The housing crisis shows signs of slowing down, but it is still very much a huge crisis that is spreading around the globe. Even China is experiencing a housing crisis of its own.
What does the economic crisis mean for small businesses exactly? It appears that for many small businesses, it means tough times. For others, it could be a bonanza. Donald Trump is hardly a small business owner, but he seems to think that the crisis is full of opportunity for entrepreneurs. He gives seminars all over the country, including right here in New York (at swanky hotels like the Roosevelt Hotel in Midtown)where super-energized real estate salesmen/investors try to sell small business owners and entrepreneurs on the idea in investing in distressed real estate. But it appears that exploiting these foreclosure deals is a very complicated scheme. No matter what Donald Trump's "professors" say. So investor beware.
At a time when many small business are finding it more difficult to obtain financing from traditional banks, it may strike some as counterintuitive, if not suicidal to get in on some of these schemes. And it could very well be. And obviously, if a small business is not in the business of real estate, but, rather, is a health food store, for example, the likelihood that such a person or entity could be persuaded to invest in distressed real estate is slim.
However, for those adventersome types, this crisis could be chock full of chocolate nuggets and opportunities to turn lemons into lemonade. You may want to sign up for one of Trump's classes - and maybe if you haven't yet formed your small business, this could be it - investing in distressed real estate. (By the way, when Trump purchsed 40 Wall Street, it was a foreclosure. He got it for $1 million. It is now worth over $400 million!)
At about $1,500.00 for a 3 day course, Trump's seminar sounds like a bargain - for what you could reportedly gain.
3 years ago
