Real Estate is as old as the Bible.
As long as I can remember, real estate has always been a family business. Growing up close to my grandfather, I was taught the value of land. Patrick J. McDermott was a first generation immigrant who tried many businesses before realizing that land is of value no matter which continent you reside on.
He sought every book, lecture, and individual that could teach him about the subject of real estate. He opened his own brokerage and spent the rest of his life buying, selling, renting, and flipping residential real estate. He also invested in commercial real estate. His motto was to only work the neighborhood in which he lived – to know the history, the politics, the future, and most important, the people. At a ripe old age, he died and left a heritage for his family.
I was the recipient of this vast knowledge, as are many of my family members in different parts of the nation. When I was a child, my grandfather drove me around the countryside. As we went in and out of houses and buildings, he provided wisdom of why certain properties were good investments, why certain properties were not good investments, how to evaluate the properties, and how to market them. I came to realize that my grandfather was a genius in two areas:
- Pinpointing a property
- Marketing a property