Over the many generations of the Trump family, Donald Trump came along to multiply his family’s net worth and brought an aggressive business attitude to his father’s company. For years now, Donald Trump still sits on the golden throne, backed by a diversified investment portfolio that anyone could only dream of. Whether you agree with his views or not, the man understands business and knows how to turn a profit and capitalize on any investment opportunities. He has found numerous ways of making money in real estate in addition to many other investment choices.
From early on in his life, Donald Trump wasn’t part of your typical working class. In fact, his father, Fred Trump, owned several supermarkets and apartment buildings and was successfully making money in real estate. At that point, 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 real estate in his future.
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.
Ultimately, replication of the same deal proved to be very financially rewarding for him. However, with every success comes the pitfalls. Even though Donald Trump was making money in real estate, he didn’t fear venturing into new businesses. 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 real estate. So, good for you, Donald!
What can you learn from Donald Trump’s methods of making money in real estate?
Widen your selection pool
This works by simply laying out your options on the table. Yes, you might find one real estate venture that will be making money in real estate. However, if you have multiple options to choose from, you can select the one with the most rewarding longevity. Donald Trump took real estate 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 real estate properties, ranging from multi-family homes, housing developments and even golf courses. If you wish to learn more about diversifying your own investment portfolio, read this blog post: Diversified Investments in Real Estate – A Basic Guide.
See the potential in things, not their current state
As a real estate investor, Donald Trump has a vivid imagination. He sees the potential of things. If you look at a bottle of water, you’ll automatically think of drinking it. But not Donald Trump. He looks at it and thinks how he can slap his name on it.
Another common practice that can be easily observed with Donald’s business attitude is investing in land and anything that needs improvement. With land, Donald can let his imagination run wild. Again, he revisits his investment’s selection pool and chooses a highly profitable venture to go into.
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. Makes perfect sense.
Whether you’ve set your goal on making money in real estate or managed to find yourself venturing into the many angles of business, set your goal and work as hard as you can to achieve it. Then, you can set new goals to achieve while maintaining what you’ve built.
Let’s take an example of a young real estate investor trying to follow the footsteps of giants in making money in real estate. He/she decides to venture into real estate through buying an investment property then turning it into a rental property. Yes, the plan sounds great, but what about the technicalities that follow that investment strategy; how do you achieve them? Well, you set goals and check each of them off your list once you achieve them. Buying an investment property and turning it into an income generating asset is a strategy. Define the goals of every possible business venture. It will help guide you to your path of success.
Donald Trump lives the extravagant lifestyle now and it has become a part of the Trump brand. “A penny saved is a penny saved”- the words of a smart investor. On multiple occasions, he emphasized the importance of saving money. This includes sticking to your designed budget and calculating ongoing expenses of any venture you dive into. For beginner real estate investors, this can be implemented in your first investment property; stick to your budget and utilize your rental income to maximize your overall income.
Whether you like the man or not, he created something substantial through branding his face and name. That’s not an easy thing to do! Through the many tweets and memes of Donald Trump, you can see an individual who’s confident in his business and negotiation skills. He emphasizes the importance of the man as well as the importance of the land he wishes to invest in.
Learn all you can from those before you, and Donald Trump is a good example to follow in the investment world. He is a man with a wide and worthy diversified investment portfolio. Anything is achievable if you set your mind up to it and build on what you were given. If you wish to invest in real estate, start making money in real estate by taking that first step into your first investment property.
Take the first step with Mashvisor. To start looking for and analyzing the best investment properties in your city and neighborhood of choice, click here.