R E N T A L READER
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860.613.6290 WWW.ROBERTCWHITE.COM
NOVEMBER 2019
A ‘REAL’ REAL ESTATE EDUCATION
Learning From the Pain of a Bad Purchase
People say you learn more from your mistakes than you do from any success that you have in life.
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We had a fire in one of the units when a tenant fell asleep cooking. Thank God no one was hurt. We have spent tens of thousands of dollars fixing, updating, remodeling, and re- remodeling the property along the way. The houses do not look like the picture above anymore.
I know they are right.
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The very first investment I made in real estate was a colossal mistake. But even given that, I wouldn’t change it for the world. You see, I can point to that investment and the work we undertook as one of the main reasons I am a good investor and manager today. They say, “No pain, no gain.”Well, I definitely went through the pain to get the gain. The property was two multifamily homes on one building lot. The lot was skinny, and the buildings were even skinnier. When we bought it, there was only one vacant unit, and while we knew it would need work, we felt like we were buying for such a good price, less than $25,000 per unit. We couldn’t lose, right?
And there was a lot more than that. At some points, we felt that the only job we had was to work on this property.
But, there is a silver lining, and it is this: I am afraid of absolutely nothing that comes across my desk. Because of this property, I have either seen it, or I know the steps to take to solve the problem. And that gives incredible confidence as a property manager. So, do I think that everyone who wants to learn more about real estate should go out and buy a “tough one”? Absolutely not. There are easier and more profitable ways to learn these lessons. And frankly, I was lucky this one didn’t break me financially.
Boy, were we naive.
Let me list some of the things that have happened with the property since its purchase.
• We initiated five evictions in short order. One unit had three back to back. (We felt like we were cursed). • The best tenant in the building moved out because of roaches from another tenant, who swore she never had or saw them. The pest company would beg to differ. • We assisted an early morning drug raid. We had flagged the problem with the local police and actually gave them the keys, but they still crushed a brand- new steel door. • We paid “cash for keys” to get two tenants out sooner than courts would have. It was the best money I ever spent. • We had to evict a Section 8 tenant for “nonpayment of rent”when her portion was under $100. I never would have guessed I’d have to do that. • I did an eviction myself instead of using a lawyer and determined it is not worth it … ever. • We sued a tenant in small claims court and won and determined it is also not worth it …well, hardly ever. • We navigated a street brawl, numerous tenant arguments, and irate calls from tenants at all hours of the night (and the early, early morning).
However, everyone needs to know that only two things really matter with real estate. First, you have to buy well. Second, you have to manage well.
That is why experienced advisors are so crucial to real estate investing success. And that is why we are glad we are working with you on your real estate journey.
Yours in “higher” real estate education,
P.S. We were able to turn that property around. It required buying a blighted, four- family building on the street and fixing that up too, but overall they both perform very well now. P.P.S. Thank goodness for the second property we ever bought. It was only two blocks away, and we had to get really creative to buy it, but it laid out a path for us moving forward and helped us find a model that worked. Maybe I will tell you more about it next month.
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YOUR VOTE MATTERS, AND, SOMEDAY, YOUR KID’S WILL TOO!
Teach a Lesson About Voting This Election Day!
ENGAGE YOUR KIDS ON THANKSGIVING With These Gratitude-Themed Games
The 2020 presidential election is heating up, but Election Day 2019 still requires citizens’ voices to decide the fate of their cities, counties, states, and judgeships. As the U.S. enjoys a relatively quiet election day on Tuesday, Nov. 5, use the opportunity to teach your children about their civic duty and the power of voting. For the Young Kiddos There’s no reason why children can’t be involved in local elections. Let your kids tag along to the voting area, and ask for help from city workers and local representatives to answer your kids’ questions. You can even set up your own family election by holding a vote over what to have for dinner or where the next family vacation should be located. If you’re looking for bedtime books to feed their curiosity, try out fun reads like “O, Say Can You See? America’s Symbols, Landmarks, and Inspiring Words” by Sheila Keenan. Various websites, like KidsVotingUSA.org, also have ample resources for educators and families.
Thanksgiving is an excellent time to teach children about gratefulness. By planning some fun, gratitude-themed games, you can impart a valuable lesson and spend some quality family time together. Get your kids in the holiday spirit by adding a Thanksgiving twist to these classic games.
Pictionary
For NewVoters
Want to bring out your kids’ creative sides? Pictionary is the perfect way to encourage artistic expression and grateful thinking. Try adding a rule where players have to draw something they’re grateful for. This will get your kids thinking beyond turkey and stuffing and give them an imaginative way to express their gratitude. Plus, who doesn’t love a good art contest?
Turning 18 comes with the newfound responsibility of voting for our country’s leaders, and, for new voters, the system, ballots, and restrictions can be confusing. Start by walking your teen through the registration process, which can be done in person at your
GuessWho?
municipality’s office or online at USA.gov or Vote.org. Next, talk with your teen about what’s at stake in the upcoming election. Be careful not to seed your
To play gratitude-themed Guess Who?, have each participant write down their name and something they’re thankful for on a slip of paper and put it in a bowl. Then, at the dinner table, have each person draw a random slip and read what it says without saying the name while everyone else tries to guess who wrote it. While Pictionary may get your kids talking about what they are thankful for, Guess Who? will tune them into what others around them are thankful for too. Like regular pick-up sticks, the goal is to remove a stick from a haphazard pile without disturbing the others. However, by using colored sticks that represent different kinds of thankfulness — such as places, people, or food — you can make players think outside the box. This will ensure you get a wide range of creative, thoughtful answers whenever the kids pick up a stick. These modified games are great for helping your kids realize how much they have to be thankful for. Use these to spend some fun, educational, quality time with your family this Thanksgiving. Pick-Up Sticks
language with opinions so your teen can develop their own view. Direct them to resources like
Ballotpedia.org, where they can find information, practice voting, and see local sample ballots. And, of course, when Election Day rolls around, celebrate their first vote!
Don’t Forget About You! Voting is a right and privilege that comes with U.S. citizenship. Don’t miss your opportunity to have your voice heard. Learn more about your local election by visiting Ballotpedia.org or contacting your municipality, and be sure to register to vote if you haven’t already.
Remember, your kids learn by watching what you do, not just by listening to what you say. Inspire them to get involved and, when the time comes, exercise their right to vote!
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THE GREATEST AMERICAN WAR HORSE The Legend of Sergeant Reckless Animals have acted as companions to humankind for thousands of years. They’re a near-constant source of companionship, comfort, and aid. Unfortunately, military animals don’t often get the recognition they deserve. One horse, in particular, was essential to the success of her regiment during the Korean War. Meet Sergeant Reckless. Bought for $250 in 1952 by a U.S. Marine Corps lieutenant at a Seoul racetrack, Sergeant Reckless was trained to carry ammunition for the 5th Marine Regiment. Her name was a play on the “recoilless” rifle ammunition she carried and a nod to the daredevil attitude of the soldiers who used them. Reckless was pivotal for her regiment in more ways than one. As Robin Hutton notes in her book “Sgt. Reckless: America’s War Horse,”“Because horses are ‘herd’ animals, the Marines became her herd. She bonded so deeply with them that Reckless would go anywhere and do anything to help her adopted family.” Sergeant Reckless’ greatest achievement occurred during the final stages of the Battle for Outpost Vegas. During the bloody five-day campaign, Reckless made 51 trips to resupply guns over the course of a single day. By the end of the battle, she had carried 386 rounds of ammunition by walking 35 miles through
rice paddies and mountain trails.
After dropping off the ammunition, Reckless would then bring wounded soldiers back to safety. Reckless was trained to lie down when under fire and avoid barbed wire, and her ability to do so without needing human command saved many lives during the battle. Reckless would close out her war career with two Purple Hearts and the rank of staff sergeant. She spent the rest of her years at Camp Pendleton in California. To learn more about this legendary mare, be sure to check out “Sgt. Reckless: America’s War Horse” by Robin Hutton.
THE BEST LEFTOVER TURKEY SANDWICH
TAKE A BREAK
Inspired by FoodNetwork.com
Ingredients
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2 slices sourdough bread
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1/3 cup leftover dressing or stuffing
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2 tbsp Dijon mustard
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2 tbsp leftover gravy
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2 slices Swiss cheese
• 1 tbsp butter, room temperature Note: Don’t worry if you don’t have all the leftovers required.
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1/3 cup shredded leftover turkey
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3 tbsp leftover cranberry sauce
Directions
1. Coat inside of each bread slice with mustard and a slice of cheese. Place turkey and cranberry sauce on one slice and dressing and gravy on the other. 2. Combine sandwich and spread butter on both sides. 3. In a panini maker or large skillet, grill until crispy and golden brown. 4. Slice and serve.
Solution on Page 4
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INSIDE 1
A ‘Real’ Real Estate Education
2
Gratitude-Themed Games for Kids Teaching Kids the Power of Voting
3
The Legend of Sergeant Reckless The Best Leftover Turkey Sandwich
4
Adventure Like a Scandinavian
THERE’S ‘SNOW’ PLACE LIKE SCANDINAVIA Embrace Winter Like a Pro
Scandinavian countries like Sweden and Denmark have long topped lists of the world’s happiest people. This may seem
anymore, give Nordic skiing a try. It’s less stressful on your body but still a challenging, fun way to enjoy a beautiful day outside.
Dress for Warmth There’s no such thing as bad weather, only poor gear. The Fins embrace this mentality wholeheartedly by trekking in subzero temperatures. The key is proper layering. Start with warm base layers that retain heat while allowing air to circulate. Skintight spandex isn’t very effective, so try thermal underwear or wool instead. On top of your base layer, add fleece and then down. If you’ll be somewhere with a lot of moisture, make sure your down is synthetic and waterproof. Your extremities get cold the quickest, so keep them warm with a buff, cozy gloves, hats, and wool socks, layered as needed. OneWord: Sauna Just because it’s cold out doesn’t mean you need to be too. A day on the slopes would not be complete without a sauna. In Finland, Sweden, and other Nordic countries, taking a sauna is considered a daily ritual for its purported health-boosting and mood-boosting benefits. Age and Ageing health journal has found evidence linking sauna use to a lowered risk for Alzheimer’s disease and dementia.
strange considering these countries can spend half the year in darkness; dusk sets in around 2 p.m. for some Nordic cities in the wintertime. The Scandinavians’ positive outlook on winter likely contributes to their happy demeanors year-round. Instead of looking at the winter months as something to endure, these folks embrace the season and find ways to enjoy it. Here are a couple ways to emulate their attitude.
Try Nordic Skiing If you’re a seasonal runner but it’s too cold to enjoy your go-to activity this winter, it’s time to
diversify. Skiing isn’t the only wintertime option, either. There’s ice skating, ice climbing, and snowshoeing, to name a few. If your knees can’t take downhill skiing or snowboarding
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