Organizing Tips

September 27, 2017

An ounce of prevention……a pile of cash saved

Like you, I try and plan my day and evening activities to minimize windshield time.  On Tuesday of this week, after dropping one of the kids off at his Boy Scout meeting, I zipped over to Lowe’s to pick up some Super Glue and Krud Cutter (to wash siding mildew). After paying for the items, I head over to the restroom before leaving the store and walk past the drinking fountains.  Here’s what I saw: Normally I would have kept walking, done my business, and left the store. But this actually made me stop, chuckle a bit, and shake my head. Notice the stream of water? Now, I get that things break all the time.  (Certainly not picking on Lowe’s….goodness knows they get plenty of my money each month as does Home Depot.)  One of my operating companies manages commercial properties, so I understand that part.  Kudos to the store […]
March 10, 2017

Move Your Fulcrum

A few weeks back I wrote about 2017 as a fulcrum year…..if you missed it, here’s the link: http://danbaldini.com/2017/02/20/2017-is-a-fulcrum-year/ Since that post, a few enterprising individuals have emailed or PM’d me asking for more clarification on how they can make 2017 a great year fulcrum year for their rental operation.  (Actually, one of my more direct coaching clients comment was,“Baldini–I’ve read your article 3 times now…What the Hell are you talking about?”…….I love it when people are direct.) Here’s what I told them:  Move Your Fulcrum Imagine the classic teeter-totter from a playground.  It has a long beam with two seats at the ends and a fulcrum in the middle.  Well, if there’s a heavy kid on the one end, in order to lift the heavy kid up, you either have to have an equally heavy kid on the other end or use an immense amount of force to push down your […]
November 22, 2016

Year End Planning Questions

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 […]
September 28, 2016

Vampires and your Rental Properties

If you’ve ever read any of the feel-good books like Tuesday’s With Morrie or self-help books like Stephen Covey’s 7 Habits of Highly Effective People, you already know about the concept of “vampire time-suck“. This is the person or situation that sucks the valuable time (aka “your blood”) out of you by attending certain meetings, taking certain phone calls, and completing to-do’s.  If you think even for 30 seconds here, you can mentally picture that co-worker or vendor or daily/weekly job task that fills this time-suck, can’t you? Me too. Why do I bring this up today? Because one of my property management Clients reminded me how this concept intersects with the financial concept of “discounting value of money”. Here’s the basic concept:  A dollar earned or saved today is worth more than a dollar earned or saved in the future.  It’s the method used to bring future projected cash […]
July 8, 2016

In Case of Emergency, Part II….

So yesterday I posed this hypothetical question of:  “What would you do if your Tenant was incapacitated and a friend of theirs needs access to the property to pick things up?” (http://danbaldini.com/2016/07/08/in-case-of-emergency/) If your lease agreement doesn’t contain specific language and data to address this situation, you as the landlord or property manager are in a tough spot. Do you deny access to the friend or do you allow him access to the tenant’s personal property? How do you know he isn’t a scam artist? How do you know he is not perhaps an identify thief who happens to know the tenant is traveling out of the country and unreadable for a few more weeks? Fact is, unless you have protocols in place prior to this event happening, you simply don’t know and you are unprepared to deal with it appropriately. Not a fun position to be in, is it? […]