Michael Sapir has a message to convey. The highly successful real estate developer believes he has an obligation to inform the public about the value of real estate investing. His company, Sapir Real Estate Development, is nationwide, and has developed over three million square feet of commercial real estate in over 30 years.
Sapir attended law school and is an expert in contract law. Currently, his focus is on Southwestern states such as New Mexico, Texas, Arizona and Colorado, where there is more opportunity for land acquisition than California or New York. He has six projects working, with a price tag of about $2 billion. Now is a hot time for developers who are busy breathing new life into tired metropolitan cities and cleaning up blighted neighborhoods. Sapir’s company has never been busier, and his ventures are epic.
But it wasn’t always about gigantic developments and multi-million dollar projects. Sapir’s first purchase was a home he bought with his life savings, doing most of the renovations himself. While his friends were spending money on cars, vacations and parties, he was putting funds back into his home. A typical date for him at that time was to order pizza and have his partner watch him install drywall. Really.
But it did pay off. He lived in the home for several years, and was able to sell it for a huge profit. Residential properties led to commercial. (Now, he can fly his dates to Vegas just to catch a show!)
The message he’s sending is clear: real estate is a smart investment. A dirt lot can be transformed into a valuable commodity. Most properties will appreciate at least 30 percent over time. It is not about flipping houses; it is about concentrating on the long term.
He is frustrated with millennials still living with their parents, saying that they should work toward a real estate purchase. Start small, perhaps, but just buy. Build equity. Real estate is tangible. Live in the home, and when the time comes, leave it to your heirs. Sapir’s other peeve is the “get rich quick” scams seen on television, promising overnight wealth if you attend a seminar. Sapir is a straight shooter. He has built his company on integrity and honesty. And now he wants to share what he has learned with the public.
Another segment of society he wants to reach is the entertainment industry. It is heartbreaking to hear of major stars living out their later years in poverty. As careers begin to fade with advancing age in an unforgiving business, lifestyles remain the same, so it is not difficult to go through fortunes. As onetime CEO of Davis Media Group, which combined real estate news with entertainment, Sapir has been approached by entertainers for advice on what can be done to make the transition from “The Business.” His response to Hollywood is, “When you reach the third trimester of your career, look into real estate.”
Sound advice, Sapir.