July

July 25, 2017

Meet your New Landlord: Wall Street

The Backstory to Now…. Clients who hire me to coach them before and during their first investment property transaction ask how and when and where all the money came from Wall Street to buy so many thousands of rental homes.  Answering them takes patience and detailed explanations as this is the first time in history such a platform of investment has occurred on such a massive scale. This WSJ article does a solid job of discussing the backstory, the history, and leads with some hints about where the industry of property leasing is headed.  After all, big investors have plopped $40,000,000,000 into buying 200,000 houses as rentals. Some questions for you to ponder as you read the article: As a small, private investor:  How can you compete with these powerhouse-landlords on pricing, marketing, and profit margins? As a property manager:  What lessons can you take away from the article on […]
July 21, 2017

Respect. It’s all about Respect.

This article might strike you as a bitch-and-moan session, and it is that in one bit, but please read through to the end as it’s quite valuable.  I promise. Arethra Franklin nailed it with her legendary song…”Give me a little respect….”  {It’s OK if her voice just popped into your head and you started wiggling those hips around and your index finger started pointing up in the air. Move and Groove, baby….} Earlier this week, I attended a “mandatory” training session for a group I joined.  The training session was to give new members a platform to ensure success in the group, so “training”, right? Registering and attending cost me a nominal amount of money but it also cost me, most importantly, 3 hours of my time from 3:00 until 6:00 pm on a business day. Three hours of prime time to do other tasks like Prospecting, Strategic Planning, or […]
July 13, 2017

Good legislation….finally.

The Indiana General Assembly finally passed clarifying language on occupancy standards. If you’ve had to battle this issue with prospective tenants applying for your property, crack open an adult libation to celebrate.  This new language offers you better protection from Fair Housing lawsuits alleging discrimination due to disparate impact against families with children. Beginning on July 1, 2017 the below state-wide occupancy standard will go into effect. Sec. 7. (a) The residential landlord-tenant statute (as defined in IC 32-31-2.9-2) does not prohibit an owner or landlord from refusing to rent a rental unit on the basis of a reasonable occupancy standard. (b) For purposes of this section, an occupancy standard is presumed reasonable if: (1) it permits two (2) individuals per bedroom; and (2) the owner or landlord: 9100 Keystone Crossing, Ste 725, Indianapolis, IN 46240 (A) does not include infants less than one (1) year of age in the […]
July 11, 2017

Professional Development

October and November begins the next round of jet airplanes and hotels for conventions for me.  Coming up are the annual conventions at NAR and NARPM.  (NAR=National Association of REALTORS; NARPM=National Association of Residential Property Managers).   These events are opportunities to add some jewels to the aging Crown of Knowledge and also exceptional networking events with leaders from all over the country and world.  Here’s a brief list of some of the convention sessions I plan on attending: Business Development Session – Empowering Teams and Individuals Ethics Future-Proofing Your Business Buying, Selling and Expanding Your Reach Office Policies & Procedures for Managing Litigation Top 10 Operational Reports for your Business Lawsuit Waiting to Happen – Navigating HUD’s New Guidelines for the Use of Criminal Records in Rental Decisions 7 Steps of Successful Leadership Maintenance – Tips from the Trenches – War Stories & Lessons Learned Take a guess which one […]
July 7, 2017

All is Well….Nothing to See here….

Unemployment is down.  The Stock Market is soaring.  Everyone is happy. But should they be? It’s times like these when that trusty Spidey-sense starts to tingle…play the real estate investment game long enough, and you see the telltale signs of impending mayhem ahead: Everyone and their brother suddenly thinks real estate is easy money.  (We can tell by the phone calls and referrals we get on this qualitative point.  And the calls and referrals are coming hot and heavy right now….) Folks who shouldn’t be buying rental properties are buying them up faster than Fidget Spinners. (Always a dead give away when the question gets asked,”How many months of PITI do you have in reserve for when this property goes vacant?” and the buyer has that deer-in-the-headlights-look.) Banks easing their lending standards to allow for more marginal buyers. (No income, no doc loans are back.  Yes, seriously, they are.) Yup….it’s […]