On today’s episode, we are joined by return guest, Josh Sterling, who previously joined us on Episode 35, which was nearly a year ago! Since his last appearance, Josh and his Epic Property Management, LLC have seen tremendous growth, adding 430-units to their portfolio in a year. Josh stresses the importance of teamwork and how it has been instrumental in contributing to the rapid growth the company has enjoyed.
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Through partnering with someone who was able to compensate for his weakness, which has always been raising capital, he was able to focus his energy on what he was good at. Despite all the upsides of growth, many challenges come along with it, both on the operations and management side, which caught Josh slightly off-guard. He shares some of the systems that they have put in place to overcome these pain points along with how the growth has added extra depth to the company. To learn more about the ins and outs of how Josh managed his company’s rapid scaling, join us today!
Key Points From This Episode:
- How Josh has managed to make the transition into building a larger portfolio.
- Finding the right team is crucial to compensate for your weaknesses.
- Overseeing the management was the biggest pain point of scaling so quickly.
- There was a struggle of providing high-level services to 150-unit properties affordably.
- The management side of Josh’s company required a whole new layer of depth.
- Where Josh is currently investing and his reasons for choosing these areas.
- How only investing in properties within driving distance helps keep overheads down.
- Efficient management not only allows for greater control but can also improve returns.
- Bringing on a dedicated person to raise capital was paramount to Josh’s success this year.
- Creating depth: how Josh’s management team has grown relative to the number of units.
- What Jason’s role entails and how the company is currently structured.
- How Jason can spot if an investment property will have a vacancy problem.
- An advantage of being involved in management is an intricate understanding of the numbers.
- Jason’s company conservatively underwrites deals which prepares them for the downturn.
[bctt tweet=”I really believe that management is key. I think it’s the most important part of running the deal once you actually get the deal closed. — Josh Sterling” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Josh Sterling
Joshua Sterling is the owner of Epic Property Management, LLC, as well as several other real estate entities based in Southgate, MI. After a career in aviation, he shifted into real estate in 2009 and his focus now is on medium and large-sized apartment communities in the Midwest. As of October 2019, he owns 650 units in Southeast Michigan and Northern Ohio worth more than $70 million dollars.
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