A lot of people don’t know that apart from being one of the most controversial Presidents of the United States of America so far, Donald. J. Trump is also a widely successful real estate investor.
His fortune rests almost solely on real estate development.
This post shares the most important lessons about real estate investing that you can learn from Donald Trump.
DO IT FOR THE BUZZ
Long before he succeeded Barack Obama, Trump had a lot of money. He had way more money than the average guy would know what to do with, but he never stopped working hard and closing mega deals. He kept investing because for him, the art of dealing had transcended from being a means of earning a living, to being his life.
You shouldn’t look at investing in a property as something that brings quick bucks in. It has to become a lifestyle, something as easy and essential as breathing.
Don’t do it for the kill, do it for the buzz.
KEEP YOUR EYE OUT
Trump once went down to Palm Beach for a weekend to hang out with friends. On his way back from lunch, something got his attention. It was a towering property, two towers actually, whitewashed and gleaming in the sun. It turned out the property was worth $120 million, but a few phone calls later, Trump scored a $40m deal.
You can spot killer deals in the most unlikely places. You must have your homing signal on every time, whether you’re stuck in traffic on your way to work, or you’re headed out for a fun night out with friends. Learn to look at your surroundings with fresh eyes; the eyes of a multimillionaire investor.
LESS COULD BE MORE
A lot of people are aware of the presence of the multi-million dollar Trump Tower on Fifth Avenue, New York. Donald Trump is known for his flamboyant and luxurious style, and it is evident in every aspect of his life, especially his buildings.
The Trump Tower houses a 6-story atrium that is made entirely of marble.
A Christmas in the late 80s, in the early years of Trump Tower, Donald Trump had to decide what decorations to use for the atrium. It was so important to him because the atrium alone used to attract more than 100,000 visitors every week. It was a huge money-spinner and every detail was important.
Trump eventually decided to go with a single; albeit massive, gold wreath hanging on the entrance.
Sometimes, especially when you’re into luxury or commercial real estate, you can be tempted to go overboard. You need to understand that sometimes luxury means an oversized gold chain, and other times it’s a melon seed-sized pair of pearl earrings.
It’s up to you to decide what your version of elegance is, but always remember you’re building for a market, not yourself.
If they don’t like it, you can’t sell it.
This is perhaps my favorite lesson of all.
Now, when many people achieve superstar status, financially or any other way, the norm is to write a book. This is usually a biography or autobiography of some sort, documenting their life experiences and sharing wisdom.
Donald Trump has always looked for a means to share his wisdom and experiences in the real estate business. From writing multiple books such as The Art of The Deal, The Art of The Comeback and so many more, to hosting a longtime running hit reality TV show on NBC called “The Apprentice”, Trump has never been the type of rich guy to hide his methods.
It is very tempting to hoard information when you have it. It is indeed a cutthroat world and a lot of people are scrambling to climb the financial ladder. Investing successfully in real estate should not be a trade secret.
If you have any tried and tested methods that have worked for you, look for avenues to teach other people the same.
You don’t have to write a book or host a TV show. Write a blog post on your website, create a free online course, start a podcast.
Whatever you do, make sure you share.
What else have you learned from Donald Trump?
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