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Peter Lohmann's Podcast

The Co-Founder Interview with Adam Rich, P.E.

Oct 9, 2024
Adam Rich, President at Criterium-Liszkay Engineers, shares insights from his military background and engineering expertise. He delves into the challenges of running an engineering company versus property management, emphasizing the importance of cost savings and revenue growth. Rich discusses the shift in risk appetite in business and the value of structured documentation for operational efficiency. He highlights how effective maintenance management can transform property management practices and underscores the critical need to recognize one’s worth in the market.
01:08:22

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Podcast summary created with Snipd AI

Quick takeaways

  • Adam Rich emphasizes the importance of documenting company processes, drawing on military and engineering backgrounds to enhance operational efficiency and employee training.
  • A balanced focus between property management and real estate investment is crucial, as an overemphasis on one can inhibit exploring new opportunities.

Deep dives

Understanding the Rental Real Estate Business

Owning rental real estate provides a steady revenue stream as tenants in need of shelter pay rent. The operational aspect of managing these properties is comparatively straightforward, allowing for easy systemization and process orientation. In contrast, property management encompasses significantly more complexities, including multifaceted revenue sources and expense management. This structural distinction highlights the straightforward nature of property ownership compared to the intricate challenges faced in property management.

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