The Real Estate Syndication Show WS1565: Managing Traditional Multifamily Properties | Jake Pence
Population growth is one of the key factors that drive housing needs. And, multifamily is one of the asset classes that can offer solutions to this. A multifamily is a residential property that contains more than one housing unit. There are small multis such as duplexes, triplexes, or fourplexes. And there are the large multis that consist of hundreds of units.
Today, Jake Pence of Kaski is joining us again and he talks about how he is managing his traditional multifamily properties. Jake also discusses hiring the right people to work with you in your business, how he sets up the company from a fundamental operational standpoint, and what else he aspires to achieve in the future. Tune in now!
Key Points From This Episode:
- Jake details how he manages his current portfolio of traditional multifamily.
- How does Jake set up the business from a basic operational standpoint?
- Jake explains why retaining talents to take care of every aspect of your business helps a lot.
- How hands-on is Jake with his business?
- Jake shares the lessons he learned from his first hire and fire.
- What questions to ask when you are managing a short-term rental space?
- What else does Jake hope to do with his real estate business?
- What Jake aspires to achieve this year and in the future?
- The daily habit that contributed to Jake’s success.
Tweetables:
“Whenever I'm underwriting a deal, the foremost question on my mind is, can I take what is here in Excel and apply it to real life? Is it actually executable? And that is a question that I feel when I look at deals, I think it's easy to lose sight of that. Because the thing is that I'm a finance guy, I'm a numbers guy. That's really my skill set. But not being so focused on what my spreadsheet tells me and losing sight of “Okay, can we actually go out and do this?” So that's been really important.”
“If we can set expectations up front and provide clear ongoing communication, then we should be fine.”
“You definitely need the right people in your corner to really make it (multifamily success) happen.”
“Whenever you're looking for a property management company, I think it's important that you talk to multiple (firms).”
Link Mentioned in Today’s Episode:
Jake Pence on LinkedIn
Invest K
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