If you talk to enough real estate investors, then you are bound to hear the following phrase:
Great property management CANNOT make a losing property investment into a winner. But, bad property management CAN make a winning property investment into a loser!
Come up with some goals. Figure out what you need to do to reach them. Just Do It. Decide you are going to be a real estate investor. Read some books. Just Do It. Buy a piece of property. Slap on some new paint. Rent it out for a massive profit! Just Do It.
Yeah Right!
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This may be a first for us. We are printing a response we received to an article we wrote on our blog. Not to mention, we hardly ever print articles written by other people. But this one is different. This response was emailed to me from a very valued relationship we have in the lending community. Kathleen Kramer, of RPM Mortgage, has been a trusted confidant for the past two years and has assisted with private money programs for our company. Kathleen also has reviewed and advised us on our procedures and processes and visited our offices here in Memphis. We have tremendous confidence in her knowledge of the lending industry, so when she sends us an email response to our recent blog article...well, we listen!
Some economists and experienced real estate investors think they know and most will not like the news they have.
I was recently in Los Angeles at a dinner with a group of investors and investment service providers and at one point the conversation turned to the current housing market. The dinner was sponsored by MOR Financial and one of the partners was recounting an advertisement he had heard earlier in the week. The advertisement was from a mortgage lender and they were promoting a brand new product they had for home buyers...the 5/1 ARM. For anyone not familiar with the terminology, that is an adjustable rate mortgage that has an artificially low interest rate for the first year and then can increase by 1% each year for the next 5 years. Traditionally, an offering like this is tied to the LIBOR, which coincidentally has nothing to do with the housing market.
Disappointment. It's a fact of life. It's not a particularly enjoyable fact of life, but neither is getting your order wrong at a fast-food drive-through or people who don't use their blinkers. And what do we do in those situations? Well, we may complain, fume, or vent with some colorful metaphors, but eventually we deal with them and move on. They are rarely life threatening and we tend to get over them fairly quickly. If you are like me, your kids will be there to remind you in the future of how you deal with them!
Drew Clothier, the nephew of Kent Clothier, Sr. has joined Memphis Invest, GP after completing his military service commitment. Drew chose the military in his late teens when he accepted a baseball scholarship to pitch at Westpoint. Drew was a standout high school baseball player in Memphis, starring for Christian Brothers High School before leaving for Westpoint.
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Memphis Invest, GP was on the Inc. Magazine FastestGrowing Companies list for the second year in a row moving up to #303 in 2013 from #1320 in 2012. This is a tremendous honor as Memphis Invest, GP joins a prestigious - and exclusive - list of companies that has included Zappos, Microsoft, Jamba Juice, Under Armour, Oracle, Clif Bar, and Otterbox, just to name a few. This is an impressive list and is an incredible distinction for the Memphis real estate investment company.
Investing in rental property can be a rewarding career if you're doing it right, both in terms of the work and the financial compensation. But it can also be an extremely difficult, tedious job at times, and there are certain considerations that you don't have to deal with in other forms of investing.
If we were sitting around a table trying to come up with a phrase for our customer service strategy, Enhanced Customer Experience, or ECE, would have to be it. It is the term that defines exactly what we are trying to accomplish with our in-house customer service program. Anyone can sell houses and almost anyone can set up a property management company. Notice I am not claiming that just anyone can do either very well!
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What does Quality mean? I am not talking about the qualities of a company - the description that people use to describe the company. I am talking about Quality as THE description of a companies work. The way clients and competitors alike describe their work, their craftsmanship and their processes. All real estate investment companies have qualities, but not all real estate investment companies have Quality.
