Nobody knows the rental market better than a property manager, and nobody better than a property manager who does real estate knows how to help real estate investors.
Today, I am talking with Sam Kwak about real estate investing as a property manager. Sam’s philosophy is: I don’t manage anything that I don’t own. He prefers to buy properties and manage them or at least understand how the business works.
[03:35] People who don’t necessarily have anything in terms of wealth can become real estate investors, buy properties, and rent them to create income.
[05:25] As a partner, Sam is part of the everyday operation of property management; he’s in the office, sees what’s going on, and does consulting and advising.
[05:58] Property managers need to understand their numbers, cash flow aspects, possible expenses, macroeconomics, microeconomics, and the market.
[06:35] Property managers have a better understanding of where to invest; if they understand the market, they know what to buy to have a healthy cash flowing asset.
[08:09] Education is key; Sam helps new or beginner investors learn a skill set focused on acquisition, negotiation, and understanding business expenses.
[08:45] Acquire properties without using your own capital and credit; learn to acquire properties using the concept of owner financing and raising capital for owner financing.
[11:35] Different states and municipalities have different rules; find an attorney who understands the creative side of investing and how to work with an installment contract.
[14:15] If you understand how to legally, ethically, and morally put together deals, capital finds its way to you; money will come, if you provide value and want to help people.
[15:10] Not all partners are made equally; work with a partner who is of sound mind, values what you do, and has the character to backup their integrity and honesty.
[18:55] Once successful, don’t be blinded by confidence and think you’re invincible; adapt a coachability mindset and become a student again.
[24:10] Some say real estate investing is quick, easy, turnkey money - that pipe dream is oversold and over promised
Anyone can be an investor, buy properties, and rent them to create income.
I’m in property management because I know what goes in it, what goes out.
Money will come, as long as you’re providing value.
Rich Dad Poor Dad by Robert Kiyosaki
Mike Michalowicz on the DoorGrowShow
DoorGrowClub Facebook Group
Are you a property manager? Is maintenance your biggest cost or time suck? Does it keep you from growing your business? You can't expect to grow a company when you're stuck in the operations piece of it every day.
Today, I am talking with Ethan Lieber of Latchel, which helps property managers with maintenance and growth. You can get stuck where you have to hire and hurt your margin or you're growing and just can't keep up. You're behind on work orders and that's not good for anybody. It's not good for your business, tenants, and property owners. Latchel builds solutions and services to try and fix that problem.
[07:10] When thinking about the growth of your business, that comes from the way you acquire your customer scalable and how you get scalable lead generation.
[08:00] Frontend/Backend Scalability: If you're only bringing in new customers and increasing units, there's going to be a problem if your operation can't handle that growth.
[08:25] Latchel focuses on making maintenance scalable; grow without worrying about creating your margin or being able to fulfill any promise you're giving to customers.
[08:45] Latchel realized that technology is support for a process, but it can't be the process; so it offers maintenance software backed by an actual human-based service.
[14:00] 3-step process for a call: 1) Determine if it’s an emergency or not; 2) Send possible emergencies to in-house team member; 3) Send out a vendor/contractor.
[15:35] Companies should create a preferred vendor list/network to send out vendors that they partner with when bandwidth is not available.
[16:35] Human Side vs. Automation: Beautiful thing when you can combine expertise and the human mind with technology; use technology to reduce inaccuracies.
[18:55] Types of transformations of early adopters that implemented Latchel to offload maintenance with phone calls and coordination.
[22:35] Property managers are careful about giving something up; if they want to grow, they have to delegate, give up control, and use a vendor network.
[26:10] When Latchel works with any customer on taking over maintenance, Latchel builds boundaries to work under and sets clear expectations.
[41:00] Latchel makes life easier for maintenance coordinators by earning trust; transparency becomes important, especially through documentation.
[44:50] Latchel works with property management software through an add-on service, but is looking into API connections to integrate with existing systems.
Latchel builds technology to make its human process more efficient
Latchel frees you up to grow but keep your margins healthy
It’s a beautiful thing to combine expertise and the human mind with technology
DoorGrowClub Facebook Group