Million Dollar Listing agent Josh Altman – who counts Kim Kardashian and Ashton Kutcher among his clients – says location is the most important thing in real estate.
“If you buy in a prime location that’s going to be as safe as your money could be,” Altman said on Sky News Real Estate on Saturday.
Along with his brother and business partner Matt, Altman has managed to carve out a niche in the West Los Angeles property market selling more than $US1.5 billion in residential real estate in the past three years.
At the moment he is managing $300,000,000 in listings in Los Angeles’ exclusive ‘Premium Triangle’, which covers Beverly Hills, Bel Air and Holmby Hills.
I was a millionaire by the age of 26 and I was broke by the age of 26 and a half.
But Altman didn’t have the easiest start to the property game, Sky News Real Estate‘s Prue Miller reports.
“It was a lot of ups and downs that’s for sure,” Altman told Miller.
“I moved out to LA with no money whatsoever. I used to sleep on a couch at a fraternity house because that was all that I could afford and then I worked my way up slowly. It took me six months to sell my first property and now I’m selling about a million dollars a day of real estate.”
Altman, who took a massive hit during the Global Financial Crisis, says having the confidence to bounce back is key to success in real estate.
“I was a millionaire by the age of 26 and I was broke by the age of 26 and a half,” he says.
“You can imagine how that went and it’s all about bouncing back and I worked my way back and now here we are.”
If you do mess up, that’s OK. It’s a learning experience.
He also says to avoid being too careful when it comes to property.
“If you do mess up, that’s OK. It’s a learning experience. It’s more important about how you bounce back… that tells a lot about a person.”
Novices to the real estate market, whether buying or investing, should always do their research, he adds.
“That’s what separates a good agent from a great agent is someone who’s an expert in their inventory. You can only fake it for so long, and trust me I faked it for a little while too till I made it. You have to be an expert on what’s out there.
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