Page 233 - Trump University Commercial Real Estate 101

Use a Time Multiplier

AMATEUR M ISTAKE: “ I HAVE TO SEE IT WITH
MY OW N EYES TO KNOW WHAT ’ S GOING ON. ”

Pilots go through the same phase of believing that they must see it
with their own eyes: They grip the cockpit controls and study the scene
through the window with all their might. Then, when they decide to
,
become instrument rated they go through the difficult process of

learning instead to trust those instruments with their lives. For their ex-
amination, they must wear a hood that blocks the view out the cockpit
window, allowing them to see only the instruments.
When Air Force pilots are being trained, they ’ ll sometimes hear the
actual cockpit audio recording of a pilot who insisted that he was
climbing, despite the fact that his instruments said he was level, and
so did the control tower. He overcorrected downward, and the record-
ing ends when his plane fl ies into the ground.
Fortunately, you do not have to trust a property manager with your
life, but you should trust him with your investments. You ’ ll have a
comprehensive set of instruments — your reports — to tell you exactly
how that property is functioning.
Your alternative is to plod along in your comfy, local market, work-
ing much harder than you need to, for a much smaller, more local
reward.

The Roles of the Property Manager

I have great respect for property managers. After all, when I fi rst
invested I tried to save money by doing my own management, until
I became exhausted, burned - out, and smarter. I turned the management
reins over to professionals who do nothing but manage properties, and
I became rested, alert, and richer.
Let ’ s look at the main activities that you will monitor as your man-
ager performs them:

Collect and deposit rents. It doesn ’ t get more fundamental than
this. Through your real - time access to the property bank account,

213

10/14/08 11:28:25 AM
c11.indd 213 10/14/08 11:28:25 AM
c11.indd 213