DELRAY BEACH, FL, April 23, 2024 /24-7PressRelease/ -- Ben Yomtob has been selected for inclusion in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.
Ben Yomtob (born Ben Ezzat Yomtob) is a South Florida businessman primarily engaged in real estate investment through the Yomtob Companies, a private group of companies he owns and which he founded in 2001. Yomtob steers his company with a vision that prioritizes customer satisfaction and efficient management. Under his leadership, the Yomtob Companies have flourished due to a dedicated management team that adeptly handles tenant-related matters and a robust team that supports the organization's operations. Yomtob's hands-on approach and commitment to his business have been instrumental in its success over the past two and a half decades.
Yomtob was born in 1962 in San Francisco, California. His parents, Anne and Ezzat, met in Paris where Anne was studying French and Ezzat was in graduate school studying agricultural engineering. After marrying they immigrated to the United States where Ezzat attended podiatry college in San Francisco. He would go on to become a successful podiatrist, operating three practice locations throughout the San Francisco Bay area. Following their divorce, Anne acquired her first apartment building, an 11-unit building in the San Francisco Bay area, where she raised Yomtob and his three siblings while working full-time managing all the apartments herself. Anne continues to successfully own, operate, and manage apartment buildings through the present day.
Following a successful career in timeshare sales in privately owned RV parks and camping grounds, Yomtob landed in South Florida in the late 1990's where he created a business selling custom, high-end home theater systems to luxury homeowners. In 2001, Yomtob began turning his sights toward acquiring undervalued Florida office buildings, his first strategy being to acquire underperforming buildings, renovate the interior spaces and the common amenities, convert the buildings to commercial condominium units, and sell the units to professional and medical business owners. In some cases, Yomtob preferred to retain majority control of the units in each condominium building and rent those units to tenants on a long-term basis.
While acquiring commercial buildings during the early 2000's for either condominium conversion or long-term holding purposes, Yomtob also began buying, renovating, and selling luxury homes, all at a dizzying pace. Among these projects, in 2004 Yomtob purchased a stunning 65-acre oceanfront parcel that ran along the majority of the bay at the south end of Shelter Cove in Humboldt County, one of California's most remote coastal communities. He had first visited Shelter Cove with his family in the 1970s and returned many times to visit. Known as "Seaside Ranch," the parcel was the largest private landownership in Shelter Cove. Yomtob ultimately sold the property in 2022, after enjoying it for eighteen or so years.
In 2005, Yomtob purchased a seven-story professional office building in Delray Beach, Florida. Not being known for its skyscrapers, this building remains the tallest of its kind in Delray Beach, Florida. Yomtob's other significant holdings include the "Ocean Building," a gorgeous multi-tenant professional office building steps away from the beach on A1A in Boynton Beach, Florida, and, being a dedicated animal lover, the building in Key West, Florida which he leases to the Pet Supermarket chain of stores.
Yomtob currently resides in an $11 million home he purchased in 2016 on the Intracoastal Waterway in Delray Beach, Florida, with his wife, Ioana Mihalache, a Romanian actress, model, economist and beauty pageant titleholder who was crowned Miss Universe Romania 2017 and who represented Romania at the Miss Universe 2017 pageant in Las Vegas, NV. They spend summers and vacations in a home Yomtob purchased in 2022 in North Salem, NY, about fifty miles north of Times Square.
For Yomtob, his daily life begins at 5 am and instantly accelerates to a road cruising speed of 150+ mph for the remainder of the day, during which he could be meticulously evaluating his next real estate deal, riding his beloved horse Bashan, an 18.5-hand "Warm Blood" he has owned for years, and his other horses, taking his boat to dinner along the Intracoastal, yachting to the Bahamas or the Florida Keys, or spending time with family and the friends he's had for decades.
However, because he values others' financial safety, Yomtob's first career principle has been to never put other's money in jeopardy, so no one ever gets hurt. Applying that principle has meant that his real estate holdings are owned by him and him alone. Unwilling to take risks with other's money, he built his real estate business one deal at a time, without taking on equity partners, family or friend partners, or outside investors.
Yomtob's second guiding principle is based on both old-fashioned and scientific foundations, the first requiring endless patience and the latter requiring exhaustive research searching for buildings and properties that fit a finely drawn underwriting model designed to provide near infinity-level returns. This principle to only buy the right property, requires the restraint of avoiding the good and very good properties, to instead buy the right opportunity which is probably only found a little more often than around once per year.
Yomtob's third key principle formulated during his career to never spend the principal centers on the management of cash that comes from the sale or refinancing of real estate. He adheres to the principle that cash should never be used for personal consumption and instead should only be used for re-reinvestment into the real estate portfolio. A fourth principle is the proper understanding of debt. Treating debt as a risky enemy has fostered Yomtob's accumulation of around $50 million of assets over time with little to no debt.
His fifth and sixth guiding principles relate, first, to customer satisfaction, and next on cashflow. Understanding that he is not really in the real estate business but rather the "Customer Satisfaction" business, Yomtob is a fervent believer that if the people that one does business with are happy and treated with honesty and respect, they will willingly continue to do business with you, will say good things about you in the community, and that will ultimately create a good and honest reputation for yourself. A good reputation reduces the risk for customers, tenants, banks, contractors and employees to do business with you and will result in others wanting to do business with you. This formula of building a strong network of people having an affinity for one another, being grounded on good will and integrity, will assure that new and exciting business opportunities are brought to your attention before being made public.
In the final analysis, real estate comes down to cashflow. Cash, on the other hand, Yomtob emphasizes is a depreciating asset. Positive cashflow is the ultimate purpose of any long-term real estate investment, which must be constantly focused upon. For that reason, his philosophy is that lifestyle should only be enhanced as cashflow increases, a process which requires patience and restraint.
Throughout his career, Yomtob has demonstrated an unwavering dedication to excellence, which has earned him an outstanding reputation in the South Florida real estate community. His focus on ensuring customers are satisfied and never left in a disadvantageous position has been central to his professional ethos. While he takes pride in his financial success as among the top 0.1% of earners, Yomtob is now channeling his efforts towards making a significant societal impact through humanitarian endeavors.
Complementing his professional pursuits, Yomtob enjoys giving back by providing mentorship and advising others on the methodological strategies which have brought him success and peer leadership in commercial and residential real estate investment and management. Looking ahead, he aspires to leverage his resources and influence to contribute positively to humanitarian causes, with plans to engage more deeply in philanthropic work in the coming years.
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