Take a look at our December newsletter!
EXPECT THE BS, SKIP THE STRESS HOW I STOPPED LETTING STRESS WRECK MY BUSINESS HOLIDAYS
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You know what’s funny? December is National Stress-Free Family Holiday Month. Whoever came up with that clearly doesn’t run a business, own multifamily properties, or, at the very least, host extended family under one roof during the holidays. I read that and laughed out loud. December? Stress‑free? Not a chance. But that got me thinking, what if stress isn’t the enemy we think it is? For me, most stress doesn’t come from what’s actually happening; it comes from what I expected to happen. When I get frustrated, nine times out of 10, it’s because reality didn’t match up with some picture I had in my head. That’s how I learned that most of my stress comes from unrealistic expectations. And December’s the perfect month to check those expectations and recenter. I like to take inventory, personally and professionally, and ask myself, “Where am I expecting something that isn’t realistic?” Because if you can identify that, you can take a lot of unnecessary stress off your shoulders. Imagine it like bracing yourself for impact. When you can see stress coming, you can soften the blow. Here’s a recent example. We had a city housing inspection at a property; it was just routine stuff. The inspectors came back and told us to replace over 60 electrical outlets. All of them worked fine. Their reasoning? “They’re old.” Now, a few years ago, I would’ve been fuming. I would’ve wasted hours complaining about how unfair it was. But this time, I just nodded. Why? Because I expected it. I knew they’d find something to nitpick. It’s what they do. The truth is that realistic expectation saved me a ton of energy. I wasn’t blindsided. I wasn’t angry. I just got to work fixing the problem because I had already planned for some kind of “BS” request, because guess what? That’s
usually what those inspectors pull. When you anticipate the nonsense, it doesn’t throw you off your game.
That’s really what I’ve come to believe about stress. It’s not something to eliminate. It’s a form of feedback. Stress tells you that something’s off, perhaps in your expectations or in your systems. It’s information. And more importantly, it’s proof that you’re actually doing something. Think about it: If your life is totally stress-free, you’re probably not building anything meaningful. Every deal, every renovation, and every big move I’ve made has come with stress. You can’t grow without resistance. It’s like lifting weights; if there’s no strain, there’s no gain. Now, I’m not saying I go looking for stress. I don’t walk into the office thinking, “Let’s get stressed today!” But when it shows up, I try to see it for what it is, which is a signal that I’m in motion. That I’m pushing forward, even if it’s uncomfortable. So, as we head into another “stress-free” holiday season, I’m reminding myself (and maybe reminding you, too) to stop fighting stress and start learning from it. Expect the chaos, expect the curveballs, and expect that someone at the dinner table will bring up politics. You already know it’s coming. And when it does, smile, take a breath, and remember: Stress isn’t the problem. Unrealistic expectations are. Once you manage those, you’ll find a whole lot more peace, even in the middle of December. –Darin Garman
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dazzles with its rich wood details, plush nooks, and a warm, old-world glow. Sip coffee at Caroline’s as the Mississippi sparkles outside and imagine the stories these walls could tell ... Decker Hotel, Maquoketa Nestled just south of Dubuque, the Decker Hotel blends history and comfort in a charming brick building dating back to 1856. With 17 individually styled rooms, each room showcases vintage touches and warm wood tones that pay homage to the hotel’s storied past, including notable guests such as Ulysses S. Grant. Whether you’re exploring the scenic countryside or simply enjoying the historic ambiance, the Decker Hotel offers a cozy retreat where the past and present meet seamlessly. Hotel Blackhawk, Davenport Step into history with a modern twist at the legendary Hotel Blackhawk. Since 1915, this iconic spot has hosted everyone from Cary Grant and Jack Dempsey to presidents and celebrated writers, earning its place as the crown jewel of the Quad Cities. Today, you can kick back in stylish rooms, unwind at the spa, bowl a few frames, or savor a meal at the award-winning Bix Bistro. Just steps from the Mississippi River and local attractions, the Blackhawk offers every guest a chance to feel part of its storied past while enjoying today’s luxuries. The Warrior Hotel, Sioux City In the heart of Sioux City, The Warrior Hotel dazzles with its striking art deco details and dramatic staircase, while contemporary rooms and amenities ensure comfort at every turn. Dine at Woodbury’s, toast the city skyline from The Crown rooftop bar, or unwind in the spa after a day of exploring. With a buzzing ballroom, six-lane bowling alley, and nods to the city’s history, The Warrior is a full-on experience that captures the glamour of a bygone era.
Looking for a staycation with a side of history? Iowa’s historic hotels aren’t just places to crash; they’re full of stories, style, and surprises. From Lincoln’s footsteps to vintage charm and modern amenities, these spots let you explore the luxury of the past and the comforts of the present. Hotel Julien, Dubuque Check into a slice of living history at the Hotel Julien, where whispers of the past dating back to 1839 mingle with the hum of modern luxury. This is no ordinary stay: Abraham Lincoln once unpacked his bags here, Buffalo Bill traded stories, and, rumor has it, Al Capone laid low here when Chicago got too hot. Nearly two centuries later, the hotel still
3 Things I Am Careful About When Investing in a Troubled Property
I received information yesterday about an apartment community that is currently “upside down.” This means the property is unable to pay its expenses, including its loan obligations. This could be a great project to purchase at a discount and own. Or it could be a DISASTER!
I had a 150-unit project that I was looking at a while ago, which had over half of the tenants at least a month late on rent. Let’s just say this can change the dynamics of the deal pretty quickly. So, make sure you not only get proof that the units are occupied, but also that rent is being paid! 2. Make sure you look at ALL the units and ALL of the property. Don’t fall for the line of “we can’t get into their unit, we do not have permission,” or “the unit is locked and I do not have a key.” Make them get a key. You do not need any surprises that will, again, cost you money later. This is the case, no matter how large the property is. 3. Get more than one lender ready to finance the deal. If you require financing, ensure you have more than one lender, not only quoting the deal for you but also working on it. You not only never know when a lender will change their mind at the last minute and back out of the deal, but you could also find a huge difference in terms.
For example, I am currently working on a redo of a 120-plus-unit project that my partners and I own. One lender is quoting us a 6.15% interest rate. Another lender is quoting a 6.55% interest rate. Another lender is at a 6.45% interest rate. Quite a difference so far! There is a lot more “to do’s” of course, and I just wanted to get some quick hits out to you this week. These are some of the items I covered today during our Heartland Investment Summit and Tour in November. If you missed it, we will be hosting another event in March 2026. Chiefly, make sure you use common sense and do NOT be in a hurry. I am usually in a hurry to get the property tied up and under contract, but I am NOT in a hurry to do my due diligence. In any case, be prepared since many “troubled properties” will just want to dump their problems on you, and in many cases, you won’t want that, NO MATTER HOW GOOD THE DEAL MAY INITIALLY LOOK!
So, what do I do?
Here are a couple of quick recommendations on what I do and what I recommend you do as well when considering apartment community investments or other income-producing real estate projects that are “troubled” or “distressed.”
And this is the case whether you are an active or passive investor.
1. Check and double-check occupancy AND back rent balances owed! Hey, just because an owner has a 60%, 80%, or even a 100% full building, it doesn’t mean that 100% of the tenants are paying rent.
–Darin
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Page 1 Unrealistic Expectations Are the Silent Killers of Your Sanity Page 2 Presidential Suites to Art Deco Glam: Explore Iowa’s Historic Hotels 3 Things I Am Careful About When Investing in a Troubled Property
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Page 4 3 Huge Mistakes Apartment Property Sellers Will Make in 2026
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dismayed that the BIG SALE DAY was further from spectacular than they deserved. Make sure the loser here is not you!
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