I've heard Stephen Ross reference how he started Related with $10k from his mom and parlayed it into a ~$10B net worth. Does anyone know of any in-depth articles on how he did this? Can't find any articles / books on his path other than "he started building affordable housing nationwide." Also, given how competitive real estate has become in recent years, is this level of wealth creation still possible in this day and age?
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I’m just gonna put in my two cents. No. At the time he probably started affordable housing, it just wasn’t competitive. 4% deal that supposed to be given funding by right are now competitive in high growth areas.
On top of that interest rates were just a lot higher, so funny money wouldn’t go through those type of projects due to it complexity. Times have changed.
We are more globalized. United States is seen as a safe haven for money, which has inflated prices of everything. When concerned with real estate, land and existing buildings have just lessened the opportunity to experience that type of return. I’m not even going to get into material prices like lumber.
We need the “free market “ to actually function correctly again for these type of returns to be possible. Ultimately I’m saying the government has to let some of these companies fail. Just my two cents.
Interested as well.
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