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My Rental Property is Costing Me Money. What Should I Do?

Bigg Challenge
Jeff’s job took him several states away from a rental property that he bought about two years ago. He bought the property and fixed it up. Now his tenant is moving out and the place is a mess. So he’s going to have to invest a bunch again. But he feels he has no choice since he has so much in it already. Besides, it’s a bad time to sell real estate. He wants our thoughts on his situation.


Bigg Advice

It’s been said,

“Find a landlord who lives more than twenty minutes from his
rental and you’ll find a landlord who’s probably ready to sell.”

Properties can be managed across cities and states, but for the most part, real estate is a very local business. And, a lot of people don’t understand that you’re in business even if you only have one rental property.

Consult with a good attorney

You’ve treated this like a business, Jeff. You had your tenant sign a lease. But a lot of landlords feel like there’s little recourse if a tenant tears up the place. However, you can take legal measures against a tenant who causes damage beyond normal wear and tear.

So consult with an attorney to explore your options. There’s a good chance your attorney may handle your case on a contingency. Of course, you’ll still have to cover the courts costs.

Sell!

Check with a realtor, and even other property owners, to get an idea of what to expect if you list your property. Of course, you won’t know until you actually put it on the market, but you can probably make a reasonable guess with some more information.

Sure, we hear news reports that the real estate market is down. However, you may find it’s not as bad as you think. And here’s the thing … isn’t it better to fix it up and let it sit empty than to fix it up just to fix it up again if your next tenant does the same thing?

Distance makes the difference
Every landlord risks bad tenants, but since you live so far away, Jeff, it seems like the best move for you. The only other thing you might consider is contracting with an experienced local property manager to handle the leasing and maintenance.

You sunk my battle ship!
Picture a ship that’s sunk. You can invest money to try to make it float again, or you could just leave it on the bottom of the ocean and get a different ship. Hopefully, you quickly see which one of those two is better.

George said that, unfortunately, he’s learned this the hard way. It’s not easy when you’re the one in the middle of the situation. But the money you’ve already invested is a sunk cost, like the sunken ship. Don’t base your decision today on money that’s already been spent. Base it on what kind of return you can get on the money you will invest. If it’s better elsewhere, cut your losses and move on.

We hope this helps you with your bigg decision, Jeff. Thanks for sharing your Bigg Challenge with us!

 

   

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The Power of Imagination

J.K. Rowling, best known as the author of the Harry Potter series, recently delivered an exceptional speech for the Commencement Ceremony at Harvard University.

It’s an amazing discussion of the power of failure and imagination. It’s definitely worth your time to read the full text, or watch the video. She said,

“We do not need magic to change the world, we carry all the power we
need inside ourselves already: we have the power to imagine better.”

Each of us has the power within us to change the world. Do you doubt it?

Steve Jobs didn’t doubt it.
He imagined a world where every person could have the same computing power that only large organizations had at that point. He dreamed of a world where computers were so user-friendly everybody could use them.

John F. Kennedy didn’t doubt it.
He had the vision that man could walk on the moon. He set forth his vision with the power of words to direct an entire country’s resources toward that mission. A short time later, Neil Armstrong uttered his famous words, “One small step for man, one giant leap for mankind.”

Martin Luther King didn’t doubt it.

He had a dream that people would be judged solely by the contributions they made to society, not by the color of their skin. His dream led to a movement to bring equal opportunity to all.

You may say that you don’t have …

… the imagination of JK Rowling. To create a world that can inspire millions of young people to read again at a time when everyone thought that only video games could attract them.

 … the creativity of Steve Jobs. To see the possibilities for individuals to have access to technology at their fingertips.

… the vision of John F. Kennedy. To see the impossible as possible and to inspire an entire nation to get behind the effort.

… the oratory skills of Martin Luther King. To put the need for change front and center on the agenda of his country and to move people to effect that change.

The unique power within you.
You do have the power to imagine a better world and make a difference in your own life and the life of others. Your imagination flows from your unique genetic make-up and your personal experiences.

No one else – who has ever walked on this earth, is here now, or ever will be – can duplicate what you have and who you are. You are one of a kind!

It’s up to you to live up to the potential that is within you … just imagine! How will you leave the world a better place? What are you doing now to make a difference in the lives of others?

 

 

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We Need Your Help!

Thank you so very, very much for taking time out of your day to look in, or listen in, on us. We can’t fully find the words to express how grateful we are that you give us a little bit of your most precious resource – your time. We promise that we will always try to give you something worthwhile in the five minutes or so you spend with us each day.

Why we started Bigg Success
We started Bigg Success to build a community of like-minded people. People who want to succeed bigg. Bigg goal-getters we call you. Fun-loving, positive thinking people who are usually happy, but never content. Looking to live your life your way and get to the next level of success.

We’re building a community that helps each other. We’re happy to volunteer our time to moderate – to be thought-starters – but we need your help. You see …

We don’t know you as well as we want to. And we don’t hear from you as much as we’d like to.

Now people in our business tell us that this is normal. But the Bigg Success community isn’t a group of normal people. It’s full of extraordinary people. Over-achievers. People who know they were born to do something bigg and are determined to do it.

People like you.

The most important thing we know.
We know a little about a lot of things and a lot about a few things. But here’s the most important thing we know …

All of us know more than any of us.

We also know that you’re a quiet group. We know you’re busy. That’s why we keep our content as short as possible while still delivering something to take away every day.

But here’s the thing …

We can’t make bigg success better without you. Without your participation.
We’re happy to bring you our content for free – we’re not asking for money. We’re asking you to give something more valuable – just a little bit more of your time.

Because bigg success can’t be a bigger success without you. Without your input. Without your wisdom. Because as the Chinese proverb says …

“A single conversation … with a wise person is worth a month's study of books”.

And you’re that wise person we want to have a conversation with!

So here’s how you can help …

Tell us how we can help you. Tell us what you want and need from us. Tell us the answers to these questions:

  • What do you like about Bigg Success?
  • What do you think we could improve upon?
  • What would you like to learn more about?
  • What would you like to see us do differently?
  • How can we help you get to the next level of success?

Here’s how to do it now …
Share your thoughts by leaving a comment. We know a lot of you have never left a comment anywhere before, but it’s as easy as typing up an e-mail once you’ve done it.

The easiest way to find our comment box is to click on the title of the article at the top of the page and then scroll down to the bottom where you’ll see “Leave a Reply”.

You’ll notice that a name and e-mail are required. You can just use your first name or even a fake name. You can use your real e-mail address or even a fake one.  Either way, your e-mail address is NOT made public. Nor do we use it in any way or share it with anybody. This requirement just protects us from those dreaded spammers.

… and in the future.
And then, keep sharing your comments on future posts …

  • Tell us you agree or disagree … we like to hear both. Just tell us why.
  • Tell us what we missed … you’ve had experiences we haven’t had. We want to learn from you too and so does the rest of the Bigg Success community.
  • If you don’t know something, or we didn’t make it clear … ask a question.
  • If you have an answer to someone else’s question … share it with all of us.

Everyone wins.
Let’s all learn from each other so we all reach our potential. There’s no scarcity of bigg success at Bigg Success. Everyone can benefit. Everyone can win.

And yes …

RSS subscribers, iTunes subscribers, and Zune subscribers …

… we work hard to deliver our content where you want it, but we’re talking to you, too! We want to hear from all of you!

Here’s what’s in it for you …
By getting involved in the conversation, we can choose future topics and design future posts that help you with what you need help with. Content that fits your wants and needs so you get to the next level of success in your life.

We thank you so much for reading, or listening, to this post. We look forward to getting to know you better. Until next time, here’s to your bigg success!

 

 

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Failure to Do This Harms Relationships

Have you ever had a service company just show up at your door even though they told you someone would call first?

Have you ever had a co-worker promise they would get information to you but then drop the ball?

Have you ever asked a sales person to get back to you on a proposal but then they never did?


What was your impression of that company, co-worker, or sales person when they didn’t follow-through?

It probably wasn’t favorable. You realize that you can’t count on them to do what they say they’ll do.
   
Follow-through: an essential element to building your personal brand.
A brand carries with it the promise of expected benefits. Every time a promise is not delivered, the brand suffers.

Promises are easy to make, but not as easy to keep. But if you want to build trust, you have to make good on your promises.

“Say what you’ll do, then do what you say.” Author unknown
 
This separates people who achieve bigg things from people who don’t. Even if it’s just a little thing, you risk leaving the impression that you don’t follow through.

We often have the best of intentions, but it’s impossible to judge someone on their intentions. So we do the only thing we can do – we base our opinions of people on whether they deliver on their promises.

Be careful not to over-promise.

If we surprise someone, we should surprise them in a good way – by doing more than we say we’ll do. It’s not good to disappoint them by doing less than what we say … or not doing it at all.

Today’s bigg action item – Develop a system to record every promise you make.

Do whatever works for you, whether that is an old paper system or something using new technology.

One simple way to do this is Jott. Whenever you make a promise, just call and leave a message about what you need to do. Jott will send you an e-mail or text message reminder. That coupled with your personal calendar can keep you on track. Here’s the best part – Jott is a FREE service.

There are two keys to making any system like this work:

  • Budget a little extra time after each activity.
    This will allow you to write down or record anything you promised.
  • Make it a habit.
    Really focus on using your system every day for the next two weeks.

Or you could do what George does. Mary-Lynn reminds him of his promises. Speaking of which, he has to go pick up the dry cleaning that was ready last week!

 

 

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Dadmiration: Things We Admire About Our Dads

dad holding child up in air on dadmiration post

Since Father’s Day is Sunday, we thought we’d share some “dadmiration” and give you the opportunity to do the same.

“Any man can be a father, it takes someone special to be a dad.”
– Author unknown

Here are three things we each admire about our dads:

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