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Nate Paul: Real estate mogul with a $8. Image: Tim Pannell for Forbes. Unlike other successful millennial entrepreneurs, Nate Paul is not a T- shirt or hoodie kind of guy—his uniform is a suit. He has worn one to work, usually with a vest, every day since he dropped out of college nearly 1. I always wanted people to take me seriously,” the Texas real estate prodigy says. Part of it is you have to look older.”At 5’1. Paul certainly looks as though his odometer has long since passed 3.

But that’s not why the real estate brokers who clamour to meet him take him seriously. They try to get in the elevator that rises to the top floor of Austin’s tallest commercial skyscraper, up past the offices of billionaire- run private equity firms, because Paul is the biggest buyer and owner of land for development in the city.

And Texas isn’t big enough for his ambition. Paul’s World Class Holding, which he started building in 2. Forbes. That portfolio includes 1. California to New York, but most are in economically vibrant Texas. World Class Holding owns 1.

And although he once bid $8. Manhattan’s Plaza and Dream hotels, Paul is no Texas Trump—he doesn’t own a single trophy building and his name is not on any of his properties. My assets are not sexy,” the 3.

I mean, I own lots of storage. But I love my assets.”For good reason. Paul, who retains 1. Based on his holdings inside and outside the company, Forbes estimates that Paul’s net worth is $8.

If commercial real estate prices stay strong, he could be a billionaire soon. Watch As Above, So Below Online (2017). It’s a particularly impressive trajectory when you consider that real estate is famously a dynastic business and Paul is the son of an obstetrician- gynecologist.

Complicating things further, he is the son of Indian immigrants in overwhelmingly white Austin. From the beginning, Paul set out to build his portfolio as an operator and an investor. In order to buy, he hit up his obstetrician father’s buddies, charmed high- net- worth individuals, and then landed pension and insurance money. He raised funds in dozens of partnerships to do deals and kept upwards of 5. With the $2. 5 million he started raising from the Austin Police Retirement System in 2. Now Paul is getting ready to double down on his early success. He has spent much of the past year recapitalising his business, cashing out limited partners (such as the Austin Police Retirement System) and taking full ownership of many of World Class’s partnerships, often using debt and his own accumulated capital.

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He then rolled up all the properties he could into his new holding company, which is attempting to raise $1 billion of preferred equity in the coming year. Paul thought about trying to raise a private equity fund, but what he really wants is permanent capital, which would allow him to get off the treadmill that requires him to sell assets to achieve exits for his investors every few years. I am thinking with a 3. Paul says. “I actually have a 3. Dressing the part: The 3. Paul started wearing suits as a teen so people would take him seriously.

His sister even bought him a pair of suit pajamas—and she was only half- kidding. Image: Tim Pannell for Forbes“From an investment perspective his returns have been spectacular, and he does a good job returning capital early,” says Robert Smith, an Austin private equity billionaire who has invested tens of millions in five of Paul’s deals. I look at what Nate has accomplished; he has thought very strategically about areas like storage and the Austin marketplace.”Joseph Liemandt, founder and CEO of Austin’s Trilogy Software, adds, “His general business acumen is ­unbelievable, and he is always talking about the long term.” Liemandt, a close friend of Paul’s who, at 2. Forbes cover highlighting the wave of young tech entrepreneurs, says, “He is dramatically more mature than I ever was—nobody thought he was 2. Driving around his hometown in a Bentley, Paul proudly points out key development properties he owns in the heart of Austin. There is the parking lot and two- storey building being leased by Google Fiber sitting on 1.

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The family who owned it for 7. Paul and called him with four days left in 2. A block away he owns another low- rise building, which he bought for $5 million in 2.

Capital Grille restaurant to the site. Paul drives toward another two properties near the Austin Convention Center. Watch Mall Streaming. Overall, he has accumulated entitlements to build 6 million square feet in downtown Austin.

Making his way southeast to the popular Rainey Street district, where historic bungalows have been converted into funky bars, Paul points out a property zoned for 7. He purchased another property down the road last year that has only a small building with an International House of Pancakes outlet as a tenant. Imagine if you are a tech company that wants to be in downtown Austin—this is a supercool area to be in,” says Paul, vowing to start building an office within a year. Victoria, Texas, where Paul was born, is about a two- hour drive from most of these properties. As the youngest child of immigrants, Paul was raised to believe that school was a priority for him and his two older siblings.

Born Natin, he shortened his name to Nate, but that didn’t exactly help with assimilation. Watch The Tunnel Of Love Online Fandango there. People in small- town Texas often thought he was Hispanic, and young Nate would not correct them. People look at you and you are not white, you are not black, you are something in between,” he recalls. As a kid he was “always selling something, trying to do some sort of business”—working as a DJ, selling rubber bracelets, hawking personalised water bottles. Paul left home in 2. Catholic prep school in Austin.

He played basketball, was good at math and started a business out of a local Barnes & Noble tutoring kids from the suburbs. At that point, everything was going according to his parents’ plan, and Paul eventually attended the University of Texas at Austin, where he studied business. With his sister, Sheena, he even won a business case- study competition in Thailand.

But Paul was restless and had already started channeling his energy toward real estate. He would spend hours studying foreclosed properties, building data sets that included appraised values and loan balances, then head down to the county courthouse on the first Tuesday of each month to see how the auctions turned out.

After his freshman year, Paul was ready to drop out but knew his mom would take it badly. My mother would say, ‘Doctor or lawyer,’” he recalls in his slight Texas twang.

His older siblings were firmly on the track their parents desired—his brother eventually became a plastic surgeon, his sister an attorney—so Paul decided to take a year off with a promise that he would go back to school one day. Renting a basement office, he called his firm World Class Capital, a name for which he has sometimes gotten grief but reflects the idealism of a 2. I just wanted it to be great,” he says.

While Paul may have good timing with the booming economy of Austin—the nation’s fastest- growing big city since 2. Paul from getting into the real estate business. And after he started doing deals in his early 2. Paul straight up that he would not do business with him given his ethnicity.

And one banker refused to lend to him because of a bad experience she claimed to have once had with an Indian. The adversity I faced in building my business pales in comparison to the challenges that my father faced as an Indian immigrant in the ’7. Victoria, Texas,” he says. The first property Paul acquired, in 2.