Found this dialog on Bill Randell’s blog. Gotta admire Bill’s intellectualism. He never fails to put a smile on our faces. Come to think of it, he's the epitome of what's wrong with local businesses.
So. Spend millions on a new school in Wusta. That's insane, says Bill Randell.
But that's not the issue. Bill Randell doesn’t grasp the basics of real estate analysis. Seems the plant peddler Sprout has more business smarts than Bill. She gets it
You see, time is a primary factor in real estate analysis. He didn't know that. Folks, he’s a real estate businessman with 10 of Wusta's least desirable residences and a flipper of some 20 other properties over the last 10 years, so you'd think he'd have basic comprehension.
Slumlord you say? So how do you know that? Rule-of-thumb: if the owner ain't willing to live on the property, then its ain't fit for habitation. That's not a good sign. You know what they say about absentee landlords. BTW, Bill Randell doesn’t live in Worcester folks, rather in Holden, miles away from those properties he rents.
In any case, Bill doesn’t grasp the reality of government building projects in Worcester (think the new courthouse - a fiasco by any definition) or anywhere for that matter. Project costs always include a really big chunk of inflated labor costs, not to mention materials, and cost overruns. But hey our elected officials gotta payoff the unions for their votes somehow.
Now imagine if Bill Randell lived in one of the slum properties his LLC manages, it’d be a pretty convenient walk to work at Randell’s Package Store, where he’s CEO.
Welcome to Wusta.
