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.
In This Episode We Cover:
Asset management vs. property management and how these two separate roles create investing synergy
The changing multifamily market and how “buying a deal” isn’t as easy as it was before
What small multifamily investors can do NOW to build the road to a bigger portfolio
Hiring a property manager and the twenty-seven questions you MUST ask them before you bring them into your team
Attitude over skills and how to find the rockstars that want to build your real estate portfolio
Incentivizing success and making sure your workers are paid for increasing value and cash flow
And So Much More!
Links from the Show
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What Is a Real Estate Investment Asset Manager?
Get your free copy of the 27 Questions You should ask a Property Manager
Book Mentioned in the Show:
Raising Private Capital by Matt Faircloth
Connect with Matt and Andrew:
Andrew's BiggerPockets Profile
Andrew's LinkedIn
Vantage Point Acquisitions
Matt's BiggerPockets Profile
Matt's Instagram
DeRosa Group
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-739
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