Author: Jane Garvey

Investor Myopia vs. The Big Picture By M. Jane Garvey In a society where instant gratification is the norm, it may be tough to think about long-term planning and the benefits of delayed gratification. But as investors that is precisely what we should be doing. Taking the time to consider the consequences will almost always benefit us in the long run. Myopic behavior – or short-sightedness – often drives people to make impulsive decisions or to take unnecessary risks. To avoid such behavior, you must learn to consider the long-term implications of your actions. One of the most common examples…

Attitude Adjustment By M. Jane Garvey Attitude can make or break you. We all have times in our lives where it is tempting to doubt ourselves and our abilities. Many of us also fall into the trap of externalizing control. It may be tempting to think we are a victim when people do something, intentional or not, that harms us.  When others, or even circumstances, force a change to our routine our immediate reaction is sometimes to feel angry or put upon. No matter what is happening, you have the choice of your attitude. You have the ability to do…

Risk vs Reward By M. Jane Garvey Many investors get into real estate because they like to know that there is something physical and tangible that they are buying. It is perceived as lower risk than some other investments. In the case of providing housing, we are providing a much-needed service, so the presumption is that there is an inherent value.  In a perfect world with property rights, this is true. One of the measures that many people use to determine if an investment is worth making is the risk vs reward. For instance, a small investment with a huge…

Rentals and Smoke Detectors by M. Jane Garvey Over many years, I have observed that some residents in my rental properties will disable or remove smoke detectors. I install them in all the required places and make sure that any battery-operated units have new batteries, and the residents have instructions. I go one step further. I show them each unit, demonstrate that it works, and have the resident sign that they are all in place and working on the move-in date. I emphasize the importance of these devices for safety. The lease calls for the renter to check them periodically,…

Watch Your Words by M. Jane Garvey “Whether you think you can, or you can’t, either way you are right.” Henry Ford It is no secret that attitude can be everything in making things happen. Believing that we can achieve our dreams is one of the most surefire predictors of whether we will or won’t. So, how do we use this knowledge to our advantage? I am going to suggest that we change our language. There are powerful words that all of us can use to spur creativity and help us find solutions, and there are words we use that…

Life Happens, How You Deal With It Is What Counts By M. Jane Garvey Jane Garvey says investors that have been through a crisis can tell you how important it is to have backup plans. Notice, I said backup plans, not just a backup plan. Flexibility is needed to not only survive, but to thrive. These plans relate to all matter of things in your business. Of course, the time to be thinking about them is before they are needed. If you wait until they are needed, you may be the guy trying to buy a generator in a power…

Who Should You Listen To, and Should You Believe Them? by M. Jane Garvey Real estate investing is a complex business with many moving parts. The intricacies of the various businesses under this umbrella description vary from state to state, town to town, subdivision to subdivision, and even building to building. The requirements change by the day as people in regulatory positions feel the need to add restrictions via laws and mandates.  Yet, somehow, generic online advice is perceived by many to be all that is needed. We live in a world where you can access tons of advice online…

5¢ Cucumbers By M. Jane Garvey Cucumbers are just too expensive!  We have a right to cucumbers! We need more affordable cucumbers! We find a legislator that agrees with us. They write a bill legislating that cucumbers can’t be sold for more than 5¢. We are thrilled and we get everyone we can think of to support the bill in the hopes of it passing.  Sure enough it passes. Now we can buy cucumbers for 5¢. We are thrilled. The grocers have some cucumbers in inventory.  They sell them for 5¢. The shippers have some cucumbers in the truck on…

Due Diligence on the Legal End By M. Jane Garvey One of the things that really concerns me in today’s world is the amount of advice being casually asked for and given on the internet about legal matters. Currently, we are in a period where the number of new regulations, laws, ordinances, mandates, and rules coming at us is overwhelming. Legislative experts are struggling to keep up as this information is changing by the day, and the subtle nuances of the legislation takes careful study to understand. Some of these legislative changes come with huge penalties if you get them…

Stop, Look, and Listen By M. Jane Garvey This phrase is drilled into us from childhood – pertaining to railroad crossings. It will also come in handy when reminding ourselves of some of the key things we need to be doing when we are looking for opportunity, transacting in real estate, or negotiating on just about anything. Stop what you are doing so that you can focus your attention on the opportunity in front of you. If this involves a phone call from a potential seller or buyer, answer the phone and talk to them. If this is a property…