A Lexus mechanic was removing a cylinder head from the motor of a LS460 when he spotted a well-known cardiologist in his shop. The cardiologist was there waiting for the service manager to come and take a look at his car when the mechanic shouted across the garage, “Hey Doc, want to take a look at this?” The cardiologist, a bit surprised walked over to where the mechanic was working. The mechanic straightened up, wiped his hands on a rag and asked, “So Doc, look at this engine. I opened it’s heart, took the valves out, repaired or replaced anything damaged, and then put everything back in, and when I finished, it worked just like new. So how is it that I make $48,000 a year and you make $1.7M when you and I are doing basically the same work? The cardiologist paused, leaned over, and then whispered to the mechanic, […]
Below is an unaltered, unedited email from Ken Anderson, a Client of Polaris Property Management. Enjoy.} On Feb 4, 2015 7:08 PM, “Daniel Baldini” <email@example.com> wrote: Hey Ken, I need a favor from you, please. You have a unique situation as a landlord whereby you switched from an owner to landlord with a management guy, fired him, and hired us. I’d like to have your first-hand observations of the differences between the guy you used to use and your experience with Polaris. Would you be willing to type out your thoughts (even if simple, run of the spout stuff without editing) so we can help others understand why they should consider hiring us in the future? It would mean a lot to have it in your words, in your ideas… Dan Baldini, MBA (Ken’s response….) Sure. Here you go.. To whom it may concern, In the fall of 2013 I […]
Each landlord we work with has a unique problem—filling their rental vacancy. On the surface, It may seem like a unique problem to only this industry. But when you apply business topology, the problem becomes quite common. In fact, there are at least 3 other industries who have almost the exact same problem. Unsold inventory. Billboards, hotels, and airlines all HATE unsold inventory because the moment when time passes, it is utterly worthless. As soon as the date changes on a hotel room with vacancies, that hotel cannot make up the lost profit. Same with the radio station with unsold advertising slots for radio commercials. Same for airliners that taxi and take off with seats missing rear ends sitting in them. Same for landlords. Which is why we are a strong proponent of aggressive and early marketing of properties with vacancies coming up soon. Think about the math here…. If you rent a […]
I'm a sucker for watching The Outlaw Josey Wales every time it is on TV. My absolutely favorite scene is the "Missouri Boat ride". Josey is riding for his life, chased by the infamous Red legs. But instead of hustling, he naps. One cool cat. Watch the clip below then read on.... https://www.youtube.com/watch?v=t-KEnU9TBmQ&app=desktop Read More
The City Council of Indianapolis is at it again…. They are debating again the Source of Income Amendment that was voted on twice now and defeated twice. If you’ll recall, I wrote about this idiocy and ignorance of risk/return and rental properties back in August 2014. They are holding a Rules and Public Policy Committee tonight at 5:30 pm in Room 260 of the City County Building. If you can attend, please attend and speak out on behalf of your Rights to Liberty and the Pursuit of Happiness. Here’s the link to that prior post….http://danbaldini.com/dont-you-dare-treat-income-sources-differently/ This is like a mental venereal disease that won’t go away…unless, perhaps, we VOTE OUT the Councilmen and Councilwomen who actually side with this socialistic collectivistic agenda. NOW THAT’S an idea that IS worthy of debate!
If you are going to fire a gun, there is an old saying: Pull the trigger and you ride the bullet. In other words, you take full responsibility for what happens not just at the time when the bullet blasts out of the muzzle of the gun, but for the entire flight of that bullet–where it goes, what it impacts, and beyond. In real estate investing, responsible investors practice this principle. They know full well that they, NOT someone else, is responsible for everything that occurs on/in/around their units. In addition, they are responsible for making sure that they have the financial resources available to fix things that go wrong, replace parts that wear out, and the shear guts to make the tough decisions. Also in real estate practice, responsible agents practice this principle. It has become quite fashionable for agents to provide counsel to Buyers and Investors on the […]
Is the party almost over for Landlords and Real Estate Investors in residential rentals? Rental rates across the US, Indianapolis metro area included, have been on a consistent tear for a number of years now….Landlords have benefitted allowing the asset prices to get bid up on both rental properties for sale. However, just like with everything in life, there are limits…. Here’s a good article that takes both a granular and high level approach at looking into this pending issue…. http://nreionline.com/multifamily/rent-burdened-nation-housing-expert-discusses-affordable-housing-crisis Certainly, if your local market conditions allow, maximize your rental revenue whenever possible, but keep this knowledge on your radar as we may be witnessing a market shift in rental rates. If you haven’t repriced your properties lately or done a competitive analysis, now may be a good time to get this information gathered. As always, if we can assist, call or click.
If you are a renter, you feel the pinch. If you are a landlord, you feel the bulge in your bank account. Here’s a good article and short video clip from CNBC about the top rental markets in the US as well as how they relate to affordability. http://www.cnbc.com/id/102159830 As Landlords and Real Estate Investors, you should be aware of the relationship between rent values and your tenant’s income growth patterns. As always, real estate is local, so if you need help understanding what is occuring in your area of town, email, call or click. Dan Baldini is the Executive Property Manager of Polaris Property Management, LLC. Dan focuses his practice on the residential real estate markets including Indianapolis, Carmel, Zionsville, Fishers and other surrounding areas. Dan continually seeks out new resources for Team training and education in order to keep all the Team members skills on the leading edge […]
Since the launch of Polaris, a single strategy has been pursued with clarity: Consistent and Reliable real estate services. Almost a decade later, we still have work to do….but that’s fine with us since we ALWAYS have work to Deliver. When you operate in complex situations like we do with unpredictable problems and challenges, the only constant is change. Which is why we are always seeking to find good people to join us….our operating environment IS NOT for the faint at heart or those looking to punch a clock. It’s damn hard work. We are always looking for people who are Actively seek to know what they don’t know….. People who like to Design systems to make available all knowledge that relates to a problem to everyone in the organization….. People who Learn in a quick and efficient manner….. People who Aggressively avoid organizational hubris….. People who can Train […]