Real Estate Titans: 7 Key Lessons from the World's Top Real Estate Investors

by Erez Cohen

In  Real Estate Titans , Erez Cohen shares the advice and learnings of the world's leading real estate experts to create a guide for becoming a savvier real estate player. Cohen draws on his experience as a research and teacher’s assistant at Wharton Business School with an investment expert―and his mentor―Dr. Peter Linneman. Throughout his career, Cohen has collected first-hand knowledge from meetings with such real estate titans as Ronald Terwilliger, Sam Zell, Joseph Sitt, and numerous others. Cohen wanted to understand how these real estate giants became so successful, so he refined his quest into three critical   What inspires these titans to work so hard and reach such extraordinary levels of success?   What are the main elements and traits inside of them that propel them to be so grandiose? How have these individuals, who had less resources, succeeded on a much bigger scale than so many of their competitors? Real Estate Titans  contains the 7 key lessons distilled from interviews with several of the world’s greatest real estate investors. These critical lessons offer insight into the mindset, tactics, and habits that each of the interviewed titans possess. Once you implement these key ideas―which you won’t find anywhere else―into your business, it will grow exponentially within a matter of months. Real Estate Titans  offers an insider’s view into several of the most successful investors on the planet. The book’s compelling stories and lessons show why real estate is such a wonderful and important business, and it also offers a roadmap for becoming a world class real estate player.

Genres: Business, Finance, Nonfiction

304 pages, Hardcover

Published April 2, 2019

Reviews

[Mauricio Sáenz · Rating 5 out of 5]

Great book! One of the best books I’ve ever read. Erez gathered tips and lessons from the best Real Estate players in the world. I learned a lot! Highly recommended if you are interested in Real Estate.

[Denny Troncoso · Rating 5 out of 5]

Another fantastic book for real estate investors and those that aspire.

Waking up and loving what you do is very important
Protecting the downside more important than the upside
No asset manager falls in with any asset
unlimited points of entry in RE 1 property or 1000 properties
More fortunes in RE than any other
228 trillion in RE assets globally
Worlds largest asset class
RE is an alternative asset

Richard Mack - Wharton School Grad
Power of information in RE. Market rent status value of cell towers.
Understand what will and won't allow
Understand markets/countries (Poland)
Apollo Group $500 million distressed RE USA/Europe
Remember to have the right partner
Evaluate supply demand balance or imbalance - Talk to professionals
Can't beat local knowledge
Land appreciating in value is key in RE as buildings depreciate. The key is a great location.
Contracting is a completely different business which requires a different skillset and can be risky if you don't possess it.

Questions to ask
What if I'm completely wrong?
How bad is the downside?
What do I know about this deal that most others don't?
Where will market be in 1,2,5 years?

Asia - Hard to get in
Mexico - Mezzanine opportunities
Europe - Value add
Emerging Markets - New Development/High Risk/High Growth

office Space/Retail Space - In Decline
Homeownership rate - In Decline

"Skate to wear puck is going to be" - Wayne Gretzky

Don't speculate it is very risky.
Hotel experience not going away due to great amenities like concierge, restaurants, help, calling a cab, etc.
Take deals with lower downside versus greater upside with greater risk
Read, Newspaper daily, several on weekend
Books - leadership and business
Honesty is more important than money
work hard so you can give back more
Focus on region you know best
If you had a $100 million fund to invest
- Would it be opportunistic or other
- How do you mitigate risk
- What sectors

Urs Lederman
Be persistent when talking to sellers. Call several times
Properties have energy
Only invest in urban areas. Irreplaceable locations
Recession proof strategies
Goals Dreams Read them every night
Be an owner not an employee. Less Risks. Just You
Read Newspapers every single morning
Read Biographies
Light 20 min exercise
Long walks to think
Go to beach to free your mind
Be mindful. Live in the moment and be aware. Be in the moment with person you're with.
Challenges will always arrive
Add massive value
Be a fiduciary
When people all are going one way, go the other way
Have values

Ronald Terwilliger
Affordable housing guy
Worked at Trammell Crow Company and learned from him
Attended HBS
75% LTV, Long Enough Construction Loans
Careful buying land before entitlements
Guarantee corporations can substitute for personal guarantee. Business asset guarantee

Build property mgt-Asset mgt fees into development business
merchant developer fees dry up during recessions
Join Urban Land Institute - Local District Councils
Smaller homes with more density - Industry being forced into
Supply constrained markets - SanFran, NYC
Commodity markets
No first mover advantage in RE
Great manager, locations, product
Great developers look at what's working
Build cost effectively is key
Donating half of funds for affordable housing
Recessions typically last 3 years plan to test this
protect downside versus upside
Max 75% LTV
Explain why you are planning on getting financing to expert to better customize the lending options.

Gina Diex Barrosa
Created vertically integrated RE Development company
Focused on long term deals and equity multiple not IRR
Some sectors of RE are not like bonds as NOI appreciates much more than others
When getting started work with professionals
Millenials must feel they are changing the world or they lose interest. Fun coworking spaces. Mission
Investments can be great over time if you plan on holding long term
Universidad cuatro professors are entrepreneurs. Miami and Mexico City.
We are in a sharing economy
Don't take no for an answer
Read biographies for free mentorship/Inspiration
Work 10-12 hrs per day
Meditate daily
Great emotional intelligence for success
Be honest and trustworthy
Be a philantropist, help does not need to be financial and they don't need to be strangers
Development - - Timing + Cost are major factors
Purpose Mission Life - What RE segment fires me up?

Elie Horn
Apts Sale - Right Size and Price
50-60% LTV
Persevere, work hard, work on intelligence
Don't get distracted by glitter
Seek knowledge daily by reading and seeking inspiration
Goal is to have mind ready to adapt when opportunity is present
pray, gym, philanthropy
thinks of meaning of life
assess demand for specific product
Stay humble and grounded

Factors for development
Home price/cap rate moveents
unemployment rates
pipeline of new construction
new potential infrastructure improvements
consumer spending habits
main lenders and mortgage terms

Richard Ziman
$49 milllion 60 years ago was big money. Today everything is a billion. Inflation.
Don't think you know everything. Be humble about different RE products.
Major demand drivers
- Studying history of economy
- Age of population
- fills vacancies
-availability of financing
- job formation
- WSJ News
- Timing and location most important
-Sale comps
- Debt
Believe in yourself - Take care of Physical and mental health Especially during downturns
How far is property from public services
jobs, pop, age of pop
high demand low supply = high prices
low demand high Supply = low prices

Robert Faith (Greystar)
Petroleum Engineer, HBS grad
Worked at Trammell Crow
Starwood Capital Cofounded
RE-fragmented-entrepreneurial
Trammell Crow Intrapreneur
105% LTV Pre 1990s
Acquired EDR Student housing
Vanderbilt 1st money partner
No track record can be good when all others have bad track record bankruptcies
There is always another deal around the corner. Don't take too much risk on a deal.

Questions to ask
How could this deal go wrong?
Is market demand there?
Can I raise equity? Debt?
What is the value creation story?
Demographic impact on demand i.e. millennial
Growing pop.
Income that supports the growth for ground up development?

During downturns development halts. Reason to enter services. Renovations and management

65% LTV ground up
Best skill is relationship building
When hiring keep it simple bright and nice people
All deals are about relationships
Think about why change is occurring?
What people will need to deal with this change?
Have role models and mentors
Trammell Crow desk in the bullpen like everyone else.
World belongs to those who read, RE and other businesses
Spend time in nature and it is not expensive
Resist temptation to work all the time
Fall in love with investors and stakeholders not deal.
Join entrepreneurs, young presidents organization

Joseph Sitt
Focus on strengths
As passive investor no control
Study senior mgt in equities
Deals available of finite time
Establish rapport w/seller
Emerging market foreign exchange risk
Avg age of population
politics
have great vision of trends. Try to predict 10-20 years
Do deals where most people are not. At times when most people aren't.
Invest in Africa. Young pop. Growing Pop.
Work Hard. Love what you do.
Robotics, cognitive automation, be prepared for tech.
Read the New Yorker, WSJ,
Have mentor and join RE mastermind groups.
Meditation

Carlos Betancourt
Region+Specific Segment
RE Cycle Political Cycle Economic Cycle
45-60% LTV
Japan 1% interest, Brazil 10% interest
Treats deals as wish or desire not need
karma
continue to learn
meditation
build business around things that you like
plan long term

key lessons
powerful mindset most common trait of titans. Nothing is impossible. There is always a solution. Control emotions. Deep desire to achieve and learn.
meditation
Exercise regimen
Block tech from distracting
start day with gratitude and prayer
read books, other resources
positive affirmations out loud when getting ready
hardest workers in every room
numerous organizations part of charitable
why purposeful, love doing it,
Average wakeup time 6am, 16-18hour days, some weekends
Put in more effort than competition
Pursue purpose year after year and results will compound
Goals - Smart, review daily.
True expertise requires depth in few areas.
Say no a lot
plan your life
Be very picky and careful with your time
Agenda to stay on track undervalued
write 3 goals, 3 months, for a year
1 newspaper minimum daily up to 4.
Private clubs, Think tanks
Howard marks memos, Byron wars Blackstone newsletters
Financial Times, WSJ, NYT
Learning must come before deciding. - Ray Dalio
Study Past Economic RE cycles
2-3 yrs survival planning during recession
Re financial modeling. Getrefm.com/retitans

Surround yourself with greatness
Work to find best mentors
Going weekly mastermind
be genuine, Yourself
Be genuinely interested in others
Give value depending on your strengths for free
Toastmasters

Chaim Katzman
Disruptions are not new mail order. Was a disruption by sears. Then they opened up stores. Disruptions rarely Destroy entire market. May hurt one company.
Large single property worth more than individual before assemblage. Irreplaceable a large assemblage
Construction company not the same as real estate
Don't think you can do everything. Not smart enough. This can lead to failure.
Stick to what you know.
Evaluate blockchain
What are the market trends?
What can I get regarding lending?

Public securities markets very efficient. Stay away as real estate is not as efficient. Good to be a contrarian. Consider REITS only.
Recommends 50% leverage
Good to start out as a RE broker or prop mgr.
Stomach and hunger required
RE long term business
Have conviction, mindset most important to be successful.
Technical skills can be outsourced
Gain as much knowledge as possible in your area of expertise for an edge
Trust in yourself
Be patient

Rohit Ravi
Hotels and Apartments
Some lessons are taught down in family
They stick to asset classes they know and locations familiar with
Don't screw people in contracts
development - always surprises out of your control
location, price, momentum of sales
Buys external data then does own internal research
india- multifamily homes don't make sense due to high interest rates.
look for greatest supply inbalance in market
60% equity 40% debt
get as much data as you can
land banking not good strategy
abnb affects lower and middle market. High end likes luxury hotel experience.
mindset most important then technical skills

Top tips to his kids
1. Be alert to seize an opportunity
2. Be patient and wait for the right opportunity
3. Be balanced while dealing with challenges

Stick to very small sector geography + deal type
Be disciplined about location
find niches where imbalance of supply demand exist
find a good mentor
keep your good name
be prepared for shifts in tech

Final notes
Execute
Goals are dreams w/business plans
analysis paralysis practice to then move forward
anticipate challenges + risks
not ability to predict what comes next that equals success rather adapting when it does that dictates it.

Is this investment
1. Going to allow me to develop duplicable experience
2. The best use of my resources at this time.

Be contrarian investor - Buy when others aren't. Don't buy when others are.

Leverage max 30% for land
Buying well managed reits
work for top companies for experience when starting out
become spreadsheet master. Bosses don't want to do it.
Have good ability to analyze

[Gerardo · Rating 3 out of 5]

Good lessons but generic and superficial. Needs a deeper dive into the details and into more creative insights.

[Lanre Dahunsi]

The Real Estate Industry

Real estate is also the largest asset class in the world. According to Savills, an international real estate brokerage and advisory firm, the value of global real estate as of 2017 is US$228 trillion This exceeds—by almost a third—the total value of all globally traded equities and securitized debt instruments, which points to the important role that real estate plays in any economy around the world.

In real estate, there are unlimited points of entry. It is the ultimate field for entrepreneurs. You don’t need substantial capital to start; you just need to be resourceful. You can access financing. You can access friends and family money. You can use other people’s money. You can be in this business owning one property or a thousand.

Important because every person on the planet is exposed to real estate every moment of every day: Real estate is a part of our everyday life, and it plays an integral role in our economy. Historically, real estate is also the greatest source of wealth and savings for most families around the world. According to several professors, in the last few centuries more fortunes have been made in this asset class than in any other.

The value of global real estate is 2.8 times higher than the world’s total annual income (Gross Domestic Product, or GDP).

The Real Estate Titans – Lessons Learned from the World’s Top Real Estate Investors:

Richard Mack – Mack Real Estate Group, New York, New York, USA

Understand the potential downside of a deal

It is a rudimentary principle of portfolio management theory to incorporate alternative assets as part of a diversified portfolio. One of the most popular alternative investments for sophisticated investors is real estate. While it serves as a partial hedge against inflation, it is also a way to enjoy the potential of a steady cash flow stream.

Within the real estate space, institutional investors are probably most attracted to the private equity arena. Real estate private equity funds have been attracting large amounts of capital with assets under management reaching an all-time high as of the end of 2017 of $811 billion. One private equity real estate giant is Richard Mack.

Macro bets vs Micro Bets

Macro bets in real estate tend to be cyclical bets about timing, which means that you need to be able to make micro bets to generate excess returns when markets are in equilibrium. As it relates to micro bets, it is important to realize that land appreciating in value is the primary way to make money in real estate, because buildings depreciate. And that always comes down to location.

Local Knowledge

Knowing the details of the region where you are investing is of critical importance in real estate. Profit in purchasing land is the combination of local knowledge to find the right property and an understanding the macro principle of where you are in the current real estate cycle. To succeed as a developer, I deeply believe you must stick to the region you know the best. You must understand the micro. Going outside your local area can be very dangerous—which leads me to my worst deal.

Urs Ledermann: Ledermann Holding AG, Zurich, Switzerland.

Focus

Passion is the most important thing in real estate. We like to dream a lot, and we’re constantly coming up with new experiences for living. You must be a little bit crazy when you’re comparing yourself to the average person so that you can dream up and build amazing buildings that people desire to live in and see themselves living in for a very long time. You need to be a visionary and fix a problem for people. Sometimes people don’t know what they want, and you have to show it to them. Create a new experience for your users; make sure they have fun.

Real estate is a long-term business. Buying, fixing, and selling properties can take years. You will likely ride an entire real estate cycle in your career. Be prepared for the ups and the downs and avoid speculation.

Focus on developing strategies that are recession-proof and that will allow you to survive a downturn in the market, a change in the demographics, or unexpected geopolitical events. Write down your goals and your dreams. Review them every night before going to sleep. This will ensure that you achieve them.

Ronald Terwilliger: Trammell Crow Residential, Dallas, Texas, USA

Risky Business

The real estate development business is a risky business. The demand side is certain to be compromised by an economic downturn. Some property types are more vulnerable than others. I find the apartment development business to have one of the best risk/reward relationships because a well-managed apartment will stay full during a downturn, although you will have to adjust rents downward to stay full in a weaker market. The key to responsible financing of apartment developments is to keep construction debt to 75 percent of cost or less and to have construction loan maturities that are long enough to get you through a recession.

Demographics in the United States indicate that almost 9 out of 10 new households will be minorities. That fact suggests that rental housing will play an even more important part for housing America’s families than it has since the Great Depression.

Gina Diez Barroso: Grupo Diarq, Mexico City, Mexico

The Real Estate Business

Real estate is a different animal than many other businesses, and you must be prepared for many challenges. The way you approach real estate is critical. Are you a professional or an investor? These are two drastically different mindsets.

A professional understands the unique nature of real estate and treats it appropriately, but an investor looking to expand a portfolio with a new asset class often doesn’t understand the cyclical nature of real estate and the potential downside.

If you want to invest in real estate as an asset class, you have to find properties that will generate income, and you need the financial buffer to endure crises without threatening your other investments. With real estate, you can be affected by economic crises in different parts of the world.

Elie Horn: Cyrela Brazil Realty, Sao Paulo, Brazil

Mistakes are Inevitable

When looking at a deal, and especially your first deal, analyze as much information as possible to decrease the number of mistakes that you will make. Notice that I said “decrease” and not “prevent.” Mistakes are inevitable. Your goal is to minimize the downside when those mistakes do happen. I’m glad that my mistake was with a 100-apartment deal rather than an 800-apartment deal, in which I would have lost much more money.

At the beginning of your real estate career, focus on areas of innovation; learn about new construction methods, architecture, and sales and leasing. Build a business that you can be proud of. Understand as much as you can about the way the market is shifting—the way people are looking for different types of working and living spaces, and how different pieces of technology can change everything.

Richard Ziman: Arden Realty and Rexford Industrial, Beverly Hills, California, USA

I believe that there are four major factors to success in real estate.

The first two are timing and location, but location is not as important as timing. That’s because it’s rare for someone to buy a bad location. If you’re buying a property, you should think the location is okay at minimum, but when you buy that property and eventually sell it or refinance it, it will be all about timing. When you buy will determine when you sell and how good you do.

The third factor is debt timing. Whether your interest rate is 3 or 7 percent, whether it’s a 60 or 80 percent loan, it’s all about the timing.

The fourth essential factor for success in real estate is to understand demand. Sooner or later, demand dictates everything. It will generate financing availability. It will fill vacancies and ultimately push up rents. When you have no demand, you run into vacancies, you can’t pay your mortgage, and then you’re in trouble. Every single issue is affected by demand, so be patient and analyze.

Robert Faith: Greystar, Charleston, South Carolina, USA

Whenever there is a market shift, the real estate market enters the phase of “adapt or die.”

Adding Value

For every deal, there must be some story about the value add that will generate returns. That value add can be several things: a certain demographic change in the city, something about the building, a micromanagement supply issue, an undervalued asset to replacement cost, etc.

Find out the value creation story. No matter if you are buying a single-family home as an investment or a multibillion-dollar industrial portfolio. How and why will this property go up in value once you take control? You need to know and believe in that story.

Cyclicality

The real estate business is very cyclical. There’s a lot of demand and then there’s a lot of supply, then there’s a lot of demand, and then there’s a lot of supply. The market goes up, and then it goes down. The value of properties goes up, and then goes down. There seems to be some type of recession or crisis in every single decade. Junk bonds, savings and loans, the Great Recession—these things happen cyclically. And yet, large sectors of the market somehow seem to be surprised every time.

The challenge of the real estate business’s cyclicality can become your opportunity. Most of the business with Trammell Crow was built around development, but during downturns, development is the first thing that came to a halt. Trammell learned from this and began to go into the services business.

Never take recourse risk or, if you are willing to take on this massive risk, set aside the money in order to cover you. Build a resilient strategy.

Chaim Katzman: Gazit-Globe, Tel Aviv, Israel

The sky is not falling

Every time there is a shift in the market, there is a rush to be the first to proclaim that the “sky is falling.” In the real estate business, one only needs to look at the investors running around screaming about the “death of retail” to see that it’s happening again. Right now, online business accounts for 2.5 percent of the United States GDP. That sounds like a significant number until you look at the mail order business, which accounted for more than 5 percent of the GDP just a century ago.

According to Chaim Katzman, every big trend initially seems to change the world, and we often call it a disruption. Eventually, it slows down or disappears altogether. It becomes a part of the human experience, but things tend to return to equilibrium. A catalog can no more replace the shopping experience than a webpage. There is something that we love about going out of our homes and into a social environment to shop.

Rohit Ravi: Appaswamy Real Estate, Chennai, India

Local Knowledge

Whenever you invest in a new location, new surprises will arise, and local knowledge can be incredibly valuable. In this situation we lacked a little bit of that local knowledge.

For this reason, it’s better to focus your real estate projects in a region you fully understand and know. While two-story houses might be quite valuable where you live, the opportunity to acquire a property like this in a desert region might actually be an albatross. In extremely hot regions, taller houses can be exponentially more expensive due to air conditioning, and in the end, actually worth less. Without local knowledge, you could think you’re getting a great deal until you realize the property is completely illiquid and unsellable. Data is very important.

Joseph Sitt – Thor Equities, New York, New York, USA

Opportunities

In general, an important rule to follow is to try and focus on making deals in areas where most people are not, and investing in times when most people are not. No matter what the situation is, you always need to use solid, fundamental analysis as part of your decision-making process. But if you can do this and buy properties when there is a clear market supply and demand imbalance, then even better.

If you are a risk-taking entrepreneurial investor, I suggest you start looking at Africa. It has a young and growing population. Some 200 million Africans are between 15 and 24, and it is the fastest growing continent on the planet in terms of people, and over the next 30 years the population will grow by one billion. The economies are getting stronger and more diverse and the middle class is growing.

Some 200 million Africans are between 15 and 24, and it is the fastest growing continent on the planet in terms of people, and over the next 30 years the population will grow by one billion.

[Joseph Warmann · Rating 5 out of 5]

This book is extraordinary! Erez has done an outstanding job of revealing the true keys to success... success of TITANIC PROPORTIONS, in real estate. He shares rare stories of personal experience and from his access to individuals most will never meet in their usual circles, and he simplifies and demystifies the top keys to success that all of the most successful Real Estate Titans have in common. If you are even remotely interested in real estate success or business success, this book will open your mind to what it really takes to create that success you seek.

I received an early copy.

[Jeff Thelen · Rating 5 out of 5]

I received an early copy of the book and was really impressed! There’s a lot you can learn going through the 11 interviews with some of the world’s most prominent real estate investors from around the globe. He also does a great job boiling down the interviews into 7 key lessons. If you want to become a great real estate investor or if you’re looking to get ahead in your career in any industry, you can learn a lot from this book.

[Adam · Rating 4 out of 5]

Erez looks a real estate with a magnifying glass and a crystal ball. This book is a collection of tales told by the titans themselves.

Pearls of Wisdom:

I'm a value add investor I like to buy when othres are selling and at a discount to replacement costs I'm focused on finding market imbalances and dislocations
X Gives greed a bad name
Key performance indicators KPI
I like to buy dollars for .50 cents
When you invest you buy the future more then the present
Land assembleges
The world belongs to those who read
Greystar largest owner
No matter where your standing your surrounded by land
Life is about the process not a final exam
Transitioning into a thought economy
Learned helplessness
What would it take for you to drift off into your dreams every night fully confident with who you are?
I started the hard work of asking vulerable questions
Question marks abound
Your awfly snug with a man with no real clout
I'm dedicated to long walks to think
Properties to me have energy this energy in some way communicates with me
My growth in this business has been meteroric
228 trillion value of global real estate
Real estate is the largest assest class in the world
My perspective is colored by the lens of time
Knowing the downshide of any deal is far more important then any upsdie
How could a deal possibly come together at this point?

[Susan Janda · Rating 5 out of 5]

When it comes to learning valuable lessons from the world's top real estate investors, one key takeaway that stands out is the importance of location. As showcased in the Lorne Park Homes for Sale, which you can explore at https://mississauga-homes.com/lorne-park-homes-for-sale/, these investors consistently emphasize the significance of choosing prime locations. Lorne Park, known for its affluent neighborhoods and scenic beauty, serves as an excellent case in point. Top investors understand that investing in properties located in desirable areas not only ensures long-term value appreciation but also attracts high-quality tenants and buyers. This lesson underscores the critical role that location plays in real estate success and is a key principle advocated by real estate titans worldwide.

[Carlos Ignacio · Rating 5 out of 5]

This book is for two audiences: industry insiders and those unaware of the people responsible for constructing the most relevant real estate developments in the world. For the first group, Erez facilitates a conversation that reveals their process, what moves them, and the deals that have marked their careers. For the rest of us, we learn how remarkable individuals overcame a potpourri of adverse encounters (not unlike our own lives) to become who they are today. Hope the rest of you enjoy the book and its lessons as much as I did.

*Received an early copy of the book

[Rafa · Rating 5 out of 5]

Is obvious that this book is all about insights. What is not obvious, and highly fascinating, were which are those characteristics that differentiate the top performers from the rest. The author has a clear and intoxicating ability to articulate which are the foundations for a successful career in the business, than could easily be extrapolated to other industries.

Highly recommended to anyone in the real estate business or to any other person in search for reflections and a good read.

[Deidre · Rating 5 out of 5]

A fascinating look into how some of the most successful real estate developers and entrepreneurs think. This book delves into what makes developers tick and includes lots of stories of failed deals, mistakes, and missteps. The second part of the book distills the knowledge into seven keys for success. An interesting look at what it takes to make it in commercial real estate and how to think about each deal.

[Ryan Foreman · Rating 4 out of 5]

This book zooms out from the granular and analytical side of real estate and covers a lot of the larger macro lessons that real estate moguls have realized throughout their careers and lives. As a young professional, just dipping my toes into real estate, it was fascinating to hear the perspectives and advice of the people that harnessed their natural strengths to make the most out of this industry.

[David Skinner · Rating 2 out of 5]

This book is ok for beginners in CRE development but there is not much new information to anyone who is in the commercial real estate business for less than, call it, three years. I frankly finished the book just to say that I read the whole thing. Maybe a bad use of time? Not sure. Questionable use of time at best, horrendous use of time at worst. El oh el.

[Ben Puritz · Rating 3 out of 5]

Erez Cohen has some interesting interviews with famous real estate magnates, but the pieces of advice are repetitive and vague. I enjoyed reading about each subject's passion for real estate investing, but I wouldn't recommend to anyone looking for insights on how to chart your path in the industry.

[Simon Coote · Rating 5 out of 5]

Top class! As someone who recently moved into real estate, I’ve been searching for a book that would clearly and succinctly outline the keys to real estate investment. This book fills that gap! It’s extremely readable, but also acts as a fantastic reference book.

[Benji Alcalay · Rating 5 out of 5]

A breathe of fresh air from other real estate/business books. An incredibly easy read, with a lot of insight and a wealth of knowledge. I recommend it to anyone trying to gain more information and learn valuable lessons.

[Geoffrey · Rating 4 out of 5]

Erez sent me this book for free, literally showed up at my office. Well researched, inspiring, and easy to sit down and read a section here and there. I am always looking for an inspirational real estate book and this one literally landed in my lap. Happy to have this in my library, thanks Erez!

[Danielle Hendler · Rating 5 out of 5]

This book is filled with very useful Information provided by very successful real estate investors who have been in real estate for decades. I highly recommend this book to anyone who wants to learn to invest from the best real estate players in the world.

[Gil Samuel · Rating 5 out of 5]

Very informative and also very interesting
A must read for anyone in the business or interested in learning about the subject!

[Edgar M · Rating 5 out of 5]

A powerful and enriching book for those who want to learn about the real estate business through savvy and successful businessmen.

[Vincent Chamasrour · Rating 5 out of 5]

A great read to learn by example whether you're interested in real estate or business in general. The best minds combined in one place in a way that makes it relatable to the reader

[Alonrez · Rating 5 out of 5]

The book is fluent, and actually gives you nice tips for success in the real estate industry. Erez sounds like an experienced fallow that we have lot to learn from.
Nice reading!

[Margarita Infanzon · Rating 5 out of 5]

I highly recommend you read this book if you are interested in real estate.

[Adolfo Zavala · Rating 4 out of 5]

Good advice from some of the most accomplished Real Estate Tycoons and investors.

[Bobby Wuertz · Rating 5 out of 5]

I wish I read this book when i first got started in commercial real estate.

[Natalia Domínguez · Rating 5 out of 5]

I really enjoyed reading this book, if you are in CRE or want to learn more about business experiences, you must read it. Very easy to read, enriching and inspiring.

[Thomas · Rating 5 out of 5]

One of the best, if not the best book about real estate, what Cohen did has never been done, and how the Titans tell their story is amazing.

[Bernardo · Rating 5 out of 5]

Excellent book, highly recommend, the interviews are fantastic, It's a most read for everyone interested in Real Estate.

[Joe Rodriguez · Rating 5 out of 5]

Erez is a very knowledgeable author and has a very interesting take on his subject matter of real estate! Great read and noteworthy information.

[Brian · Rating 5 out of 5]

After reading this book you will really appreciate the real estate world and how it works.

I recommend it as a useful tool for all real estate investors.