The Long Game usually refers to avoiding immediate gratification for longer term benefits. e.g. I can eat this whole pie now but I won’t have anything left for Tomorrow and I’ll feel miserable. I don’t think a lot of us play The Long Game right!
Each week I usually receive the same concerns from Real Estate Investors:
1. “I’m getting this Tenant out but it’s tough. How long does it take you for an Eviction?” As their situation unfolds there are usually 2 or 3 egregious mistakes they’ve made with the “Trouble Tenant” from Hell. 1 mistake you can usually overcome. 2 or 3 Good Luck! and I’m not sure if there are any Tenants left in Hell because almost all beginning Investors seem to have one!
The Long Game – However I don’t believe the problem Tenants actually originated there. I do believe we are mostly responsible for their association with Satan. It’s a good start to remember that your Tenants live 24/7 in your property and can’t escape thinking about you and any problem e.g. the water pouring in or the lack of heat or the lights that don’t work. While Landlords can easily tune those problems out.
My advice, take the calls and respond ASAP! Following up as quickly as possible. Then you may not need an Eviction Attorney. However if you ever do, let’s start by getting setup this evening with Joe!
2. I’m almost completely setup with my LLC to Flip properties for “chunks” of money and control Rentals for residual income! Is the LLC the best Entity for your business? Should you get some business first? When should you look at “Exit Strategies”?
The Long Game – Personally I think a little planning and strategy goes a long way for you. Having ready, qualified Buyers is essential. Then get the properties they’re looking for. As the property, money and liability comes in, Then you need an Entity! Again, which one? Joe’s here to review your circumstances and make a suggestion!
3. How can I get to deal with that “Gate Keeper”, COL Center of Influence or Absent Partner?
The Long Game – My company is now encouraging us to start a Dialogue with those folks that uses an “8 touch” system that’s based on the Law of Reciprocity and outlined in the “Conceptual Selling and KW’s red book. [email protected]
4. Condominiums, on the surface they look like a great deal, usually no big surprises like a leaky roof, a flooding basement or environmental concerns (Asbestos, Solvents in the Soil or Lead Paint) because these are “shared” expenses, with the other units. However a situation I’m seeing, as a Mortgage Broker, is where Ownership by a single person or Owner Occupied vs Investment is a problem when you try to sell.
The Long Game – What did it take YOU to get into this Condo, How close were the Guidelines and Monitor this on a regular basis. Imagine if one person bought more than the percentage Fannie Mae allows and you could only sell for cash?
We’ll see you this evening, Tuesday, October 29, 2013 6:30 -9:00 PM at the SpringHill Suites Hotel, 43 Newbury Street (Route 1 North) Peabody, MA 01960 Always no charge to members, Only $99.00/year to join, Only $25 for guests at the door.
Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 781-639-6816 office