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The boss was a tycoon with about 1.6 billion dollars at his peak. Even though he has a luxurious house of more than 1,000 square meters on Park Avenue, known as the wealthiest area in New York, with a wife and a daughter, he spends almost all day on his personal plane - Gulfstream. . He flies all over the world and his bedrooms are located in most 5-6 star hotels across 5 continents. When I was still working for him, his company invested in and controlled 24 subsidiaries in many industries and in many countries; but none of the companies are related to real estate, directly or indirectly.
He explained, real estate is an investment that is difficult to control because the cycle of ups and downs is unpredictable; Because when we encounter difficulties, we cannot move real estate to another market (like products or services); and when renting, the problems with tenants are problems that can go beyond the legal aspect (for example, the government can ban increasing rent to collect votes from poor people...). In addition, when the market declines, divestment is almost impossible even if you sell at a loss. Above all, the leverage strategy often used in real estate business can create quick profits, but this is also the grave of many assets very quickly.