In this episode we sat down with special guest Mike Taravella, the man behind the GoBundace workshop Suzy went to. His an expert in asset management.We discuss Mike's journey into the real estate world, the importance of systems and processes in managing properties, and real-life examples of overcoming property management challenges.

Listen till the end as Mike shares invaluable insights into effectively managing assets and highlights the significance of setting clear expectations and maintaining open communication. Come join us and listen in!

Key Points:

00:00 We welcome Mike to our adventurous Family

00:06 Meet Mike Taravella Jr

01:31 Mike's Journey into Real Estate

03:37 The Importance of Systems and Processes

04:11 Challenges in Property Management

06:28 The Role of Asset Management

09:19 Proactive Management Strategies

12:34 Real-Life Property Management Stories

23:46 Key Takeaways and Final Thoughts

27:10 How to Connect with Mike

Tweetable Quotes:

"People will fall into two camps. They love it or they hate it. The people who love it will run the whole business and will be your best team member ever.And the people who hate it are the people who don't do anything and you're overpaying for their salaries.."
- Mike Taravella Jr.

Connect with Mike Taravella Jr.

• Website: https://www.miketaravella.com/

• X / Twitter: https://twitter.com/valueaddmike

• Instagram: https://www.instagram.com/mike_taravella/

• LinkedIn: https://www.linkedin.com/in/mike-taravella-80b8143b/

Explore more. Adventure awaits.

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Welcome adventurous family!

In this episode, we wrap up our four-part series on the asset management workshop. We delve into the world of leases and leasing strategies, exploring the roles of property managers and leasing agents, the benefits of automated leasing systems, and clever ways to leverage lease audits for resident acquisition. We also discuss the importance of crafting strong lease clauses to protect yourself and your property, emphasizing the value of a proactive approach to asset management. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

• Property Managers vs. Leasing Agents (Focuses on the roles and when to leverage a leasing agent)
• The Power of Automated Leasing Agents (Discusses benefits and data management)
• Lease Audits for Strategic Resident Acquisition (Explores targeting ideal residents)
• Must-Have Lease Clauses for Property Protection (Highlights housekeeping clauses and early termination)

Key Learnings:

• Leverage leasing agents during peak leasing periods or when lacking staff bandwidth.
• Automated leasing agents capture missed calls and qualify leads, maximizing efficiency.
• Analyze lease data to identify preferred resident employers for targeted marketing.
• Include housekeeping clauses and early termination options in leases to safeguard your property.

Adventurous Actionable Tip:

• Review your leases and consider incorporating clauses to protect your property and ensure resident accountability.

Tweetable Quotes:

" You rather have a resident terminate early and have their apartment be perfect, were you don't have to do anything. Rather than have somebody stay for the whole entire 12 months and have to redo their entire apartment because the housekeeping was so bad."

Explore more. Adventure awaits.

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Welcome adventurous family!

In this episode as we go into the third part of this series covering Suzy's experiences at the GoBundance asset management workshop. We talk about more on effective communication and strategies to improve property management. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

KPIs and Effective Communication with Property Managers

• Economic occupancy is a crucial metric that considers both physical occupancy and rent collection. Tracking this metric helps identify situations how it could impact overall income.
• L10 meetings, a concept from the EOS system, provide structure for property manager meetings. This ensures all key points are covered and avoids wasted time.
• Implementing a five-point system helps track the status of open units. This system clarifies the progress of each unit, from initial inspection to rent-ready status.

Renewals, Notices to Vacate, and Unit Turns

• Offering tiered incentives encourages early renewals. The earlier a resident renews, the greater the discount they receive.
• Requiring holding fees from applicants discourages them from backing out after applying.
• Strategically planning unit turns allows for proactive scheduling of maintenance and appliance purchases to minimize downtime.

Marketing Strategies for Increased Occupancy

• ChatGPT, acan be used to generate creative and compelling descriptions for apartment listings.
• Property websites and listings should highlight all amenities offered by the complex to attract potential residents.

Multifamily Myth Buster

Anyone can use ChatGPT, regardless of prior AI experience. It's a free tool that allows users to ask questions and receive informative responses. The quality of the response is directly related to the clarity and specificity of the question.

Adventurous Family Call to Action:

Tune in next week for part four of the series, featuring must see curated AI tips for asset management.

Tweetable Quotes:
" Renewals a struggle? Offer tiered incentives! Earlier = Bigger Discount."

Explore more. Adventure awaits.

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If you Missed it here is:

👉Part 1
👉 Part 2

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Welcome adventurous family!

In this episode we talk about more takeaways from our GoBundance confrence mainly Asset Management Challenges and Solutions and how to teaching your team to think like owners. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

Asset Management Challenges and Solutions

• Teaching Staff to Think Like Owners:
• Explain how the property generates income and how expenses impact profitability.
• Consider offering profit-sharing or other incentives based on property performance.
• Help staff understand the bigger picture of real estate investing, including syndications.
  

Importance of Clear Communication:

• Communicate openly and honestly with staff about property goals and challenges.
• Avoid accusatory language when addressing problems.
• Empower staff to make decisions and offer suggestions for improvement.
  
• Staff Incentives:
• Consider offering incentives for achieving specific goals, such as zero delinquency or reduced NOI.
• Allow staff to choose their own incentives to increase engagement.
• Recognize and reward both individual and team achievements.
  
• Access to Reporting for Asset Managers:
• Grant asset managers access to all relevant financial reports.
• This empowers them to be proactive in managing the property and identify potential issues.
• Real-time access to data allows for quick decision-making.
  

Importance of Uncomfortable Conversations

• Open communication is essential for effective asset management.
• Don't shy away from difficult conversations with property managers.
• These conversations can be an opportunity to learn from each other and improve overall performance.
  

Multifamily Mythbusters: Skipping Uncomfortable Conversations?

• You cannot achieve success in asset management without having uncomfortable conversations with your property manager.
• These conversations are necessary to address financial issues, explain investment structures, and motivate staff.
• If you struggle with difficult conversations, delegate the task to someone on your team who excels at it.

Tweetable Quotes:

" People aren't necessarily, like, truly motivated by money. Like, there's a lot more that goes into it."

Explore more. Adventure awaits.

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👉Part 1 : 👉 https://www.buzzsprout.com/1777264/14930266

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Welcome adventurous family!

In this episode of the Adventures of a Real Estate Investor podcast, we discuss some key takeaways from the GoBundance Asset Management workshop. Tune in as we share tips on How to Never Lose a Resident Again, how to improve communication with residents, and fill vacancies quickly. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

1: The Resident Retention Secret

• Key Point: Resident retention starts with focusing on the resident experience from day one.

2: Communication is Key

• Key Point: Regular communication with residents through surveys and resident events helps you identify and address their concerns.

3: Making It Easier to Be a Resident

• Key Point: Offering convenient amenities like free laundry and eliminating initial pet deposits can make your property more attractive.

4: Scarcity and Speed: Filling Your Units Faster

• Key Point: Holding open houses and encouraging immediate applications can create a sense of urgency and increase your chances of filling vacancies quickly.

5: The Upsell: Encouraging Residents to Upgrade

• Key Point: Showing potential residents upgraded units can incentivize them to choose a more expensive option.

Myth to Bust: Is Asking for help means you don't know what you're doing especially in asset management?

Adventurous Family Call to Action:

• Calling all seasoned asset managers to reach out to us!
• Listen to Part 2 of this series for even more resident retention strategies!

Tweetable Quotes:

" It's wonderful to have the confidence to know that you can ask a question. And someone might not know the answer either, but they might be able to get you to a person who does."

Explore more. Adventure awaits.

Please subscribe and leave an honest review - how do you want to create an impact in your world?

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👉 Part 2 : 👉 https://www.buzzsprout.com/1777264/14968553

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• Welcome adventurous family!
  
  In this episode of the Adventures of a Real Estate Investor podcast, we discuss the importance of lease end tracking and phasing for multifamily properties. They explain how these practices can help you avoid financial losses, legal issues, and resident dissatisfaction. Come join us and listen in and unlock the full potential of your multifamily assets!
  

Key Points:

• What is Lease End Tracking? It's the practice of systematically monitoring the expiration dates of your tenants leases.
  
• Why is Lease End Tracking Important?
  • Prevents financial losses from missed renewals.
• Avoids legal issues arising from unclear lease agreements.
• Enhances resident satisfaction by ensuring a smooth renewal process.
  
• What is Lease Phasing? It's the strategic distribution of lease expirations throughout the year to avoid overwhelming vacancy spikes.
  
• Benefits of Lease Phasing:
  
  • Maintains consistent occupancy rates.
• Reduces resident turnover and the associated costs (maintenance, marketing).

• Allows for better budgeting and resource allocation for move-out preparations.
  
• Strategies for Effective Lease Phasing:
  
  • Analyze historical lease data to identify peak leasing seasons in your market.
• Aim for less than 10% of your units expiring in any given month.
• Consider offering short-term leases (3, 6, or 9 months) to achieve a gradual phasing.
• Clearly communicate your lease renewal process and goals to residents and property management teams.
  
• Myth Buster: Lease end tracking and phasing are essential for All multifamily properties, regardless of size. Smaller properties can be even more significantly impacted by neglecting these practices.
  

Adventurous Family Call to Action:

• For property owners: Ensure your property managers understand the importance of lease end tracking and phasing.
• For owner-operators: Review your lease data to assess your current phasing strategy and implement improvements if necessary.

Tweetable Quotes:

" Making sure that if you own multifamily or if you're working with an operator making sure that they understand the lease end phasing and lease end tracking. If you are an owner operator dig into your rental. See if you have, this phased out properly. See if you are tracking your lease end and dates."

Explore more. Adventure awaits.

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In this episode, we welcome Cyndee Harding, as she talks about, the significance of asset managers, the impact of asset management on properties, the importance of focusing on residents for success. Come join us and listen in!

Cyndee is a former owner of her own accounting practice, specializing in small business consultation. She has over 25 years expertise in understanding profit and loss, asset retention and management as well as helping guide clients to improved business practices, performance, and management.

Episode Highlights

• 1: Introduction
  - We welcome Cyndee Harding to the show and to our adventurous family.
  - Her background in asset management and in forensic accounting.

2: The Power of Community Building

Sydney emphasizes the importance of turning acquired properties into thriving communities.

3: Effective Communication: Key to Success

Clear communication is paramount for Sydney. She acts as a bridge between general partners (GPs) and property management, ensuring everyone receives consistent information.

4: Essential Qualities of a Great Asset Manager

According to Sydney, some key attributes of a successful asset manager include:

• Clear Communication: The ability to effectively transmit information and instructions.
• Attention to Detail: Maintaining a paper trail and ensuring plans are meticulously followed.
• Decisiveness: Making informed decisions and owning the consequences.
• Flexibility: Adapting strategies based on data and resident needs.
• Openness to Learning: Embracing new information and continuously improving.

5: The Importance of Data-Driven Decisions

Sydney stresses the importance of utilizing data to make informed decisions. This includes analyzing financials, resident demographics, and marketing effectiveness.

6: Yin Yang Asset Management Course

Sydney, along with her partner Andrew Suarez, offers a 12-week course called Yin Yang Asset Management. This course equips aspiring asset managers. It covers essential topics like:

• Asset Management Fundamentals
• Leadership Skills
• Templates and Tools for Success

7: Asking Cyndee " the Adventurous Four"

Tweetable Quotes:

"Properties we're buying today. You can't just buy them and kind of let them run the course and sell them and make money It's not going to happen. You have to actually manage them and you need a good asset manager to make it happen." - Cyndee Harding

Connect with Cyndee Harding

• Website: https://www.yinyangassetmanagement.com/team-4
• Facebook: https://www.facebook.com/cyndeeharding7/
• Instagram: https://www.instagram.com/the_asset_manager/
• Want to have an Impact on Asset Management Join her course Here!

Explore more. Adventure awaits.
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Welcome adventurous family!

In this episode of we share with you why maintenance matters and we look into the critical, but often overlooked, world of CapEx and unit turn tracking. Learn how strategic planning and smart tracking systems can maximize your ROI, improve resident satisfaction, and keep your budget on track. Come join us and listen in and unlock the full potential of your multifamily assets!

👉Watch the YouTube episode here!

CapEx Tracking

• What is CapEx and why is it important to track it?
• Categorizing CapEx for accurate financial reporting
• Including a contingency budget for unexpected costs
• Case study: Overspending on unnecessary unit turns

Maximizing ROI through CapEx Projects

• Examples of CapEx projects that increase value (washer/dryer hookups)
• Importance of planning and budgeting for CapEx projects
• Tracking CapEx spending with a spreadsheet
• Ensuring accountability for all parties involved

Unit Turn Tracking

• Importance of tracking unit turns alongside CapEx
• Data-driven approach to analyzing unit turn costs
• Identifying areas for improvement in the turn process
• Using unit turn data to hold property managers accountable

Benefits of Meticulous Tracking

• Improved budgeting and cost control
• Increased ROI through strategic CapEx allocation
• Higher resident satisfaction through well-maintained units

Myth Busted: Does CapEx Tracking Really Matter?

• Addressing the misconception that CapEx tracking is unnecessary
• How neglecting CapEx tracking can lead to significant financial losses

Tweetable Quotes:

" Neglecting CapEx expenses will lead to significant financial losses in the long run."

Explore more. Adventure awaits.

Please subscribe and leave an honest review - How do you want to create an impact in your world?

Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here.

GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers