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Business Coaching for Entrepreneurs Business Lessons by Donald Trump Tips, Strategies, Books, Book Reviews and Magazines
President, Trump University
"Prices of existing homes fell for the first time in 11 years and the backlog of available homes for sale was at its highest since current measures began, underlining the significant slowdown in the housing market."
- " US Housing Slowdown Continues ," by Daniel Pimlott and Michael Mackenzie, Financial Times of London, September 25, 2006.
Over the last month, articles like the one I quote above have been appearing almost daily in magazines and newspapers. They tell us that we're in a slump, the bubble has burst and the real estate market is flat as a pancake.
But if you look at that quote above, doesn't it say that prices have fallen and that there is a large inventory of available homes in the U.S.? And doesn't that mean that it is a good time to buy properties at advantageious prices? It does.
Of course, you have to be careful, because this is a difficult time to get top dollar for properties you want to sell. But even so, the combination of low prices and a large inventory of available properties represents a handsome opportunity for people who know how to structure the financial side a real estate investment. In other words, for people who have mastered the art of working the numbers .
People who know how to work the numbers have developed skills like these:
- They buy properties at the right price . Our own blog post of September 22 can tell you more .
- They accurately estimate what a property will be worth after they have improved it . They study comparable property sales in their regional markets so well that they know how to weather temporary price slumps.
- They set a budget that supports points #1 and #2 above, and stick to it aggressively . They know that over time, overspending even a little on fix-up costs, realtor fees and other expenses will suck the profit from any property. That's why they ride herd on every nickel and dime they spend.
- They build a buffer into any real estate deal . They realize that unexpected costs come up and they have a cushion that keeps those surprises from sinking them.
- They have contingency plans . In today's market, for example, it could be a mistake to hang your plans on the idea that you will sell a property in one year. At that time, the market might still be soft and you might do well to wait before selling. One winning strategy? Acquire properties now, rent them out and improve them later so you can sell them when the market surges again.
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| Trump: Surviving at the Top (Hardcover) Who knows more about Trump than Trump himself? This is a good book if you want to know more about Trump. At times he is sincere; like when he tells of the various disadvantaged people he has helped. At times he sounds really fake; he mentions how he admires the courage of gamblers. That is alot of boloney. At times he is boastful; the Trump Princess is the best yacht ever built. But hate him or love him, he says it like it is. He seems very vindictive as evident with his numerous attacks on some very famous people throughout the book. But for those who are his friends, he has nothing but praise for them. He doesn't play politics, but what he does do is make deals and makes a whole bunch of them in this book. One of the recurring themes of the book is to wait for the right price even if it means giving it up and not to let emotions dictate the price. In many instances, the deal comes back to him and at an even better price than ever. |
Donald Trump: Master Apprentice (Hardcover) Becoming a successful real estate developer in New York, one of America's most difficult cities, requires laser focus and ruthless tactics. So that's what Donald Trump and, to a lesser degree his father, Fred, brought to the job as they rose to power and fame. Journalist Gwenda Blair does a masterful, thoroughly reported job of describing the various forces, conflicts of interest, power plays, politics, personalities and near-criminal behavior that resulted in three FBI investigations (but no indictments) of Trump's various real estate deals. Blair provides insights about the family relationships and friendships that shaped Trump's personality and business deals. This is a careful study of the underside of the real estate development business and what it really takes to get big projects done in complex political and financial environments. Would most corporate managers find this book useful? Certainly. We think it provides fuel for thought and a new perspective on being relentless and persistent, as well as being pretty clear about the downside of lying and of having what Donald Trump calls a "killer instinct." |
Trump: The Way to the Top: The Best Business Advice I Ever Received (Hardcover) The book is easy to read... but most of the business advice are advice you've heard before or are common-sense. I try to learn from the mistakes of others, so that I don't make them myself . . . in a somewhat similar fashion, Donald J. Trump in THE WAY TO THE TOP has presented much valuable wisdom by sharing--to quote the subtitle--THE BEST BUSINESS ADVICE I EVER RECEIVED. |
Carolyn 101: Business Lessons from The Apprentice's Straight Shooter [BARGAIN PRICE] (Hardcover) This book is really two books in one: A real world primer for new managers and an inside look at the bits of the Trump Organization and the show "The Apprentice." As a primer, the book is an excellent guide for new business grads, and junior executives. Carolyn candidly discusses her career experiences before joining the Trump Organization, describes how she got the job, reveals the hurdles she's faced, and offers some invaluable advice for others starting down the executive path. Although the advice is basic, I certainly see her principals lacking in the "Apprentice" candidates, and many junior executives. As an inside look into the Trump organization, the content is a very light and rather sanitized. You'll hear Mr. Trump is the best boss in the world, and the Trump Organization is the best in the world, but you won't find much detail about other managers, what makes the organization tick, or an insight into the overall culture, beyond what has already been written by Mr. Trump himself. |