My Birmingham agent and I were talking last May. I asked her if she knew of anyone else who could use our program. She said we should put an ad in the paper. Oh, duh!
Given I have a degree in Marketing and Public Relations, ran my own freelance PR business for several years before converting to what I do now, it seemed like this is something that should have been intuitively obvious to me. However, living where I do, I am jaded to such thinking. A three Sunday ad in the Arizona Republic would have netted me three phone calls--and one of them would have been the wrong number.
Apparently this is not the case down South. The first Sunday the ad ran, my agent called and asked exactly what I was thinking of doing with all the phone calls. The word, "calls" got my attention. Exactly how many calls were we talking about? Three, five. No, 30. By the end of Sunday, the number rose to 60. By Monday at noon it was over 100. I pulled the ad Monday night. From the 100 calls, I got several applications and four immediately solid candidates. I also got a couple more that came up months later. I am still amazed by this.
There are those (namely my partners) who are ready for me to run another ad. I have been hesitating, knowing how the first one turned out. It was a lot of work. But, I need to remind myself, it turned out good in the long run. It was just a lot of short hoop jumping.
As I write this, I am reminded of all the work that came with the newspaper ad. And, there was a TON of work for about three months. The call screening, background checks, contract negotiation, lease writing, phone calls... and more phone calls. However, I am also reminded of the rewards I have received. The greatest reward was simply helping someone achieve their dream to own a home.
To sum it up: my favorite quote from my tenants is simply, "Thank you for the hand up, not the hand out." And, that is what makes the difference to me. Sigh. I guess it is time to call the Birmingham News
Thursday, March 30, 2006
Wednesday, March 29, 2006
Providence
No, not the one in Rhode Island.
We accidently started our Birmingham business last year when I got a unusual phone call. A casual acquaintance called. They had moved to Birmingham and could not find anyone to rent them a home. They had found a home they liked and were wondering if we could buy it for them and rent it back to them. Strange, but plausible enough. At the time I had three local rental homes and Birmingham certainly wasn't on the radar. However, I offered to look at the deal and see if I could do something with it.
The first step was to find an agent. I did what seemed the most reasonable. I pulled up the Century 21 Web site for Birmingham and looked at the bios of all of the agents listed and randomly picked one. The guy sounded credible enough and from his picture he didn't look like an ax murderer. So, I thought I was set.
First thing Monday morning I called and asked for this guy. He wasn't in and the woman answering the phone graciously gave me his cell number. I hung up, dialed the guy and then hung up again. Why? Because I had no idea who he was and what he knew about buying investment properties.
Stupidly I called back to the Century 21 0ffice and asked to speak with the broker. The same woman answered and asked what exactly I wanted. I needed to find an agent who understood about investment properties who would be willing to take us as clients for this meager sale. "I can help you." she said.
After the first sale, she called me a few months later completely out of the blue. She asked if I remembered her. And, she then told me about this couple she was working with. Up until her husband went on disability, they qualified for a home. Now, although she had a good job, they didn't. Would I be willing to help them buy a home?
I could have ended up with any agent. I didn't necessarily call Century 21 because I had any faith in them over Prudential or Keller Williams. I just called them because... well, I don't really know why. I could have been stuck with any agent that day. She just happened to be the one who answered the phone--twice.
We accidently started our Birmingham business last year when I got a unusual phone call. A casual acquaintance called. They had moved to Birmingham and could not find anyone to rent them a home. They had found a home they liked and were wondering if we could buy it for them and rent it back to them. Strange, but plausible enough. At the time I had three local rental homes and Birmingham certainly wasn't on the radar. However, I offered to look at the deal and see if I could do something with it.
The first step was to find an agent. I did what seemed the most reasonable. I pulled up the Century 21 Web site for Birmingham and looked at the bios of all of the agents listed and randomly picked one. The guy sounded credible enough and from his picture he didn't look like an ax murderer. So, I thought I was set.
First thing Monday morning I called and asked for this guy. He wasn't in and the woman answering the phone graciously gave me his cell number. I hung up, dialed the guy and then hung up again. Why? Because I had no idea who he was and what he knew about buying investment properties.
Stupidly I called back to the Century 21 0ffice and asked to speak with the broker. The same woman answered and asked what exactly I wanted. I needed to find an agent who understood about investment properties who would be willing to take us as clients for this meager sale. "I can help you." she said.
After the first sale, she called me a few months later completely out of the blue. She asked if I remembered her. And, she then told me about this couple she was working with. Up until her husband went on disability, they qualified for a home. Now, although she had a good job, they didn't. Would I be willing to help them buy a home?
I could have ended up with any agent. I didn't necessarily call Century 21 because I had any faith in them over Prudential or Keller Williams. I just called them because... well, I don't really know why. I could have been stuck with any agent that day. She just happened to be the one who answered the phone--twice.
Monday, March 27, 2006
Eureka!
Ok, no flooring pun intended.
The second best flooring company in Birmingham just happens to be a major big-box home improvement store that rhymes with "crows." I am pretty sure "tome repo" would have been a close runner up, but I found "crows" first.
They graciously accepted my money when I called. Let's see if they do what they are supposed to. If so, I think that will be one less hurdle to mess with.
Now to find a title company and a loan officer. How hard could it be????
The second best flooring company in Birmingham just happens to be a major big-box home improvement store that rhymes with "crows." I am pretty sure "tome repo" would have been a close runner up, but I found "crows" first.
They graciously accepted my money when I called. Let's see if they do what they are supposed to. If so, I think that will be one less hurdle to mess with.
Now to find a title company and a loan officer. How hard could it be????
Sunday, March 26, 2006
Trying to Give Money Away
I have a basic rule in life. Never beg anyone to do business with me. Plumbers for the most part are excluded when I am ailing, but otherwise, this is a stead-fast rule.
However, for whatever reason, people in Birmingham don't want my money. For example: I am looking for a new loan officer. Here's a snippet of what I have dealt with: my former loan officer botched up my last loan so bad, I am still reeling. I just got a bill for something he forgot to include in the last escrow. He and I don't see eye to eye on my priorities and although a truly nice guy and a super human being, we just aren't a good fit. So, I have been interviewing potential loan officers.
Potential Loan Officer #1: been in the business two years. Never has done an investment loan. Is "willing to learn." That's nice, but not at my expense.
Potential Loan Officer #2: retired from a company he spent 35 years building, works part time and likes to travel. He's been doing this about two years part time. I think his love for travel will win out in the mid-run.
Potential Loan Officer #3: informed me he doesn't want to waste his time with something that "may not pan out" and will call me if he has any loan programs. Um... I closed 9 last year, I think my loans can pan out. Oh well.
I am looking for carpet for one of my rentals. I have called "the best flooring guy in Birmingham" TWICE and have yet to hear from him. Tomorrow I think I will call the second best flooring guy in Birmingham and see if my money is good enough.
I am trying to get some title work done. I have called two title companies. Number one said they would get back to me. I haven't heard anything. Number two apparently is on vacation with the carpet guy.
If I were closer, I could just find these companies myself. But, I rely on the good word of people over there. So far, I am thoroughly discouraged. Who knows, maybe Arizona money isn't green enough.
However, for whatever reason, people in Birmingham don't want my money. For example: I am looking for a new loan officer. Here's a snippet of what I have dealt with: my former loan officer botched up my last loan so bad, I am still reeling. I just got a bill for something he forgot to include in the last escrow. He and I don't see eye to eye on my priorities and although a truly nice guy and a super human being, we just aren't a good fit. So, I have been interviewing potential loan officers.
Potential Loan Officer #1: been in the business two years. Never has done an investment loan. Is "willing to learn." That's nice, but not at my expense.
Potential Loan Officer #2: retired from a company he spent 35 years building, works part time and likes to travel. He's been doing this about two years part time. I think his love for travel will win out in the mid-run.
Potential Loan Officer #3: informed me he doesn't want to waste his time with something that "may not pan out" and will call me if he has any loan programs. Um... I closed 9 last year, I think my loans can pan out. Oh well.
I am looking for carpet for one of my rentals. I have called "the best flooring guy in Birmingham" TWICE and have yet to hear from him. Tomorrow I think I will call the second best flooring guy in Birmingham and see if my money is good enough.
I am trying to get some title work done. I have called two title companies. Number one said they would get back to me. I haven't heard anything. Number two apparently is on vacation with the carpet guy.
If I were closer, I could just find these companies myself. But, I rely on the good word of people over there. So far, I am thoroughly discouraged. Who knows, maybe Arizona money isn't green enough.
Thursday, March 23, 2006
When did Google Become a Verb?
Our Web site has been up since the end of December. There are no key words in our header. If you were to Google (the verb) a search on our business, our name would not appear. However, we have had more than 109 hits on our site in the past 30 days. This has been done with NO advertising, no promotions, no nothing. Just word of mouth.
In other news: we are looking at two new opportunities. The first in Columbia, SC the other in Houston, TX. I sent out a quick note to my most enthusiastic (PC speak for "high maintenance") partner to see if he was interested in either (after all, he mentioned no less than nine times in our one hour meeting last Saturday that we need to expand, expand, expand. And we have to do it NOW). I got back a weird e-mail saying something along the lines of maybe yes, maybe no. I will give these opportunities to my laid-back partner. No explaining, no justifying, no hassle. No worries.
In other news: we are looking at two new opportunities. The first in Columbia, SC the other in Houston, TX. I sent out a quick note to my most enthusiastic (PC speak for "high maintenance") partner to see if he was interested in either (after all, he mentioned no less than nine times in our one hour meeting last Saturday that we need to expand, expand, expand. And we have to do it NOW). I got back a weird e-mail saying something along the lines of maybe yes, maybe no. I will give these opportunities to my laid-back partner. No explaining, no justifying, no hassle. No worries.
Saturday, March 18, 2006
The Three Bears
One of the more interesting (for lack of a more descriptive word) aspects of my position is that I manage our three partners. Here is the breakdown:
Partner one: easy-going, just give him a dividend check every quarter and send him on his way. He, like all the other partners, approached us. When we brought him a unique business concept he trusted us blindly. He is appreciative and likes to be in the background. I call when I need something and he delivers in record time. I wish I could clone him.
Partner two: he asked to join and immediately regretted it. Not because of us, but because he isn't a true investor. Although interested in wealth building, he took a leap of faith he wasn't ready to take. He is uncomfortable when he hears nothing. To him, no news is no news. He isn't sure what he wants to do with our partnership and is on the fence, waiting to see what will happen next. I wish I could inspire him.
Partner three: he has actually been around the longest and is the most high maintenance. Often he crosses the line between wanting to direct me in how I do my job and being the silent partner he signed up for. Actually, he has never really been silent, but he has stayed where he belongs a fair amount of the time. He is a seasoned investor and at first, he knew more than we did and we needed him. However, as we have grown, we don't need him the same way any more and I think he knows that. He causes the most challenges for me because he is enthusiastic about what we do and wants to do more. He doesn't see the day to day work involved and he hears about the hurdles we face, but to him, hurdles aren't a problem--because they aren't his hurdles. I appreciate him pushing us to grow, but growing large isn't the same thing as growing smart. I like him, but he takes more personal energy and I spend more time appeasing him than I should have to. I wish I could lasso him.
Partner one: easy-going, just give him a dividend check every quarter and send him on his way. He, like all the other partners, approached us. When we brought him a unique business concept he trusted us blindly. He is appreciative and likes to be in the background. I call when I need something and he delivers in record time. I wish I could clone him.
Partner two: he asked to join and immediately regretted it. Not because of us, but because he isn't a true investor. Although interested in wealth building, he took a leap of faith he wasn't ready to take. He is uncomfortable when he hears nothing. To him, no news is no news. He isn't sure what he wants to do with our partnership and is on the fence, waiting to see what will happen next. I wish I could inspire him.
Partner three: he has actually been around the longest and is the most high maintenance. Often he crosses the line between wanting to direct me in how I do my job and being the silent partner he signed up for. Actually, he has never really been silent, but he has stayed where he belongs a fair amount of the time. He is a seasoned investor and at first, he knew more than we did and we needed him. However, as we have grown, we don't need him the same way any more and I think he knows that. He causes the most challenges for me because he is enthusiastic about what we do and wants to do more. He doesn't see the day to day work involved and he hears about the hurdles we face, but to him, hurdles aren't a problem--because they aren't his hurdles. I appreciate him pushing us to grow, but growing large isn't the same thing as growing smart. I like him, but he takes more personal energy and I spend more time appeasing him than I should have to. I wish I could lasso him.
Thursday, March 16, 2006
Knee Deep in the Hoopla
With apologies to Jefferson Starship for steeling their title. But, it seems to fit.
One of the big challenges of a one-man (or woman) show is that when that One gets sick, everything comes to a screeching halt. Or at least for the very ill person, they wish everything would come to a screeching halt. Oh... Not so.
I have been sick since March 6. On March 8 I am told the vacant house that is to be rented on March 10 has a sewage back up. No, from what I understand it is more like a sewage flood. Getting this fixed entailed finding four plumbers as well as begging and kissing lots of plumber hairy butt. The situation isn't completely fixed, but the house is livable and the new tenants have indoor plumbing.
There were four plumbers involved.
Wednesday 3/8/06: (I am so sick, I can barely raise my head.) Plumber #1 comes out and says he doesn't have the right equipment and we are better off calling a national, name brand company and call him if I need something (yea, I need a plumber. What irony!). He also says make sure they send a PLUMBER out, not a technician.
Wednesday: "Plumber #2" from national name brand company (rhymes with Loto-Looter) comes out, says he is not a plumber, just a tech and can't fix the problem. When I explain I have people moving into the house in less than 48 hours, he promises and swears upon his mother's honor that someone will be out at "8 a.m." Tomorrow. He then changes it to 9 a.m. later in the conversation.
Thursday: Plumber #3 comes out at noon--after I call the offices and ask where the plumber is. I am told nobody ordered a plumber and they will see if they can work me in. When #3 gets there, he gives me a friendly call, telling me the sewer pipe is probably broken, it will cost me $3000-$5000 dollars to get this fixed and he will be back tomorrow to work on it. Oh, and this house call cost me $195. Pay up. I call the home owner's insurance company to ask if they have the name of a plumber to give me a second opinion. Yes they do.
I am told by my insurance agent that Plumber #4 walks on water, takes his grandmother to church on Sundays and has found a cure for cancer in his spare time. He is the most talented plumber East of the Mississippi and I could do no better. I call this miracle of modern piping. Plumber #4 tells me someone will be there by 4 p.m. and (get this!) "not to worry."
Thursday 8 p.m. #4 still has not shown up. The very sweet tenant of mine who is babysitting the vacant home wants to go home and offers to come back tomorrow. I call #4 and leave a message saying the plumber never came. At least I have #3 coming back in the morning right?
Friday 7 a.m. (I am still feverish) I receive a phone call from house-sitting tenant. #3 called HER to say he wasn't coming back to fix the problem. No, he didn't know anyone who could fix it. Good bye, good luck, thanks for the laughs. Fortunately, I still can call plumber #4 because they didn't come by Thursday, maybe they were just planning on swinging by on Friday. Besides, they told me not to worry. Right?
Friday 8 a.m. (after ingesting litany of over the counter cold and flu medications) I call #4 to find out what happened and if they could please swing by soon as I have new tenants moving in at noon. I speak with some jerk who tells me I "cancelled" the service yesterday. Huh? Even hopped up on cold meds, I should not be stupid enough to fall for this, but I take the bait anyway. No I didn't. Yes you did. No I didn't... The meds kick in and I come to my senses... Ok, well I am uncancelling the service can someone pretty please with sugar on it please come out and take a look at my teeny weeney plumbing problem??? Jerk tells me to call back in 10 minutes when the boss is in! No kidding.
Friday 8:45 I call back and get the same line that I cancelled the service from the guy who cured cancer. I give up. Of course I didn't cancel! But now I wish I did. Even more, I really wish I had a backup name so I didn't have to deal with these bozos either. At least Loto-Looter calls someone completely unresponsible for this problem when they don't show up! #4 tells me because they want to maintain a "good relationship" with me (their words) they will see if they can squeeze me in. I thank them and hope my tenants are late coming in from Florida.
After all that, it turns out the sewer line isn't broken. But it is a mess at the City sewer level. The city is aware there is a problem, but that doesn't light a fire under their buns to get the line cleared. We are still in the process of getting this taken care of. But, at least my new tenants have two working bathrooms.
Oh, and the sewage flood apparently took out the carpet and flooring in the basement. Also, the heater doesn't work. The garage door openers are missing (I found out they are actually being held hostage by the former tenant's girlfriend. So, I consider them gone). And, would I please make it a priority to take care of these things?
That was last week.
This week I have e-mailed or spoken to five of my nine tenants about something urgent in their lives but if they really think about it could wait until I am over my sickness.
Oh well. Just like in Hollywood. The show must go on.
One of the big challenges of a one-man (or woman) show is that when that One gets sick, everything comes to a screeching halt. Or at least for the very ill person, they wish everything would come to a screeching halt. Oh... Not so.
I have been sick since March 6. On March 8 I am told the vacant house that is to be rented on March 10 has a sewage back up. No, from what I understand it is more like a sewage flood. Getting this fixed entailed finding four plumbers as well as begging and kissing lots of plumber hairy butt. The situation isn't completely fixed, but the house is livable and the new tenants have indoor plumbing.
There were four plumbers involved.
Wednesday 3/8/06: (I am so sick, I can barely raise my head.) Plumber #1 comes out and says he doesn't have the right equipment and we are better off calling a national, name brand company and call him if I need something (yea, I need a plumber. What irony!). He also says make sure they send a PLUMBER out, not a technician.
Wednesday: "Plumber #2" from national name brand company (rhymes with Loto-Looter) comes out, says he is not a plumber, just a tech and can't fix the problem. When I explain I have people moving into the house in less than 48 hours, he promises and swears upon his mother's honor that someone will be out at "8 a.m." Tomorrow. He then changes it to 9 a.m. later in the conversation.
Thursday: Plumber #3 comes out at noon--after I call the offices and ask where the plumber is. I am told nobody ordered a plumber and they will see if they can work me in. When #3 gets there, he gives me a friendly call, telling me the sewer pipe is probably broken, it will cost me $3000-$5000 dollars to get this fixed and he will be back tomorrow to work on it. Oh, and this house call cost me $195. Pay up. I call the home owner's insurance company to ask if they have the name of a plumber to give me a second opinion. Yes they do.
I am told by my insurance agent that Plumber #4 walks on water, takes his grandmother to church on Sundays and has found a cure for cancer in his spare time. He is the most talented plumber East of the Mississippi and I could do no better. I call this miracle of modern piping. Plumber #4 tells me someone will be there by 4 p.m. and (get this!) "not to worry."
Thursday 8 p.m. #4 still has not shown up. The very sweet tenant of mine who is babysitting the vacant home wants to go home and offers to come back tomorrow. I call #4 and leave a message saying the plumber never came. At least I have #3 coming back in the morning right?
Friday 7 a.m. (I am still feverish) I receive a phone call from house-sitting tenant. #3 called HER to say he wasn't coming back to fix the problem. No, he didn't know anyone who could fix it. Good bye, good luck, thanks for the laughs. Fortunately, I still can call plumber #4 because they didn't come by Thursday, maybe they were just planning on swinging by on Friday. Besides, they told me not to worry. Right?
Friday 8 a.m. (after ingesting litany of over the counter cold and flu medications) I call #4 to find out what happened and if they could please swing by soon as I have new tenants moving in at noon. I speak with some jerk who tells me I "cancelled" the service yesterday. Huh? Even hopped up on cold meds, I should not be stupid enough to fall for this, but I take the bait anyway. No I didn't. Yes you did. No I didn't... The meds kick in and I come to my senses... Ok, well I am uncancelling the service can someone pretty please with sugar on it please come out and take a look at my teeny weeney plumbing problem??? Jerk tells me to call back in 10 minutes when the boss is in! No kidding.
Friday 8:45 I call back and get the same line that I cancelled the service from the guy who cured cancer. I give up. Of course I didn't cancel! But now I wish I did. Even more, I really wish I had a backup name so I didn't have to deal with these bozos either. At least Loto-Looter calls someone completely unresponsible for this problem when they don't show up! #4 tells me because they want to maintain a "good relationship" with me (their words) they will see if they can squeeze me in. I thank them and hope my tenants are late coming in from Florida.
After all that, it turns out the sewer line isn't broken. But it is a mess at the City sewer level. The city is aware there is a problem, but that doesn't light a fire under their buns to get the line cleared. We are still in the process of getting this taken care of. But, at least my new tenants have two working bathrooms.
Oh, and the sewage flood apparently took out the carpet and flooring in the basement. Also, the heater doesn't work. The garage door openers are missing (I found out they are actually being held hostage by the former tenant's girlfriend. So, I consider them gone). And, would I please make it a priority to take care of these things?
That was last week.
This week I have e-mailed or spoken to five of my nine tenants about something urgent in their lives but if they really think about it could wait until I am over my sickness.
Oh well. Just like in Hollywood. The show must go on.
Thursday, March 02, 2006
Random thoughts
The tax guy and I meet tomorrow. I am already tired from the thought of it all. I had to hunt down random year-end statements from mortgage companies and delve deep into the minds of my partners to figure out where they might have misplaced various items I need. Additionally, I have called a mortgage company or two and pretended to be the wives of two partners in order to get the information I need.
Tax season has kept me calling my bookkeeper 73 times a day. She and I are way too friendly these days. Unfortunately she charges by the hour. It isn't like we can just do lunch once a month and catch up. She lives 1700 miles away. But, she is the absolute best at what she does.
I have a squirrelly partner right now. Don't know what is up with that exactly. He is asking for reasonable things--such as income statements, etc.,--items he is entitled to. However, he is going about it in such a way that have caused me suspicion. I am more than happy to provide info, but the needle on my BS meter is spinning wildly. In general, the more high maintenance he is, the less likely I am to grow the business with him because I have other, low maintenance partners who would do backflips for business.
Which brings me to my favorite Low-maintenance-happy-to-do-backflips partner. The man is as low-key as one can get and still be conscious. I gave him the preliminary balance sheet today and told him there might be a few adjustments but the main numbers won't change. This man actually cracked a smile and said, "this is awesome!"
Tax season has kept me calling my bookkeeper 73 times a day. She and I are way too friendly these days. Unfortunately she charges by the hour. It isn't like we can just do lunch once a month and catch up. She lives 1700 miles away. But, she is the absolute best at what she does.
I have a squirrelly partner right now. Don't know what is up with that exactly. He is asking for reasonable things--such as income statements, etc.,--items he is entitled to. However, he is going about it in such a way that have caused me suspicion. I am more than happy to provide info, but the needle on my BS meter is spinning wildly. In general, the more high maintenance he is, the less likely I am to grow the business with him because I have other, low maintenance partners who would do backflips for business.
Which brings me to my favorite Low-maintenance-happy-to-do-backflips partner. The man is as low-key as one can get and still be conscious. I gave him the preliminary balance sheet today and told him there might be a few adjustments but the main numbers won't change. This man actually cracked a smile and said, "this is awesome!"
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