EP036 Building a Full Service Property Management Company, Tips on Leasing and Managing, Mistakes landlords make and the importance of the RPOA in protecting landlords with Mark Troy

As the host of this podcast, I enjoy getting questions from our listeners.  As a member of the RPOA, I love having experts on hand to help me answer those questions.  Today Mark Troy joins me to answer listener questions and share his wisdom and experience gained over 18 years in the business.  Mark is the Managing Broker at Compass Realty Services and the Director of Real Estate Investment at Compass Property Management, both of which he is the original founder and co-owner. Mark and I discuss whether one of our listeners should raise their tenant's rent, and under what conditions they shouldn't.  We also help a listener decide whether they should replace their roof for $12,000, or just patch it for the next 3 to 5 years for $1,500. We also discuss the "End Game", and common exit strategies investors use to maximize their gains and take their chips off the table. Mark also talks about 'Managing the Manager', and what he's noticing in today's market in terms of rent increases and sales volume. Mark manages and has been involved in the acquisition of thousands of rental properties, so I know you're going to learn a lot from his unique perspective. You can contact Mark through Compass Properties or his email: https://compass101.com/ mtroy@compass101.com

23 Heinä 201832min

Should Rental Application Fees be Banned?  Today we're going to discuss an issue that's happening right here in Grand Rapids, but it affects landlords and rental property owners everywhere.  It has to do with the affordable housing challenge communities are facing as rents rise and neighborhoods gentrify.  As tenants find it increasingly difficult to locate and afford housing, those communities and their elected representatives are pointing the finger of blame at landlords, investors and property management companies, and looking for ways to legislate our behavior in order to solve this problem. Just this week the Grand Rapids Mayor and City Commission voted to approve a rental application fee ordinance, which will be very consequential to all of us who provide rental housing.  In order to help explain and understand this ordinance, I'm joined by the RPOA's Director, Clay Powell.  Clay has been involved in this issue on the RPOA's behalf since its inception, and is going to break it down for us in order to understand how it will impact the way we screen tenants, collect application fees, and advocate for our rights as rental property owners. You can learn more about the RPOA and become a member by going to www.rpoaonline.org

16 Heinä 201853min

In today's tight real estate market its very difficult for investors and home buyers to find good investment deals.  Believe it or not, there are still plenty of opportunities in Distressed, Foreclosure, and Bank-Owned Properties.  One of the ways to find these deals is through Auction.com. Today I sit down with Casey O'Neill to discuss the transparency Auction.com is bringing to the distressed market, and the emphasis they place on helping potential investors with due diligence. Casey also warns of the pitfalls and risks in investing in distressed properties that you may not get to inspect fully before purchasing.  We'll also talk about the bid process as well as the timeline and costs associated with purchasing.  And Casey shares his thoughts on Michigan's Foreclosure laws and how they could be improved. If you've never used Auction.com, this episode is a great introduction to a potential source of opportunities.  If you've ever bid on Auction.com then you'll definitely find some useful tips on how the system works. I hope you enjoy this episode and ask that you take a moment to give us a review and rating on itunes.

9 Heinä 201844min

Ratan Khatri is a strong believer in the power of leveraging other people's money through syndication.  He's recently completed his first syndication with the purchase of 50 single family homes in Muskegon, Michigan, and he'll be investing in Senior Assisted Living, Mobile Home Parks, Self-Storage, and Multi-Family through syndication as well. Today Ratan & I discuss his philosophy of investing, and why he believes its better to own 10% of ten things rather than 100% of one thing.  Ratan also shares his thoughts on the economy and why he's investing in different asset classes.  You'll also learn how Ratan has added additional value to his real estate through simple upgrades and improvements. Ratan is also the owner of RKP Management, which manages over 200 homes in Muskegon, Michigan, with an emphasis on helping veterans and low-income families.  Ratan has been active in improving tenant screening in the Muskegon area, and those efforts have been paying off with decreased turnover for his & other's properties. Ratan also discusses the immigrant experience, and why certain immigrants are so successful after moving to the United States.  You'll learn what separates America from the rest of the world, and why our streets are 'truly paved with Gold'. I know you'll enjoy this episode and the wisdom Ratan has to share.  You can contact Ratan through his property management company, linkedin, or phone: http://www.rkpmgt.com/ 231-206-1181

2 Heinä 201843min

Vinney Chopra came to America with $7 dollars in his pocket and a dream.  Today he Asset Manages a $172 Million dollar portfolio of Multi-Family Properties.  He's done over 26 syndications and has over 3,100 apartments under management.  The great thing about Vinney is that he can raise $6 to $10 Million dollars without breaking a sweat, but he remains humble and friendly and willing to share how he does it. In today's conversation Vinney will tell us how he went from being a failure at door-to-door sales to buying thousands of doors through syndication.  You'll learn how Vinney talks with potential investors and the techniques he uses to raise millions of dollars.  We'll also discuss the importance of salesmanship and the marketing tips Vinney has learned along the way. Vinney also shares the return-on-investment he shoots for with his investors, why he started his own property management company, and the people and books who have influenced his thinking in a positive way. Vinney is one of the most positive and inspiring people you'll ever meet, and I know you're going to enjoy this conversation.  You can learn more about Vinney by checking out his website: http://vinneychopra.com/

25 Kesä 201855min

Calvin Beeke left college to become a full-time entrepreneur, found success with a business he created, and then decided to become a full-time real estate investor. Within a short span of time, Calvin has dived right in.  He likes to have three flips going in any given period: one that he's just purchased, one that is being rehabbed, and one that is being sold.  At the same time, Calvin is building his Buy & Hold portfolio of value-add investments with a focus on mid-sized Multi-family.  He owns 17 units on his own, and over 50 units with his investment partners, ranging from a duplex up to a 24 unit Multi-family. Today Calvin and I discuss how he gets his leads and finds his deals, how he's increased his Net Operating Income by increasing rents and lowering expenses, and the value of purchasing your own laundry machines. Calvin also takes us through the numbers on a 12-unit he purchased in Lowell Michigan and the mystery of his extraordinarily high water bill.  We also discuss the pro's and con's of Freddie Mac and Fannie Mae loans and the different terms to pay attention to. Calvin has built a profitable portfolio quickly, and I know you're going to enjoy learning how he did it.  Enjoy the episode and please take a moment to give us a review & rating on itunes.

18 Kesä 201853min

Real Estate investors are quite often focused on acquiring assets and building their portfolios.  But how often do we stop to think about our 'end game', and when and how we'd like to wind down our investments? Transition Planning is an important part of every investor's game plan, and having a team that consists of a real estate attorney, CPA, and financial planner can be very helpful in putting this plan in place. Bobbi S. Hines is an attorney, and a member of Kreis Enderle's Estate Planning and Elder Law Practice Group, and she's in the studio today to discuss transition planning for real estate investors. We'll be talking about the different transition options investors and business owners consider, how you should be planning your transition plan now, and the mistakes people make in laying the groundwork for their transition plans that can have disastrous consequences for their business and their heirs. Bobbi will also be teaching the RPOA's "Transition Planning for Real Estate Wealth" course at the RPOA's Grand Rapids office on Tuesday, June 19th @ 10am.  You can register for this class by going to www.rpoaonline.org. You can also contact Bobbi directly by email or phone: bshines@kehb.com 616-254-8419 There's a lot of great information packed into this episode that every investor and business owner should be considering and planning for.  Enjoy!

11 Kesä 201838min

Jeremy Garcia and Melanie Hall's path to real estate investing is very different than what you might expect from two successful entrepreneurs. Both have had to overcome the self-doubt and lack of confidence that many of us experience when starting down this road, but Melanie also faced tragedy and bankruptcy along the way. Today they share their stories of working through that initial bankruptcy with the help of credit restoration companies and the RPOA, the House-Hack that made a $70,000 profit, and the house from hell that the city told them was on fire. Jeremy also runs us through the numbers he looks for when making an investment and tells us about the police report he just filed on a contractor who was making unauthorized charges on his Home Depot credit card. Melanie explains why color is so important to making their homes feel inviting, and we discuss the purchasing power of women and why all rehabs should be done with them in mind. This is a great episode to get to know two very interesting RPOA members and hear their true story. Jeremy also owns a landscaping company, and if you'd like to learn more about his services you can contact him through email: jeremy.jmlandscaping@gmail.com

4 Kesä 201833min