property management

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 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 […]
August 3, 2017

Waikiki Waves + iphone6 = new iphone7 + Process Interruption….what a beautiful mathematical equation, eh?

Ahhhh….Paradise.  Waves, surfing, sunshine, sushi, and luau’s. This is the story of how I recently re-learned the principle of Process Interruption. I took the family on vacation to Hawaii this Summer; truly is Paradise on Earth.  One sunny afternoon, as the wifey and I are lounging on the beach, sipping Mai Tai’s, and watching the kids play with their boogie boards in the waves, she looks up from her book and says to me,”Why don’t you go in the water for a bit and join them?”  So I get up and go down to the waves and do what middle age men do best–I proceed to play like a big child in the waves with them (I gave up caring long ago what most of society thinks of my behaviors; the freedom is liberating…you should try it sometime.). And just like happens with little kids, after 15 minutes of frolicking […]
September 8, 2017

Did you dig your well before you were thirsty?

Hurricane Harvey.  Hurricane Irma.  Wildfires consuming thousands of acres in Oregon, Montana and Idaho. The U.S. is experiencing a horrible end to Summer 2017 in terms of natural disasters and, yes, it will impact your rental operations and profitability even if you don’t have rental properties in the affected areas. It’s the tsunami wave that will impact the marketplace after the flood water have receded and the last fire ember has been extinguished–the rebuilding efforts. The U.S. construction markets and supply chains were already overtaxed due to record housing sales and new home construction and overall improvement in GDP growth this year.  Supply of skilled labor was already critically short–everyone from framers to electricians to hvac installers, carpet installers to drywall crews,painters to even low-level punch-out guys and cleaning crews. If you heeded the age-old wisdom of Harvey Mackay which recommends “dig your well before you’re thirsty“, you can survive […]
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 […]
November 15, 2018

Property Management Workshop – Indianapolis, IN

One day Property Management Workshop. Includes the following two courses: Understanding Residential Property Management & Leasing Brokers will learn about property management and leasing functions for residential transactions; understanding basic financial issues from perspectives of landlord, tenant, and management company; and basic legal issues from perspectives of landlord, tenant, & management company.  In addition, information will be included concerning FDCPA compliance, types and reasons for investment in rental properties, financial management, management of assets, and lease negotiations. Representing Residential Real Estate Investor Clients This course provides real estate practitioners with an overview of elements involved when representing residential investor clients.  The practitioner is exposed to concepts including:  legal and ethical issues, financing options, types and reasons for investment in rental properties, income tax issues, property analysis, and negotiation strategies.  Brokers will learn how investing in real estate differs from owner-occupant transactions.  They will learn about the various methods of property […]