Theme: Real Estate Investments Assumes Vision and Creativity
June 9, 2009Investing in real estate has long been a sure thing in the professional world. Men like Donald Trump and James Rouse have made their fortunes buying and selling real estate; but none has had the vision and the impression on communities that Judah Hertz has. Judah Hertz began his real estate investing career in the 1970s when he saw potential in a beaten down warehouse in SoHo, New York. Mostly because this was his hometown, he wanted to make New York a better place to live, and so he began his very first renovation project. Naturally his buy was a smart one, and after some extensive renovations (he renovated the building into apartments), people were all hoping to move in. Before long Judah Hertz had a success on his hands, and since then, several new real estate investors have followed his example by renovating old buildings and warehouses with great success.
When it comes to real estate investments, a lendor has to have the capability to see into the future. While investors such as Judah Hertz always seem to be able to see the future when they make their buys, the reality is they’re just as human as everyone else is. This never proved itself truer than when the investment properties purchased by Judah Hertz in New Orleans were destroyed by Hurricane Katrina. However, Judah Hertz understood that real estate investing does not always mean everything is going to be wonderful all of the time; but how you react when the emergency arises determines the quality of real estate investor that you are.
When disaster struck his real estate properties in New Orleans, Judah Hertz brought together all of his staff, assessed the damage and invested the money needed to mend his properties and re-stabilize the community. He understood the need for a solidifying force in the community to bring people back to New Orleans and also recognized that without people, any real estate investing that had taken place in New Orleans was going to be a waste without more investment.
Investing in real estate means many things; you have to have a heart, you’ve to be intelligent, you have to think creatively, and you have to be a visionary. If you see the world two-dimensionally, it isn’t likely that you will have a triumphant career in real estate investing. However, if you can see the potential in a run down old building in an unappealing part of town, then you, much like Judah Hertz, might have what it takes to be successful in this field.