Rumor has it that my picture is on a few dart boards. With plenty of darts stuck in that picture. It would not surprise me. You see when it comes to investment real estate I tend to have very high expectations from the people that I deal with and I have no problem in letting them know what my expectations are.
That can make a guy like me a little difficult to deal with when I have a habit of telling it like it is. Especially when it comes to managing the day to day operations of the investment properties that my investment partners and I own together.
I expect a lot out of my management teams because my investor partners expect a lot out of me. Not only that but in most cases my personal investment is also on the line too so I also have a personal interest in making sure the properties are operating at the highest possible level.
To do that can make you unpopular with your management staff because you work them hard.
That's the problem.
Its not that my management staff does not want to or cannot work hard. It’s that no other owner works them as hard as I do. Compared to many other apartment property owners and investors I am what is called SUPER HIGH MAINTENANCE.
And we all know it.
Key To Successful Commercial Investments
One of the biggest eye openers for investors, especially new investors, is not only reviewing an investment property that they may be thinking about investing in but taking a good look at properties over time. Seeing how the investment process really works and really comes together over time is eye opening too many. The juggling of the following seven areas of property management can leave a new investors overwhelmed:
- Inspections of Property
- Security Deposits
- Accounting Services
- Mortgage & Utility Payments
- Rent Collection
- Repair & Maintenance Service
As they say the proof is in the pudding. This is one of the web sites for our property holdings (www.theforestridge.com). I think this will go a long way in giving you an idea how frankly paranoid I am about the results of our properties which…can sometimes lead to my face on the dart board.
Don't get me wrong either. My management staff and I get along fine. There is no bad blood or hard feelings and the dart board with my photo is more for poking fun and knowing that I have a great sense of humor vs. anything bad or having disgruntled staff.
We spend a lot of time working on making our properties as successful as possible and through that process you build great relationships. It’s just that they know when it comes to dealing with me, my investment partners, clients and properties that they better be ready to work.
Hiring a Property Management company is just another way me any my investment partners profit without dealing with any of the typical hassles of owning investment real estate. No management or property meetings for them, no conference calls with vendors or contractors, no negotiating with banks or credit unions. No dealing with complaints.
My ULTIMATE investing goal is to make great returns and profits on my properties with my investment partners and clients even if it means becoming a dart target.