I find a lot of the rags to riches real estate stories hard to believe. How can you go from having absolutely nothing to being worth $500 million? I get how this happens when you own equity in a business and it grows at extraordinary rates, but real estate has somewhat of a capped equity multiple
Once you have significant capital to invest (maybe $5 mil) the story becomes more feasible. But I feel like the only way to get there is to start very young (early 30s) and have some sort of inheritance worth several hundred thousand or in the millions. Am I wrong? Am I underestimating the size of development fees when you have little skin in the game?