{"id":1188,"date":"2007-03-21T13:45:13","date_gmt":"2007-03-21T20:45:13","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1188"},"modified":"2007-03-25T05:31:31","modified_gmt":"2007-03-25T12:31:31","slug":"persistence-the-investors-greatest-tool","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1188\/persistence-the-investors-greatest-tool\/","title":{"rendered":"Persistence: The Investors Greatest Tool"},"content":{"rendered":"

People have asked me what it takes to succeed in real estate. Honestly, I really think it only takes one thing, persistence. Many people eliminate themselves right away by never starting or quitting after one bad experience. This business certainly has its ups and downs, but the people that keep trying eventually succeed.<\/p>\n

Here are a few examples where persistence pays off. First, let’s look at the tenant from hell. No matter how great your screening process is, eventually the dice come up snake eyes. When a tenant refuses to pay rent or destroys the property you put in a lot of sweat and equity into, it can really push you to the edge. When you realize you just can’t throw them out on the streets, change the locks, and tell them to go to a hot place (and I don’t mean Florida), what do you do? How you deal with this situation defines how successful you will be in the business.<\/p>\n

So how do deal with them you ask? First, begin the eviction process early. If a tenant is commonly late with the rent become familiar with the eviction process because you will probably need it. Additionally, never get antagonistic with the tenants. You can never win this battle because an angry tenant is a destructive tenant. Many new comers in the business feel like they can sue tenants. Think again. While you certainly can sue tenants, if they are being evicted they will probably not have any money for you to get from them. After the eviction process has started, the best situation is to convince the tenant to leave amicably. I have known some landlords to actually pay tenants to move out. On the surface this seems crazy, but paying a tenant say $100-$200 vs. spending $1000 (or more) for eviction plus repairs makes financial sense.<\/p>\n

Another common situation that requires persistence is dealing with contractors. I have never personally had a project come in on or under budget. The bigger the project the more financial padding you should put in your budget estimates. Always have more money than you need. Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

People have asked me what it takes to succeed in real estate. Honestly, I really think it only takes one thing, persistence. Many people eliminate themselves right away by never starting or quitting after one bad experience. This business certainly has its ups and downs, but the people that keep trying eventually succeed. Here are […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2,8,5],"tags":[],"class_list":{"0":"post-1188","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-blogging","7":"category-general","8":"category-investment","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1221,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1221\/the-carnival-of-real-estate-26\/","url_meta":{"origin":1188,"position":0},"title":"The Carnival of Real Estate . . .","author":"Greg Swann","date":"March 26, 2007","format":false,"excerpt":"...is at miOaklandCounty, Maureen Francis' weblog. Teri Lussier's introductory post came in fifth place,* not bad for a start. With his post Persistence: The Investors Greatest Tool, Michael Cook took top honors at The Carnival of Real Estate Investing, hosted this week by the Ral Estate Investing for Real Blog.\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11883,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11883\/welcoming-a-new-contributor-to-bloodhoundblog-alex-cortez\/","url_meta":{"origin":1188,"position":1},"title":"Welcoming a new contributor to BloodhoundBlog: Alex Cortez","author":"Greg Swann","date":"April 30, 2010","format":false,"excerpt":"We're adding a new contributor today, regular commenter and long-time friend of BloodhoundBlog, Alex Cortez. Alex writes all around the RE.et, so you may know him from otherwhere. I'm mainly ignoring requests from people who say they want to write here, but Alex went beyond persistence in his campaign. More\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7472,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7472\/show-me-yours-then-ill-show-you-mine\/","url_meta":{"origin":1188,"position":2},"title":"Show Me Yours – Then I’ll Show You Mine","author":"Doug Quance","date":"March 13, 2009","format":false,"excerpt":"Looking At Rental Properties With A Whole Different Perspective The more things change... well, the more they change. In the past, when you represented a tenant in the lease of a property, it was understood that the tenant would provide authorization for the landlord to perform a credit check, if\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":465,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/465\/blogoff-post-88-rental-house-smart-opportunity-if-set-up-as-business\/","url_meta":{"origin":1188,"position":3},"title":"Blogoff Post #88: Rental house smart opportunity if set up as business . . .","author":"Greg Swann","date":"September 26, 2006","format":false,"excerpt":"This is one of my personal favorites from my Arizona Republic column:I'm helping a young friend buy his first home. I've known him since he was in high school. I admired his decision to defer college for an arduous tour of duty in Iraq. He's back in school now and\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":470,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/470\/blogoff-post-93-a-few-tips-on-avoiding-unexpected-fees-penalties-on-rental-homes\/","url_meta":{"origin":1188,"position":4},"title":"Blogoff Post #93: A few tips on avoiding unexpected fees, penalties on rental homes . . .","author":"Greg Swann","date":"September 26, 2006","format":false,"excerpt":"This is from my Arizona Republic column:With regard to my recent advice to a young landlord, a reader phoned to leave this sage counsel: Don't forget about the rental tax. The worst way to find out about unpaid taxes is by getting a bill for three years' worth of arrears.\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":775,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/775\/see-the-pursuit-of-happyness-because-there-are-worse-fates-than-straight-commission-sales\/","url_meta":{"origin":1188,"position":5},"title":"See “The Pursuit of Happyness” — because there are worse fates than straight commission sales . . .","author":"Greg Swann","date":"December 17, 2006","format":false,"excerpt":"We see everything through the lens of real estate, including films and television programs. It's baked in the cake. Houses, always, and rooms and neighborhoods, and god help us if there's a real estate transaction in a movie or TV show. When we were leaving The Pursuit of Happyness last\u2026","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1188"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1188\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}