As a syndicator, finding a good property manager can be a difficult task. Not only do you have to trust them implicitly, but you also have to ensure that they are the correct fit for you to achieve your desired returns. Our guest today, Jimmy Murray, is here to share some of his insights into the importance of picking the right property manager.
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In this episode, Jimmy talks about why investment philosophy rather than price should be the determining criteria when choosing a property manager. Many owners see property managers as employees, but Jimmy points out that the relationship should rather be viewed as a partnership. This is because property managers do a great deal of the work in achieving the investment yield. Jimmy also gives us some tips on how to find property managers, including the kinds of questions to ask as well as some red flags, and advice on how owners should communicate with their property managers. As an avid reader and committed life-long learner, Jimmy also shares some of his favorite books with us and the lessons they have taught him. Property management is a hugely important topic and one we could all learn more about. Tune in today!
Key Points From This Episode:
- Learn more about Jimmy’s background, how he started in real estate and his current niche.
- Why The Pumpkin Plan has been an influential book for Jimmy and some of its lessons.
- Some valuable questions investors should ask prospective property managers
- Tips on what to look for to find a property manager with an aligning investment philosophy.
- Find out what the red flags are when looking for a property management company.
- How frequent communication between a property manager and owner helps speed up returns.
- Learn about what should go on the agenda when meeting with your property manager.
- The importance of a cohesive property manager-owner game plan.
- Why owners should think of property managers as their partners rather than employees.
- A recent business improvement, the biggest contributor to Jimmy’s success, and his favorite books.
[bctt tweet=”Investors should be focused on finding the next deal and less about worrying about the assets that they have. — Jimmy Murray” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Jimmy Murray
Jimmy Murray is a millennial house hacker turned corporate dropout. Jimmy got his start in real estate by house hacking a 4-family property in Pawtucket, Rhode Island and has continuously built his investing acumen through wholesaling, flipping houses and property management. He is co-owner of Lyon Property Management, a property management company based out of Rhode Island that manages 600 doors and he is co-founder of The Cashflow Kings podcast. Jimmy’s current focus outside of day-to-day management is flipping owner-occupied multi-family properties.
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