Monday, October 5, 2009

Multi-Millionaire by 24- How One Kid Did It

Certainly goes to show you that success can come with hard work. Someone needs to tell broke ass Donald Trump to learn some lessons from this kid on how to do successful real estate deals.

Adam Blake made one of his first life-changing decisions as an eighth-grader in Kansas City. He made another just a couple of weeks ago.

Blake, 24, who has made a residential real estate business he started as a sophomore at Texas Christian University into a multimillion-dollar venture, in September closed on the purchase of the historic Electric Building in downtown Fort Worth from billionaire Robert Bass.

Blake hopes it will be the first of several commercial real estate buys. The deal, though, catapulted him into a market dominated by local deep pockets, institutional investors and older developers — right where he wants to be.

His company Atlas Properties was on the latest Inc. 500 list of fastest-growing private U.S. companies, reporting 2008 revenues of $5.8 million, up from $382,778 in 2005. And that’s just one of the nearly dozen companies and investment funds he owns. Another is Blake Venture Corp.

His youth does get in the way of deals, he said. Recently, he wanted to buy a Houston apartment community, but the broker involved asked to see his personal bank statements before he’d accept his offer.

"One guy told me he thought a deal was out of my league because he read on one of my Web sites that I am only 24," Blake said. "Definitely, age can be a hurdle."

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