[Rhodes22-list] 2007 Tax Return

[Bill Effros]

Gregg,

Fred Trump became a multi millionaire builder after WWII.  He had the
ability to borrow as much money as he wanted because he had other assets
to attach, and banks didn't have to worry that he would go bankrupt on
this deal.

Rest assured that if you and your dad had gone to the bank to purchase
Swifton Village you would not have gotten the loan.

And if Donald had gone alone, he wouldn't have gotten it either.

His father repeatedly bailed him out of bad deals.

The Donald spends a lot of time trying to rewrite history, but I doubt
that he will get away with it.

Bill Effros


Gregg J. MacMillan wrote:
>    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."
>
>