Author: David Pickron

How Established Timelines Protect Your Investment By David Pickron Maybe nowhere does the saying “time is money” apply greater than it does in our industry. For each of us, we are well aware of the expense of having a property sit empty for a month or more, painfully knowing the impact it has on our bottom line. Experience has taught me that in order to protect my investment, I have had to establish hard and fast timelines to ensure that my returns always stay on the positive side of the ledger. This starts right with my first interaction with a…

Who’s Afraid of Fraud?  We All Should Be By David Pickron I have a neighbor who over a year ago received a call from the FBI, seeking her assistance in targeting a group of individuals who were performing illegal wire transfers.  Over the year she had assisted with other tasks and had become a trusted ally of the FBI.  Then recently, the FBI asked her to increase her involvement after having gained the trust of the illegally operating group.   They told her they had set a trap to finally catch these guys and that they would keep her updated on…

Rent…On time Every time by David Pickron History is littered with what, at the time, were considered “game changers.”  Those game changers have become commonplace in our current world; when was the last time you marveled at the technological breakthrough we know as the wheel?  Or the lightbulb?  Or even the fact that we fly in airplanes all around the world?  The likelihood is we dismiss or overlook these incredible technologies and innovations because we have become so familiar with them.  We don’t see just how amazing these everyday conveniences are and how our lives are better for them. In…

Can One Bad Applicant Spoil the Whole Bunch? by David Pickron It might seem like an antiquated phrase since most of us no longer buy apples by the bunch, but the concerns about one bad apple spoiling the whole bunch are real.  As it applies to our industry, this is becoming a critical issue. Here’s why: with the rapid increase of rents over the past few years, more and more of our properties are being shared by more than one tenant in an effort to be able to just afford the rent. In most cases as we backtrack, having more than one…

Your Short-Term Rentals Can Generate 6x Gains  by David Pickron Rarely in life can the quick version of anything ever compete with the more time intensive “real deal.”  Think of any instant food and you will quickly realize that I’m telling the truth.  The same had held true for real estate investments for at least the last century… but times, they are a changin’.  As you look at your portfolio it may be time to consider transitioning some of your long-term holdings into short-term rentals, and here is why; short-term rentals can generate up to six times the amount of…

Make Yourself Your Tenants’ Top Priority By David Pickron Like most of you, when I was in college, funds were tight.  Even as an underexperienced money manager, I knew had to prioritize what bills were going to get paid and when.  A memory that clearly sticks with me is walking to my car only to discover I had an unplanned expense, a flat tire.  After arriving at the tire shop, I added up the cost of four new tires and realized that they were going cost my entire monthly budget.  Decision time: I chose to only replace the tire that…

Why The Cares Act Seems So Uncaring Towards Everyone by David Pickron Landlords, it’s time we all pay very close attention.  A second devastating wave of trouble is thundering towards us and it is imperative that you know how to protect yourselves and your investments.  On July 26, 2020, the 120 days of eviction relief provided by the Cares Act expired.  With that, landlords across the United States were given the green light to start the eviction process for non-payment of rent, with the caveat of having to use a special 30-day notice as required by the act.  We are…

Successfully Using the Past to Manage in the Present by David Pickron We have all heard the phrase “live in the present and forget about the past,” but rarely do we hear the opposite of that.  Currently we are in a challenging situation in regard to managing our properties and are being forced to do things in unfamiliar ways.  Social distancing has changed the way we show properties, perform move-in and move-out inspections and have work orders completed.  Those are easy accommodations to make when we consider the larger and more longstanding economic issues that will drastically impact our industry.…

Don’t Trust Your Property to Memory by David Pickron It’s a scenario we are all familiar with, the rental car inspection process prior to receiving the keys.  Think back to the last time you were asked to walk around the vehicle with your half sheet of paper with the car diagram on it, looking for any existing problems.  To avoid getting charged for damages that aren’t your fault, you dutifully circle the car, notating every scratch and ding.  Why does the rental agency  require this?  To protect their investment.  Period.  When it comes to your investment property, do you take…

Why are the Credit Bureaus Moving Backwards? by David Pickron As an investor I like to buy houses for the investment, but the truth is, my real love is technology. I’m amazed at how far the technology has come in cars for example from a horse and buggy to the fully electric Tesla; a lot about cars has changed. For those who grew up in the 60’s or earlier, seatbelts or airbags were a completely foreign concept. Those basic safety features are now required in every car to provide us an increased measure of safety. Much like the improvements to automobiles, other technology like…