What`s the MOST IMPACTFUL ADVICE you`ve ever got?

[GaryW]

I remember Ron LeGrand in the 2009 Quick Turn Real Estate course in Edmonton flopping his elbows/arms down on the table in front of everybody saying



"I don't know how you guys swap hours for dollars , when all you got to do is educate yourself" He was motivating us after a very insightful, life changing course.



He constantly told us and I love this one

"What you put between your ears , will determine what goes in here" As he was saying this , he pulled out his wallet and pointed to it.



I think David can attest to this as well.

 

[johnsu]

Can you give specific examples that you've used these? I find thhe specific examples are more effective to help others in the same predicaments.

 

[DenisEncontre]

Here are a few that I use all the time.



Where is the fire? (Keith Cunningham)

Every business has something that can burn it to the ground. When it comes to Real Estate I believe it's the Tenant. They can either make your life miserable (burn you) or make Real Estate a walk in the park, so screen them well and treat them well.



All my mistakes started with a good idea. (Keith Cunningham)

Don't be so hard on yourself, we all make mistakes and at the time that we made the mistake we didn't say to ourselves I think I'll make a bad decision today. Learn from them and move forward.



You can't make a baby in 1 month by getting 9 women pregnant. (Warren Buffet)

There is a time for sowing the seeds fertilizing and harvesting and trying to create short cuts can often result in disaster. I personally would not want to meet the 9 women a month later. lol.

 

[invst4profit]

Two statements, of many, that have remained with me over the years are:



It's human nature for people to be remembered more for there failures than there successes in life. Concentrate your efforts on not being remembered.



The second which was passed on to me by a mentor when I was first starting out as a landlord and which I have heard repeated too many times to count directly relates to balancing tenant needs with my own as a business operator:



No good deed goes unpunished.



On the surface this may appear negative but it is a reality of our business with a ever growing attitude of "entitlement" on the part of many tenants.

I have on occasion ignored this advice and gone out of my way to fulfil tenants needs (demands) only to be faced with abuse and escalating demands. I have also had bad tenants turn deeds I have done for good tenants against me. I scrutinise every request and every action on my part with this in mind.

 

[johnsu]

[quote user=invst4profit]Two statements, of many, that have remained with me over the years are:









No good deed goes unpunished.



On the surface this may appear negative but it is a reality of our business with a ever growing attitude of "entitlement" on the part of many tenants.

I have on occasion ignored this advice and gone out of my way to fulfil tenants needs (demands) only to be faced with abuse and escalating demands. I have also had bad tenants turn deeds I have done for good tenants against me. I scrutinise every request and every action on my part with this in mind.




Hi Greg,



Great example and advice. I agree, run it as a business. Fair exchange must ALWAYS occur. Otherwise your screwing your self or screwin the tenant. I've also learnt the hard way of believing tenants "Need a few days to pay rent" Well, not anymore. They pay on time or get evicted is my response to that now. It's fair for everyone, they signed an agreement to pay rent and you agreed to give them a place to live in good condition. If either parties break then someone's getting screwed.

 

[invst4profit]

It's unfortunate but every new landlord always learns the hard way that "I only need a few days to pay" really means "I have more important things in my life to pay for than rent so you will have to wait".



I don't know very much about the REIN system but seldom read much about how to deal with tenants beyond giving them gifts of appreciation and being patient when they run into financial problems. The old hang on to your good tenants, give them a break etc. Try getting your bank to buy that line when making mortgage payments.



The only thing I ever give them is a eviction notice on the 2nd of the month. Either they tow the line going forward or they end up moving out by my choice or theirs.

 

[EdRenkema]

[quote user=invst4profit]I don't know very much about the REIN system but seldom read much about how to deal with tenants beyond giving them gifts
Greg maybe you're using this forum to gauge the effectiveness of REIN's education system, yes or yes? Hmmm, perhaps you should try attending some of the courses. I see many of your posts and value your input. In this instance I think you are only belittling yourself making an assumptive & opinionated response about REIN's teachings. Everything I've learned via REIN is to get right on top of it with a non-paying tenant. How do you think I know this? They get an N4 on the 2nd if not paying followed up by the hearing application once the 14 days are past.

Oh and BTW lots of support from experienced REIN members who've been thru the process.



I look forward to your continued valueable input, stop trying to sound so jaded, you could almost write a guest post for 'the greater fool' - and considering the name of that blog its got something to do with a self fulfilling prophesy.