Page 160 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

• I ’ m beginning to see that retail space in strip malls these days is
running in this range . . . why does this deal have such low rates?

What you ’ re doing is observing, comparing, and above all, asking
questions.
The wonderful thing about this process is that it can happen as
quickly as you want it to. If your marketing machine is well - built and
humming, you ’ ll be seeing deal after deal.
In fact, you can go to www.loopnet.com and begin to see deals

five minutes from now. It ’ s true that most of them will not be what
you ’ re after. That ’ s okay, because you ’ re just getting comfortable at
this stage. Sailors get their sea legs , and you ’ re getting your deal legs .
As I mention in an earlier chapter, begin to build relationships
with brokers just as soon as you can. When doing so, understand that
initially you will be tested. The broker will send you a few deals to see
if you will take the bait. These are usually deals the broker hasn ’ t been
able to sell to anyone else. He ’ s not only sizing up your knowledge,
but, who knows — you just might take the deal off his hands.
Even the dog deals can be helpful to you. You ’ ll be able to analyze
that many more deals, and you will have an opportunity to build rap-
port with the broker. To make that happen, it ’ s crucial that you handle
the dog deals properly. Here are your options:
Option 1: Silence. You simply don ’ t say anything. This is unpro-
fessional. You must thank the broker for sending you anything, and
use that opening as a chance to explain what you ’ re looking for.
Option 2: Call the broker and say: “ Mr. Broker, why did you send
me that piece of junk? You know as well as I do that those numbers just
don ’ t work. I ’ m not stupid, you know. ” This is an excellent way to
never hear from the broker again.
Option 3: Call the broker and say: “ Mr. Broker, thank you for send-
ing me that deal. Unfortunately, those numbers do not fi t my criteria
for buying. For a deal to work for me, I need a minimum cash - on - cash
return of 10 percent. What do you have in your pipeline that might fi t
my criteria? ”

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