I have been thinking about investing in property and with that I have been doing some research into other property developers/investors in my fair city of Adelaide, South Australia.
Now for anyone who has visited Adelaide it is hard to miss the giant “POLITES” signs that hang off many commercial buildings. Constantine Polites was a Greek property owner who at one point was listed in the BRW Rich List.
I was watching an news report about his life from the 1980s on Youtube and on it he claims he sold and bought a property a day for 13 years straight. This would have been throughout the 60s and 70s I believe.
Now, my question is simple: How the hell did he make money like this? As far as I know he barely developed or even renovated most of his properties, and the majority of those bought and sold were in the CBD.
Is it possible he was flipping/trading them and this was plausible because stamp duties/sales taxes were not as crippling back then? Basically that is the only method of making money out of property would fit this behaviour of selling and buying such an enormous amount of property.
I know he owned several businesses at the start of his property venture but from what I understand property is what generated most of his wealth.
Thanks in advance to anyone who can educate me on the matter!
I understand his method cannot be replicated and that he had a lot of capital from his businesses when he got into the property game, but I would still like to know how he made a profit buying and selling a property a day.
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