Index

  • Absolute returns, 13
  • Absorption rates, 69
  • Accel, 160
  • Accelerated depreciation, 4, 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, 5
  • American Land Fund, 244
  • Anaheim, California, 155
  • Anderson, Erika, 223
  • Apartment development, 41–43
  • Apollo Real Estate, 5–6, 12
  • Apollo-Rida, 8–9
  • 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, 8
  • Black, Leon, 5
  • “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, 3, 6, 13, 49, 53, 207
  • Castro, Fidel, 136
  • Cautious, being, 139, 205
  • CBRE, 234
  • Cell towers, 6, 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, 8–10
  • 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, 9
  • 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, 4, 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, 7
  • 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, 3, 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), 7
  • 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, 4, 5–6, 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, 7–9, 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, 8
  • 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, 8
  • 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, 7
  • Income Producing Activities (IPAs), 184
  • Income stream, 117
  • India, 111, 112, 116, 117, 142, 179, 195
  • Indian Ocean, 154
  • Industrial sectors, 54
  • Inflation, 3
  • 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, 4
  • 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, 7
  • 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, 8
  • Mack, Richard, xv, 3–22
    • on anticipating, 230
    • on believing in yourself, 18–19
    • on emerging markets, 14–15
    • on his beginnings, 4–7
    • 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, 7–10
    • powerful mindset of, 154
    • on starting over, 14
    • on success in real estate, 170
    • on technology, 17–18
  • Mack Real Estate Group, 3, 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, 7–8
  • 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, 8–9
  • Mobile home parks, 81
  • Mobility, 56
  • Momentum of sales, 116
  • Montauk, New York, 6, 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), 7, 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, 7
  • 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, 3
  • Portfolios:
    • adding real estate to your, 55
    • diversified, 3, 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, 4, 5–6, 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, 6–7, 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), 8, 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., 4–5, 81–82
  • Shearson Lehman Hutton Holding, Inc., 4–5
  • 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, 7
  • 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, 9, 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, 4
  • Taxes:
    • effects and benefits from, 200
    • understanding local, 201
  • Tax Reform Act (1986), 12
  • Tax syndication, 4, 12
  • Technology, and real estate, 17–18, 44–45, 56–57, 98, 118–119, 145–146
  • Tenants, 8
  • 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, 4
  • 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, 9
  • 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, 4, 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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