It’s a pretty safe assumption to say that we would all like to be as successful and wealthy as Donald Trump, minus the comb over. While amassing such wealth in one life time is may not entirely realistic, what is possible is following examples from his life, applying them to our own lives, and succeeding in our own right within the real estate market.
Donald Trump may very well be the archetypal business magnate, a true pinnacle of success, and the embodiment of the American Dream. But his life hasn’t always been so glorious, and he’s suffered his share of ups and downs. He was born in Queens, New York, and attended the Kew-Forest School, in Forest Hills, New York for several years, until, after some difficulties at school, his father enrolled him in the New York Military Academy. There, he excelled, and upon graduating, he attended business school in Pennsylvania, graduating with a Bachelor of Science in Economics. Trump then went to work for his father at his company Elizabeth Trump and Son, which focused on middle-class rental housing in Brooklyn, Queens, and Staten Island. Shortly after joining the company, Trump took over the company and began his first ventures in real estate.
Trump started his career broke, but he networked his way to the top, meeting the right people and making the right connections. Through the 1970’s he diversified the company and began investing in a variety of real estate opportunities such as turning the bankrupt Commodore Hotel into The Grand Hyatt and the Wollman Rink in Central Park. By the 1980’s Trump was one of the most powerful landlords in New York. But then, trouble hit.
The recession of the 1980’s, along with some bad business ventures on Trump’s behalf, resulting in Trump being unable to repay a $2 billion loan. Most of his assets were seized by creditors and his wife divorced him. This was not the end of Donald Trump, as we are all aware. He not only rebounded from that recession and difficult time in his life, he thrived in the aftermath of the trying period.
Since taking over his father’s company, Trump has become one of the most successful men in the world. Apart from real estate, which he has truly become a mogul of, he is also an accomplished author, the host of the highly popular TV show, The Apprentice, and is a partner in the ownership and broadcast rights for the Miss Universe, Miss USA, and Miss Teen USA pageants.
So, what is the bottom line to take away from Donald Trump’s Cinderella story? Perseverance and diversification. By originally taking his father’s company, which focused on middle-class rental housing and expanding the company in to different areas of the real estate market, he began to enter into niches and seek out new projects and potential. Of course, there is greater risk when expanding and diversifying into a new area of real estate in Tamarindo, Costa Rica, but in order to make big moves, it is necessary to do so.
If you want to really turn your real estate investments into millions or even billions of dollars, you have to be willing to take larger risks. Trump also diversified in many other businesses as well, but it’s not expected that everyone who expands their real estate market will also end with a reality TV show, but one can dream, right? From low risk rental housing options, to multi-use mega complexes, hotels and resorts, even to golf course, Donald Trump has truly become a beacon for what the possibilities the real estate market for those who have the drive, the perseverance, and the motivation to succeed. Take some advice from Donald Trump and think like a champion. Who knows, you must just end up a billionaire.