Probably the most recognized name in real estate investing over the last three decades or so has been Donald Trump. These days, he has his fingers in everything from the reality show The Apprentice to owner of the Miss USA Pageant, which seems to hold the upper hand over Miss America in recent years.
But where did this follicle fashion disaster get his start?
It all began when he went to work for his father’s company, the Trump Organization. While still in college, and in a move that would make Jason happy, his first area of concentration was middle-class rental housing in Brooklyn, Queens, and Staten Island.
But the first feather in his hat he was able to lay claim to was the reorganization and revitalization of a foreclosed apartment building in Cincinnati. This 1,200 unit complex had a 66% vacancy rate. Within one year, Trump had brought the occupancy rate up to 100%. When the Trump Organization sold the complex, they cleared $6 million in profit.
Not too shabby.
This should give hope to all who dream of successful real estate investing. The recent nationwide surge in foreclosures has flooded local markets around the country with newer, well-maintained properties ripe fruit for the picking by investors who see the potential to add to their portfolio at a discount rate.
Flickr / Gage Skidmore
