & Influence People (Carnegie), 227
- Humility, 19, 115, 210
- ICSC (International Council of Shopping Centers), 102
- Ideal customers, 178
- Ikagai (reason for being), 168–169, 172
- Income,
- Income Producing Activities (IPAs), 184
- Income stream, 117
- India, 111, 112, 116, 117, 142, 179, 195
- Indian Ocean, 154
- Industrial sectors, 54
- Inflation,
- Information, gathering, 68–70
- Initial public offerings (IPOs), 79, 82
- Insurance, title, 139
- Integrity, having, 97–98, 133
- Interest, showing, 221
- Interest rates, 43, 79, 85, 117, 143
- Internal rate of return (IRR), 54, 204
- International Council of Shopping Centers (ICSC), 102
- International investments, 14–15
- Introverts, 223
- Investment(s):
- capital expenditure, 198–199
- counter-cyclical, 93
- emotional attachment to, 31, 94, 157
- international, 14–15
- returns on, 13
- strategic, 17
- types of, in real estate, 183
- Investors, 14, 98–99
- passive, 126
- professionals vs., 55
- risk-taking, 128–129
- types of, 184
- who follow trends, 108
- IPAs (Income Producing Activities), 184
- IPOs (initial public offerings), 79, 82
- IRR (internal rate of return), 54, 204
- Irreplaceable locations, 28
- Israel, 84, 105, 109, 168
- Istanbul, Turkey, 164
- Jakarta, Indonesia, 164
- Japan, 143
- Jerusalem, 85
- Jobs, Steve, 127
- Kahn, Bill,
- Katzman, Chaim, xv, 103–110
- advice of, 108–109
- on disruption in real estate market, 107–108
- donations from, 168
- on economic logic, 180
- as expert in shopping centers, 179
- on his beginnings, 104–106
- on keeping low leverage, 206
- key principles of, 109–110
- on market trends, 106–107
- against personal liability, 207
- Katzman, Shulamit, 168
- Kelvin, Lord, 172
- Key Performance Indicator (KPI), 172–173
- King Street, Charleston, 156
- Kirchenweg, 25–26
- Knowledge, local, 10, 31, 44, 53–54, 115, 127
- KPI (Key Performance Indicator), 172–173
- Kreedman, Jon, 84
- “Land banking,” 118
- Land loans, 41
- LBOs (leveraged buyouts), 242
- Leader in Energy and Environmental Design (LEED), 52, 53
- Leadership skills, 146–147
- Learning, see Education
- Ledermann, Urs, xv, 23–35
- avoiding fear of executing ideas, 229
- on creating quality structures, 26–27
- as expert in residential sectors, 179
- on his beginnings, 24–25
- on importance of thinking differently, 28–30
- key principles of, 34
- on learning by doing, 32–34
- on loving what you do, xv
- on starting over, 30–32
- on vision and “fit,” 25–26
- Ledermann Immobilien, 23
- LEED (Leader in Energy and Environmental Design), 52, 53
- Lehman Brothers, see Shearson Lehman Brothers, Inc.
- Leonardo Da Vinci, 135
- Lessons, learning, 138–139
- Leverage, 16, 40, 43, 55, 70, 91
- for financing, 107
- inevitability of, 117
- keeping low, 206
- taking on too much, 93–94, 116, 128
- using, 142–145
- when investing in land, 245
- Leveraged buyouts (LBOs), 242
- Liability, personal, 207
- LinkedIn, 194
- Linneman, Peter, xiv, 42, 241–250
- on bad partners, 249
- on deals he's made, 243–247
- on getting started, 247–249
- on his beginnings, 242–243
- on his heroes, 250
- Liquidation, 12, 92, 206
- LiquidSpace, 145
- Listening, 220
- Living in the moment, 33
- Living with no regrets, 133
- Loans:
- construction, 43
- land, 41
- nonrecourse,
- Loan-to-cost ratio, 116
- Loan-to-value ratio, 116, 143, 184
- Local knowledge, 10, 31, 44, 53–54, 115, 127
- Location(s):
- building in new, 114–115
- finding the right, 116, 231–232
- for success, 85
- Loeb & Loeb, 77
- Logic, economic, 180
- Logistics, 142, 145
- London, England, 124, 129, 187
- Long-term appreciation, 30
- Los Angeles, California, xv, 76, 79–81, 85, 155–156
- Los Angeles Lakers, 170
- Loving what you do, 38–39, 130
- Luck, 165
- Luskin, Fred, 158
- Luxury hotels, 119
- Luzzatto, Moshe Chaim, 72
- McDonalds,
- Mack, Richard, xv, –22
- on anticipating, 230
- on believing in yourself, 18–19
- on emerging markets, 14–15
- on his beginnings, –7
- on his worst deal, 11–12
- on importance of local knowledge, 10
- investment philosophy of, 12–14
- key principles of, 20–21
- on knowing downside, xv
- on leveraging with debt, 15–17
- philosophy of, 19–20
- on Polish deal, –10
- powerful mindset of, 154
- on starting over, 14
- on success in real estate, 170
- on technology, 17–18
- Mack Real Estate Group, , 15
- Macro principles, 10, 12, 68
- Macro variables, 127
- Madonna, 148
- Making connections, 209–217
- and Circles of Influence, 209–210
- and giving value to others, 215–216
- with mentors, 214–215
- with real estate masterminds, 212–213
- with smart people, 211–212
- Maldives, 111–112, 114, 148
- Malls, 107–108
- Manaus, Brazil, 138
- Manhattan, New York, 125, 163, 180
- Manila, Philippines, 164
- Mao Zedong, 187
- Markets, bear vs. bull, 195
- Market Commentary (newsletter), 192
- Marketing, 178
- Market shocks, 117–118
- Market trends, 106–107
- anticipating, 16, 71
- shifts in, 91
- Marsalis, Wynton, 148
- Mathematical skills, 196
- Mayer, John, 148
- Meditation, 159
- The Memos with Howard Marks (newsletter), 192
- Mentors, 14, 19, 39–40, 83–85
- from family businesses, 119–120
- finding, 62
- importance of, 99, 109
- learning from, 131
- making connections with, 214–215
- Metro, –8
- Mexico, xv, 51–53, 57, 60–61, 130
- Mexico City, Mexico, 252
- Mezzanine financing, 15, 179
- Miami, Florida, 28–29, 59
- Micro principles, 10, 12, 68
- Milan, Italy, 124
- Millennials, 56–57, 95, 160
- Mindset, see Powerful mindset
- Mistakes, making, 11–12, 67, 80, 93–94, 105, 114–116, 129–130, 138–139
- Mitzner family, –9
- Mobile home parks, 81
- Mobility, 56
- Momentum of sales, 116
- Montauk, New York, , 11
- Montgomery Ward, 104
- Multifamily sector, 45, 117, 179, 233
- Murphy's Law, 84
- Mutual funds, 143
- Nashville, Tennessee, 95
- National Association of Realtors, 241
- The National Association of Realtors, 102
- National Basketball Association (NBA), 170
- National Collegiate Athletic Association (NCAA), 170
- Net operating income (NOI), , 54, 198–199, 251, 254–255
- Networking, 97. See also making connections
- Networks, 212, 213
- Neumann, Adam, 224–226
- Newark, New Jersey, 180
- Newbury Street, Boston, 156
- New Haven, Connecticut, 180
- Newsletters, 192
- Newspapers, reading, 20, 32–33, 80, 81, 132, 160, 192–193
- New York, 225, 243, 250
- New York City, New York, 124, 164, 177, 178, 180
- The New Yorker, 132, 194
- The New York Times, 132, 194
- New York University, 125
- Nike, 200
- NOI, see Net operating income
- Nonrecourse loans,
- Northwestern University, 250
- Oaktree Capital Management, 192
- Observing behavior, 223
- Office space, 15, 18, 54, 118–119, 132, 145, 179, 225
- Ohio, 250
- Oklahoma, 96
- Omni channeling, 108
- Opportunities, taking advantage of, 78–82, 91
- Orange County, California, 80
- Overleverage, 55, 116, 128, 129, 143
- Overthinking, 158
- Pacific Financial Group, 80
- Panama Canal, 20
- Paris, France, 124, 156
- Partners, bad, 249
- Passion, 30–31, 170, 192, 226
- Patience, 25, 26, 86, 108, 109, 137, 144, 147
- Pearson, Peter, 244
- Personal guarantees, 41–42
- Personal liability, 207
- Perspective, gaining new, 193–194
- Philanthropy, 63, 70
- Political cycles, 140–141, 150
- Portfolio management theory,
- Portfolios:
- adding real estate to your, 55
- diversified, , 126
- effect of irreplaceable locations on, 28
- Powerful mindset, 153–161
- of Rick Caruso, 155–156
- and controlling your thoughts, 158–159
- habits for creating, 159–160
- importance of, 18, 130–131, 154
- of Real Estate Titans, 154–155, 157
- of Richard Ziman, 156–157
- Praying, 160
- Preferred equity, 15
- Presentation skills, 226–227
- Price, determining, 116
- Principle of scarcity, 220
- Principles:
- of Gina Diez Barroso, 63–64
- of Carlos Betancourt, 149–150
- of Robert Faith, 101–102
- of Elie Horn, 72–73
- of Chaim Katzman, 109–110
- of Urs Ledermann, 34
- of Richard Mack, 20–21
- of Rohit Ravi, 120–121
- of Joseph Sitt, 133–134
- of Ronald Terwilliger, 47–48
- of Richard Ziman, 86–87
- Prioritizing objectives, 185
- Private equity, , –6, 11, 12
- Productive, being, 20
- Professionals, investors vs., 55
- Prologis, 225, 246
- Prometheus, xv
- Property development, 188
- Proteus International, 223
- Prudential, 80
- Psychology, importance of, 130, 147, 221
- Public, going, 82
- Public equity, 82
- Public Storage, 225
- Pudong, China, 234–235
- Purpose, having, 166–170
- Quality, creating buildings of, 26–27
- Qualtrics, 160
- Quantitative skills, see education
- Queens, New York, 125
- Radio towers, –7, 11
- Rainbow Shoes, 125
- La Rambla, Barcelona, 124
- The Rational Optimist (Redley), 250
- Ravi, Rohit, 111–122
- as expert in hotel segments, 179
- on his beginnings, 112–113
- key principles of, 120–121
- on making mistakes, 114–116
- on minimizing the downside, 117–118
- philosophy of, 119–120
- powerful mindset of, 154
- on starting over, 116–117
- studying real estate history in India, 195
- on technology, 118–119
- Reading, 20, 32–33, 80, 81, 132, 160, 192–194, 249
- Real estate:
- and adapting to disruption, 107–108
- as asset class, xvi–xvii, 55
- and the bond market, 54
- capital stack of, 42, 43
- cycles of, 140–141, 150, 195
- as cyclical, 28, 95–96
- disruption in, 107–108
- going public, 82
- how to approach, 55
- marketing in, 178
- as numbers game, 196
- points of entry into, xvi
- studying history of, 194–196
- success in, 170
- trends in, 127
- types of investments in, 183
- types of markets in, 45–46
- unexpected challenges of, 131
- value of world's, xvii
- value of your reputation in, 20, 113
- Real Estate Club, Harvard University, 38
- Real estate cycles, 140–141
- Real Estate Finance and Investments: Risks and Opportunities (Linneman), xiv
- Real estate investment trust (REIT), , 39–40, 42, 79, 82, 179, 206, 225, 246
- Real estate masterminds, 212–213
- Realistic, being, 41–42
- Reason for being (ikagai), 168–169, 172
- Recessions, 28, 42–44, 81, 200
- going public during, 82
- as inevitable, 206
- Recourse debt, 41–42
- Recurring fees, 42
- Redley, Nicholas, 250
- Refinancing, 28, 200
- Regrets, living with no, 133
- REIT, see Real estate investment trust
- Rejection, acceptance of, 222–223
- Related Companies, 120, 246
- Relationships, developing, 209–210, 213
- Relative returns, 13
- Rental sectors, 15, 43–44, 96, 200
- Replacement cost, 199
- Reputation, 20, 113, 121, 130, 204, 226
- Residential sectors, 179
- Resolution Trust Corporation (RTC), 10, 12
- Results, geometric, 171–172
- Results That Last (Studer), 100
- Retail industry, 118
- Retail space, 15
- Return(s):
- and equity multiples, 200
- geometric, 202–205
- higher, for less risk, 201–202
- on investments, 13
- risk-adjusted, 14
- risks vs., 67–68, 85
- Revenue streams, 29, 117
- Rexford Industrial, 75
- Rio de Janerio, Brazil, 67
- Risk(s):
- avoiding high, 93–94
- categories of real estate, 14f
- construction, 252
- higher returns for less, 201–202
- managing, 39, 41–42, 96–97, 138–139, 205–206
- mitigating, 231
- returns vs., 67–68, 85
- taking, 67–68
- of urban development, 28
- Risk-adjusted returns, 14
- Risk return spectrum, 22
- River Gardens, 92
- Rockefeller Center, 243, 244
- Roosevelt, Theodore, 19–20
- Ross, Stephen, xv, 120
- Roth, Steven, xv
- Routine, daily, 71, 132–133, 160
- RTC (Resolution Trust Corporation), 10, 12
- St. Regis Vommuli Resort, 112, 114
- Sales, see selling
- San Fernando Valley, 80
- Sao Paulo, Brazil, 138, 148
- Savills, xvi–xvii
- Scarcity, principle of, 220
- School of Business, Stanford, 214
- Sea Pines Company, 38, 39
- Sears, 104
- Seattle, Washington, 95
- Securities market, 107
- Security, within communities, 138
- Self-confidence, 238
- Self-improvement, 70–71
- Self-worth, 20
- Selling, 219–227
- Dale Carnegie on, 220–221
- Bob Faith on, 222
- mastering skills of, 221–222
- and momentum of sales, 116
- Adam Neumann on, 224–226
- presentation skills for, 226–227
- Real Estate Titans on, 223
- Joseph Sitt on, 219
- tips for successful, 223–224
- Shanghai, China, 164, 188, 234–235
- Shared resources, 56–57
- Shearson Lehman Brothers, Inc., –5, 81–82
- Shearson Lehman Hutton Holding, Inc., –5
- Shipping costs, 114
- Shiyi, Pan, 188
- Shopping centers, 102, 107–108, 132, 155–156, 178–179, 181
- Showmanship, 221
- Silicon Valley, 79, 104, 145
- Simon, David, xv
- Simon Property Group, 179, 246
- Simplicity, 135–136
- Singapore, 120
- Sitt, Joseph, xv, 123–134
- on approaching real estate deals, 126–128
- as expert in high street retail, 179
- favorite deal of, 129
- on having a powerful mindset, 130–131
- on his beginnings, 124–125
- on his daily routine, 132–133
- key principles of, 133–134
- on lessons learned from the stock market, 126
- on making deals, 128–129
- on making mistakes, 129–130
- on mentors, 131
- on selling, 219
- on technology, 132
- on working hard, 163–164
- Skills:
- communication, 222, 226
- leadership, 146–147
- mathematical, 196
- presentation, 226–227
- quantitative, 196–200
- sales, 221–222
- SMART (acronym), 176
- Smart technology, 119
- Smedley, Ralph, 227
- Smiling, 220
- Social circle, expanding, 212
- Social media, use of, 185–186
- SOHO, 188
- Sotheby's, 242
- The Soul of Life (Chayyim), 72
- South Africa, 142
- South Bend, Indiana, 148
- Speculation (investment), 17, 31
- Spreadsheets, 196, 200
- Sri Lanka, 112
- Stanford University, 148, 158, 214
- Staples Center, Los Angeles, 171
- Startups, fintech, 132
- Starwood Capital, 90–92, 246
- Sternlicht, Barry, xv, 90, 91
- Stock market, 126
- Stocks, 143
- Stovall, Jim, 132
- Strategic investment, 17
- Strategic Planning Concepts International, 181–182
- Strengths, sharing your, 216
- Structuring fees, 204
- Studer, Quint, 100
- Subtenant income,
- Success:
- and believing in your ideas, 225
- developing relationships to achieve, 209
- factors for, 85–86, 231
- finding mentors who have achieved, 214
- luck vs., 165
- in real estate, 170
- in selling, 223–224
- timing for, 85, 236–237
- Supermarkets, 108
- Supply-and-demand, , 53, 95, 117, 195
- Supply-constrained markets, 45–46
- Sweat equity, 92–93, 125, 164
- Swimmer, Howard, 83
- Talent, importance of, 177
- Tampa, Florida, 92
- Taubman, Al, 242, 250
- Tax arbitrage,
- Taxes:
- effects and benefits from, 200
- understanding local, 201
- Tax Reform Act (1986), 12
- Tax syndication, , 12
- Technology, and real estate, 17–18, 44–45, 56–57, 98, 118–119, 145–146
- Tenants,
- Terwilliger, Ronald, xv, 37–49
- on banks, 207
- on being realistic, 41–42
- on choosing a core competency, 186–187
- Trammell Crow and, 215
- as expert in multi-family sectors, 179
- on giving back to others, 167
- on importance of learning, 44–45
- on importance of mentoring, 39–40
- key principles of, 47–48
- on loving what you do, 38–39
- as mentor, 99
- philosophy of, 46–47
- on recessions, 42–44
- recommendation to study historical trends from, 195
- on supply-constrained vs. commodity markets, 45–46
- Terwilliger Center for Workforce Housing, 167
- Theus, Tilla, 26
- Thinking big, 178
- Thinking differently, 28–30, 108
- 32BJ Service Employees International Union, 225
- Thor Equities, 123, 124, 126, 128–129
- Thor Urbana, 219, 252–254
- Thoughts, controlling, 158–159
- 3-D printing, 132
- Tiffany, 181
- Time, as asset, 211
- Time management, 184–186
- Timeshares, 79
- Timing, 85, 231–232, 236–237, 244
- Titans, xv
- Title insurance, 139
- Toastmasters International, 226–227
- Tokyo, Japan, 80
- Trammell Crow Residential, 37–40, 42–43, 46, 90, 91, 186
- Trump, Donald, xv, 120, 177–178
- Trump, Donald, Jr., 177
- Trump, Eric, 177
- Trump, Ivanka, xiii–xiv, 177
- Trump Organization, 177
- Trump Tower, xiii, 177
- Trustworthy, being, 63
- Tuesdays with Morrie (Albom), 132
- Turkey, 60
- Uber, 70, 104, 145
- The Ultimate Gift (Stovall), 132
- United Kingdom, 251
- United States Naval Academy, 38
- United States Small Business Administration, 214
- University of California, Los Angeles, 76, 84–85
- University of Chicago, 250
- University of Notre Dame, 148
- University of Pennsylvania,
- University of Southern California, 157
- Urban development, 28, 125
- Urban Land Institute, 44, 102, 167
- Uruguay, 137
- Vacation, working on, 164
- Valuations, 16
- Value:
- giving, 215–216
- of world's real estate, xvii
- Value-add, 14–15, 33, 94–96, 128, 184, 187, 213, 245, 251–252
- Vanderbilt family, 92
- Veracruz, Mexico, 130
- Versatility, of behaviors, 224
- VHS (Video Home System), 104
- Via Spiga, Milan, 124
- Victoria and Albert Museum (London), 84
- Video Home System (VHS), 104
- Vietnam War, 38, 76–77
- Viracopos International Airport, 137–138
- Vision, and “fit,” 25–26
- Wakeup times, 170
- Walkability, 56
- “Walk scores,” 45
- The Wall Street Journal, 80, 81, 86, 132, 193, 194
- Walmart, 181, 191
- Walton, Sam, 191
- Warsaw Trade Tower,
- Waterfall distribution, 200
- The Way of God (Luzzatto), 72
- Weaknesses, identifying your, 214
- Weekends, working on, 170
- WeWork, 118, 224–225
- Wharton School, University of Pennsylvania, , 242
- “Why,” having a, 166, 168
- Wien, Byron, 192
- Williams, Jay, 170–171
- Women, role of, 60–62
- Work ethic, 164, 171, 211
- Working hard, 163–173
- being passionate about, 170
- Kobe Bryant on, 170–171
- and having a purpose, 166–170
- and Real Estate Titans, 164–172
- and Joseph Sitt, 163–164
- for success, 63
- World War II, 40
- Young Presidents Organization, 102
- Zara, 181
- Zell, Sam, xv, 71, 147
- Zhang Xin, 187–188
- Ziman, Richard, xv, 75–88
- as expert in office/industrial buildings, 179
- on family business, 83
- on finding the perfect deal, 85–86
- on goals, 230
- on his beginnings, 76–78
- on his mentors, 83–85
- key principles of, 86–87
- powerful mindset of, 156–157
- on taking advantage of opportunities, 78–82
- Ziman Center for Real Estate, 76
- Zurich, Switzerland, 179
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