When you think about the wealthiest people in the world, real estate moguls likely don't come to mind. But some of the richest people made their money on commercial or residential property. So here are five millionaires who got their start in real estate.
Barbara Corcoran
With a $1,000 loan, the real estate entrepreneur launched her namesake brokerage firm. She oversaw the company's growth into a multimillion-dollar enterprise. But in the end, she sold her company in 2001. The beginnings did not look promising for her. Barbara had changed jobs more than 20 times by the age of 23. And she had also received straight D's in high school and college, which is not an ideal start for a businessman.
Moreover, she obtained 51% of The Corcoran Group as an unknown brokerage firm owner. She got this chunk of the business as a part of her $400,001 marital settlement with her then-boyfriend. Corcoran then spent the rest of her life overseeing the Corcoran Group. She would end up spending 23 years creating it in New York City. As a result of its success, this group grew to become New York's largest residential real estate firm. Then, she sold it to NRT for $66 million in 2001. Barbara Corcoran's story has been one of the rags to riches, even becoming a Shark Tank investor.
Roger Staubach
Roger Staubach is famous to NFL fans as "Captain Comeback." He was the NFL's second-highest-rated passer of all time, an MVP winner, and a Super Bowl champion. Yet, despite his abilities, Staubach did not make a fortune in football during his career. Instead, he grew interested in real estate, establishing The Staubach Company. For over 30 years, the firm has assisted tenants in finding retail and industrial spaces. As a result, it developed to 50 offices and 1,100 people in North America. But, Staubach sold it to Jones Lang LaSalle for $640 million.
Dorothy Herman
Dorothy Herman's route to achievement and success did not start pretty. She was a survivor of a childhood tragedy and raised a daughter at the start of her journey. She has an estimated $270 million net worth. She joins Forbes' annual list of the wealthiest self-made women with this figure. All her wealth came from the real estate brokerage empire she established in the 1990s. Her companies are Prudential Long Island Realty and the famous brokerage Douglas Elliman. Herman built her fortune by selling multi-million dollar houses. She sold homes in the Hamptons and Manhattan to New York's elite her entire career. She then led Douglas Elliman to sell $22 billion in properties in 2015. This effort helped ned $600 million in sales as co-owner and CEO. The company now has over 6,000 agents in 85 offices across the country.
Sean Conlon
Sean Conlon grew up in the little town of Rathangan, County Kildare, Ireland. His family of seven lived in a small house of less than 1,000 square feet. But, according to CNBC, he took the $500 he had saved and traveled to the United States in 1990. He moved to Chicago and worked as an assistant janitor. Conlon had saved enough money to buy his first apartment after a couple of years. He saved money by cleaning during the day and painting apartments at night. He was even stashing his earnings in a shoebox. Then, Conlon began selling real estate at night and became one of North America's top brokers. Conlon became a millionaire in 1996. He attributed his success to his hard work and preparedness. His readiness to act fast when an opportunity presented itself also contributed.
Michal Solowow
Solowow had accumulated roughly $10,000 in the 90s, which was a significant sum of money in Poland at the time. He was able to put that money toward his first business. And believe it or not, he was able to launch his construction and development company with only $10,000. Solowow has founded and sold many companies in construction. His business catered to the real estate development, retail, and manufacturing industries. His principal assets are in the sectors of floors, ceramics, and chemicals. Currently, he is making investments in technology and companies to further his wealth.
Final Thoughts
Many self-made millionaires make money from various sources. They earn from their salaries, investments, and revenue from rental properties. They also make money from investments in other businesses, to mention a few. If one source of income slows, there is always another one that can take its place. These businessmen refer to these as passive revenues. These are money produced without participating in the business, growing by itself. One recurring issue among self-made millionaires is the importance of saving money. So, aspirants should accumulate their money in investment accounts over time.
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