Page 170 - Trump University Commercial Real Estate 101
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TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101



                       Not Taking Action

                     It ’ s easy to see something that ’ s not right with your deal and ignore it.
                   Perhaps you want to wait a while and see if the problem corrects itself,
                   or maybe you ’ re just being lazy. Either way, problems generally tend
                   to get worse.
                         The other form of nonaction that can cause failure is to overana-
                   lyze a deal. Yes, you ’ re  taking action  of sorts by crunching the numbers

                   over and over. The problem is, I define action as  making offers . As we
                   discussed earlier, you must guard against never getting around to mak-
                   ing those offers.



                       Being Cheap

                     Some people try to save money on the property inspection by doing it
                   themselves. That ’ s plain crazy. No matter how well you ’ ve been able to
                   insulate yourself and really focus on the numbers, down deep you ’ re
                   much more emotionally tied to the deal than an inspector is.
                         Besides, you ’ re not qualifi ed!  I ’ m a licensed general contractor
                   with many hundreds of projects under my belt, and  I am not qualifi ed ,
                   okay? So what does that make you?
                         Get a local professional with years of experience. That person
                   knows the local and state laws, the neighborhood, and quite possibly
                   even your target property. Just one sentence from this person can save
                   you tens of thousands of dollars in trouble down the road.
                         Don ’ t try to save money on attorneys, either, by hiring a relative,
                   friend, or a general - practice attorney. Commercial real estate attor-
                   neys  are  expensive. It ’ s a cheap form of insurance, though, to keep you
                   out of bad deals and protect you in the deals you do invest in. If it
                   makes you feel any better while you write out those checks, remember
                   two things: You should only get into deals that are good enough to
                   support the additional costs of attorneys and other team members.
                   Also, your attorney can become a great source of future deals, thus
                   earning you much more than the fees cost you.


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