All Forum Posts by: Mike Nelson

@Atul Mohlajee

I go along with not allowing the dog, although I can see the opposite argurment.  I stopped allowing dogs when a tenant's dog was making messes in the yard and claims it wasn't his dog.   I have aso been bitten by tenant's dogs.  It is not always a no, but I do not have the patience for this.

"30 Day Stay "  is super catchy.  I can't top this.

A Real Estate Investor’s Guide to Mastering the Medium-Term Rental claifies the title well.

@Scott Mac These are all good ideas. I like the idea of hiring a top maintenance management person with a history of HUD inspections. I spent a couple of days visiting empty units with the head maintenance guy, and with the property manager. I learned more from them than they learned from me. The maintence guy has a pretty good idea of what needs to be done. I think part of it having enough qualified staff who are efficient who can tackle all the items on the check list. I have a pretty good idea of what inspectors are looking for an what needs to be done. There are 140 work orders out and it is 85% occupied. A lot of work for a limited staff.

@John Warren  Good ideas, I will write to you.

I am looking for a good book or other media on how to best manage the maintence staff of a 30-year-old low-rise grade B property. Goals are compliance with HUD inspection requirements, tenant satisfaction, safety and enhanced property value. Another consideration is efficent make-ready for speed, quality and cost. How do you obtain maintenance people and keep them productive.

I met Sam Zell when his business partner Mr. Robert Lurie passed away several years ago, of cancer.   My ex-wife was hired to play harp at Mr. Lurie's funeral, so we negotiated the terms with Sam.  Zell was a tough negotiator, he insisted on only Mozart be played by the harpist.  It was a challenge, requiring extensive practice in order to be prepared. They both wanted the very best, so it was win-win.  

Robert Lurie's wife was later very generous in her donations to the Lurie Children's Hospital in Chicago.  When my son was treated for successfully treated for leukemia a few years ago - it was at Lurie Children's Hospital, where he got the very best of care by some wonderful people.  It is funny how things happen over time.

Just an idea.  The US has a shortage of affordable housing for people with limited financial means.   I even see many people living in tents here in chicago.   Housing takes a big chunk of the paycheck (if there is one).  "The Government"  is willing to spend money to help solve this problem.  It is a daunting challenge, but success is mixed at best.  Maybe some win-win partnership is the solution.  I think we often look to the government to solve problems which should be solved by some other means, however, the problem still exists.  It is not a simple problem or solutions.  The housing issue is parter of larger problems of unemployment, family issues, and multi-generational poverty.  So the career path might be making yourself money by helping solve someone elses problem, and finding fulfillment in doing so.

Just an idea.

I looked at an off-market home being sold, owned by a Columbian drug lord and his wife.  It had so many nice religous paintings on the wall it looked like the Vatican.

Agree or disagree?

It seems it could be a conflict of interest of sorts if they are purchasing properties which they posted their opinion of value for.

I was really suprised when Zillow got into this business.  It is really tough to build an efficient organization and find qualified people to execute this business plan, and execute at many different markets.  The carrying costs and vacancy costs are huge.  An example of a company which needs to stick to doing what they do best, their core.