What is the baseline for an excellent Property Manager? I get this question from landlords frequently as they attempt to wrap their heads around a seemingly similar commodity of service providers. Most charge about the same amount for their monthly fees, most say they will do a great job. So how in the Hell do you tell which one will actually deliver and do an excellent job? GRIT. Pure GRIT. Find the property manager who has the passion and perseverance for the job. Find the guy or gal who can overcome the physical, emotional, and unknown obstacles day in and day out. Find the property manager who doesn’t have just a simple enthusiasm to earn your business. Almost any fool can be enthusiastic…especially when they want your money. Find the one who has the endurance. Endurance is RARE….find the one who has the ability to endure. You’re not running a […]
Murphy was an optimist….so the joke goes…see how many of these 12 strikes a funny cord with you and go ahead and laugh. Then learn the lesson. (ADA moment: Ever wonder who in the heck Murphy was and why he is famous? Here’s the backstory: http://www.murphys-laws.com/murphy/murphy-true.html) The time when the weather outside is -25 degrees Fahrenheit is when your Tenant calls to tell you their furnace just stopped working. The time when the weather outside is 102 degrees Fahrenheit is when, yep you guessed it, when your Tenant calls to tell you their Air Conditioning just stopped working. Contractors don’t always play nice. Tenants don’t always play nice. Government officials don’t always play nice. (Some experienced would make the pointed argument they NEVER play nice….) Just when you think you remembered everything to do is when that one critical thing slips past you. Checks bounce when you […]
Tick Tock…..time stops for nobody. We are quickly approaching the end of the calendar year and for most investors and property managers that means the end of your tax year, too. As such, it’s time to consider how to best wrap up your 2016 for maximum effect towards your Financial Freedom. Here’s some boxes to flip up the flaps and peer into: YTD P&L: Yes, it seems like this should be self-evident. But after counseling hundreds of investors and property owners, what constantly comes across is how frequently this review gets skipped, especially when profits are strong. However, doing a quick review now is beneficial to compare the P&L to past years to confirm if any expenses are perhaps out of line–both too high and too low. Both can be valuable indicators of something to dig into deeper. (Sidenote: To get a quick and accurate ROI on your property’s profitability […]
Why do sooooo many investors lose money on real estate? ….Because They Buy: The Wrong Real Estate At the Wrong Time For the Wrong Reasons In the Wrong Way From the Wrong People In the Wrong Location Using the Wrong money/financing The investors who have epic failures typically combine more than one of these reasons. Don’t be an epic failure. Be an Epic Success by getting educated and being disciplined.
ARGGHHHHH!!!!! Economic uncertainty is nobody’s friend but lately, if you watch the talking heads and read the mass media pundits, you would think the world is coming to an end and the rapture is here. I’m not so certain these folks are using the correct lens to look through for their prophesies…. This article by David Lynn, Ph.D., covers some of the flight and self-preservation concepts very nicely. He also reminds the reader that business is a cycle with repeatable stages of peaks, contractions, troughs, and expansions. “So where are we now?” is the BILLION dollar question, isn’t it? Here’s Dr. Lynn’s conclusion for those of you who don’t care to read the entire article: We are in a very unusual situation in that the normal pattern of oversupply has not occurred in this real estate recovery. This bodes very well for the real estate market. Over-supply has always killed […]
Here’s the YTD stats for the Indianapolis area through October. Still solid demand, although we are monitoring Zionsville closely as the DOM has ticked up there, perhaps due to the trepidation of the election overwhelming folks lives last month. indy-rental-stats-ytd-thru-october-2016 While you’re reviewing the numbers, how about you help your friend learn about real estate investing by forwarding this email to them so they can subscribe, too? (It’ll make you rich….it’ll make you thin. It’ll make you rich and thin.) (ok….it won’t make you thin, but the rich part is highly likely.)