Here’s an encouraging article I found in the New York Times online pub about two of Silicon Valley’s biggest names failing miserably at real estate development, particularly in the Miami area. This article, written just after Christmas, reminds me of a few lessons we can take time to reflect on.
1. Success in one area does not guarantee success in another.
Just because you made a lot of money in “dot coms” doesn’t mean RE development will be a snap. Be humble in your new endeavor.
2. You can always learn something new.
Again, be humble and surround yourself with experts in your new endeavor. You rarely have to be the smartest person in the room in order to be the richest person in the room!
3. Perseverance is critical to your success.
Don’t give up! The aboslute worst thing Jim Clark and Tom Jermoluk can do now is quit. Simply rethink their strategy. They have a $110 million construction loan to pay off and the property is no longer worth that. Hmm… Could they get it re-zoned as commercial? Or, sell the entire project to someone else like Me or Donald Trump?
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