If you are an operator, managing the property is just one of the many things that you need to think about. Should you do it yourself or should you hire a third party? What are some of the realities that you might face? In today’s #Highlights episode, we look back at our conversations with Dylan Marma of Rand Property Management and James Wise of Holton-Wise.
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Dylan details what property management is and points out the skills you need to have to do it effectively. Meanwhile, James highlights some things to look out for when deciding on an asset class and shares some of his own war stories. Enjoy the show!
Key Points From This Episode:
- Dylan talks about his real estate journey and what his focus in the space is.
- What does Dylan look for in deals?
- How has Dylan’s perspective on deals changed?
- Dylan shares that they are hands-on with operating each of their properties.
- Many brokers gloss over just how difficult managing real estate really is.
- Why the neighborhood and asset class are more important screening tools than conventional tenant screening practices.
- How does risk tolerance factor into deciding on the asset class and rentals charged?
- Some of the shocking tenant situations that James has had to deal with at Holton-Wise.
“A lot of us are looking at number one, how to preserve capital and how to protect our downside. Number two is how to create an attractive enough opportunity for the investor base and ourselves. For us, our bread and butter have been from day one workforce housing.” – Dylan Marma
“We’re providing good customer service and making sure that we’re on top of it and being hands-on with operating each property effectively.” – Dylan Marma
“If you have a lot of properties in just rough neighborhoods, well, who do you think lives in rough neighborhoods, guys? Rough people, dangerous people. So, there is that. That’s messed up the story a lot of people would think stuff like that happens.” – James Wise
About Dylan Marma
Beginning his real estate investing career in 2015, Dylan quickly rose to a leadership role in a residential and commercial Real Estate investment company in San Diego. There he began investing in residential Real Estate, learning how to evaluate markets and manage properties remotely.
In early 2018, Dylan joined the team with Rand Partners with Jake and Gino to expand into additional markets throughout the SouthEast, as well as to build out the systems to open up the doors for outside investors to partner through syndication. He has since been a sponsor on over 500 units. Dylan spends a lot of his time analyzing & underwriting new opportunities out of the home office in Knoxville, TN. He also works closely with brokers in our target markets and plays a role as front-line contact with investors upon introduction and throughout the holding period for asset management communications.
About James Wise
James Wise is the Co-Founder & CEO of Holton-Wise. As CEO, James’ main focus is the strategic vision of Holton-Wise and driving the overall growth of the company. In addition, he oversees the sales and media departments at Holton-Wise while also hosting several popular shows on HoltonWiseTV. He is regularly ranked as the number one selling Realtor of rental property in the Cleveland, Ohio market. He teaches real estate investment strategy through blogs and articles in many real estate publications. He is frequently featured as a guest speaker on various real estate investment radio shows and podcasts. On top of his work as Holton-Wise CEO James has co-founded several other real estate-related businesses including The Hoag Insurance Agency & Black Tie Title. James is a lifelong resident of the greater Cleveland area. He is an active member of the National Association of Realtors® and the Akron Cleveland Association of Realtors®. He holds an Associate’s Degree in Business Management from Cuyahoga Community College.
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