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The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)
book

The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)

by Ken Fisher, Lara W. Hoffmans
November 2009
Beginner to intermediate content levelBeginner to intermediate
256 pages
10h 55m
English
Wiley
Content preview from The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)
A compelling but
reasonable
business
plan is
vital.
Trumping the Land Barons 1169
Now
what? Sell sell sell! You're offering
them that piece
of
the deal,
but
with a huge
haircut for your
management-because
you make it all happen.
This
is like
OPM
(Chapter
7-check
that chapter for a good
parallel) .
Good
land barons are super salesmen like founder
-CEOs
(or pretty much every
other
road) . Many investors will decide your
pro forma is fantasy. So you figure
out
what's wrong and fix
it-or
what's wrong with the investors and change them.
BUY,
BUILD,
OR
BOTH?
Wha
t kind
of
baron will you be? Do you want to build fancy new
properties like the Donald, acquire existing ones, or some of both?
(Actually, Trump's father started in non-fancy apartments, handing
the Donald a big bundle.
The
Donald grew that in the mid-1970s
by buying troubled Manhattan buildings when
New
York was flat
on its back. His fancy-new phase came later.) Build or buy, there
are distinct considerations. First, consider the following.
Location,
Location,
Location
Concentrate in communities friendly to you
-a
rule that's true and
untrue all at once. If you don't have political clout you must be in a
business-friendly place. If you have political clout somep lace that is
otherwise hostile, you can do there what most can't. Political clout
is another way to say the community is friendly to you,
but
maybe
not
to everyone else.
Lots of people can do deals where they come from, but can't ...
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Publisher Resources

ISBN: 9780470481554Purchase book