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I NDEX

key points, 179 fixed-rate versus variable-rate,
launch parties, 190 142–143
literature, artwork, and models, 183, high-leverage loan programs for
188–189 owner-occupants, 150–153
location, playing up, 183–184 FHA 203(b), 150
models, 182–183, 188–189, 191 FHA 203(k), 150–151
presentations, 185–188 FHA qualifying assumptions, 151
promotions, 190–192 FHA/VA 203(v), 150
showing property, 184–185 FHA/VA nonqualifying
signs on property, 190 assumptions, 151
“sizzle,” selling the, 181–184 HUD homes, 151
Meetings, preparing for, 15 real estate owner (REO), 152
Merrill, Dina, 196 VA mortgages, 151
Minskoff, Ed, 39–43 VA qualifying assumptions, 151–152
Mistakes, admitting, 84 shopping for, importance of, 141–142
Models, marketing, 182–183, 188–189, Multiple-use strategy (Trump Tower),
191 104–105, 109–110, 111
Money, raising, 125–152
borrowing: Negotiations, 45–68, 69–97
choosing lenders (need for a working adopting your own style, 88
relationship), 144 case study (Trump’s 40 Wall Street
cost of, 219 Building), 47–53
credit, establishing, 134–140 dealing with partners you can’t trust,
fixed-rate versus variable-rate 75–76
mortgages, 142–143 with decision makers, not
home mortgages, 141–142 representatives, 53–54
interest rates, 144 definitions, and what it is not, 72–73
lessons for first-time borrowers, dos and don’ts, 88–89
136–137 do be indecisive to drag out the
loan agreements, 144 negotiation, 89
loan size (borrowing as much as you don’t accept any offer right away,
can for as long as you can), hold back, 89
140–141 don’t assume the other side knows
maturity dates, 144 what you know, 89
mortgage alternatives for small don’t believe in the “bogey” theory,
investors, 149–152 88
owner-occupants, high-leverage don’t do quick negotiations, 89
loan programs for owner- don’t forget that there’s no right
occupants, 150–153 price for the wrong property, 89
prepayment rights, 140, 144 don’t talk about your weaknesses, 88
tax issues, 140 don’t trust your assumptions, 89
terms of payment, 144 don’t use all the power you possess,
time and leverage, 143–144 89
case study (GM Building), 128–134 exclusivity, creating aura of, 54–56
from investors, 144–149 goals at start:
key points, 125 assessing both sides, 74
Trump deals, typical percentages, 127 defining “fair and reasonable,” 74
Mortgage(s): learning other side’s position, 73
alternatives for small investors, understanding constraints, 73–74
149–152 instinct, value of, 74–76

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