In real estate, there are two fundamental foundations upon which successful investments are built on location and patience. A top notch location is absolutely one of the most important factors to consider when investing in real estate, but equally important is patience. Real estate is not a “get rich quick” scheme, but rather a series of pre-calculated and well thought out decisions. The most successful real estate investors are sometimes referred to as “turtle investors”, who take their time when deciding on a potential deal and are patient enough to withstand the ups and downs in a particular property, or the market. Richard Crenian, President of ReDev PROPERTIES LTD, considers himself a turtle investor, who is not afraid to turn away a deal if he has not completed his rigorous due diligence process, or to hold an asset until its value is maximized. “I would rather turn away 10 potential deals than become impatient and buy a property that I have not completed my due diligence on or sell an asset that is not performing to its maximum capabilities just for the sake of selling it. This can jeopardize both my money and the money my investors have entrusted me to manage on their behalf.” In late January 2014, Nottingham Plaza was sold. Nottingham Plaza is a good example of how patience, and a turtle style of investing, can pay dividends in the long term. In October 2011, Nottingham Plaza lost its most significant tenant, Blockbuster, as part of their corporate bankruptcy. In total, Blockbuster left a vacancy of 6,168 square feet, comprising 21% of the square footage of the centre, severely decreasing the cash flow generated by the property. The asset management team remained patient and over the course of two years, gradually filled the space with tenants who were the right long-term fit for the property. When Nottingham Plaza was sold, it was fully leased to a stable set of tenants, resulting in a fair return for investors. This example highlights the importance of patience when investing in real estate.