Creating Wealth and Real Estate Investing The Trump Way
The Trump Mindset for Real Estate Riches
by Donald J. Trump and Gary Eldred, PhD
We have a lot in common. We both started reading books about real estate when most of our fellow students were only thinking about buying cool cars.
After we graduated college, we pursued our real estate dreams in different ways. Gary put his energy behind acquiring properties, while Donald gravitated toward development.
But when we got together last year to work on the book Trump University Real Estate 101, we learned that we shared some common traits. In sum, they could be termed The Trump Mindset for Real Estate Success. It is a mindset that is explained in depth in that book.
What parts make up that mindset? Let's take a closer look.
A Thirst for Knowledge We're both voracious readers. We continuously open our minds to new ideas and new information about real estate - and about the world at large too. We also share a love of motivational self-help books, because we are both positive thinkers.
A Mastery of Details Positive thinking won't help you if you haven't sweated the details. To develop real estate in New York City, for example, Donald has needed to know just about everything about zoning, contractors, architects, air rights, unions, tax law and thousands of other details. Donald says, "People often comment on how quickly I operate, but the reason I can move quickly is that I've done the background work first, which no one usually sees." Without in-depth knowledge, which comes from curiosity and education, you will never make a fortune in real estate.
Responsibility You need to make decisions. You listen to the opinions of experts, of course, but you can never allow your advisors - even the best of them - to make the important decisions for you. That is your job.
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High Standards and Impeccable Integrity This is another way of saying that your goals should not just serve you, but other people too. Dishonest people are out there. They will urge you to cut corners or do things unethically. Stay above that. Don't let them influence you.
A Drive to Make Deals To get to the top of the real estate world, you need to make deals: deals with property sellers, property buyers, contractors, and so many others. Real estate progress is made in deals. That's why it is important to spend time with some of the classics on the topic, like Donald J. Trump's now-classic The Art of the Deal.
Copyright © 2002-2006 by Donald Trump. All rights reserved.
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