“My assets are not sexy,” the 30-year-old says proudly. “I mean, I own lots of storage. But I love my assets.”
For good reason. Paul, who retains 100% of the company, is not overleveraged according to financial documents, and none of his debt is at the holding-company level. Based on his holdings inside and outside the company, Forbes estimates that Paul’s net worth is $800 million. If commercial real estate prices stay strong, he could be a billionaire soon.
- Use other people’s money. Raise capital.
- Go commercials.
Quoted from the article:
“And after he started doing deals in his early 20s, one prominent local real estate owner told Paul straight up that he would not do business with him given his ethnicity. And one banker refused to lend to him because of a bad experience she claimed to have once had with an Indian.”
This is a great article. It shows how winners are resilient and won’t let one or two incidents upset them. For each one like the above, this guy was able to find tens of others who invested millions in him.
Dude wears a suit everyday. Very driven. Success is not accidental.
Blackstone started its real estate business in 1991 and has expanded it to $119 billion in assets. It owns investments in hotels, offices, retail, industrial and residential properties in the U.S., Europe, Asia and Latin America.
Blackstone Group LP expects to raise $18 billion for its biggest real estate fund ever.
Don’t quote your reasons. Three important success factors:
- Rich parent that don’t need him to contribute to the family and have rich friends that he can rope in as “investors”. Allow you to free your mind, access to $, access to rich sleepy partners, open doors. Check out parents of Bill Gates, Mark Zuckerberg, Evan Spiegel, Jeff Bezos, Larry Page, Elon Musk, …
- Luck. Plenty of it. Tons of cash on hand when everybody got killed by Lehman Brothers. Had he not sold, the outcome would be completely different. A loser squatting at home instead of being in the news. Don’t underestimate luck. AMZN has the luck of tech companies gave him 7 years free of competition for AWS.
- Great salesmanship. A MUST.
No doubt luck is involved. But you made your own luck by being prepared when opportunities knock on the your door. His dad is a doctor so maybe his family’s net worth is around 10m? He’s now worth 800m. Many people on here have networth between 5 to 10m. How many realistically expect their kids to be billionaires?
Any net worth over $100M requires tons of luck. Anybody as smart and entrepreneurial as tomato can make it to $100M before they become senior. W2 guys who can make it to VP+ can expect $20M-$100M
haha tomato being entrepreneurial. haha. :cries:
You don’t know whether you have the luck until you try. So setting aside the things you can’t control then what else? Just sit there twiddling thumbs? There gotta be a game plan.
Obviously you need to buy a lottery ticket to win the lottery Just don’t attribute success to hard work or ingenuity. Plucking from the air, out of 1 million people who are as smart and as hardworking, only 1 successful, purely random… numbers are BS, just to illustrate the point.
Try but don’t expect to be successful and disappointed if not successful because success is purely random
True that there a millions who are as smart and hardworking. But how many dream as big as this guy? Even his own brother and sister did not. They had the same opportunity.
Huh? There are a million who are as smart and hardworking and think as big as him. There are 100 million more who are as smart and hardworking such as manch
I think that @manch belongs to the top 1%. So may be around 3 million like him.
as for luck… my friend just shut down his startup. Both were born into a well-off family, i think. Guess on the funding they had?
off by at least an order of magnitude
Dwelling on factors beyond one’s control is waste of time. So what if all my success (or lack of) is due to luck? So what? I still need to plan and I still need to fight. Doesn’t change a thing within my control.
Safe to ignore.
wrong direction. 180m.