My Financial Tips

Investing in real estate has long been an obvious thing in the business 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 neighborhoods 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. Because it was his hometown, he had the desire to make New York a better place to live, and so he began his original renovation project. Naturally his purchase 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, an investor has to have the ability to see the future. While investors such as Judah Hertz always seem to be able to see the future when they make their purchases, the reality is they are just as human as all of the other investors. This never proved itself more truly than when the investment properties previously purchased by Judah Hertz in New Orleans were destroyed by Hurricane Katrina. However, Judah Hertz understood that real estate investing isn’t a guarantee that everything is going to be perfect 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 repair 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 has many dynamics; you have to have a heart, you have to be intelligent, you have to think creatively, and you have to be a visionary. If you see the world only as it appears in front of you, it is not likely that you will have a successful career in real estate investing. However, if you can see the potential in a beat up, old building in an unappealing part of the city, then you, much like Judah Hertz, might have what it takes to be successful in this field.