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TR U M P STR A TEGI ES FO R R E A L ESTA TE

ability to bring in anything worthwhile but I thought it was worth
bringing it to Sol’s attention. Goldman took a quick look at the list-
ing and said, “George, find out how many people the broker has of-
fered this apartment house to.” I did as I was asked and when I went
back into Sol’s office I said, “He knows you’re the number one
buyer of property in Brooklyn so you are the first person who is
aware of this offer.” After listening to me, Sol said to me, “I know
everything about this property, the type of apartments, the rentals,
how well it was built and operated, and I have been secretly trying
to buy it for years without success. If the listing gets out in the
maketplace, a bidding war will take place for the property and I
want to avoid that at all costs. Go out and tell the broker your odd-
ball client will pay $1 million for the property.” I said, “Sol, they’re
only asking $860,000 for the building, so you could probably buy it
for $825,000, why offer $1 million?” Sol insisted that I do as he di-
rected. I pleaded, “How can I possibly get the broker to understand
the excessive offer.” Sol said, “Hey, you’re the lawyer, be creative.”
I went back to the broker who was still sitting in my office and said,
“My client likes the property but there is a serious problem. The
price is too low!” Thinking he heard wrong the broker said, “You
might be able to buy it for $820,000 if you move quickly.” I replied,
“You’re going in the wrong direction, unless you up the price to
$1 million my client isn’t interested.” The broker had a look of total
bewilderment on his face and asked, “Why would anyone pay $1 mil-
lion for a piece of property that could be bought for $860,000?” I
replied, “My client is a very eccentric millionaire, he thinks anything
that costs less than $1 million is beneath him. So if you come back
with a sales contract indicating a purchase price of $1 million, I’m
authorized to sign it and give you a deposit of $100,000 immedi-
ately. But, I suggest you move quickly before my client comes to his
senses.” The broker came back with the contract the next day; I
signed it and gave him the deposit. The amazing thing is that be-
fore title had even passed, Goldman obtained a first mortgage on the

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