Page 132 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

appraisal, inspection, Phase One, and any other third - party
reports.
• Complete all the due diligence. If it all checks out, sign off on
the inspection period. Your deposit is now nonrefundable, and
you may be required to put up an additional deposit.
• The lender approves the loan and sends it to the closing depart-
ment at the lender ’ s offi ce.
• You get the funds wired, close the deal, and are now the newest
member of a very exclusive community of commercial property
owners!

In the Next Chapter

I know — you have lots of questions about whether you ’ re getting into
a truly good deal. That ’ s completely normal, because at this stage
even an experienced commercial real estate investor will be full of
questions about the deal.
Fortunately, the next stage is the due diligence period , and it ’ s designed
to answer those questions. In the following chapter, you discover
how to perform due diligence like a pro.

A VOID A Q UICK D EAL

Remember that the word negotiation has ego in it. Each participant
must feel he has won a number of hard - fought concessions from his
adversaries to satisfy his ego that he has done his job well.
If you are negotiating over a piece of property, go through the motions,
even though you might already be satisfied with the price and terms.

Because unless the other party has satisfied his ego, he is not going to

make the deal, or he is going to find a reason not to close on the deal.
The other party has to be convinced he is making a good deal.
From Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor by
George H. Ross, John Wiley & Sons, 2005, page 62.

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