Trump’s advice for real estate profits

One of the most unusual and best real estate books I haveread is “Trump: The Best Real Estate Advice I Ever Received” byDonald J. Trump. The reason it is so good is it is filled with advice from 100successful real estate entrepreneurs. Each contributor shares how he or shesucceeded in real estate investing, brokerage and/or speculating. I wasfortunate to be part of this esteemed group.

While reading the 100 chapters, I asked myself, “Whatdo all these successful real estate entrepreneurs have in common?” Eachindividual took a different realty road to profits.

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But the one thing they all have in common, including”The Donald,” is they each add value to real estate either bydeveloping, improving or marketing properties. Perhaps Trump’s famous first”Apprentice” Bill Ransic said it best: “Learn to recognizevalue.”

My favorite “best advice” in the book, modestlyexcluding my own contribution, is from famous New York City real estatebrokerage tycooness Barbara Corcoran. She shares how she got started in realestate brokerage with just $1,000. Her first apartment rental”listing” was a typical New York one-bedroom. However, her listingwas competing with 1,246 one-bedroom rental ads in the New York Times.

Realizing she had to make her one-bedroom apartment rentallisting stand out on a very limited advertising budget, Corcoran convinced thebuilding owner to install a wall dividing the apartment’s large living roominto two rooms. The next week she advertised the same apartment at a $20 permonth higher rent as “One Bedroom Plus Den.” She was swamped withphone calls, quickly rented the apartment, and was on her way to real estatemarketing success.

The book is filled with two basic types of real estateadvice from a very diverse group of contributors. My favorite type of adviceincludes personal stories and their guiding principles. Readers can easilyrelate to these entrepreneurs who share how they got started and succeeded.

The second type of real estate advice can best be calledgeneral success principles. These are short, usually one page. Either thecontributor didn’t want to share more than a few realty success basics, or wastoo busy to reveal the story behind their success.

An example is Donald Trump Jr. who said, “The bestadvice I have ever received is ‘There is no substitute for passion.’ “Then he explained the key is to find something you enjoy doing and do it betterthan anyone else. His sister, Ivanka, was equally brief when she said,”Start building your reputation from the very beginning. Take yourreputation very seriously, as it is one of the most essential elements you canexert control over.”

But the book has a major flaw. The advice from a widevariety of unknown and well-known real estate entrepreneurs offers many diverseroutes to success, and Trump’s personal contribution was too short. Althoughhis earlier books have revealed most of his personal success principles, hecould have taken a chapter to remind readers of what factors he deems mostimportant to becoming a successful real estate businessperson.

The book’s second flaw is the chapters are far too short. AsI read the revelations of some major real estate tycoons, I almost startedyelling, “Tell me more!” Many of these contributors should writetheir own books to share more of their personal success stories and real estateadvice.

This unique book should be read by every person consideringa real estate career, whether it be as a sales agent, developer or investor. Itoffers guidance for “mom and pop” investors, as well as big-timerealty tycoons. Especially impressive is the wide variety of real estateadvice. On my scale of one to 10, this outstanding book rates a solid 10.

“Trump: The Best Real Estate Advice I EverReceived,” by Donald J. Trump (Thomas Nelson Publishers-Rutledge HillPress, Nashville), 2006, $19.99, 273 pages; Available in stock or by specialorder at local bookstores, public libraries and

(For more information on Bob Bruss publications, visit his
Real Estate Center

Copyright 2006 Inman News

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