Yale Fox lives in NYC and has been burned many times through the years renting apartments. One of his landlords was Steven Croman who is in prison for 20 felonies committed against his tenants. Another apartment resulted in his dog getting sick from toxic mold.
He took the owner to court on the toxic mold and as part of his case he made a chart to show how bad his landlord was compared to other landlords in NYC based on data released by the City on building inspections. The judge apparently laughed as he literally told him he should build an app.
So he did...
This morning as I was doing research for this morning's email I came across an old article in the Harvard Business Review about Sir David Brailsford who after 6-years as the head of British Cycling lead the team to win 7 of 10 gold medals at the 2008 Beijing Olympics with a repeat of that performance again at the 2012 London Olympics. In the prior 76 years they had only won ONE gold medal total!
Sir David was a cyclist himself but was also armed with an MBA. He credited his MBA training with the wisdom to know that setting the goal as winning gold at the onset was a likely recipe for failure. His method was to initiate continuous, incremental improvements across areas that were identified as critical success factors which had a solid base in place upon which to improve...by 1% each
This got me to thinking of the different areas investors can institute this methodology:
I came across an article this morning titled "11 Signs Your Bargain Home is Going to Cost You." The article is written from the angle of someone who is most likely purchasing their first home or is at the very least inexperienced in the process. As I was reading the "signs" though I realized that these are some of the VERY things that investors should be on the look-out for in their next great deal...just depends on your angle as the buyer whether these are opportunities or not.
Here's the list:
Landlords have in the past relied on a bit of a three legged stool to screen tenants...application with references, credit check, and criminal background check.
While landlords have for a number of years had the additional ability to stalk their prospective tenants on the internet like a Tinder date a couple of Canandian start-ups are taking this to an entirely different level.
What would you expect that Students, Salespeople, Millitary Personnel, and Spelling Bee Contestants all have in common?
This morning I came across a little Gary Vee posted in another group. If you don't know who Gary Vaynerchuk is you might have just been living under a rock. No judgement...I actually don't follow him closely but the first video is absolutely on point so take a few minutes to watch it for some Wednesday, Hump-Day motivation if you've been grinding and it just doesn't seem like you're getting anywhere this'll add a bit of motivation to keep at it.
We've all seen the results of algorithms go awry through the production of results far from what was expected. Since the proprietors of algorithms have every interest in the world of not showing their math rarely do we get a peak into the how and why of the outlier result. Zillow seems to constantly ride the wave of results that make one scratch their head.
Whether you have a big portfolio or own one of the estimated 19 million single family houses in the US that is occupied by renters there is always a danger to that mailbox money not showing up in the first week of the month.
That's part of what the security deposit is for right? Would you sleep better at night if you had an additional method of protection? Could you trust this protection to the point that you don't even require a security deposit any longer?