Donald Trump - Fortune Without Fear Real Estate Riches.pdf

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Book two in the series, Make Your Fortune in Real Estate
Without Fear
Real Estate Riches
in an Uncertain Market
by Barry Lenson
Fortune
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Contents
Introduction ..................................................................... 3
Chapter One:
Today’s Most Risk-Resistant Business Structures ............ 6
Chapter Two:
Minimizing Risk with the Right Insurance ....................... 17
Chapter Three:
How to Know Even More about Properties than the
Inspectors You Hire ........................................................... 28
Chapter Four:
Mold, Bugs, Floods Earthquakes . . . Unpleasant Risks You
Need to Understand ........................................................... 57
Chapter Five:
Avoiding the Perils of Risky Financing ............................ 73
Special Bonus Chapter:
Four Wealth-Preserving Secrets of Real Estate Masters ... 82
Books and Internet Resources to Learn More ............. 87
About the Author ............................................................ 93
Copyright © 2005 Trump University Press
Introduction
Welcome to Fortune without Fear, the second book in the Make
Your Fortune in Real Estate self-education books on real estate from
Trump University.
Catch the Wave , the first book in the series, showed you a simple
approach to building a fortune in real estate by timing your investments
against trends in the marketplace, in society, and in your life.
Fortune without Fear teaches another set of critical skills that will help
you build a fortune in real estate:
The Ability to Handle Risk
Why write a book about risk? Because risk is part of any real estate
activity. You can analyze it, you can minimize it, but you cannot avoid
risk entirely. Ultimately, your ability to handle risk will determine how
successful you are in real estate.
A Story from the Early Career of Donald J. Trump
When Donald J. Trump was starting his career in real estate, he could
have chosen a safer path than the one he ultimately took. His father’s
real estate company had already developed impressive properties in
Queens, New York. He could have built an enviable real estate empire
there without ever crossing the river to become a major force in Man-
hattan real estate and beyond.
Nobody made him try his hand at in the real estate “big leagues.” Nev-
ertheless, he was determined to take his enterprise to that next level. To
do that, he had to face risk.
Introduction
3
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It is important to note, however, that Donald J. Trump was not reckless.
He applied wise and prudent techniques to control risk, and then he
acted decisively. That is the approach that builds success.
Bravery, Recklessness, and Cowardice
All three of these traits can be defined in their relationship to risk:
• Brave people understand risks, take steps to minimize them, and
then act despite the presence of those risks. In other words, they take
calculated risks. They are the people who make things happen.
• Reckless people charge ahead without stopping to consider the risks
they are facing. Many of them score an occasional win, but few keep
on winning indefinitely. They are relying on dumb luck.
• Cowardly people are paralyzed by fear. They never act. They remain
immobilized in most all areas of life, avoiding anything as risky as
real estate. You won’t hear them mentioned again in this book.
A Rock-Solid Way to Minimize Risk
People who succeed in real estate are brave, but not reckless. They have
developed some very effective strategies for analyzing a problem and
taking action:
• First, they accept the reality that real estate investments are risky. In
other words, they are realistic.
• Second, they invest the time to understand the risks that surround
what they want to achieve.
Introduction
4
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