The Trump Blog

Donald Trump Books for Summer Reading

Wed, 08 Jul 2009 12:15:00 EST

Recently, I was asked to recommend a summer reading list from my own books. Over the years I’ve written a lot of business books and even one on golf. Why do I write? I’m a bit of a teacher by nature and writing allows you to organize your thoughts and experiences in a way that can provide lessons to others in an easily accessible format. It is my sincere desire to help you by sharing my own experiences and life lessons and I hope you’ll take some time this summer to catch up on your reading.

What are your favorite books? Why?

The Art of the Deal
My first book, which came out in 1987, is considered a business classic. Details of my early life, my family background and early career are described, as well as my first big deals in Manhattan.

The Art of the Comeback
This book was published in 1997 and deals with how I negotiated my way out of the big real estate fizzle in the early 1990’s along with moving forward with new ideas and businesses.

The America We Deserve
I wrote this book in 2000 and it addresses issues pertinent to the success of this nation.

The Best Real Estate Advice I Ever Received
This is a compilation of submissions from a wide gamut of real estate experts, a small and concise guide with some excellent advice. It was published in 2006.

Trump 101: The Way to Success
Trump 101 is an excellent guide for both students and professionals on how to make your way to success. Coach Trump gives you pointers in each chapter.

Why We Want You to Be Rich
Robert Kiyosaki and I teamed up in 2006 to write about our concerns regarding financial literacy. It appears we were right about quite a few things, and this book is still pertinent and helpful.

Think Like a Champion
My latest book, which came out in April 2009, covers a wide variety of topics ranging from success tips to thoughts about Obama, Stephen King and Bernie Madoff. It’s an informal education in business and life that is entertaining as well as easily accessible--a good summer read.

Donald J. Trump is Chairman of Trump University.

OPEC

Mon, 06 Jul 2009 12:16:00 EST

by Donald J. Trump

Last week I spoke with Greta Van Susteren on Fox News, and we covered topics that included the economy, President Obama, the banks, health care, and OPEC. OPEC deserves our attention because it’s a situation that is too often overlooked, and it has had serious impact on our country and our economy.

OPEC openly laughs at the stupidity of our country as they raise oil prices. They are draining and sucking the life blood out of this country. They like to blame it on speculators. The speculators are peanuts compared to the power of OPEC. OPEC hires lobbyists in Washington and they have a strangle hold over the oil industry, which affects all of us in more ways than we might know. OPEC is destroying many countries.

The fact is, there’s oil all over the world in tankers--there’s so much oil that they’ll end up dumping it. Oil is at $70 a barrel and it should be $20. It doesn’t take a genius to do the math on that one. OPEC continues to set the price of oil as they continue to laugh at the stupidity of our leaders. They have been allowed to do whatever they want to do. I think we should be paying more attention to what’s going on with OPEC.

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Donald J. Trump is Chairman of Trump University.

Real Estate Investing: Creative Ways of Selling a Home to a Buyer

Thu, 02 Jul 2009 10:58:00 EST

by Tina Merritt

Many residential real estate investors have found that in a buyer's market, the buyer's have a buffet to choose from and the sellers are always looking for new and innovative ways to stand out as the better choice in the line.

Sometimes, offering creative ways of financing can open the property up to a new consumer or offer attractive financing terms the competition may not be offering. Below are a few examples of these creative financing terms.

Rent with the Option to Buy. Commonly known as a Rent-Option, this type of financing usually has the buyer sign a lease to rent the property, and then a portion of their monthly rent payment will go toward a down payment, closing costs, debt payoff, etc. At the end of the lease term, the buyer has the "option" to purchase the home and have that portion of their rent go toward the sale. Generally, the rent amount is higher than current market rent. If the buyer decides not to exercise their option, they lose all or a portion of the amount that was supposed to apply toward the purchase.
Lease/Purchase. This type of financing has the buyer rent the property; however, they also sign a purchase agreement obligating them to buy the property at the end of the lease term. The rental amount may be at, below or at market rate depending on how long the buyer leases the property and how quickly they can consummate the purchase.
Buyer Possession with a Delayed Closing. In this scenario, the buyer signs a purchase agreement and takes possession of the property prior to closing. This may be attractive to buyers who need a place to live ASAP while their loan is being processed. Or, if the owner has not owned the property long enough to allow the buyer to get an FHA loan, this type of purchase will allow the buyer to reside in the home until the property qualifies.

A few thoughts on the above:

Keep in mind that a purchase and a lease are 2 separate transactions. Do not use a rental security deposit for a earnest money/escrow payment for a purchase or vice versa.
Some real estate agents do have the paperwork to draw up these agreements; however, due to state laws, I recommend having a real estate attorney review the documents at the very least, if not prepare them.
If you want to sell your property, don't rent it. Some "buyers" are eternal renters and will never complete the purchase.
The more money the buyer has into the transaction, the more likely they are to close the purchase. If the buyer will only lose a few hundred dollars by walking away, they probably will walk.
Always, always, always, pull the buyer's credit if you are going to have them take early possession or rent the property. A history of a blatant disregard for paying bills on time should be a red flag and require a higher cash investment on the part of the buyer/renter. A mistake before the papers are signed could mean headaches for the duration of the transaction.

Tina Merritt is an 11 year veteran Real Estate Agent and Trainer based out of Virginia Beach, Virginia. She holds a degree in economics from Virginia Tech and post-baccalaureate from Virginia Commonwealth in real estate and land development. As an avid social networker and internet marketer, Tina helps real estate agents, loan officers and affiliated industries embrace technology. As a real estate agent, Tina primarily deals with marketing and selling properties deemed "hard to sell" and also works with real estate investors helping them build and/or liquidate their portfolios for maximum profit.

Michael Jackson

Tue, 30 Jun 2009 15:38:00 EST

by Donald J. Trump

There’s been a lot of coverage on Michael Jackson, and rightly so. He was the most amazing performer I have ever seen, and I have seen most of the greats. I knew him personally as well, as he lived at Trump Tower and stayed at my Mar-a-Lago Club in Palm Beach. He stayed there when he and Lisa Marie Presley were married, and they were obviously a romantic item. They had a great time and we loved having them as guests.

Michael Jackson was a shy person which made his gift as a performer even more astonishing. I remember thinking, “This quiet guy is going to bring the house down?” (The ‘house’ being Madison Square Garden). But bring the house down is what he did--consistently. His stage presence and talent were unsurpassed. He’s a performer who will never be forgotten and who most likely won’t be equaled for a very long time, if ever.

Donald J. Trump is Chairman of Trump University.

Wrestling, Ratings and Guerrilla Marketing

Mon, 29 Jun 2009 18:15:00 EST

by Donald J. Trump

Guerilla marketing is a term that was coined by Jay Conrad Levinson in his book of 1984, Guerilla Marketing. This is a form of advertising and promotions that depends on the unconventional. Imagination is key, and a big budget isn’t always necessary. Entrepreneurs use this technique, and it’s considered to be non-traditional--just what entrepreneurs are known for being.

A very good example of this would be the June 22nd WWE (World Wrestling Entertainment) event that drew 6.8 million viewers. That’s a 25% increase in viewers from an earlier broadcast in June. Some of you may have heard of Vince McMahon, who owns WWE and is a brilliant entrepreneur. Vince and I go at each other once in awhile because we both like a good fight, and he’s a worthy opponent.

Vince’s WWE series is consistently one of cable television’s top draws each week. The episode on June 22^nd garnered the biggest audience in seven years as I had (though scripted) decided to buy USA Network’s ‘Monday Night Raw’ from Vince. This attracted media attention and many viewers. But Vince ‘bought back’ the show and actually fired me. I ‘owned’ it for one night.

Was this for real? Yes and no. As entrepreneurs, Vince and I know that unconventional approaches to business and generating a buzz are important keys to success. It’s something to think about.

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Donald J. Trump is Chairman of Trump University.