Sales are like surfing, investing is like hockey and property management is just like Warren Zevon songs.
If you listen to Lawyers, Guns and Money, you might think "this is just like an eviction".
1 - I went home with a waitress, the way I always do. How was I to know she was with the Russian's too? This is the way it all starts. They do something dumb.
2 - I was gambling in Havana and I took a little risk. Send Lawyers, Guns and Money, Dad, please get me out of this. This means that the tenant might not have all of the rent money, again because they probably did something dumb with the money, and it is someone else's responsibility to help them out.
3 - I am an innocent bystander and somehow I got stuck, between a rock and a hard place. Down on my luck. Translation - It is not my fault that I got fired for (insert stupid thing that was their fault here).
4 - Now I am hiding in Honduras. A desperate man. Send Lawyers, Guns and Money, Dad. The S**T has hit the fan. This means that the tenant is locked in their home and won't open the door, unless it is to go out and buy more beer. Nobody is hearing their call for charity and it is getting serious.
The plea for help is then repeated again and again. If this was real life, verse 3 will be repeated numerous times between the 3 Day Notice and the Eviction Hearing and more than likely at the hearing.
Think about this after a few beers of your own if you don't get it now.
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
Rich, I gave up property management years ago. I used to manage about 50 properties and it drove me insane:) Now I just manage the ones we own.
Warren Zevon. What a blast from the past.
B - I have about 70 right now and will probably end up with another 40 in the next 3 weeks. I only own 7 of my own right now. The management fees are notthat great for the amount of work, but it is definately a leader into the sale contract. You just need to take it all with a grain of salt.
My daughters favorite song is Warevolves of London. She calls it the Ahhoooo song.
Wow... Werewolves of London, now there is a song I have not heard in a long time. Nice analogy with the song to tenants.
Thank goodness you threw in that 'Ahhoooo' thing- I wouldn't have figured out who you were talking about - I guess it was before my time.
Ahem.
Man, you must have a LOAD of patience.......................
Rich,
Early on I managed several hundred units for a bank. I never let the tenants know who I was. Even the staff, all but the site manger didn't know they worked for me. Then I develop several projects and I remained anoumous, even when spending time on site.
I had more than enough of my own and my small investor's needing help. If you've got good on site people all telling the tenants does is feed your ego and create trouble for your self and you site manager.
You're making me feel a lot older than I am, just what did Warren Zevon write?
Bill
William J Archambault Jr
The Real Estate Investment Institute
http://www.reii.org
Rich,
Nice analogy. I love it. Warren Rocks(rocked). This album is one of those that is never far from my cd player.