Archive View (August 2008)

In the summer, many offices have problems with how employees dress. When the temperature soars, it’s as if common sense disappears. People stop wearing appropriate clothes and out come the flip-flops and the skimpy attire that’s certainly at home on the beach or on the weekends, but not in most businesses. I hear from employers that this is particularly true of young people who are working at their first jobs. They just have no idea how to dress for work, so it’s an employer’s place to either tell them or to put a dress code in writing. I’ve always been fairly outspoken about more...

As an investor, it’s easy to get blinded by the fancy window dressing that a particular agent or seller is putting on when presenting a property. I want to encourage you to evaluate each property on a standalone basis much like you would if you were buying a business...because you ARE. Whether you own one property or one hundred, the recipe for its success is virtually the same. You will need to create a business plan complete with earnings/expense pro-formas while projecting rates of return and contingencies for cost overruns.  There are many different ways to approach this plan and Trump U offers courses and more...

Another politician, another scandal. Former presidential candidate John Edwards admitted he had an affair several years ago - a relationship he vehemently denied when he was campaigning. There are, of course, all sorts of issues here. Some people question whether a candidate’s personal life really matters. They think what he does in his personal life doesn’t affect his ability to lead. Still others question whether the media pursued this story as diligently as they should have. But you can also look at it from a business viewpoint. What happens when one of an organization’s most visible members is caught up in a situation more...

I grew up watching Ed McMahon on the Johnny Carson show and I watched him every night while I was at Wharton. I always thought he was terrific and that he brought a warm and very memorable quality to the Tonight Show.  When I heard what was happening to him and his house, I couldn’t believe it because I didn’t want to believe it. That shouldn’t be happening to him--but it was--so my first instinct was just to help him out. My primary motivation in this situation is not a real estate deal--it’s a way to help a great American icon and a more...

I received a baseball type of cap when participating in a golf tournament about 10 years ago and I still wear it because it reminds me of an important principal: On the front of the cap it says “ Win-Win”. I equate that phrase to mean that you can be a winner at negotiating by seeing to it that the other party is still getting their needs met in the transaction. And, just because you win doesn’t mean someone has to lose. My most successful negotiations have come from bridging the gap of misinformation and miscommunication between buyer and seller. Once I can get to the more...

So much of the nation is so dependent on gas that there’s certainly been a collective sigh of relief over the past few weeks as the price at the pump has slowly started slipping. The last I read, the national average price for a gallon of gas was around $3.80. Less than a dozen states had prices hovering at more than $4 a gallon. A year ago, those figures would’ve seemed astronomical, but today, we’re hopeful that this is a sign of good things. Reports are that worldwide demand for petroleum products is finally slowing down so, as you learned in economics more...

Statistics show that at least one landlord in five are now doing so out of necessity rather than by planned and conscious choice. These people did not purchase their properties with the intent to lease them out...it just sort of happened.  For instance, my friend Dave and wife, Delores in Dallas had a home built in the suburbs by a new home builder about two years ago and moved in. They added all the fancy upgrades such as a media room, hardwood floors, etc. The home turned out beautifully and almost simultaneously, Delores sought and attained a great job in the Houston area at the more...

We have all heard the terms hard money and private equity... but do you know what those are and how to get your hands on capital when you need it? Although they get a high rate of return, they are sometimes the only way to get your prospective deal financed. They are in a risky business and are handsomely compensated as a reward. For instance, if you wanted to buy an apartment complex or retail center and the bank wanted you to have 25% down as an equity position, you could seek out a private equity partner to come up with any cash you more...

You’re probably wondering what I’m talking about when you see that headline. But I’m talking about what’s happening today, now, in the U.S. I say that times are good because there are still plenty of opportunities out there. In fact I’m a little tired of the negative cloud we seem to be under these days. Difficult doesn’t necessarily mean negative. Challenging doesn’t have to be negative either. There are ups and downs in every aspect of life and business, and as someone who has survived some major financial upheavals and losses, I think I have some insights to share with you about more...

How happy are you? Not as happy as if you were living in Denmark, apparently. Denmark is the world’s most content nation, according to a recent study on global well-being. Surprisingly, I think, the United States is way down the happiness list at the Number 16 spot. Researchers at the University of Michigan said Denmark earned the top spot thanks to economic prosperity, stability and democracy. "I strongly suspect there is a strong correlation between peace and happiness," said Ronald Inglehart, a political scientist at the University of Michigan's Institute for Social Research. "There is also a correlation between democracy and peace. Democracies more...

I love the Olympics. It’s amazing to watch the world’s greatest athletes all take the same playing field together. Like so many time before, these Beijing Olympics have been wrought with controversy. Many people feel that President Bush should not have agreed to attend the opening ceremonies. They think that boycotting the event would’ve shown his concern about China’s horrid human rights’ record. But he said not attending would’ve been an affront to the Chinese people and he felt no need to connect the athletic event and politics. Both Barack Obama and John McCain have echoed the calls of human rights groups, saying more...

Maybe I am a bit biased and am so because I did my homework and researched the pros and cons of the “captive” agencies versus the” independent” ones.   As an independent insurance agent, I feel good about having the ability to shop for the best possible product and price for my clients. I keep the carriers honest by doing the exact same each renewal. As a captive agent, I would have only one basic product available to offer my client and if we weren’t competitive with that particular client’s set of risks, I would have to reject them and send them down the street more...

What do you do when you’re on the job and someone insults you - whether it’s your boss or a coworker or even a client? Most people just grin and bear it, even though it can eat them up inside. It’s no surprise, but a German scientist has proven that people forced to smile and take on-the-job insults suffer long-lasting stress that may harm their health. In the study of 4,000 people, half were allowed to respond to abuse while the other half had to suck it up. Those people who weren’t allowed to answer back had terrible stress as compared to those more...