5 Real Estate Investing Lessons from Donald Trump

The United States just elected Donald J. Trump, business mogul and quasi-celebrity, as their 45th President. The unexpected election results have triggered huge amounts of controversy and anger across the nation (and the world beyond) for many. However, no matter which side of the support line anyone falls on, there is one thing all agree on - Mr. Trump earned his mogul status as a result of real estate investments.

So, let’s leave the politics aside and dig in to the President-elect’s real estate investing tips and successful practices instead.

1) Look for the diamonds in the rough and go after the foreclosures. “Assuming you want to build a Trump-sized empire from scratch in the real estate sector, you have to start somewhere. ‘In today's market, the future mogul can start with small deals as there are a ton of foreclosures to be had today at massive discounts,’ says Mike Chadwick of Chadwick Investment Advisors in Unionville, Connecticut. ‘If you can see through the clouds and buy the right ones, stabilize or repair them and then either rent or sell them off in time you'll begin the empire-building process.’” [source]

2) Find a mentor to help guide your path. “Fred Trump was an incredibly successful New York real estate investor, and he had Donald managing his first multimillion-dollar deal while still in college. Having a great real estate mentor to learn from and help you along the way will save you a lot of time and trouble.” [source]

“Just as Donald Trump had starting out, you need a great mentor with a proven track record to lead the way and support your efforts… also a proven business system that allows you to invest in all types of real estate without ever having to tie up all your own cash. It is wise to begin your journey using the research, experience and wisdom of those who have been there before you.” [source]

3) Be prepared for hard work, and embrace long hours. That never-rest mentality will give you a leg up on the competition. “Donald reports that he works seven days a week, putting in at least ten hours a day. He even claims to only sleep four hours a day so that he can keep an edge over his competitors.” [source]

4) Forge your own path. You can’t truly reach the potential of your success if you continually follow the same path as everyone else. You need to have the smarts and the courage (in equal measure) to go after things that others are unwilling to touch. “If you review all the key real estate moves he’s made in his career, the majority of them came at a time when it was not popular to make such moves. In other words, Donald Trump zigged while everyone else zagged. He invested in depressed markets that other people were too afraid to even consider. He moves counter to the herd mentality.” [source]

5) Just keep swimming. There will be bumps and twists and turn all along your path toward real estate investing success, but keep your head down and keep going! “Donald Trump never gives up. No matter how many times someone tells him no, he only takes that to mean that he is that much closer to a yes. If he didn’t possess such persistence, he wouldn’t have achieved such success. The highly complex deals he pulled together in New York City took many years and countless hours to accomplish.” [source]

No matter which side of the political fence you fall on, we can all agree that these practical tips and practices will go a long way toward helping anyone become a successful real estate investor. Are you familiar with any other Trump tips you’d recommend?

*This post originally appeared on the Durise blog*