All Forum Posts by: Dave Van Horn

Recently I've been thinking about my recent reads that have shaped my Real Estate business and thought I'd share them/get suggestions on new ones to add to the list. 

1.) Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish

This is basically an advanced version of Harnish's "Mastering the Rockefeller Habits" where he really covers 4 things: Strategy, People, Execution, and Cash. Harnish gleaned from John D. Rockefeller's biography multiple habits in the form of questions. When applying them, readers can find themselves having more focus and better leadership/delegation skills. I make everyone in my company read this book so-as to achieve more in their day-to-day operations while utilizing goal setting and accountability.

2.) Business Brilliant by Lewis Schiff.  "Ask a member of the middle class what it takes to become wealthy? And they'll tell you it takes a bold new idea. And if you tell that to a self-made millionaire, they will vehemently disagree" 

Schiff doesn't only dispel this myth (and other common ones like it), he proves it. Conducting interviews and studying data on the world's self-made rich, Schiff's book is really about how successful people think and act differently than the rest. I give this to many of my business associates and entrepreneur friends to think differently and to share these ideas.

3.) Traction by Gino Wickman

The tagline for this book is: "Do you have a grip on your business, or does your business have a grip on you?"

A great read on execution and simplifying and implementing better Rockefeller Habits. This is also a a good book for others in Upper Management. Working on efficiency and the vision of the company is key to any business. Are you on the same page as your partners? Are you on the same page as your employees? All good questions to ask yourself and your business.

So, what have you guys been reading lately? Any thoughts on these books? Any recommendations?

@Andrew Wong, I think the issue in regards to perception is that it could change the quality of living and makeup of the neighborhood. And Airbnb could also increase rents and push out current permanent tenants for short term residents and tourists.

Maybe the issue won't be enforced or maybe Airbnb (after having been recently funded significantly by Google, and being no stranger to lawsuits themselves) could overturn the decision.

This article was featured yesterday in the Wall Street Journal. Apparently, a new state law will target Airbnb advertisers with fines of up to $7,500 if they violate a 2010 law that bars rentals under 30 days in multiunit New York City buildings when the owner or tenant isn’t home.

Curious to hear other BPer's opinions on this, especially those in the NYC Airbnb business.

http://www.wsj.com/articles/new-airbnb-law-causes-...

Hi @Kent Muir,

Speaking from experience, It might not be easy to go back and collect security deposits at this point, but you could do it going forward.

As for raising the rent, it's not unheard of for renters to expect a reasonable increase with new ownership. I also think you could provide value relatively easy to justify raising rent - whether it's through nicer landscaping, additional parking, improving common areas if you have them, or other on-site incentives. You could also maybe cut a deal with one of the utility providers or cable companies and provide free service included in the lot rent. 

Even if it's a break even at the outset on any one of these things, it increases the value of the park.

Best,

Dave

Hi @Julius Dixon,

I would check out David Finkel and Peter Conti's book "Buying Real Estate Without Cash or Credit". 

They actually provide a lot of the scripts you're looking for. I would also suggest keeping track of what you say and augmenting it over time as you get better and better at it. That's what I suggest to my team.

Best,

Dave

Hi @David Lowe

I personally like Docusign. It saves me so much time when selling REO's since I can sign agreements of sale, listing contracts, etc. all through my phone. I've even done leases and addendums to change the sale price on properties via Docusign.

It's also good for our investors since we can sign subscription agreements for west coast based investors, or on nights/weekends, or when I'm traveling.

Also, it almost goes without saying, but online banking apps are also a huge time saver.

Best,

Dave

@Chris T. Thanks for chiming in!

I agree, but it's funny the perception of most people (including myself at times) when seeing these buildings spring up in areas.

Sadly, I think what you're suggesting makes too much sense. With so much bureaucracy in certain antiquated areas (like NYC, Philadelphia, etc. as opposed to high growth areas like in Texas), I unfortunately don't see it happening anytime soon across the board. I even see this bureaucratic/zoning problem with restrictions on tiny homes, Airbnb, and other creative ways to use space.

Good point about China and Singapore, I hope we can learn more from those countries in that regard.

Best,

Dave

Hi @Angelo Goodwin,

Welcome to BP!

I'm also based in the Philly area (investing in property just outside the city) and I run a company that invests nationwide.

Do let me know if you ever have any questions about investing in the area. And I always recommend to Philly/Philly suburbs people to check out the local REIA group, DIG (Diversified Investor's Group). Their main meeting is in Horsham PA but they have Philadelphia sub-groups.

I've met a lot of great investors and contacts over the years, and learned a lot.

Best,

Dave

Came across this article the other day that I thought was very interesting, would be interested in hearing other BPer's opinions.

Anybody who lives or works in a big city probably thinks about this a lot.

http://www.curbed.com/2016/10/12/13188148/luxury-c...

Sure thing @Eric Casey! Glad I could be of help. And if you ever have any more questions, feel free to reach out.

Best,

Dave