181. 3rd Party Asset Management with Mike Taravella

Key Takeaways:

- Hiring a third party asset manager can allow an owner to take a step back from day-to-day operations and focus on other goals or investments

- An asset manager acts as the CEO to oversee finances and hold the property manager accountable

- It makes sense to consider an asset manager once a portfolio grows to around 100-200 units

- When onboarding a new asset, an asset manager will evaluate financials, goals, timelines, team members, and identify any issues or opportunities

- Turning around an underperforming property requires fixing maintenance issues, improving marketing, addressing tenant complaints, and ensuring the property manager is actually completing tasks

https://www.tylercauble.com/podcast/episode181