Irving was the kind of guy who worked perhaps an hour a day and accomplished more in that hour than most managers did in twelve hours. I learned something from that: it’s not how many hours you put in, it’s what you get done while you’re working.
Person. Woman. Man. Camera. TV.
That experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.
The rental income served as a dividend, so to speak, but even at an early age, I focused more on the home appreciation. I came to understand the tax advantages of home ownership, implications of depreciation, and the opportunity to use the homes as leverage in borrowing money.
The situation at 100 Central Park South is a perfect illustration. Soon after I purchased the building, I did some research into the financial status of the tenants. What I discovered was fascinating but not surprising. There are three distinct groups. The first, who live in the largest apartments, overlooking the park, on the higher floors, are generally successful, wealthy, and in some cases quite prominent.
How knowledgeable is the agent about the market? Ask where he sees interest rates going in the next six to twelve months. What does the supply of homes look like, and what will the future supply be? An educated agent will give his views and quote his sources about the future of the market.
Think location, location, location. It is always nice to have the best location, but in today’s world, the key is specialization, specialization, specialization.