Page 249 - [George_Ross,_Andrew_James_McLean,_Donald_J._Trump(BookFi)

I NDEX

dealing with partners you can’t trust, Price:
75–76 no right price for the wrong property,
deal structuring, 149 89
exit strategies, 148, 220–221 premium:
expertise/skills, finding for hiring best people, 159–160
complementary, 145–146 for prime locations, 29–32
friends/family, 146 story of smart overpayment, 29–31
guidelines, 147–148 Principle of Least Effort, Ziff ’s, 15, 61,
investors, getting, 145–149 83
obligations of, 147–148 Pritzker, Jay, 53
syndications, 146 Problem solving, creative, 37–43
tips, 146–147 Promotions, 190–192. See also Marketing
Pearce, Henry, 11–12 strategies
Penn Central Railroad, 5, 10, 16 Properties, choosing, 21–44
Personality/personal characteristics: case study (Trump World Tower at
building relationships with everyone United Nations), 23–29
involved in a deal, 9–11 convenience, 36
case study (Trump’s Commodore- growth potential, 35–36
Hyatt project), 4–6 key points, 21
key points, 1 location, importance of, 23, 29–32
in negotiations, 77, 78 potential, seeing (need for creative
qualities needed for success in real vision), 32–33
estate: premium, paying (for prime location),
enthusiasm, 6–9 29–32
preparation, 14–18 prestige, 34–35
showmanship, 11–14 problem solving, creative, 37–42
tenacity, 18–20 views, great, 34
Post, Marjorie Merriwether, 196 writing business plan before buying,
Power, negotiating: 43–44
not using all you have, 89 Property management, 193–206
sources of, 76–77 case study (Mar-a-Lago), 196–202
company policy, 76 detail, importance of, 200–202
good record keeping, 76 key points, 193
knowledge, 76 landscaping, 199–200
preprinted forms, 76 rent collection, 204
time, 77 repairs/upkeep, 204–205
willingness to take risks, 76–77 service, importance of, 206
Praise as motivation, 175–177 size has nothing to do with what,
Preparation: 205–206
importance in real estate investing, skills in, helping get investors,
14–17 145
for negotiations: small rental properties, 204
P.O.S.T. acronym, 89–90 hiring tenants, 204
preplanning, 61–62 living in one of the units, 204
small investors using to advantage, 17–18 tenants as treasured customers (not as
Prepayment rights, 140, 144 problems), 202–204
Presentations, 185–188 Pyne, Percy, 48–50, 54
Prestige:
location, 34–35 Quality, giving customers ultimate in
professionals, 160 perceived, 117–120

229