ABOUT THIS EPISODE
In this week’s episode, we discuss the challenges of establishing and running a property management business, the number of properties you need to hire a property manager, the strategies for finding new properties to manage, and how to finance new acquisitions. We also discuss the value of constant learning and consulting experts such as fractional CFOs.
01:44: Self-managing rental properties and how to build up the right systems and processes.
02:53: Finding and working with property managers.
04:04: Starting a property management business and the challenges faced during the early stages.
07:10: Strategies for finding new properties to manage, including attending realtor meetings, developing a website, and advertising on Google.
10:05: Switching from an engineering career to property management and finding the motivation to run the business successfully.
16:30: The process of acquiring property management businesses.
18:29: Different financing options, for example drawing on a credit line and getting an SBA loan.
19:59: What bankers look for before disbursing a loan and the importance of proper accounting and book-keeping.
22:11: Learning to do a cash-flow analysis and writing business plans.
23:28: The value of consulting a fractional CFO to grow your business.
25:02: Two book recommendations that give a basic understanding of accounting and why it is recommended to have a fractional CFO.
30:25: The lessons learned through property management.
31:27: The value of constant learning and consulting experts in business.
33:26: Why real estate is the best place to build your net worth but not the ideal place to begin your career.
Russell Lowery is a political puzzle solver. He runs a California-based public affairs company.
Peter Lohmann is the founder of RL Property Management, a company based in Columbus, Ohio.
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Owner Occupied is a business and real estate podcast where hosts Peter Lohmann and Russell Lowery discuss small business, property management, entrepreneurship, and general real estate topics. You can also find Owner Occupied on Apple podcasts, Spotify, Overcast, and wherever else you listen. More information and links to subscribe can be found here: https://anchor.fm/owneroccupied