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S ELL Y OURSELF L IKE T RUMP

creased from 46 percent the previous year to 33 percent, and that op-
erational losses for 1976 were projected at $4.6 million.
Adding fuel to the fire, on May 19, was the front-page news in
allthe local newspapers about the remaining tenants being forced
out of the Commodore. The news featured stories about the hun-
dreds of employees who were now looking for work, and the dismay
thelocal retailers were feeling in anticipation of a boarded-up Com-
modore Hotel.
On May 20, thanks in part to Trump’s strategic preparations for
his four meetings with the Board of Estimate, the Board finally
voted unanimously to give Trump the full tax abatement deal he had
sought. Over the 40-year term, the tax abatement saved him tens of
millions of dollars. This is typical of how Trump thinks strategically
about preparing for critical meetings. He will go to great lengths to
create conditions that will work to his favor during the meeting.

How Small Investors Can Use Preparation to Their Advantage

Suppose, for example, you need a temporary construction loan for a
fixer-upper. Before you ever ask for a loan, talk to other people who
have received constructionloans.Whatdidtheyhavetodotoqual-
ify? What kind of fees and ratesdidthelendercharge?Werethey
happy with the lender? Do as much networking as you can to find peo-
ple who have direct experience and are knowledgeable about the kind
of loan you want, and who can give you the inside story on what it
takes togetthatkindofaloanwithfavorableterms.Gettinginforma-
tion from insiders or people who know more than you is the best kind
of preparation you can do for an important meeting or negotiation.
Preparation is important in all phases of a real estate investment.
It shows up in how well conceived your plan for fixing up and selling
a property is, and how many contingencies you have prepared for;
it’s in how you present yourself to a lender and if you have properly

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