I’m a sucker for watching The Outlaw Josey Wales every time it is on TV.
My absolutely favorite scene is the “Missouri Boat ride”. Josey is riding for his life, chased by the infamous Red legs. But instead of hustling, he naps. One cool cat. Watch the clip below then read on…. https://www.youtube.com/watch?v=t-KEnU9TBmQ&app=desktop Owning rental properties can sometimes feel like being pursued by the bad guys. Tenant complaints, government intrustion, competition, HOA issues, repair bills. But like Josey, if you have proper procedures for dealing with situations, you can rest easy, take aim, and fire. Here’s just a few ways:
- Make sure your lease agreement is up to date with current landlord/tenant statutes. AFTER a situation arises is too late and very expensive.
- Schedule your property audits on your personal calendar at the START of a lease agreement. You’re busy. You’re pulled in 20 directions each day. Put it on your calendar with the same emphasis as you would an eye doctor appointment.
- Have a checklist for processing each rental application the same way every time. This will keep you out of hot water with Fair Housing Laws so that you won’t accidentally discriminate against a tenant.
One more Missouri truism–Keep your powder dry, which today means keep your cash handy for unexpected troubles or opportunities for more profits.
Dan Baldini is the Founder of Polaris Real Estate and the Founder & Executive Property Manager of Polaris Property Management, LLC. Dan focuses his practice on the residential real estate markets including Indianapolis, Carmel, Zionsville, Fishers and other surrounding areas. Dan continually seeks out new resources for Team training and education in order to keep all the Team members skills on the leading edge of real estate best practices. He is an active real estate investor himself, owning and managing a portfolio of investment properties in the Indianapolis markets. A resident of the Northside area since 1979, Dan has extensive intimate knowledge and experience of the market forces that dominate the Zionsville, Carmel, Fishers, and Indianapolis real estate markets. He has been active in real estate since 1996 with a specific focus on North side properties. Dan is an active networker in his local communities as well as with top agents nationwide.