three high-rise casino, hotel, resort, and condominiums in Las Vegas. He is also the author of The Peebles Principles: Tales and Tactics from an Entrepreneur’s Life of Winning Deals, Succeeding in Business, and Creating a Fortune from Scratch.
The Peebles Path to Real Estate and Wealth: How to Make Money in Any Market
By R. Donahue Peebles
On timing and courage:”My best analogy for understanding how the real estate cycle works is to think of it as a 12-hour clock, with 12 o’clock being the peak of the market. Basically, you want to be a buyer from 5 o’clock to 9 o’clock, and you want to be a seller from 11 o’clock to 12 o’clock. Between the hours of 12 and 5, and between 9 and 11, you want to be a spectator. The trick is knowing what time it is. That’s the first trick, anyway. The next trick is having the stomach to buy when most people don’t want to buy; that’s when the most money is made.”
On being a unique thinker:”If getting rich were as easy as follow the leader, then we’d have a whole society of rich people. But rich people tend to be eccentric; they go out of step with the average person … They move against the herd. In real estate investing you have to do the same. When everyone else is buying that’s the worst time to buy, and when fewer people are buying and lots of people are trying to sell, that’s the best time to buy.”
Excerpted with permission of the publisher, John Wiley & Sons Inc., from The Peebles Path to Real Estate Wealth. Copyright 2008 by R. Donahue Peebles