BRW Young property developers- What makes them different?

Hey everyone,

I was reading this old article and i thought to myself, what are these guys doing differently to achieve such amazing results in their mid 30s?

How are they differentiating themselves to the typical developer? (no disrespect to anyone here)

http://www.theurbandeveloper.com/9-property-moguls-make-brw-young-rich-list/

Any thoughts or comments?

Cheers

 

Drive and Ego.

Most of us aspire to be financially independent, and once achieved value our time above further money.

These people often put ego and wealth first. They keep risking everything like an addiction. They are very driven.

Each to their own.

 

Its simple. Creating wealth is their highest value and they have all dedicated a lot of time and effort into building it. Good on them.

 

Well done to them for their achievements and drive. It's always inspiring to see success at an early age but wonder at what costs? If it means a break up in a relationship, family or deterioration of health, was it really worth it?

 

There are always costs, but that goes for anything you do in life. Some people want to live big lives and it will come at the expense of other areas, which they may not value as much. Some people value raising a family more than building wealth. There is no right or wrong, just got to live your life your way and not conform to what society expects of you.

 

There's gonna be extremes in every area of life that make it to the top from a combination of natural talent, desire, hard work and also luck.
Same could be said for elite athletes/professional sports people for example.

It would be interesting to know a few things about these guys though:

1. How many came from a better than average upbringing, with parents providing positive and supportive real life education from their own business/professional pursuits, also helping with financial assistance vs those arising against the odds from very average or even broken families.
2. Don't know how old the article is, but how consistently would these guys perform year in year out. Some seem to have wild swings at this level going for the big win trying to beat the next guy up on the list. What happened to Nathan Tinkler?
3. How's the health and family life for these guys?
4. Are they happy with where there lives are?

 

I believe it is focus and being resilient...they tend to be leaders rather than followers.

You would not believe how many people are so lazy that even if you point then in the right direction they will dispute what you say.

Then there are others who take a religious view on things and over analyze everything via stats. It is fine balance. These guys would have in some instances would have gone with their gut even though the numbers and others would have told them no go.

That is the difference...good on them...to get to $30m plus in this country in net worth would put you in a group of less than 2500 people.

I would be happy with 15-20m...which is where I am heading. I am definitely in their league on what they have achieve in such a short pace of time.

 

Family money & connections, AKA the Donald Trump & Warren Buffett approach, or a huge tolerance for risk... in this scenario for the first guy in the article Jon Hallinan, I'm going to go with the former.
When comparing the scenarios that he either

A: as a 19 yo first year apprentice on below regular minimum wage (apprentice wage) / part time uni student, convinced a bank to lend him the money to:
1. Buy a block
2. Subdivide it
3. Do a full renovation of the existing property
4. Do a complete new property build out the back

OR

B: Had a helping hand from family connections / family money...

I'm going to go with Occam's razor and pick B.

For some reason most people seem unwilling to admit that they didn't start from 0 or they are 2nd/3rd generation at their craft, I don't really get it, if I had a few million in family wealth as a safety net to fall back on and a solid family contact list, I think you'd have to be insane to handicap yourself and not use all the opportunities available to you... So I don't get why they aren't all more open about doing the exact same thing. Personally if I'd built up a $100m-1b+ business I wouldn't really care too much about whether people think I'm a rags to riches success or a trust fund recipient, but hey I'm not in that position & I'm also not trying to "build a brand". I mean its a bit embarrassing if you're say, Kerry Packer & don't even outperform the market... but at least he didn't lose the family fortune like plenty of other 3rd generation wealthy.

Luke Hartman if I'm recalling correctly comes from a very wealthy family who are in property development, they got him some exposure on some big projects in a decision maker role straight out of university, sent him off to London for a bit & he then got into devine homes at a pretty senior level at a very young age pre the leighton acquisition.

I'm not familiar with any of the others, I'm sure a few of them come from more middle class backgrounds..

 

I'm not going to tell you which ones, but I will tell you that 3 of those 9 have used a significant number of NRAS incentives on developments over the past few years.

 

Here come the scissors to cut the "tall poppies" down lol...

 

I love seeing young people with So much focus, drive and ambition.

They create wealth for themselves and everyone around them.

Kudos to them.

 

Hahaha, true. It is good for your sanity to look into how they started though. I mean Harry Trigouboff (meriton dude) had his first development as a 8 unit development in Sydney in the 60s. Who does an 8 pack as their first development without a fair bit of help.

 

Yes, but Harry has ripped off many people along the way and being bankrupt as well several times. He also 'wins' his battle in court cases by outstaying everyone because he has a deeper pocket than most (3rd richest in Aust)

 

Interesting, To be honest I only looked him up on Wikipedia and don't know much else more. There are a lot of barriers to get over or through if you want to get to that level and crushing people along the way seems to be the way it's done.

 

We're not doing kudos anymore.

 

LIKE

 

Some great comments here, keep it up.

 

Thanks

 

I'm not super familiar with Trigouboff, but weren't his parents wealthy textiles merchants? I mean I know he's of Russian Jewish descent, but born in china then sent off to board at Scots College (his parents never migrated, don't believe they even visited. I know they ended up in Israel eventually), before sojourning to to the UK to attend university isn't exactly the typical middle class battler upbringing. Unless I'm sorely mistaken, boarding at Scots is probably as "upper class" today as it was when he was a lad, likewise I'm not very familiar with the university of leeds (other than knowing its a top100), but I can't imagine the pupils attending in the 50's were from working class homes, especially not international students.

Like others I mentioned above, his achievements are pretty incredible, but he wasn't some middle class punter either.

 

Yep not exactly struggle street. He would have had a lot of wealthy contacts within the Jewish community too