Real estate investors make quick and risky decisions. While some would attribute these investors success to their real estate education, there are also some character traits that have undeniably helped the investors below succeed.
Fortune International Group
Edgardo Defortuna’s Fortune International Group is a leader in the luxury real estate in South Florida, Latin America, and Europe. Defortuna immigrated from Argentina. That same year Defortuna started his company. Now, Fortune International Group is known for contributing to the Miami skyline with its luxury projects. Some of Fortune International Group’s most notable projects include Jade Residences at Brickell Bay, Jade Beach, Jade Ocean, and Jade Signature.
To illustrate how determination has played a role in his professional life Defortuna gave the following example: “I decided it was the building that would position us as the top of line Miami luxury developers, then 9/11 happened. Rather than lying down seeing what would happen economically we built a sales center so buyers who had reservations could see were moving ahead and sign sales contracts.”
2. Competitive Nature
Miami Worldcenter 2
Founder and Managing Principal of Miami Worldcenter, Art Falcone believe his competitive nature played an essential role in his success. The Miami Worldcenter is larger than 30 acres and rests in the heart of downtown Miami. This center contains everything from offices to retail stores. Falcone’s career began at 22 when he became the youngest operator of a McDonald’s franchise. He quickly took advantage of more opportunities and opened more than 100 McDonald’s, Wendy’s, and other family restaurants.
Falcone has always looked at his business much like he looked at sports as a child. He said, “When you come from nothing you have to work a lot harder to get ahead. Starting from zero you are always the underdog which led me to define the traits for my real estate business.”
At 16, Shahab Karmely immigrated to the United States. Today, Karmely owns KAR Properties, a New York-based real estate investment, and development firm and has acquired a significant real estate portfolio.
Karmely spoke fondly of the first deal he made, “Probably the best deal I ever made… I was standing on the sidewalk in the pouring rain and negotiating. The tenants were gone, and there were structural issues. I only had $100,000 for a deposit. The deal was I would I get the financing and move forward without even an engineer looking at the property…I was naive but believed in the building and the block. I was open to taking risks which I probably wouldn’t do now. Today, I would over analyze it,” Today that building is home to some art dealers.
However, not all Karmely’s deals have been this successful, and he has found that persistence has helped him move forward after a bad deal.
Determination, competitive nature, and persistence all help investors make fortunes in real estate investing, which requires high risk for high reward.