Donald Trump to rescue Ed McMahon’s home
Donald Trump announced that he would save Ed McMahon’s Beverly Hills mansion from foreclosure by buying it for an undisclosed amount and leasing it back to him. The real estate mogul told the Los Angeles Times he doesn’t know McMahon personally, but acted out of compassion because helping out “would be an honor.” McMahon, 85, who was Johnny Carson’s sidekick on the “Tonight” show for three decades, has not worked for about 18 months because of a neck injury.
McMahon bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990. He defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp. The home was listed at $4.6 million last weekend — down from a peak price of $7 million. Probably a good buy for Trump!
This sounds like a win-win situation for “The Donald”. He effectively now will own the home perhaps at a bargain and get positive publicity for doing so. Trump basically becomes Ed McMahon’s landlord. McMahon’s spokesman, Howard Bragman, told The Associated Press that paperwork on the sale had not been completed but that McMahon was “very optimistic” the deal would go through.
I doubt Donald Trump has done this out of compassion. There is no such thing as helping others when it comes to Donald Trump. He likes to make it look that way, but his purpose is not to help others, he only helps himself. If he decided to buy out Ed McMahon’s house, it’s because he could see hidden value and an undeniable return on investment. Ed McMahon may be in more trouble than he was before, but he doesn’t realize it.
It would seem that The Donald is using the Rent Back strategy as a “Carrot or The Stick” option for Ed Mcmahon. On the one hand, The Carrot – a “save your home” strategy many pre-foreclosure victims are offered these days, but these rescues come hand in hand with real estate investor agendas attached of course. When homeowners are educated and empowered on how to execute this investor technique properly with all of there rights protected and a clear exit strategy that allows them to save their equity and/or save the family home and get the home back, it’s all good.
BUT, If Ed or any homeowner agrees to do a “Rent Back” to stop foreclosure of their home WITHOUT proper education…Imagine a REALLY BIG STICK, and if the investor is really savy like Donald Trump, well that’s hard to do, lets just say he’s just a good talker and he knows the homeowners really got no education or knowledge of a proven foreclosure prevention system…Imagine that REALLY BIG STICK, and a motivated homeowner literally bending over and dropping trou while the investor lubricates this BIG Stick and… Well, you get the picture.
They say – “A picture is worth a thoudsand words”. I hope that was enough to get you to understand the importance of having EDUCATION THAT EMPOWERS.
Good Luck, Ed and Donald!