From Yankees Baseball to Multifamily Investor - ft. Patrick Antrim

From Yankees Baseball to Multifamily Investor - ft. Patrick Antrim

Show Video

Hi my name is rod Cleef and I'm the host little lifetime cash flow through real estate investing, podcast and every, week I interview multifamily. Rockstars. We talk about how they built incredible. Wealth for themselves and their families through multifamily, properties, so hit the like and subscribe button, to get notified, every Monday, when a new episode comes, out let's get to it welcome. To another edition, of how to build a lifetime cash flow through real estate investing I'm rod, Cleef and I am absolutely, thrilled that you're here and, I know you're gonna get tremendous value from the gentleman we're in your interviewing, today his name's Patrick Antrim. And he's, the founder of multifamily. Leadership. Now, he, started his career believe, it or not as a pro, baseball player with the Yankees, and, I'm. Gonna let you I'm gonna let him tell you his story because it's very very interesting and I, I know that he's gonna add tremendous value today, Patrick welcome to the show my friend welcome. Rod as great, to be here with you I love what you're doing in the community and just hearing some great things so pleasure. To be here thank you my friend, yeah yeah so you were actually introduced, to me by one of the members in my in, my multi-family, boardroom mastermind, and she said you've got to get this guy on the show so here, we are and, and you, know we had a little bit of time before we started recording that, you kind of gave me kind, of a hundred, thousand, foot overview. But you, know talk about your progression, in this business how you got started and how you got to where you are today, because. It's fascinating and I want my listeners to hear it and then and, then we'll dig into some you know we'll see where this takes us sure, sure so you. Know unusually, I was, I trained, early in life as, a professional athlete, you. Know was riding around in bus rides playing, for the New York Yankees with. You. Know the dream set. Out since you were probably five years old to, choose something like that and once I experienced, that I realized after, about four years that, it's. A very repetitive everyday. Four o'clock stretch six o'clock pregame, game, time you. Know next day and it's just I knew, that I want, a little bit more freedom a little more control, over my, life and I think it, was a comedian, that said, it's. One thing to make the big money and in sports but you want to be able to write the check for it. That person, and so kind of open my mind to thinking, bigger and what, I learned was you. Know traveling, you, know back when I retired, in 1998, so we didn't have Facebook, and social media so. You're on these long bus rides and on those bus rides I started to study, you. Know those that have done some great things after, sports, they've leveraged, their either their name notoriety. And, and they were involved. In real estate and so piqued, my interest. Talk to my agent and, I said hey listen I want. To really get, to know real estate and see what what, the opportunities, are he, connected me with the, former owner of the. Seattle Mariners baseball, team which for me was the soft landing that I needed to retire, and. Do something significant, so I had essentially. The desire to do something big that, could. Prove to all those that doubted me of you know retiring early, why. Would you do something like that and I took a leap and. You. Know I basically was. 1998. Was that 1998. Okay so yeah okay, and so I basically. Had. The opportunity to become the apprentice for a, billionaire, you know one of the 700th, richest people. In the world and. Learned. How he ran organizations. And for, 18 months I studied him boards. Of companies owned Airlines, all, these wonderful. Things but it all came out of his ability, to generate cash flow from. The 5,000, units that he owned and so. After, 18 months you know I thought I was on top of my game and you, know I knew everything and I wanted to be the president of the organization well he sent me out into. The apartment, portfolio, to scrape curbs collect, coins and laundry rooms I became, an auditor I did all the aspects, of the business from the ground up and there.

Were Times when I wanted to quit and I didn't really want to do it because I was like you know I didn't, think I, didn't retire from the Yankees to do this and what. I learned was I was being taught on how to create cash how. To keep cash and how to run an apartment, business that was built off of people, so they, were really good at finding, the right people believing. In them developing. Them. Getting them to essentially, rent apartments. For more than the. Competition and that that. Became basically my sales organization. You, know learning so, after. I did that obviously. Had. Some wonderful introductions. From other and you know other high, net-worth individuals and. I've been started. At being asked to solve, business challenges, so took over, companies. Multifamily. Companies, expanded. Management, companies built management, companies. Developed. Properties. Nationally. Ran companies. In thirteen states north, of 1.2, billion dollars and. Started, to look at what I was doing in real estate had nothing to do with the real estate had. Everything to do with my ability to collect the right people get. Them working effectively lead together so they can rent more apartments, right and when, we did that we had more capital to reinvest, in the business more capital, to buy more properties, more capital, scale the business and so. I looked and decided. That it, was 2009, and. I said you know what I'm actually running a people management business so I started, to look have multifamily. What. Was going to happen in the future and. When. You look at markets. Being cyclical, up and down and tracking. Trends and demographics and. Household formations, and all of those things I knew. As an investor, at this time we, had collected about 1,300, investors. And. You, you know once you get to that scale it's like you now have an investor relations department, you, have a whole new way of how you want to live life and operate and I, knew I didn't necessarily, want, that I wanted, to go back to the roots of what. This billionaire, did he had 5,000, units and bought, Airlines, he. Put you. Know technology, on Mars, I mean he did took color photography in. Cinemas, and the, black and white made it color all from the cash flow from these you, know 19 properties, that he had and so, while, I was paying attention to you, know the multifamily, marketplace, where everybody. Wants to buy. More get more go, big and I, realize. You really don't need more than maybe 1,500, units to just make fundamental. Transformational. Well shifts, in your life and, the impact you make with others and so. I I kind of pulled back and pumped the brakes and, started, to look at the business differently, I started.

To Look as an investor, you know really your job is to look at what's going to happen next and, sometimes. The way that we look at deals and the way that we look at markets, we look at what had happened, we look at trailing, numbers we look at historical, x' and we making. Decisions, off that but. I started to question the. Future the, customer, not necessarily, the market, and where trends are going and things like that I started to look at what, Airbnb, did you. Know right - the hotel industry they're. The largest hotel, in the in the world and they don't as a single piece of real estate so, I started looking at what uber did to the taxi companies what, Instagram did Kodak. And the, world is changing, in how we decide. Where we're going to live globally, the workforce, is changing so. It used to be you would go, to you. Know Albuquerque, and get. A job worked for Intel for 20 and 25 years save, up buy house so, I think the idea of the home ownership model. Changes. To, where the American Dream is probably. Cash flow now not necessarily owning, a home and so, I think there's. Just, tremendous opportunities. Now in multifamily, not. Just from the, basics, in the obvious, which is you. Know buying. It your, cash flow the. Tax advantage is all those things those are the obvious what I'm focused on is the not. So obvious the customer, what they expect, tomorrow smart. Home operating, differently with, technology. Internet. Of Things, basically. Going into a property, and paying, more for it if you have to knowing. That you can create value through technology. Through, understanding how, customers, want to have a seamless experience. Maybe. Putting leak detection sensors, and knowing that your maintenance cost is going to operate differently, because you. Have the right technology and things like that so I started to look at those things and realize that. There's. A speed of change the exponential. Growth in, these technologies is not, anything that one person, can understand. Right so I started, to develop a platform, to. Collect these conversations. And truly just shift, my focus to. Understanding. What's next to multifamily, so, that's that's kind of a quick, journey a long story but I'm, can't. Be more excited about the, apartment industry and I think for small operators. I think that's really where the opportunities, are. Interesting. Well that let in fact that last statement, is is very interesting, so soon so, tell, me what you mean by that from from smart operators, so, here's, the thing I'm sorry small, operation, yeah and, smart, and small right so I think I am historically. You. Know you look at single. Family you, you can finance, it you, know very. Easily right you have a lot of buyers for, that flipping homes all that it's you, know that's easy. As you go up to you know even the four-plex is you can even finance, those but, similar, financing, but once you get into the commercial, requires, a little. Bit different approach a, little bit different understanding, the business but. What's typically, happened, historically, is the. Companies, that are investing, in these technologies and, investing, in understanding, what's next, they've they've, ignored properties. 50, units hundred, units even because. It cost. Too much for them to operate and the reason why is they couldn't find talent, for a small property 16. Units 40 units it's, hard for a big company to. How, they have you, know fixed, a property. Management fees asset, management fees it doesn't make sense so they ignore those, types of properties in fact you, know I used to pick up management. Accounts from big operators, so like oh we've got a 90 unit we, just it doesn't make sense right like we need where. We're looking at portfolios, and so, there's, been this sort of. Dis. Focus, on the small units 20, units 50, units 75, units but. Now with, technology, the. Way that you can operate these properties, is you. Add an advantage, so, to me, as an investor, I'm looking at those small deals I'm looking, at those deals. I'm. Sorry sorry. So. Let's let's let's, talk about let's, talk about some, of those some. Of those methodologies, some, of that technology and. And, let's drill down on on. On, how, you can, better manage a, smaller asset, like that utilizing. You know leveraging, technology, can, we drill down on that a little bit yeah well in the obvious if you're building it's easy right you just you're. Already putting thermostats, and door locks and these types of things in the property you already have that cost so you would just do right.

The Most innovative things but I think in the retrofit, and the renovation, process, if. You're if you're looking at building. Or managing, long-term in an owning long-term then, I think like, simple. Things, get. Attention to get rent growth so before it was hey let's let's do these things because we can get 58 dollars a month in rent and that's true that's happening now, whenever. When a resident comes, into apartment, and there's a lock. That they just need a code for right. There thermit they can control their thermostat, they can control their oven on their, way home like from, work they are warming up their oven and these types of things then you're, able to get a competitive, advantage from. The property down the street so higher rents, of course cap out that's wonderful, thing but. If you look at it beyond, just. Creating a sort, of interesting, and and differentiation. Amongst. Competition, you're looking at leak, detection imagine, a plumbing, leak where. The, resident, doesn't have to tell you that there's a leak because you've installed leak detection sensors, in the, property, now, your maintenance person doesn't have to go back to the shop look, for a master, key or some code to get into the thing meanwhile the place, is getting flooded floor. One floor to floor three, and. You just you already the meanest person already knows where. The, leak is right so they know where to punch the drywall, they know where to get it and you're minimizing costs. So now. You take, that into negotiating, better insurance, and you know when you look at the whole picture there's, some real opportunities to explore what I'm speaking of is smart home so, Internet. Of Things this. Could be from access, control, to leak detection, operational. Stuff. Just. Simply not making key operational. Stuff what sort of operational, stuff well. You, know. You. Can have the. Impact looking, at depending, on the size of the property looking at the impact of like. Having. A dog walking service connecting. To, another. Platform, that, allows a resident, to say hey look I'm accepting, pets and now, you, know here we have something, that no one else has like I can I can, I could, get my pet walking, service on an, app I can connect that pet walking service to the door at my apartment and I, know who's in I know ones who's out and I don't need to interrupt business, as an investor, to the leasing agent to let hey I need to get into 101. Or package. Deliveries, you, know with Amazon, delivering, packages more. And more you. Know, grocery. Delivery I mean it's just gonna get harder and harder so what's the impact now, you have to hire more leasing, people just, to service the customers, needs, so, with, automation. Of these technologies. From, simplifying. The customer, experience. You. Know that's important, but beyond that I think leak detection, you. Know there's your. They're putting sensors on, HVAC. Equipment that's, knowing. In advance when, they're stressing so then you can preventively, get out in front of that negotiate. Better rates on, the repairs, because. You know you think about you doing HVAC or water. Heater or anything, that goes wrong it's an emergency, situation it's, when it's ninh you don't negotiate. Pricing. Because you know like tenant. Resident, needs it and you're. Paying premium so it's. You got to think with the money ice and the real estate eyes the, real estate eyes are buy, at this price cap, rates you know Noi growth all, that stuff but I think you can start to rethink payroll, cost so you can start to re-envision the, experience, somebody can do with self-guided, tours you. Don't you have AI that, can. Artificial. Intelligence, that can answer phone, calls a large. Majority. Of phone calls to leasing, offices, go unanswered, because, offices, are closed but. The people that have jobs are work when the offices, are open so, your ideal resident, maybe wants to look at an. Apartment at 7:30, and night if you have the smart home and access control, you, can get people to rent more. Very. Fascinating. I mean you've drops so, many things here it's kind, of hard to know. It's. Okay I didn't want to interrupt and you. Know just kept coming and coming and coming so. Let me ask you a question, you. Know in. And, I know this might be tough to answer but maybe you can just give me some ranges, as to. Let's, say somebody buys a 20 unit, you. Know a ATS, built product, or 70s built product, and they want a retrofit, some of this stuff in do, you have any you have any ideas, about what some, of these things might cost like the locks for example that's huge obviously, because then it's all electronic, you can somebody, moves you don't have to do anything other than push some buttons but, but, and, even even the the the you, know the the thermostat, business, that, start.

There But I'm really interested to also. Dig into if you know any any pricing, around the sensors, the, HVAC in the in the leak detection sensors, but let's start with the, smart home piece the locks and things of that nature sure. I can I can tell you the ROI is incredible. I won't, speak specifically, to. The actual cost because it really depends on a lot, of the platform, to use but let me let me back up that. Okay. Question, to, sometimes. There, are things that you need to do on, your own right. And and sometimes we look at this as investors, we say oh I can do that and go down to Home Depot and get a ring doorbell or you know whatever it is but. There are real. There. Were real things that need to be understood here and, you. Need to be thinking about this. As a platform. And, verse, you know versus, just plugging, things in because there's, a lot going on here you're with Wi-Fi. Z-wave. All, kinds of different technologies. That provide. Trust. In security, and it's. Not something you want to take on yourself I can, give you a couple of companies you can go to that, they've, sponsored, our events I will disclose that but they they've done a great job of, really just helping. Executives. Understand how to think about these things instead. Of you, know you, build. A new apartment community you just you don't just rush out and go to you, know the lumber store and start building you have architectural. Plans you have engineers, and those types of things I think you need to think about this like another layer. Of real estate on top. Of your building that can be capitalized, at some, point I think lenders, and they're talking about it now will start valuing. This higher. In your assets, like granite counters right so so. I think you, know you. Could be looking at hundreds. Of dollars for lakhs and then it. Could be you. Know, thousands. Of dollars depending on what you deploy. Okay. Fair enough fair enough so you said it's an extremely, high ROI and, in, and I'm assuming you're you're calculating in, saved. Labor costs. You're calculating in all the pieces of this, you.

Know When we when we do a capex. On a property, we like to see you, know something, that's gonna boost the rinse it like like covered, parking or something we like to see a three year payback maximum. Ideally. Okay we'll go as high as four but with three is our is our number, can. You give an do, you have any idea, of what the ROI on some. Of these things might look like and it's, better than any ROI of anything I've ever done, before right so okay if you think about those, paybacks, those would be a lot, longer because, there's a couple of things there's the residents, are paying for them now right. Secondly, even, if they're not paying for them you're talking about leasing. Faster, because, it's interesting and new and and and you you have you. Know six days, rented. That weren't rented because you, know you just leased faster you converted, better and. Then you have the the, you know you can operate, less business interruption, easier. Staff, time, things like that I'm not even calculating, those things just from the dollars in to the revenue in their, ROI is much better than you, know kitchen remodels, and those types of things so and. Then yeah, so I think but. I'm happy, to connect you with you. The teams that kid well go ahead and go ahead and go ahead and name those companies that do. This and I'm assuming these companies have platforms and integrate, it, you know a whole lot more than just some door locks yes that's what we're talking about yeah, absolutely absolutely. You know a couple to mention, and they've, already tested, this in a single-family market, and a lot of these innovations, came out of single-family. Because, of the necessity, not the amenity okay. So they've, done self-guided. Tours put, people in and out of units converted. The lease all from the apps in the interfaces, but two companies come to mind would be Point central, which. Is basically. An. Alarm comm company, so you have the trust and the platform, there and another, innovative company, is called. Smart rent and, they're. A platform, tremendous knowledge both of those companies they've, supported everything, that we've done and they're really not looking at trying, to sell stuff to you they're really looking at how, do you help them think about the business because. There's, a lot of people that have done these types of things and they're paying the price by you. Know just. Jumping into it and realizing, that you know the thermostat. Didn't connect, to a Wi-Fi and. We needed to have a different you know setup. Wow. This is actually this is really timely, for me frankly, because I'm being educated, and and we've got assets, that we are you, know looking to integrate smart. Technology, into we've got one in Lexington ah and. And we've. Got five hundred doors under contract, right now in three states and we by, the way plug, if you're accredited, please, text, partner two four one four one one and get on our calendar we've got some Screaming deals right now so, that's partner two four one four one one but, so, so, yes, some of the stuff you've talked about here is just kind of mind-blowing in a way you know to have.

Your Dog walker connected. To your app and let them in and all these other things you. Know so. So back. To the sensors, for a moment so so I'm assuming that that these sensors will be placed in front of or. You. Know each. Unit, in the water lines and and and then, attached, to the HVAC and the and the hot water heaters, and. You. Know. Have. You been involved with is that brand-new technology, that hasn't been tested yet or is that in place in indoor you know in complexes. Right now yeah. These technologies. Are in, place these technologies, are gathering, data and if, you just look beyond, the. World of apartments, this, isn't something new this is you've, got autonomous, driving vehicles, you've got all kinds of things that are connecting. The world together and it's, it's just going to better understand, parking, if, you've got a parking problem think, about sensors. At, your parking understanding, you, know you can even create smart. Rants creating and or, has created, a solution for, one of multi-families, biggest pains which is parking and so. Those. Are the types of things that that can be done but they're already, I think. I think they've done I don't know 70,000. Units 80,000. Units already, just. With some of these technologies, so it's. Not something where you. Know you're out there taking, a risk the. Consumer. Market has. These things, ring. Calm Amazon, bot ring calm you're seeing like security. With like simply safe and, I'm being able to. You. Know I'm having my kitchen remodel right now and and the granite person, comes in I just unlocked the door, from the app I have a camera that I know who comes in it's, a unique code I don't have to leave. My office to go let somebody in and things like that so it's already happening, and I. Think that the. Question, your audience might be thinking, is okay, well I'm not an a property, I'm not trying to be you know, amazing. I just, want to cashflow I've a property, that it's in a market that people. Aren't you, know you, know expecting, these types of things but the reality, is the. The biggest growth, right now is, in the beep properties, because, of operational, efficiencies. But, I just, encourage you to think then. Start being, curious, about it and, start. You know researching. The opportunities, because you'll be surprised. When you look at your next deal you might be thinking hey. There's. There's, something I can create here in terms of that forced appreciation. Sure. And and set yourself apart from from you, know the people that aren't forward-thinking in this in this realm for, sure especially in, the, in the you, know sub 90 door properties. Sure, because you know that's that's kind of a sweet spot for this for sure based on on what. You've said and I completely can, see it now, now, let's shift gears I mean that's that, was fantastic by the way but let's shift gears for a minute let's talk about something. I love talking about which is culture, and so I know that you study this in large management, companies, and big operators, and you count you coach on this your podcast, speaks to this what's it him your podcast, by the way the. Multifamily, innovation. Show. Multifamily. Innovation, so so there you go guys um and and, so. Let's talk about though let's talk about some. Of the things you see some of the best because I know that you you. I think I know if you give awards you do things for companies. Like a glass door kind of a thing where companies. Are great, places to work and which. Of course looks great to investors. So, what's, what are some of the things if we can talk about some of the things that some of the best companies you're seeing are doing. To. Create. You. Know a, wonderful. Team, and a wonderful, workplace, and so this is, not going to apply to somebody that's brand new so we probably won't spend a ton of time on it but I it's, still something I love talking about so to, talk about some of the things you've seen in some of the better companies, yes. So you, know all, companies, are nothing more than a collection of people and, so it's, you know an investor's ability to put those people together even putting the team together to buy the deals that's. What makes you unique and you. Know you're putting together your community, and that's that's what you're doing to drive impact. Right and so, I think what. These big companies do we we do research on a key areas of these. Organizations. And you know nationally, so we have six, years of benchmark, data on what it means to create a healthy organization I think, it's important, to always, be in tune to the customer, and. I don't mean the, investor, as a customer, or, your. You. Know your even your resident it's your employee as a customer, so.

We All know that if you get your employees lined, right and they're the shop to work exciting, and they you know engaged. And they're going to show up for the, resident, you're gonna rent more and then of course your investor customer gets what they want which is the yield so. These. Companies that are doing these great things I think the power of story, is important. And if you think about every, product. Every. Job every. Investor. That you've brought. On every. Deal. That you got there, was a story, involved, and there's, a train in order for a story to happen there has to be a transfer, of knowledge you. Know and so I think companies. Today if they can tell a better story. About. What they're doing to. Create. Winning opportunities. For the people that are engaging with their brand people. Are gonna want to be part of that so, to me I hear, people tell me all the time we can't find good people we can't find contractors, we can't find maintance technicians, and the reality is you're probably not telling the right story, because. People want to work on winning teams and if you can show and document, through even, Instagram, social. Media and highlight. The people, that are winning already where they are other, people are going to want to be part of that and if you're a company, or an investor, that, can attract the best think, about the yields that can be created I think that's what it comes down to story, all, right I love it I love it in fact I'm creating of what's called a vivid vision statement right now for my organization. It's a Cameron Herald wrote, a book called. Regarding. That topic and you, know it just kind of lays out where we think the business is going to be in three years and and, the sort of a team will have and just paints a picture of the future that. You, know is is, is really attractive to perspective, team. Members that we're gonna pursue, are you familiar with that dining, I'm not I'm not but that's exciting it's exciting work statement, it's like, a vivid, vision statement, that just kind of lays out what your what your vision is for the future and then we've. Just got it written it's done and we're gonna incorporate graphics. Then it goes on a page on the website and it's you know perspective. Perspective. Anything. Really an investor. Someone. That might be interested in my thought leadership platform, or, or certainly.

A Team member is gonna, you know be inspired by, by, that and and, and as you said you know any good leader that can paint a picture of vision, for, the future and, then rally, that. Team behind it even if it's a team of two or three it doesn't matter the size, in. In and be aligned you, know certainly in their in their core values and things of that nature that is the statement includes the core values includes a mission statement and all those things that that the whole team can rally behind you. Know I mean that's that's when these world-class organizations. Get get created, and frankly. And they have longevity as well so yeah. Love. It love it yeah, so so um again. Your, website. Is, multi. Family leadership calm. Very, cool and. In. Really. I mean you've dropped tons of stuff what's another you know we've still got a few minutes left what's another area, that, you give, attention to, as, well. You talk about leadership correct, you talk about actually leadership, which we've kind of touched on here yeah of it yeah. And on that a little I think. What. I see for, the, audience, is I, think that. Investors. And even, executives, that are already running large, portfolios. I think. That we, have to look at you're. Running a technology. Business today just, look at the way that you get your information on your apps your phone's your. You've, probably been in an uber there's. A seamless, transition, that's. Happening, where if, you can make life easier, for people they're going to want to stay with you as a brand and. I. Think, that companies, today, executives. Investors. Need, to start thinking about, technologies. So it used to be just pass it off to somebody to figure out the tech but, if you can pay, attention to, these things you can have bigger ideas, for your business operate. More efficiently, create. Some value and by, the way the. Leader of tomorrow the employee of tomorrow, wants, to work for an organization. That has. Those things so. I think it's just you. Have to think about the business differently. And it's, exciting, because you can learn from what's happened in automotive industry you, can learn this, is happening in healthcare. And in other industries. You've. Seen Airbnb, and this. Shared rental market where you just, click click click and they, have your payments that, you don't have to there's, no friction and the. Experience, is great and so I think that's really. Paying attention to you know your buying, properties. You're looking to buy properties. If you can think differently like this you'll have a competitive. Advantage to win over. Other investors. I think oh I. Love I freaking. Love that, what you just said because it's really a mindset, shift. Fundamentally. That's what it is and yet if you think that way you, know you've. Got a leg up on the competition now. Let, me ask you a question. Do. If. Someone, is considering, a third party, property management, company. Is. There a do. You provide, anything, in in that realm as to. Helping. Someone because. I know you've hired everybody in the country you told me that before we started recording you, know for these assets that you were managing and and and, and we're always you, know wanting to find the best partners, because you know you, kind of live or die but the people they place at your asset, and, true do you have any thoughts thoughts on that well. You know I've been in that spot many times and. What's. Really interesting is, I the, first thing I look at is their ability to put good people on site that. Regional, manager, position, is. Probably the most critical position. Because. They're the one closest. Engaging, with the asset putting. Up that, employee, on site and making sure that they're excited about their day all that stuff, you. Know the, companies. Are. Being squeezed, a lot too with asset management fees property, management fees but what I did, to combat, is, nobody, washes a rental car right. Snow. On point you get to a scale and you're like you're seeing all this money go out to management you want to have speed better control, over the hiring process stuff like that and that's companies, end up taking management, in-house. But. Strong asset, management, in my opinion, is. Great, better and then you could have third-party, management in place in other words sometimes. Investors. Ask the, third-party managers, the wrong questions, all. Focus. Okay. All all, the results, that you create, come out of how you focus people so, for example. If. I'm in a situation where my occupancy, is down and. I have a, property, that's struggling 80%. Occupancy 85%. Occupancy and I'm. The owner and investor and I'm asking questions, about, things that dis, focus a team, then. I'm, now contributing. Right. To that process so I think, as an investor, you, have to be asking. Every. Time you talk to somebody on your team that's responsible for, keeping, the occupancy up is.

How. Did the calls go today, you. Know how many how many does, the phone ringing you. All sales, all, the time revenue. Solves, every business problem. Right. So guys. Guys, guys write, that one down because. That's absolutely. Absolutely. The case revenue, solves everything absolutely. And. So I think as an, owner and investor we have to, make. Sure that no, matter you might have all there's three thousand, things that have to happen for the deal to you, know you've got rehabs. Going on but you're calling the property manager and you ask them about the, roofs the gutters and things like that that's important, but, the first question out of your mouth has to always be, what. Do we do well how did we rent today what's, our vacancy, and, really I think that's so important because most. People want to win for their boss or their client, and they. Start to paint the picture of what's important, to you and they'll. Start to figure out that gutters and landscaping, is important, and usually those are costing. You money because they're gonna start improving things that you. Know maybe, don't even need to improve but if they know that every time you call you're. Gonna ask how. Did the call go on the last phone call or whatever it, seems. Micromanaging. But you're basically. Focusing. Direction, that. Is freaking brilliant Patrick. I gotta tell you and so simple, kind, of a duh that. You direct, their focus, to where it needs to be directed by, the way guys I just. Created this awesome resource. If you are interviewing, third party property management companies, um I'm. Really proud of it it's a booklet and it's got links on the back with a checklist, and a whole bunch of questions you should ask everything, we could think of if you want that booklet it's free just text. Management. Two four one four one one and and. You'll you'll really, appreciate that's, an awesome resource well. Listen my friend it's been a lot of fun unfortunately. We're bumping up against a hard, stop that I have which I wish I didn't because I'd love to carry this another 30 minutes but, thank you so much for your valuable time you, guys check.

Out. Multifamily. Leadership, calm, and, man. I I really. Appreciate, all the all the incredible value you've added today my friend rod it's been great to be with you today thank you for following. Yeah. A lot of fun talk soon all right.

2020-02-14 03:00

Show Video

Other news