Management of Rentals

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Our Overview of Expertise

I started in the real estate business in the spring of 1980 after I had completed the Indiana real estate sales person licensing requirements. I knew that was the career path that I wanted to follow with the encouragement of my parents. During one of my first sales meetings at the real estate firm I was affiliated with; my principle brokering discussed that to be successful in the real estate business, you need to be “in the real estate business”. His meaning was that you need to invest in, buy, and sell real estate and self generate business. I took that to heart and within my first 6 months in the real estate business I purchased my first rental property for $14,000 with a $1,000 down payment, 12% interest on a 15 year land contract. The owner of the property had recently lost her husband and she didn’t want to continue owning the property and was very motivated to sell. At that time the interest rates were 16 ½ % for residential property and even more for investment properties so really the only way to sell an investment property at that time was on land contract. Fortunately for me I had really good luck and had good tenants who always paid on time and took care of the property, this was a good thing as I had very little knowledge at the time of what I was doing. If my first property had been a disaster and been difficult to manage as some properties can be, I probably would have dismissed the idea of ever buying more of them, again I was fortunate and had beginner’s luck. My point here is to take some time, do your due diligence in researching your local real estate and investment property market, and be very selective in your first couple of investment properties. These properties will have a huge impact in your future in the rental business, buy a couple difficult properties initially and you will probably be in the rental business for a short miserable time. Buy good properties and you will do just fine and hopefully be able to make the dreams you have of being financially independent come true.

I guess I was lucky as since 1980 I have bought and sold several hundred properties on my own and facilitated at least that many transactions in my sales career in real estate. Don’t get me wrong, I have had my share of bumps and bruises along the way. I have bought what I thought was ideal investment properties that were disastrous and I lost money. The more active you are in this business the more likely that at some point you will buy a bad investment property, hopefully you will be knowledgeable enough to recognize it in a short time and limit your losses. Most of the bad investments I have made have been outside of my control. One quick example, many years ago I purchased a well maintained 4 unit apartment building that had separate utilities, a new roof, newer furnaces, recently sided and exterior painted, and had off street parking, from an estate for $64,000. The building had no vacancies and all the tenants were elderly and generally paid their rent before it was even due. That was a perfect investment property for approx. 18 months. Then the tenants started having their cars broke into in the off street parking lot that came with the building. Then one tenant had their apartment broke into and money and medication stolen. That started the whole downfall for that property. As the break in scared the other tenants and they started looking for other places to move and eventually moved out. I then had problems keeping good tenants as they would have the same problems with break ins and cars being vandalized. After a couple of these incidents I was finally able to ask a police officer why all of a sudden there were these problems. He advised me that there was a large apartment building approx. 2 blocks away on a side street that had been abandoned by the owner. A gang had moved into it and he could never get them out and finally just let it go back to the bank in foreclosure. Since then this gang had been involved in numerous break ins, vandalizing cars and were dealing drugs in the alley way where my off street parking was for my building. That explained everything. I had driven by that building and quite honestly I had driven around the whole neighborhood before I purchased the building to see how the other area properties were maintained. At that time they were all in excellent or good shape with no majors problems. This was outside of my control and I knew immediately I had to sell that building. I listed and sold it for $52,000 and took the loss on it as I knew it would probably only get worse. It did. That building has been sold a couple times since then and now it is abandoned and owned by the bank and in terrible shape. That is just one example of how things can happen outside of your control that has a direct effect on your business.

I have also been successful in my real estate career and recently retired in March 2009 as Vice President of Sales for a large real estate firm in east central Indiana. The last 19 years of my career I have been involved in a sales management capacity and I have started two other real estate related businesses during that time. I also have all the advanced real estate designations from the National Association of Realtors that makes my business card look like alphabet soup after my name, but I don’t know how relevant those are to this website. I would assume your interest in visiting this website is what I have done in my career in the rental business and how that will help you. I hope you will be comforted by the fact I have made good investments…………….. and bad investments, and I know the difference now after years of trials and tribulations. This knowledge has been very expensive and I have paid my fair share for mistakes believe me. Hopefully you can now learn from my mistakes and knowledge and avoid these mistakes or at least limit your losses when you are operating your rental business. I won’t guarantee that you will never have problems if you follow everything I have discussed and advised on to the letter, but I will guarantee that your chances of success and survival in this business will go up exponentially if you do. Hopefully this website will help you in your pursuit of a successful career and make your dream of someday being financially independent come true.

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FREE E-BOOK

Reality Check For Potential Investors In Rental Property

I appropriately named this eBook as I hear so many people that want to get into investing in real estate and quite honestly it can be a very profitable and a wealth building vehicle but there is no magic way to get to that point. Forget about all the get rich schemes that are sold on late night infomercials and on the internet promising get rich quick and thousands of dollars in immediate cash flow. Those are the same people that will get you involved in no money down purchases and getting money back at closing.

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Let's Talk About How to Get Started

First let’s talk about what you bought, whether you bought a single family, multi family or an entire apartment complex the principles of managing the property or properties are all the same.

Below is a list of items and projects you should either have shortly after acquiring your first property .....

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Lead Based Paint Disclosure Form

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