The Magic of OPM: Other People’s Money
Patrick didn’t set out to revolutionize an industry.
He just wanted to build houses.
During the roaring housing mania of 2005, the business he was building was a tiny fish swimming in a giant pond. He was trying to find empty lots to build new homes on. But land was scarce, and expensive. His competitors were multi-billion-dollar corporations, and they were scooping up property like marbles on the sidewalk.