MB 202: Quit Your W-2 in Two Years (at Age 26!) – With Will Harvey

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Two years ago, Will Harvey thought that only people with millions of dollars could own apartment buildings. And then he started listening to podcasts and reaching out to other entrepreneurs and real estate investors. Their stories broke the ceiling on what he thought was possible, and by the end of 2019, Will was able to quit his W-2 job and pursue multifamily full time.

At just 26 years of age, Will is the Vice President of CEO Capital Partners, a real estate acquisition firm focused on multifamily. A veteran of the residential mortgage business, Will earned National Rookie of the Year honors in 2017 and operated in the top 5% at one of the largest retail lenders in the US. Now, he controls over $1.5M of real estate in Northern Virginia. Will is also the cohost of Wealth Junkies, a podcast dedicated to sharing the stories of successful entrepreneurs and liberating 1,000 people from the rat race.

On this episode of the podcast, Will joins me to talk about how being hell bent on getting OUT of his W-2 job led him to real estate investing. We discuss how Will leveraged multifamily podcasts to turn his car into a mobile university, how he found his joint venture partners, and what steps he took to quit his 9-to-5 at the end of 2019. Listen in for Will’s insight on building the Wealth Junkies platform and get his advice on surrounding yourself with people who’ve done what you want to do.

Key Takeaways

How Will got into real estate investing

  • Looking for way out of mortgage business
  • Started with house hacking SFHs

How Will got educated around multifamily

  • Listening to podcasts (car = mobile university)
  • Reach out to dad’s friends in real estate

Will’s initial multifamily strategy

  • Wanted to invest locally in Winchester
  • Realized pond too small to find good deals

Will’s insight on the value in joint venturing

  • Accelerates progress to work together
  • Play to strength in building relationships

Will’s first deal through CEO Capital Partners

  • Raise capital for experienced operator (cosponsor)
  • Afforded team credibility with brokers

The steps Will took to quit his job

  • Lived well below means
  • Refi one property, increased rent on SFHs
  • Passive investment in multifamily

Will’s take on what building a platform does for you

  • Position self as thought leader
  • Create funnel to capture info
  • Raise capital beyond local investor network

What Will would tell his younger self

  • Think BIGGER
  • Change I can’t to How can I _______?

Why Will recommends listening to podcasts

  • Accelerates learning
  • Break ceiling of what thought possible

Will’s vision of the next five years

  • Expenses covered
  • Continue to grow + scale

Will’s advice for aspiring multifamily investors

  • Seek advice from qualified people

Connect with Will Harvey

Wealth Junkies

Email will@wealthjunkies.com

CEO Capital Partners

Resources

Deal Maker Live

Bigger Pockets Real Estate Podcast

<a href="http://kahunawealthbuilders.com/podcasts/" target=…

MB 201: The Truth About Limiting Beliefs – With Rod Khleif

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What excuse are you using to explain why you haven’t gotten started with multifamily? Too young? Too old? No money? No experience? No time? What if those limiting beliefs are nothing more than a story you’re telling yourself to justify a lack of action? What if you could overcome those beliefs TODAY and take the first steps toward financial freedom?

Rod Khleif is a multifamily investor, business consultant and high-performance coach with a passion for giving back. He serves as the host of the iTunes top-ranked podcast Lifetime Cash Flow Through Real Estate Investing and author of How to Create Lifetime Cash Flow Through Multifamily Properties, a must-read for aspiring investors. Rod has built several successful multimillion-dollar businesses, and he is known as one of America’s top real estate investment and business development trainers.

On this episode of Apartment Building Investing, Rod joins me to offer insight on what’s really behind the limiting beliefs that keep us from getting started in multifamily and share his responses to some of the most common excuses aspiring investors give. We discuss the burning desire and positive expectation that successful investors have in common, and Rod explains how he deals with setbacks and challenges. Listen in for Rod’s take on the top habits of highly successful people and learn to leverage gratitude to succeed in multifamily real estate!

Key Takeaways

Rod’s insight on what’s behind limiting beliefs

  • Stories we tell ourselves (circuit breakers)
  • Justify lack of action

Rod’s response to ‘I don’t have time right now’

  • Not important enough to you
  • Priorities vs. time management

Rod’s response to ‘the market is too hot’

  • Must really want it, be willing to hustle
  • 500 doors under contract in 3 states

Rod’s response to ‘I don’t have any experience’

  • Now = BEST time to learn multifamily
  • Market correction will bring opportunity

Why it’s crucial to celebrate progress

  • Recognize growth as person
  • More important than goals

What successful people have in common

  • Burning desire
  • Positive expectation

How to deal with the inevitable setbacks

  • Exercise to mitigate stress
  • Focus on what you want
  • Surround self with right people

The habits of highly successful people

  • Take first step
  • Commit to outcome
  • Play to strengths
  • Passion & influence
  • Peer group
  • Tenacity/grit

Rod’s advice for aspiring multifamily investors

  • Gratitude = most important emotion
  • Remember why love life every day

Connect with Rod Khleif

Rod’s Website

The Lifetime Cash Flow Through Real Estate Podcast

Rod on Facebook

Rod’s Multifamily Bootcamp

Text PARTNERSHIP to 41411 for Rod’s Partnership Questions

Text THINKING to 41411 for Rod’s Gratitude Prompts

Text ROD to 41411 for Rod’s Due Diligence Checklist

Resources

Deal Maker Live

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MB 200: Best of 2019 – With Ken McElroy, Robert Helms, Kyle Wilson, Robert Kiyosaki, Hal Elrod & Grant

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What do the most successful among us have in common? The biggest of the big-name real estate investors and influencers I’ve had the pleasure to interview on this podcast share one thing—a mission beyond money. Yes, financial freedom is important. But without purpose, what’s the point?

On this episode, I’m celebrating our 200th show with a highlight reel of the best Apartment Building Investing podcasts from the past year. We look back at my interview with Rich Dad Advisor Ken McElroy as he shares how his thinking has evolved around financial freedom and what it means to be successful, and return to my conversation with Robert Helms of The Real Estate Guys around his mission to both educate and inspire action.

We revisit legendary entrepreneur and investor Robert Kiyosaki’s insight on spiritual discipline and bestselling author Hal Elrod’s take on the REAL purpose of setting goals. Listen in for marketing icon Kyle Wilson’s advice on building a platform and get inspired by billion-dollar investor and influencer Grant Cardon’s definition of true wealth.

Key Takeaways

What financial freedom means to Ken McElroy

  • Initial goal to be own boss, cover expenses
  • Scale business as expenses increase

How Ken McElroy’s definition of success changed over the years

  • From ‘job’ to ‘good job I really enjoy’
  • Shifted to focus on money, being millionaire
  • Now involves relationships with family + kids

What gets Ken McElroy out of bed in the morning

  • Sense of purpose
  • Desire to contribute

The Real Estate Guys’ mission

  • Put education to work via effective action
  • Create community + collapse time frames

The secret to Robert Helms’ success

  • Recognize economic reality beyond real estate
  • Understand other investing opportunities

How Robert Kiyosaki learned spiritual discipline

  • Marines focus on mission to bring fellow man home
  • Business world only mission to make money
  • Boundary of life + death gets in touch with God

Robert Kiyosaki’s take on the three kinds of money

  1. Gold + silver = God’s money
  2. Government money = fake
  3. People’s money (e.g.: Bitcoin)

Hal Elrod’s insight on the REAL purpose of setting goals

  • Develop qualities + characteristics of goal-achiever
  • Growth on journey more important than hitting target

Hal Elrod’s take on why traditional affirmations don’t work

  • Taught to lie to ourselves, use passive language
  • Affirmation must be paired with action

Kyle Wilsons’ insight on the principles of marketing

  • Provide great product, customer service
  • Be consistent + relational

Kyle Wilson’s must-haves for a website

  1. Mystique
  2. Taglines
  3. Social proof
  4. Creative opt-in

What gets Grant Cardone out of bed in the morning

  • Build legacy for family, church + community
  • Produce something of value = live forever

Grant Cardone’s definition of wealth

  • Money, time, love, health, fun and PURPOSE
  • Keep learning to contribute on another level

Resources

Enter to Win a Free Copy of Michael’s Book

Michael’s Ultimate Guide to Apartment Building Investing

Ken McElroy on ABI EP133

Robert Helms on ABI EP156

…

MB 199: What’s Working Now to Get Deals Under Contract – With the Michael Blank Team

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With more buyers than product on the market, finding good real estate deals can be difficult—especially for newbies. But it’s not impossible. So, what can aspiring multifamily investors do to get a deal under contract?

Drew Whitson, Josh Sterling, Andrew Kuhn and Phil Capron are mentors for The Michael Blank Investor Incubator, Josh Thomas handles our mentoring program strategy calls, and Drew Kniffin and Garrett Lynch serve as President and Director of Acquisitions, respectively, at Nighthawk Equity, the investing arm of The Michael Blank organization. All seven are full-time multifamily investors themselves with a background in working with new real estate investors.

On this episode of Apartment Building Investing, I’m sharing the panel discussion we had last year at Deal Maker Live around what’s working now to get deals under contract. We discuss the greatest fears facing new multifamily investors and explain how we coach our mentoring students to get brokers to take them seriously. Listen in for insight on building your investor list to raise money for deals and learn how to leverage joint venturing to get into multifamily real estate.

Key Takeaways

The biggest fears facing new multifamily investors

  • Self-confidence (work on inner game first)
  • Won’t be able to raise money
  • Won’t be taken seriously

How to get brokers to take you seriously

  • Analyze deals on broker sites
  • Be specific re: your criteria
  • Send feedback within 48 hours
  • Travel to meet face-to-face

The hierarchy of quality in multifamily deals

  1. Direct off-market from seller (rare)
  2. Broker first look
  3. Broker’s website
  4. LoopNet

Our mentoring team’s advice on raising money

  • Build investor list around existing contacts
  • Have conversations BEFORE need capital
  • Give talk on multifamily at Meetups
  • Leverage partnering or joint venturing

Connect with Michael’s Mentoring Team

The Michael Blank Investor Incubator

Deal Maker Live

Resources

Syndicated Deal Analyzer

Nighthawk Equity

The Michael Blank Deal Desk

Anthony Metzger on ABI EP196

LoopNet

David Kamara on ABI EP182

Meetup

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

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MB 198: The Calculated Courage to Do Your First Deal – With Craig Schumacher, MAI

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Is fear stopping you from doing your first multifamily real estate deal? If you’re not the type of person to simply jump ship from the relative safety (and health insurance) that comes with a W-2 job, but you know you can’t spend the rest of your life on the hamster wheel, then NOW is the time to activate what Craig Schumacher, MAI, calls ‘calculated courage.’

Craig Schumacher, MAI is the Managing Member at IRV Capital LLC, a real estate investment firm that focuses on multifamily and student apartments. Craig spent 25 years working as a commercial appraiser and valuation specialist. Four years ago, he decided to stop helping other people make a fortune in real estate and build a portfolio of his own. Craig closed on his first syndication deal in January, bringing him to a total of 89-units (with another 28 under contract).

On this episode of Apartment Building Investing, Craig joins me to explain how he recently quit his job as an appraiser to pursue multifamily investing full time. He describes the AHA moment that inspired him to take action in 2016 and walks us through the key lessons learned from his difficult first deal. Listen in to understand what Craig would tell his younger self about getting started in real estate investing and learn what he is doing now to scale his multifamily portfolio!

Key Takeaways

Craig’s transition from appraising real estate to investing

  • Biggest hurdle = solving health insurance issue
  • Took time to enact plan but never been happier

What inspired Craig to make a change

  • Shocking self-assessment at age 45
  • Not in position to put kids through college + retire

How Craig got started with real estate investing

  • Bought 5 condos + 2 duplexes (university housing)
  • Gain experience as landlord, bank relationships

Craig’s rocky transition to multifamily

  • Sold university rental portfolio to buy 28-unit
  • $20K out of pocket for foundation issues
  • Challenges around self-managing property

Craig’s key lessons learned from his first deal

  • Deeper level of due diligence re: leak disclaimer
  • Include nearby complexes in evaluation

Craig’s highly successful second multifamily deal

  • 29 units next to Illinois State University
  • Convert to student housing ($17K to $25K/month)
  • Cash-out refi to return 100% of investor cash

Why sellers and brokers took Craig seriously

  • Some credibility from SFH portfolio
  • Decades of experience as appraiser

What Craig would do differently in retrospect

  • Push past fear to take big shot sooner
  • Cultivate ‘calculated courage’

How Craig made time for multifamily

  • Dedicate every free moment to investing
  • 14-hour days for 4 years, supportive spouse

How Craig overcame his fears around raising capital

  • Start with friends, family and friends of friends
  • Gets easier every time as share enthusiasm

Craig’s plan for scaling his multifamily portfolio

  • Expand network via podcasts, conferences
  • Build platform by sharing content online

Craig’s advice for aspiring multifamily investors

  • Partner with experienced investor
  • Add action to make ideas real

Connect with Craig Schumacher, MAI

IRV Capital

Craig on LinkedIn

Resources

Rich Dad Poor…

MB 197: Joint Venture to Accelerate Your Multifamily Success – With Brian Briscoe

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Think you need to be a Lone Wolf on your first multifamily deal? Brian Briscoe was looking at 6- and 8-unit multifamily deals until he realized he could go bigger, faster if he had help. And he was right. Brian joined the Michael Blank network, and 11 months later, he had joint ventured on a 55-unit deal and had another 33 under contract! His team is looking to add another 500 units to their portfolio in 2020.

Today, Brian is the Director of Operations at Four Oaks Capital, a multifamily investment firm specializing in the acquisition, repositioning and rebranding of apartment buildings via a private equity fund structure. Since joining forces in June of 2019, his team of four has acquired 88 units and has another 80 under contract. Brian also serves as the Western Hemisphere Affairs Officer for the United States Marine Corps.

On this episode of Apartment Building Investing, Brian joins me to explain how he found his current partners through our network and discuss how they did three deals in 15 short months! He shares how Four Oaks Capital found its first deal and what they did to overcome a major hurdle (with help from an experienced mentor) just nine days before closing. Listen in for insight into how Brian and his partners have defined their individual roles in the company and learn how YOU can leverage joint venturing to accelerate your multifamily success.

Key Takeaways

What inspired Brian’s interest in multifamily

  • Read Keller’s book when deployed in Middle East
  • Started consuming multifamily podcasts + books
  • Became part of Michael Blank network

The timeline around Brian’s first three deals

  • 11 months to close on 55-unit
  • Closed on 33-unit last week
  • 80-unit under contract now

How Brian built credibility with brokers

  • Trip to South Carolina to meet face-to-face
  • Persistent follow-up (action + communication)

Four Oaks Capital’s first 55-unit deal in Spartanburg, SC

  • Two properties in good condition but dated
  • Downtown units well below market rent

The snag Brian’s team faced in closing their first deal

  • Rates on loans went from 3.9% to 5.1% (lost $600K in proceeds)
  • Bump equity from 75% to 90% to compensate investors

The role mentors played in Brian’s first deal

  • Guidance prior to putting in offer
  • Offered idea to move needle on investor returns

Four Oak’s Capital’s second deal

  • Result of follow-up with broker met on trip to SC
  • 33-unit diamond in the rough at unbeatable price
  • Plan to double value via $400K in renovations

Brian’s insight around The Law of the First Deal

  • Brokers call with off-market deals
  • Three deals in 15 months

How Brian’s partners defined their individual roles

  • Acquisitions, asset management and raise money
  • Fluid based on current needs

Four Oaks Capital’s plans to scale

  • Constrained by how much money can raise
  • Build platform (YouTube, social and podcast)
  • Attend and start own Meetups

What facilitated Brian’s mindset shift

  • Conversations with investors in network
  • Finite amount of time to replace income

Brian’s advice for aspiring multifamily investors

  • Learn game + get really good at it
  • Take action and don’t stop
  • Find people to support you

Connect with Brian Briscoe

Four Oaks Capital

Email <a…

MB 196: How to Align with a Sponsor to Do Your First Multifamily Deal – With Anthony Metzger

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So, you don’t have real estate investing experience. And you don’t have any money of your own to invest. What if I told you that in two short years, you could be closing on your first deal of 200-plus units? That you could be fielding calls from brokers at Marcus & Millichap? That you could be building your own multifamily brand?

Anthony Metzger spent 10 years in the wine industry, working as a sommelier and winemaker in the US and Europe before setting his sights on multifamily real estate. After his brother introduced him to The Ultimate Guide to Apartment Building Investing at the end of 2017, Anthony got busy underwriting deals and reaching out to brokers. Two short years later (in a joint venture with Nighthawk Equity), Anthony has closed on his first deal, a 218-unit multifamily property in Little Rock, Arkansas.

On this episode of Apartment Building Investing, Anthony joins me to share what inspired his interest in multifamily and walk us through the experience of doing his first deal. He explains how learning the language of real estate gave him credibility with brokers and how consistent practice analyzing deals and talking to brokers built his confidence. Listen in to understand how the Nighthawk Equity team supported Anthony in the buyer’s interview and learn how to align yourself with a lead sponsor to do YOUR first multifamily deal.

Key Takeaways

What inspired Anthony’s interest in multifamily

  • Listening to Grant Cardone and Robert Kiyosaki
  • Always been entrepreneur, hungry for project

Anthony’s initial real estate goal

  • Partner with Nighthawk Equity to do first deal
  • Didn’t want to raise money until experienced

How things changed for Anthony once his first deal closed

  • Taking calls from Marcus & Millichap
  • Brokers approach with off-market deals

How Anthony got brokers to take him seriously

  • Learned language of investing from Ultimate Guide
  • Genuine in building relationships with brokers

Anthony’s advice on demonstrating confidence with brokers

  • Prepare with script based on underwriting
  • Practice on ‘throw away market’

Anthony’s interaction with the broker on his first deal

  • Several calls to discuss deal + ask questions
  • Spitball ballpark number, asked to draft LOI

The ideal time to bring on a joint venture partner

  • After verbal agreement but before signed LOI
  • Support in buyer’s interview, include JV terms

What to expect from a buyer’s interview

  • Seller talks to everyone who made offers
  • Choose person most likely to close deal

Anthony’s approach to aligning with a lead sponsor

  • Build relationship at events, bring deals
  • Respect time by adding value (inside track)

What’s next for Anthony

  • Do second deal
  • Build own multifamily brand

Anthony’s advice for aspiring multifamily investors

  • Learn to underwrite + practice making offers
  • Network to build relationship with sponsor

Connect with Anthony Metzger

Email anthony.metzger@yahoo.com

Resources

Michael’s Free First Deal Training

Anthony’s Wine Documentary: The Pink…

MB 195: Retire WAY Early Via Passive Investing in Multifamily – With Travis Watts

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Most of us dream of retirement because we’ll FINALLY have the time freedom to do things that interest us and spend time with the people we love. But what if you didn’t have to wait until you turned 65 to live that dream? What if you could retire early? Better yet, what if you could retire in the next few years? Passive investing in multifamily syndications helped Travis Watts do just that, and you could be next!

Travis is an experienced passive investor and Director of Investor Relations at Ashcroft Capital, a national multifamily investment firm with more than $820M in assets under management. Prior to pursuing real estate full-time, Travis worked a grueling job in the oil industry, spending 14-hour days outside in extreme weather while saving money to invest in single-family rentals and apartment building syndications.

On this episode of Apartment Building Investing, Travis joins me to discuss the time freedom he enjoys now as a passive investor in multifamily real estate. He explains how he saved the money to invest via extreme budgeting and what made SFH investing unsustainable. Listen in for Travis’ insight around where to find a good syndication team and learn how YOU can follow in his footsteps and quit your W-2 with passive investing!

Key Takeaways

Travis’ path to full-time passive investing

  • Demanding job in oil industry
  • Laid off in oil downturn but already financially independent

How Travis’ life is different now

  • Unhappy as W-2 employee, everyday struggle
  • Now pursues things interested in (personal growth)

How Travis saved money to invest

  • Brought up with conservative parents, extreme budgeters
  • Didn’t change lifestyle as income grew from $20K to six figures

How Travis invested his money before multifamily

  • Pulled money from stock market after Rich Dad’s Prophecy
  • House hacking strategy (first-time home buyer tax credit)
  • Sought high-paying job to continue buying SFH
  • Buy-and-hold, fix-and-flip as well as vacation rentals

What inspired Travis’ transition to multifamily

  • SFH strategies had become job on top of W-2
  • Single-family not scalable, sustainable or passive

The FIRE movement 4% rule

  • Passive income goal x 25 = amount to invest
  • EX: 30K x 25 = $750K investment

What kind of income you can generate as a passive investor

  • 7% to 10% cashflow
  • Equity upside upon sale or refinance

Travis’ insight on the tax benefits of multifamily

  • Use bonus depreciation for tax-free distributions
  • Capital gains upon sale (usually offset by gains)

The beauty of the infinite return model

  • Refinance after 5 years to return most of capital
  • Continue to earn returns, no money in deal

Travis’ top investing AHA moments

Travis’ advice for aspiring passive investors

  1. Start with WHY
  2. Create a budget (know where money going)

How to vet a syndication team

  • Ensure strategy aligns with personal philosophy
  • Track record, markets you believe in

Where to find a good syndication team

  • Go to seminars and local meetups for networking
  • Start with world-of-mouth referral, follow up with due diligence

Connect with…

MB 194: How to Crush It in 2020: 6 Steps to Setting Goals You WILL Achieve

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It’s that time of year again. Time to set goals for the year ahead and start working toward your dream of financial freedom. But what’s the best way to set goals and commit to following through? How do you avoid overwhelm and keep going no matter what?

On this episode of Apartment Building Investing, I am sharing my top 6 tips for setting goals you CAN and WILL achieve in 2020. I explain why it’s crucial to find your WHY and state your goals clearly—over multiple time frames.

I go on to reveal my secret to avoiding overwhelm, describing the value of consistency in working toward financial freedom. Listen in for advice around leveraging practice to develop confidence and learn to commit to doing your first multifamily deal, no matter how long it takes!

Key Takeaways

Tip #1—Develop your WHY

  • Affords clarity, moment of decision
  • Less about you = more powerful

Tip #2—State your goals clearly over multiple time frames

  • Create yearly, 90-day, monthly, weekly and daily goals
  • Short-term goals align with big targets (e.g.: analyze 20 deals)

Tip #3—Always do the next 3 things

  • Best way to avoid overwhelm, keep moving forward
  • Consistent with progress (i.e.: finish book, choose property manager)

Tip #4—Focus on the activity, NOT the outcome

  • Analyze every deal and talk to everyone early on
  • Knowledge + practice = CONFIDENCE

Tip #5—Be consistent

  • Support network to keep on track (peers + expert)
  • Recognize and celebrate milestones

Tip #6—Commit to the outcome, not a timeline

  • Set deadlines for short-term goals under your control
  • Keep going no matter how long it takes, no other option

Resources

Tony Robbins

Grant Cardone on the Lewis Howes Podcast

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) by Hal Elrod

Deal Maker Live

Syndicated Deal Analyzer

The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable by Hal Elrod

The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller

Michael’s Mentorship Program

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on…

MB 193: World-Class Property Management for Multifamily – With Tony LeBlanc

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Should you self-manage your multifamily portfolio? Or is it better to outsource to a third-party? If you do choose to outsource, what should you look for in a property management team?

Tony LeBlanc is the author of The Doorpreneur: Property Management Beyond the Rent Roll, a book that redefines the potential of property management businesses. Tony grew up inside the industry, watching his mother manage the building where he was raised. Ten years ago, he started his own property management company, and today, it is one of the largest on Canada’s East Coast and supports seven subsidiary businesses from landscaping to commercial cleaning to a real estate brokerage.

On this episode of Apartment Building Investing, Tony joins me to explain how he developed The Doorpreneur Way and what it meant for his property management company in terms of productivity and profit. He offers insight around how to hire a third-party property manager, what the ideal investor-property manager relationship looks like, and why it can be difficult to manage to a pro forma. Listen in for Tony’s innovative ideas for driving additional revenue and learn when it makes sense to self-manage your portfolio and when to outsource the job.

Key Takeaways

Tony’s extensive experience in property management

  • Mom was resident manager, VP of management company
  • Started own company 10 years ago (3 locations, 2K doors)

What inspired Tony to write The Doorpreneur Way

  • Building out other companies created new level of respect
  • Help others make business more productive + profitable

Tony’s advice on hiring a third-party property manager

  • Investors need hands-on experience to develop empathy
  • Learn enough to ‘manage the managers’

The ideal relationship between property managers and investors

  • Get to know each other up front
  • Engage minimum of once a month to review financials

Tony’s approach to working with sophisticated investors

  • Weekly call to discuss vacancies, major maintenance issues
  • Monthly financial call to review budget vs. actuals

What makes it difficult for property managers to stay on budget

  • Lack systems + processes for managing to pro forma
  • Pressure to please tenants, don’t look at expenses
  • Failure to include staff in financial discussions

Tony’s Doorpreneur Model

  1. Determine where subbing out most work
  2. Market research in new area
  3. Cut teeth on own properties
  4. Open door to general public

Tony’s best practices for property managers

  • Proactive communication with investors
  • Proper accounting + due diligence
  • Educate owners on new trends, tech

Innovative ways to increase revenue and reduce expenses

  • Transition from coin machine to card-based laundry
  • Offer internet service for units
  • Smart apartment technology

Tony’s insight around personal development practices

  • Develop self-awareness with meditation, journaling
  • Self-reflection allows us to better serve others

Connect with Tony LeBlanc

Doorpreneur

Doorpreneur on Facebook

Doorpreneur on Instagram

Resources

The Doorpreneur: Property Management…