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//-->Book twoin the series, Make Your Fortune in Real EstateWithout FearReal Estate Richesin an Uncertain Marketby Barry LensonFortuneContentsIntroduction..................................................................... 3Chapter One:Today’s Most Risk-Resistant Business Structures ............ 6Chapter Two:Minimizing Risk with the Right Insurance ....................... 17Chapter Three:How to Know Even More about Properties than theInspectors You Hire........................................................... 28Chapter Four:Mold, Bugs, Floods Earthquakes . . . Unpleasant Risks YouNeed to Understand........................................................... 57Chapter Five:Avoiding the Perils of Risky Financing ............................ 73Special Bonus Chapter:Four Wealth-Preserving Secrets of Real Estate Masters ... 82Books and Internet Resources to Learn More............. 87About the Author............................................................ 93Copyright © 2005 Trump University PressIntroductionWelcome toFortune without Fear,the second book in theMakeYour Fortune in Real Estateself-education books on real estate fromTrump University.Catch the Wave,the first book in the series, showed you a simpleapproach to building a fortune in real estate by timing your investmentsagainst trends in the marketplace, in society, and in your life.Fortune without Fearteaches another set of critical skills that will helpyou build a fortune in real estate:The Ability to Handle RiskWhy write a book about risk? Because risk is part of any real estateactivity. You can analyze it, you can minimize it, but you cannot avoidrisk entirely. Ultimately, your ability to handle risk will determine howsuccessful you are in real estate.A Story from the Early Career of Donald J. TrumpWhen Donald J. Trump was starting his career in real estate, he couldhave chosen a safer path than the one he ultimately took. His father’sreal estate company had already developed impressive properties inQueens, New York. He could have built an enviable real estate empirethere without ever crossing the river to become a major force in Man-hattan real estate and beyond.Nobody made him try his hand at in the real estate “big leagues.” Nev-ertheless, he was determined to take his enterprise to that next level. Todo that, he had to face risk.Introduction3It is important to note, however, that Donald J. Trump was not reckless.He applied wise and prudent techniques to control risk, and then heacted decisively. That is the approach that builds success.Bravery, Recklessness, and CowardiceAll three of these traits can be defined in their relationship to risk:•Bravepeople understand risks, take steps to minimize them, andthen act despite the presence of those risks. In other words, they takecalculatedrisks. They are the people who make things happen.•Recklesspeople charge ahead without stopping to consider the risksthey are facing. Many of them score an occasional win, but few keepon winning indefinitely. They are relying on dumb luck.•Cowardlypeople are paralyzed by fear. They never act. They remainimmobilized in most all areas of life, avoiding anything as risky asreal estate. You won’t hear them mentioned again in this book.A Rock-Solid Way to Minimize RiskPeople who succeed in real estate are brave, but not reckless. They havedeveloped some very effective strategies for analyzing a problem andtaking action:•First,they accept the reality that real estate investments are risky. Inother words, they are realistic.•Second,they invest the time to understand the risks that surroundwhat they want to achieve.Introduction4•Third,they takeconsideredactions, despite the risks that they haveidentified and analyzed. By understanding and minimizing risk, theyreduce it to an acceptable level.•Fourth,they learn a lot from every risk they face. Then they applytheir learning, and build success on success.Those are the skills you will learn inFortune Without Fear.Let’sget started.Introduction5
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