[Rhodes22-list] 2007 Tax Return

[Gregg J. MacMillan]

   At 3:34 PM -0400 5/26/06, Bill Effros wrote:

     Actually, Trump inherited it.

   I'm sure he inherited some, but here's how he got started...right here
   in Cincinnati.

   --Gregg

   "During his college years, Donald Trump and his father decided to
   purchase an apartment complex in Ohio which was in bankruptcy. The
   purchase of this complex is striking because they obtained financing
   above the purchase price so they could do the necessary remodeling to
   the run down complex. The development purchased by Donald Trump with
   his father's aid was called Swifton Village, a 1,200 unit apartment in
   Cincinnati, Ohio. It was purchased at a foreclosure sale for less than
   $6 million and sold within a year and half for about $12 million
   dollars. Without a penny of their own invested they were able to turn
   the apartment complex around by taking a strict approach at rent
   collection and by remodeling the appearance of the complex. Trump was
   able to see how the government would assist buyers in purchasing
   property with little or no financial backing and how do get such aid.
   This incident was the beginnings of the Donald Trump we know today.
   This event proved to be the single most important lesson Donald Trump
   learned."

-- 

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