The way you manage your multifamily real estate could be the defining factor when growing a bigger portfolio, reaching financial freedom, and leaving a lasting legacy. The “DIY management” style works for most real estate investors until they build a significant stack of multifamily properties. Then, the toilet calls, tenant complaints, and late rent checks get a little exhausting when you’re now taking care of dozens of tenants, not just two or three. So, what’s the right way to scale with multifamily real estate without losing your hair?
We’ve brought back multifamily investing experts Andrew Cushman and Matt Faircloth to explain how new multifamily investors can start to scale by making some strategic hires. Both of these battle-tested investing experts have dealt with their fair share of flaky property managers, late maintenance technicians, and asset managers who care more about a paycheck than building a profitable portfolio. They know exactly what does (and doesn’t) make a good hire and how you can start scaling quicker by outsourcing work you once thought crucial for an owner to do.
Andrew and Matt break down the difference between a property manager and an asset manager and explain why these roles are commonly confused. They also hit on how essential operations are at a time when cap rates are starting to expand and many buyers have fled the market. Finally, they’ll walk through the exact skills you should be looking for in an asset manager, property manager, leasing agent, and maintenance supervisor, so you can focus on growing your portfolio, NOT handling the day-to-day hiccups.
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Episode #739
Show notes at:
00:00 Intro
02:09 Quick Tip
02:29 Asset Management vs. Property Management
06:05 Why "Buying a Deal" Isn't Enough
13:37 Finding a Property Manager
18:30 The Right Way to Outsource!
26:56 What to Look for in a Property Manager
36:18 What to Look for in a Leasing Agent
44:12 Finding a Maintenance Supervisor
50:50 Connect with Andrew and Matt!
Recommended Reading >> bit.ly/32kRpzw
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