“Building Tycoons” by Sung Sun-hwa

April 28, 2024 28 Views

Who are the so-called “building tycoons”? South Korea, known in the past as the “Republic of Real Estate,” has had a keen interest in real estate. It’s understandable, as except for recent years, real estate prices in South Korea have consistently risen, so much so that the phrase “immortal myth of real estate” was coined.

However, recently, due to the high-interest policy of the US Federal Reserve, the Bank of Korea naturally had to maintain a high-interest policy, and as a result, economic downturn and the first signs of a real estate downturn are appearing in Korea, a country with lower economic fundamentals compared to the US.

“What are building tycoons like?”

Despite this, people still have a strong interest in real estate. In societies like South Korea, where population density is high and many people are concentrated in cities, real estate inevitably holds a promising structure.

Especially in 2011 when this book was published, real estate prices were constantly rising, and during this time, interest in building owners who invest in “buildings” began to grow.

The author, Sun-hwa Sung, was a journalist. The author himself was curious about who the building tycoons were, and this curiosity actually drove him. He interviewed 50 building tycoons and heard their stories.

“Interviewing Over 50 Building Tycoons.”

One way to become wealthy is to interview those who have already become wealthy. Similarly, if you want to succeed, it’s good to meet successful people and hear their stories.

This book can be seen as planned in this direction. If you want to become a building tycoon, it’s best to meet and listen to the stories of those who are already building tycoons.

The book is divided into three main parts, and its contents are as follows:

How did building tycoons become building tycoons?
Who are the building tycoons? What kind of people are they?
The process you need to go through to become a building tycoon.

“Who Are the Building Tycoons?”

In the first part, the book introduces the buildings owned by building tycoons and their investment strategies. Each tycoon has their own strategy; some focus on motel businesses, while others concentrate on investing in large buildings.

Or some adopt strategies like building small buildings in expensive areas for little money, etc., confirming their own strategies and tactics.

“What Kind of People Are Building Tycoons?”

In the second part, the book examines statistically who building tycoons are. It analyzes the number of building tycoons in their 20s, 30s, and 40s, and their assets based on content such as their assets.

Also, Sun-hwa Sung, the journalist, summarizes the characteristics he felt when meeting building tycoons. The characteristics of building tycoons include:

They always have trustworthy people around them, beyond family.
They have an indomitable spirit.
They have foresight.
They have the ability to read major trends.
They possess practical wisdom, even if not highly educated.
They are adept at predicting the future.
They know how to turn crises into opportunities.
There are no overweight building tycoons. (Most of them have good looks.)
They do not go against the will of heaven.
They have constant interest in real estate.
They always consider Plan B.
They put their lives on the line with every line of contract.

If there is one common trait that building tycoons possess, it is having a “dream.” They hold onto what most people would give up until the end and eventually achieve it, even if it takes years.

Looking at it more specifically, they all have a dream of having their own building and worked diligently every day, investing time and effort little by little. This effort shone through, eventually allowing them to become “building tycoons.”

“How Can You Become a Building Tycoon?”

In the last chapter of the book, it introduces the process you need to go through to become a building tycoon. The conclusion may seem somewhat disappointing: the first step to becoming a building tycoon is to accumulate 100 million won (approximately $100,000) in assets.

Starting from saving step by step to reach this amount is the starting point. With the money saved, buy a house through auction, and gradually approach your goal. This is the most realistic way.

Of course, as it was published in 2011, there may be differences in asset values between then and now. Nevertheless, in Korea, the number “100 million” still holds significant meaning. Although prices may rise and the value of money may decrease, having around “100 million” is still considered the minimum amount needed to do something.

Ultimately, whether you want to become a building tycoon, a stock tycoon, or a cash tycoon, you need to have a “dream” you strive for and break down how to achieve it into small steps and practice them one by one.

The first step to becoming wealthy starts with saving and accumulation, and accumulated time will eventually make a difference.

“Building Tycoons”