Donald Trump says 'This is a great time to buy real estate'Here are some of the key points mentioned;
KING: Why -- why a good time for an entrepreneur and not necessarily for others?
TRUMP: Well, I don't think I've ever seen a time where there's been this kind of play, where you have assets that you can buy for dollars. I've never seen a time like it, Larry.
KING: So you -- this is the time for smart people to make money, is what you're saying?
TRUMP: Well, this is a time for smart people. This is a time for entrepreneurial people. And this is a time for people like me. This is a great time for people like me -- and maybe people like you, Larry, because I know you're a great investor.
KING: With troubled times like this for the average guy who may be foreclosing on his house, is this the time to think like a champion?
TRUMP: Well, this is a time to think like a champion. This is the best time to think like a champion. As an example, the house is being foreclosed. You go see your bank -- maybe you can make a deal, maybe you can't. But you can make a deal with a bank on another house, Larry, because -- and much better than the one you're living in. And they'll take back financing. They'll do any deal to get rid of their product.
They have houses by the thousands. And you go see that bank and you make a deal.
And this is a great time for a person to go out, make a deal, get a house bigger and better than the one you're living in now, except the bank will give you virtually 100 percent financing. They'll take back a mortgage and you'll be in better shape than you were before, if you know what you're doing.
So we have a lot of cash. I'm buying things. I just bought a big, big project right near Washington, D.C. -- three miles on the Potomac River, the most beautiful piece of land -- I mean, land that I was looking at for years that I never thought I could get and all of a sudden I've gotten it.
And that's what I'm talking about. These are great times for an entrepreneur to make money. And whether you have a lot of cash or don't have so much, you've got to get seller financing, because the banks aren't there. The banks aren't going to help you. You try and get seller financing. They sell you something, they have to take that financing or take back a mortgage. Very important.
And that's whether you have cash or not, because otherwise you're not going to have the cash for very long.
You said that this is a good time to buy real estate.
What about financing?
What if you want to buy and you can't get the mortgage?
TRUMP: Larry, this is a great time to buy real estate. And more and more, I'm convinced -- and things that I couldn't have even thought about getting, the prices were so ridiculous, I'm negotiating, I think, very successfully right now.
Now, in two years, I might have said, "Larry, I made a mistake. I paid too much." Who knows, with the way the world is going, with the way the country is going, with what's happened?
But I really think this is a great time to buy.
And as far as financing is concerned, the only financing -- the only financing you should be thinking about is seller financing. If the seller won't give you financing, don't do it, because the banks are not doing their job. They're not providing financing for deals.