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Transcript: How Donald Trump Became A Billionaire
Donald Trump. Love him or hate him. He has made a lot of money. Donald Trump - I am really rich. Let’s ignore his political views for a second and understand the business side of Trump and how he turned a small loan of one million dollars into billions.
What’s up everybody, my name is Jaspreet Singh and welcome to the Minority Mindset
So How did it all get started? Donald Trump started in real estate with the Swifton Village Apartment Complex in Cinncinnati, Ohio. Donald Trump's father bought the apartment complex out of foreclosure for 5.7 million in 1962. Donald Trump spent another 500k in fixing up the property. He then worked to take the 1200 units from 34% occupancy to 100% occupancy, and then he sold the property for 6.75 million. Making a profit of 1 million dollars, not including any rental income.
Then he decided it’s time for the big leagues so he moved to Manhattan, where he started The Trump Organization - a Limited Liability Conglomerate meaning it is a business comprised of multiple businesses.
Donald Trump at the age of 27 was able to negotiate an option to buy two waterfront sites from Penn Central for $62 million with NO MONEY DOWN. That means that Donald Trump had the right to do what he wants with the property without buying it, and if he wanted the property, then he would buy it, with no downside. So being Donald Trump, he hit the media hard by campaigning about how wonderful his site would be for a convention center, targeting politicians & how it would benefit the city. Trump won the deal and earned 800k in profits & as for the second site? He couldn’t sell it so he gave it back to Penn Station.
And so he replicated that no money down formula again and again. But unlike many other developers, Donald Trump branded all of his businesses with the Trump name from things like the Trump Tower, Trump Winery, Trump National Golf Club, oh and don’t forget Trump Ice Bottled Water, Trump Chocolate, Trump Steaks.
This branding allowed Trump to build a business around the Trump name. Real Estate developers all around the world now pay Donald Trump to brand their properties with the “Trump” name. Forbes estimates that there are about 33 multi-million dollar developments that Donald Trump has licensed his name to. That means he get’s his name on a building, he gets paid, and he doesn’t have any of the risk!
But Donald Trump loves being heard & the Real Estate business wasn’t bringing in enough celebrity attention for Donald Trump so he became the executive producer and host for NBC’s show the Apprentice. During the first season Donald Trump made about 50k per episode, and net some pocket change of 700k over the season. But people loved watching Donald Trump say you’re fired so much, that the show’s ratings sky rocketed. After the first season, Donald Trump was averaging about $3 million a show earning him over $213 million dollars from 14 seasons. There was no season 15 because that would interfere with him running for president.
But his TV surprises don’t end there. Don’t forget about the time he tackled Vince McMahon on Wrestlemania. Why wouldn’t a presidential candidate shave a billionaires head on tv?
And so what is Trump up to now? He has been on the news almost every day for months for his presidential campaign. But, the question is, how is he making money with this media coverage? Well on November 3rd, 2015 – after becoming the lead runner in the Republican party, Donald Trump released his latest book: Crippled America. Which is now a number 1 best seller on Amazon. If you are going to get that much news coverage, you might as well make some money.
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Based in Detroit. #Punjab