[DubaiSis]

I worked for a rich guy several years ago who was, I guess you'd call him a developer. He bought old crap hole buildings with the intent of fixing them up, turning them into loft apartments, etc. But this was just as the economy was going seriously south and he was making completely bizarre decisions on a daily basis. The biggest part of my day was dealing with the calls from the banks wanting to get paid. His minimum payment on one of his credit cards was THOUSANDS of dollars. It turned out he had a brain disease and died a couple years after I (blessedly) left his employ. Money stresses me out and seeing someone throw away literally millions of dollars before my very eyes was anxiety inducing, regardless of the fact that it wasn't my money and never would be.

So on one hand he wasn't ghetto at all. This little office of his had original artwork by the dozens and many of them you'd recognize. It was really astounding, his art collection. His family money came from forming a bank which I won't name but I can assure you you've heard of it. And on the other hand, I got to learn what "hard money lending" is, which in my opinion couldn't be more ghetto. He was also mortgaging off his wife's money (I don't know where her family money came from but it was also substantial). I just hope when he died his wife was able to sell his Warhol and a few of the other famous pieces to make ends meet.

And here's what I learned from that time. The REAL money in urban renewal? Parking lots. Tear down that old semi-historic building and put in a parking garage. You'll make a FORTUNE.