I was the pitchman. I went to each of the houses, sat on a lot of couches, and flipped through dozens of family photo albums as I explained to the homeowners that we were going to build student housing and they could either stay and put up with loud music at night and beer cans on the lawn, or they could move to the other side of Ann Arbor. It worked. I kept buying houses and eventually acquired one full block of land. They were all cash deals, $1,000 each to tie up the properties with deferred closings requiring around $20,000.

My takeaway was a whole new respect for simplicity. Development required multiple steps, and every step meant one more chance for something to go wrong.

In real estate I’m known as the Grave Dancer. That was the title of an article I wrote back in 1976, and the nickname stuck. Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets, in any industry, new life.