TAILIEUCHUNG - TRUMP STRATEGIES FOR REAL ESTATE CHAPTER 8

CHAPTER 8 WHY TRUMP BUILDING P R O J E C T S A R E A LW A Y S TIME AND ON UNDER BUDGET. KEY POINTS: Manage contractors and control costs. Be your own general contractor when possible. Create incentives for being early rather than having penalties for being late. | 8 Why Trump Building Projects Are Always on Time and Under Budget Key Poinis Manage contractors and control costs. Be your own general contractor when possible. Create incentives for being early rather than having ies lor feme late. Be fanatical about details. Motivate people. 165 Donald Trump learned most of what he knows about the construction business from his father who was also a renowned real estate developer and builder. One of the earliest photos of Donald shows him at the age of 12 inspecting the foundation of one of his father s buildings. Fred Trump was meticulous in overseeing what he built. He was very involved and insisted on knowing every detail of how his buildings were being constructed from laying bricks and installing steel beams to digging foundations until the building was completed. Donald inherited his father s work ethic. A classic example of Donald Trump s hands-on monitoring of construction progress occurred when he was transforming the old Briar Hall golf course into what is now Trump National Golf and Country Club in Briarcliff Manor New York. While inspecting the site he learned that a huge amount of granite existed at a critical spot and would require a major amount of blasting to remove. Trump was curious and went to the spot and said Why can t we incorporate the stone to serve as a backdrop for a major waterfall on a golf hole The site engineer replied You re talking about a waterfall that will be over 100 feet high and will require a large source of water to make it eye catching. It s going to cost millions to build. Trump said I know but it will be my signature hole and everyone who plays the course will talk about it. It s worth the price. Trump was right. The 13 th hole at Trump National is the wow hole on the entire course. Manage Contractors and Control Costs Small investors who closely monitor the progress and problems that arise in their own building and renovation projects will find many .

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