Trump
Donald Trump
The Donald
Trumplethinskin
However you wish to address him, the name alone conjures up many emotions and images.
5th Avenue, New York, Trump Tower, The Apprentice, Billionaire and 45th President of the United States.
And oh yes, spray tan and a unique head of hair.
Dare I say that he may very well be one of the most polarising figures in pop culture today.
Why?
Well you either love him, hate him, admire him, loathe him, find him entertaining or simply find him repulsive.
And I’m looking forward to the polarizing comments on this article.
Regardless of how you may feel about him personally there 2 things we cannot deny:
- We can’t stop talking about him.
- He built an empire by successfully investing in property.
Now it’s the latter that I’m particularly interested in.
You see, Trump did not build an empire because he was the most talented or because he was the most experienced, Trump simply followed a formula that you will find is common amongst all successful and wealthy property investors.
And that formula is the following:
1. Surround yourself with those that have done it
Donald Trump’s father, Fred Trump, owned several supermarkets and apartment buildings and successfully made money in property.
Fred Trump landed the deal of his life when he managed to get funding for a housing complex in Brooklyn.
Eventually, this resulted in maximizing the size of the Trump family’s fortune in land and property ownership.
Luckily for Donald Trump, he graduated out of college and started his career in the family business; this helped him greatly in making money in property in his future.
Yes, we do not all have parents that are successful property investors or are fortunate enough to continue building on their successful legacy.
However, the lesson is this, if you do not come from a family of successful investors – and I can assure you that I did not – then make sure you connect and surround yourself with successful investors and those that have done it.
2. Be opportunistic and don’t be paralyzed by fear
What has made Donald Trump successful in the business world is his unquenchable thirst for profit and success.
Furthermore, he looked for opportunities until he found the right one to claim his throne.
This happened when he managed to bid on a project to rebuild a hotel in Manhattan.
This is when he knew he struck gold.
He made a $142 million profit.
As we all know, he wasn’t successful in all his ventures, but what counts the most is that he wasn’t paralyzed by fear of taking risks.
That is what most of us are experiencing and what holds us back from making money in property.
Taking action trumps talent (excuse the pun).
3. Review all potential options
This works by simply laying out your options on the table.
Yes, you might find that one property strategy seems to work the best for you.
However, if you have multiple options to choose from, you can select the one with the most rewarding longevity.
Donald Trump took property as a full-time job, pursued the many investing options and came out seven steps ahead by diversifying his investment portfolio.
In the long run, this translated into owning many properties, ranging from multi-family homes, housing developments and even golf courses.
Now I’m not suggesting that you go out and purchase a golf course.
What I am suggesting is that before proceeding with a decision, make sure you have reviewed all potential options and that you understand which option is the highest and best use of your funds relative to your existing portfolio.
4. See the potential in things, not their current state
As a property investor, Donald Trump has a vivid imagination.
And this imagination comes from years of experience and perspective i.e. knowing what to look for.
If you wish to make dollars in property you must see the potential in existing properties and not just view them in their current state.
For example; if the average person walked into a property that had bright pink balls, stained carpets, a dated kitchen and hideous bathroom… they would likely turn around and run.
However, an experienced investor will walk in and see dollar signs and loads of potential to add value.
You see a cosmetic renovation to paint the pink walls white, replace the carpets, replacing the existing bathroom and kitchen with new and modern designs is not a difficult task.
In fact it can be done within 4-6 weeks.
And if done correctly would substantially increase the value of the property, well and truly above the cost of renovation.
This is exactly what Trump did on a much larger scale throughout this property journey.
5. Stay focused on your goals
If Donald Trump wasn’t focused, he wouldn’t have made it to be the 45th president of the United States.
And that’s a fact!
Throughout his many years in business, he managed to stay focused on the needs of his businesses.
When times were good, he expanded.
When times were tough, he regrouped and focused his goals on maintaining what he’s already built.
Make sure you have a strategy in place and that means clearly understanding the end game and why you’re doing what you’re doing.
After all, the property investment game is a long-term journey, and can be a bumpy one.
Having a strategy in place will enable you to stay focused on your goals during the difficult times.
What’s the bottom line?
Love him or hate him, Trump has simply followed a tried and tested formula.
A formula that many successful investors have followed and continue to follow.
And a formula that has clearly worked for The Donald.
What is interesting, is that if you scroll up, you will notice that this formula has nothing to do with talent, skill or intelligence but everything to do with mindset.
Mindset will always play a critical role in whether or not you succeed on your property journey.
So ask yourself:
Do you have the right people around you?
Are you procrastinating or do you have the ability to take action?
Are you thinking outside the box?
Do you have the ability to stay focused?
If you answered yes to ALL the above questions then congratulations, that is half the battle.
If you answered no to any of the above or you hesitated, then please feel free to reach out to our independent team at Metropole Property Strategists for a complementary strategy session.
from Property UpdateProperty Update https://propertyupdate.com.au/donald-trump-s-top-5-property-lessons/
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