Love him or hate him

If you figure this area will continue to grow, it's a great time, going forward to find deals

If you figure this area will continue to grow, it's a great time, going forward to find deals

No. I think it will stop because..... All this rain..... Yeah, thats it. Rain..... You hear that folks. Nothing will ever sell here again. Its over! Go home! The bridge is closed.

No. I think it will stop because..... All this rain..... Yeah, thats it. Rain..... You hear that folks. Nothing will ever sell here again. Its over! Go home! The bridge is closed.

check for wetlands, then go for it!

check for wetlands, then go for it!

Rain is really a good time to look at property. Water always tells the truth. BTW, I have seem some very interesting "pendings" on vacant land. Things that make you say hmmmm....

Rain is really a good time to look at property. Water always tells the truth. BTW, I have seem some very interesting "pendings" on vacant land. Things that make you say hmmmm....

Hey! Stop giving my trade secrets away!

No. I think it will stop because..... All this rain..... Yeah, thats it. Rain..... You hear that folks. Nothing will ever sell here again. Its over! Go home! The bridge is closed.

It is not over. Remember the "Truman Show"

Hey! Stop giving my trade secrets away!

No, you guys are the hurricane hunters!

No, you guys are the hurricane hunters!

least you'll know how your property holds up and if it floods.

Hey! Stop giving my trade secrets away!

if the cypress trees are happy, the buyer should be sad

wonder if the donald has written any contacts or has any holdings in sowal or any other nwf gulf coast?

wonder if the donald has written any contacts or has any holdings in sowal or any other nwf gulf coast?

Well, he does know how to flip hair.

Even the baby's a flipper. I may not be a huge fan of the Don but his advice sounds grayt to me. Now hopefully my townhouse will sell so I can go buy a sowal house. I really would a sowal yard to plant stuff in.

wonder if the donald has written any contacts or has any holdings in sowal or any other nwf gulf coast?

he likes those real tall buildings.

yup...don' think he would be welcomed here in "we got height restrictions land"...i wonder though...he could get a real good deal on chateau de paris...

DATELINE: APRIL 2006

You're Approved: Donald Trump Presents His Own Mortgage Firm

Donald Trump wants to lend you money.

Seeking to leverage exposure from his television show "The Apprentice," the real-estate developer and entrepreneur thinks it's the right time to get into the mortgage business -- even as some others head for the exits.

Mr. Trump, due to formally introduce Trump Mortgage today (it actually opened for business, with little fanfare, in November), expects that his high-profile name and white-glove treatment of borrowers will win market share in a fragmented mortgage-broker business with a reputation for spotty service. In addition to linking home buyers to lenders -- the backbone of the business -- he is also talking to Wall Street firms about starting his own mortgage bank. His goal: a broad-based company serving borrowers ranging from $100,000 home buyers to $200 million commercial developers.

"The brand has never been stronger," says the 59-year-old executive. "This was just a good time to utilize the name and have a really good mortgage company."

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DATELINE: DEC 2006

Trump mortgage chief inflated resume

Donald Trump said his new mortgage-brokerage unit would inject honesty into an industry with a bad reputation. But his lieutenant's resume raises credibility issues.

To head the mortgage broker, Trump hired E.J. Ridings, who the company's Web site touts as a seasoned pro. "Trump Mortgage is going to take better care of people than anyone in the mortgage industry ever has," Trump said at the time.

Ridings, of course, agrees. "The housing boom has attracted a variety of people into this business, not all of them honest," he told Money Magazine in September. "I really believe that the public needs and wants a safe place to get a mortgage."

But if Trump is trying to build a mortgage brand on honesty, he seems to have said 'You're hired' to the wrong executive.

In interviews with Money and on his company's Web site, Ridings has made a number of false or misleading claims about his professional experience. Last week, following inquiries by Money into Ridings' background, Trump Mortgage altered its Web site, removing some of the claims it contained about Ridings' past employment.

First, Ridings' initial bio stated that before joining the company he was "a top executive at one of Wall Street's most prestigious investment banks."

Second, the bio had said that Ridings was an "established leader" at one of New York's leading mortgage boutiques.

Third, the bio said he had 15 years of experience in the financial industry.

All three claims appear to be false, according to regulatory documents obtained by Money and interviews with former colleagues of Ridings.

Where Ridings does have a fair amount of experience is in the nutritional supplement business. In the mid-1990s, he founded a company that sold a variety of vitamins and health drinks. Before that, Ridings owned a cleaning service. Ridings, through a spokesperson, says his 15 years of experience includes the "financial industry experience within his own companies that he founded earlier in his career."

Where Ridings does have a fair amount of experience is in the nutritional supplement business. In the mid-1990s, he founded a company that sold a variety of vitamins and health drinks. Before that, Ridings owned a cleaning service. Ridings, through a spokesperson, says his 15 years of experience includes the "financial industry experience within his own companies that he founded earlier in his career."

And Trump Mortgage has fallen short of Ridings' earlier forecasts. At the time of the company's launch, Ridings predicted the company would complete $3 billion in loans in 2006, much of it in residential lending. Now Ridings says, "Trump Mortgage anticipated doing close to $1 billion in residential mortgages, but that figure may not be reached by the end of this year."
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DATELINE: AUG 13, 2007

Trump Mortgage, "You're foreclosed"
Weak market, bad timing, exec's troubles doom firm

Donald Trump has pulled the plug on Trump Mortgage less than two years after its launch.

Plagued by bad timing and the disclosure that the firm's chief executive had inflated his credentials, the mortgage brokerage never came close to reaching its financial goals. Another reason the company stumbled is that it expanded too quickly, instead of taking the time to build relationships with brokers and lenders.

Mr. Trump down-played his role in Trump Mortgage. He said that he didn't have an ownership stake in what amounted to a mere licensing deal. "The mortgage business is not a business I particularly liked or wanted to be part of in a very big way," he said.

That's a different tune than the one he was singing a year ago. After a quiet opening in late 2005 at Mr. Trump's headquarters at 40 Wall St., he officially launched the company in April 2006 at a gala at Trump Tower. Also onstage was chief executive E.J. Ridings, an acquaintance of Donald Trump Jr. who came up with the idea for the company.

Shortly thereafter, Mr. Trump told CNBC's Maria Bartiromo: "I think it's a great time to start a mortgage company. [And] who knows about financing better than I do?"

Riding a wave of popularity thanks to his TV show, The Apprentice, he joked that if the company wasn't a big success, Mr. Ridings would be "fired."

Those words came back to haunt Mr. Trump late last year when Money magazine exposed exaggerations in Mr. Ridings’ company biography. While he claimed to have been "a top professional at one of Wall Street's most prestigious investment banks," his tenure consisted of a three-month stint at Morgan Stanley, including six days as a broker. Mr. Ridings could not be reached for comment for this story.

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Yeah, I can see this Trump guy has his finger on the pulse of Real Estate.



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Yeah, who would think Donald would know anything about RE...? We should all consult local forum boards.

Yeah, who would think Donald would know anything about RE...? We should all consult local forum boards.

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No, all RE is LOCO!

No, all RE is LOCO!

I will second that.

Real estate mogul Donald Trump discusses whether now is the time to buy real estate, particularly properties in foreclosure, with CNBC's Erin Burnett

http://www.cnbc.com/id/15840232?video=561989966

In his book he said, it is time to stop buying when RE agents start flipping. I do not know any agents flipping right now.... Maybe he is onto something? Let the flogging begin!

Anyone know how many times he has been bankrupt?

Anyone know how many times he has been bankrupt?

http://www.legalzoom.com/legal-articles/article13737.html

He seems to be good at that. I think success in RE, is making it through all the ups and downs. Hence, loco!

In his book he said, it is time to stop buying when RE agents start flipping. I do not know any agents flipping right now....

"The Donald" ducks bankruptcy because he doesn't become "personally involved" in his losing corporations. So compare and contrast Trump with what's happening on the street today....what is their take-away from Trump's "Get Rich Quick in Real Estate" books?


What does Trump say in his book when RE agents are at the stage this guy is in:

During the height of Las Vegas's real-estate boom two years ago, property investor Rob Rozzen bought 16 homes, hoping that skyrocketing prices would pump up his retirement nest egg.

Now, Mr. Rozzen says he is considering filing for bankruptcy protection. As the housing market slowed, the 40-year-old was unable to sell the homes, and his full-time job as a real-estate agent was no longer able to support mortgage payments totaling $45,000 a month. So one by one, over the past 14 months, Mr. Rozzen has stopped making payments on his investment properties, for which he paid between $226,000 and $390,000, and lenders have foreclosed.

As a result, Mr. Rozzen's credit score plunged from 730 to the high 400s, he says. The Prada clothes, luxurious vacations, and full-time housekeeper and pool cleaner he once enjoyed are things of the past. Still, he says, walking away from his investment properties was his only option. "You get to a point where your hands are tied," he says.

A growing number of investors like Mr. Rozzen are making the drastic decision to walk away from their properties and ultimately send their homes into foreclosure, lenders and real-estate agents say. Many investors who were hoping to quickly flip their investments are now left with homes that can no longer be sold for more than the mortgage debt. In many cases, these investors can't even find tenants willing to pay enough rent to cover hefty mortgages.

Or when Air Conditioning Contractors are at this stage?

Tom Crossett is one investor on the verge of walking away from his properties. At the height of Florida's condominium boom two years ago, the 53-year-old air-conditioner contractor from Delray Beach, Fla., bought four units with the plan to flip them quickly. He paid between $143,000 and $173,000 for the units.

Mr. Crossett now says the developer of the complex that sold him the converted-from-apartment units reneged on many of the promises, including extensive renovations, making them a tough sell. To help make monthly mortgage payments totaling $4,000, he's been stuck renting the units to tenants who make sporadic payments. He says that next month, he plans to cut his losses and stop paying the mortgages. "The only way I can see for me is to just get out, stop the bleeding and let them go," Mr. Crossett sighs.

OR WHEN OWNERS OF LLCs ARE AT THIS STAGE:

Individual investors may even be on the hook if they borrowed through a limited liability company or a partnership. Principals of LLCs, or general partners of partnerships, can be personally liable if they act as guarantors; lenders often require personal guarantees as part of the loan agreement.

"Banks want the individuals on the hook," says New York lawyer Gideon Rothschild. Partnerships and LLCs are good to "protect you against slips and falls on your property," adds Jay Adkisson, a Newport Beach, Calif., lawyer, but they offer little protection if a lender requires you to sign a personal guarantee.

What's more, whether other assets, such as insurance policies and personal residences, are shielded from creditors varies widely by state. In Florida and Texas, for instance, your home, life-insurance policy, annuity or retirement plan are generally shielded from creditors. California, by contrast, offers much less protection for debtors.

Of course, investors can take steps to shield their assets from creditors. But setting up fancy structures, such as offshore trusts designed to keep property off limits from creditors, typically only works if done before creditors appear on the horizon, says Beachwood, Ohio, lawyer John E. Sullivan III. Similarly, assets in a 401(k) are generally protected from creditors if the plan was already in existence. "If you plan when the coast is clear, you should be OK," says Mr. Sullivan. "If you choose to wait, it could be too late."

Mr. Adkisson, the Newport Beach, Calif., lawyer, says he has received about 30 calls a week in recent months from real-estate investors seeking to shield their assets, just as lenders are beginning to chase after them. "There's just an absolute flood of people seeking asset protection, and it's all after the fact. It's like buying auto insurance after the car wreck."

There are a few things you can do to protect your money even as creditors are moving in. One idea: Move to Florida and buy a big house. (SIDEBAR: Realtors on the board--take note of possible addition to sales pitch.) As long as you can stay out of bankruptcy and qualify for Florida residency, a creditor can't force the sale of your home under Florida law, says Mr. Rothschild, the New York lawyer, who adds that the tactic won't work under new bankruptcy rules if you're forced to file for bankruptcy protection.

Investors who face foreclosure may be left with a big federal tax hit, says Mr. Witt, of Deloitte. That's because, in a recourse loan, the amount of the loan forgiven by the lender, in excess of the property's fair market value, is typically taxed as ordinary income to the taxpayer, he says.

The tax code does offer some relief, but only if the loan is forgiven during bankruptcy proceedings or if the borrower was insolvent immediately before the loan was discharged. However, it's tough to prove insolvency, since the Internal Revenue Service considers many assets, such as 401(k) retirement plans, in determining whether a borrower is insolvent. "These assets are typically exempt from creditors, but not for tax purposes," says Mr. Witt.

One option to avoid, if possible: filing for bankruptcy protection. Laws passed in 2005 make it much tougher in some cases to protect certain assets, such as your primary residence, from creditors during bankruptcy.

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As I see it, "The Donald" is a very well-paid genius at throwing chit against the wall to see what sticks without getting any under his own fingernails...nothing more, nothing less. What he does would never work for the commoners who buy his books.

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I would not think ONE WOULD have the ability to see it any other way.