The Adventures of a Real Estate Investor

Hosted by Michael & Suzy

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131

Latest episode

Jun 2024

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EN-US

About the show

Welcome to The Adventures of a Real Estate Investor podcast. Your hosts, Suzy Sevier and Michael Barnhart, interview industry experts and chat with them about their passions and how they are leveraging real estate investing to create an impact in their world. What impact do you want to make? There are almost eight billion people on this planet. What if each of us started with ourselves, our family, our in our community? All we have to do is start with a manageable 1% action every day. The effect of those billions of 1% gestures would be astronomical. This is your place to reflect and believe. Let’s create the greatest ROI, Return on Impact. Join Suzy and Michael every Tuesday to start cultivating those ideas on the impact you want to make in your world! We are so excited you are here, let's get this adventure started.

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June 11, 2024Episode 13130 min

AREI 131: Overcoming Asset Management Challenges & Maximizing Property Value With Mike Taravella Jr.

In this episode we sat down with special guest Mike Taravella, the man behind the GoBundace workshop Suzy went to. His an expert in asset management.We discuss Mike's journey into the real estate world, the importance of systems and processes in managing properties, and real-life examples of overcoming property management challenges. Listen till the end as Mike shares invaluable insights into effectively managing assets and highlights the significance of setting clear expectations and maintaining open communication. Come join us and listen in! Key Points: 00:00 We welcome Mike to our adventurous Family00:06 Meet Mike Taravella Jr01:31 Mike's Journey into Real Estate03:37 The Importance of Systems and Processes04:11 Challenges in Property Management06:28 The Role of Asset Management09:19 Proactive Management Strategies12:34 Real-Life Property Management Stories23:46 Key Takeaways and Final Thoughts27:10 How to Connect with Mike Tweetable Quotes: "People will fall into two camps. They love it or they hate it. The people who love it will run the whole business and will be your best team member ever.And the people who hate it are the people who don't do anything and you're overpaying for their salaries.." - Mike Taravella Jr. Connect with Mike Taravella Jr.• Website: https://www.miketaravella.com/• X / Twitter: https://twitter.com/valueaddmike• Instagram: https://www.instagram.com/mike_taravella/• LinkedIn: https://www.linkedin.com/in/mike-taravella-80b8143b/ Explore more. Adventure awaits. Please subscribe and leave an honest review How do you want to create an impact in your world?Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

June 4, 2024Episode 13014 min

Episode 130 - Takeaways From The GoBudance Asset Management Workshop - Part 4

Welcome adventurous family! In this episode, we wrap up our four-part series on the asset management workshop. We delve into the world of leases and leasing strategies, exploring the roles of property managers and leasing agents, the benefits of automated leasing systems, and clever ways to leverage lease audits for resident acquisition. We also discuss the importance of crafting strong lease clauses to protect yourself and your property, emphasizing the value of a proactive approach to asset management. Come join us and listen in and unlock the full potential of your multifamily assets! Key Points:Property Managers vs. Leasing Agents (Focuses on the roles and when to leverage a leasing agent)The Power of Automated Leasing Agents (Discusses benefits and data management)Lease Audits for Strategic Resident Acquisition (Explores targeting ideal residents)Must-Have Lease Clauses for Property Protection (Highlights housekeeping clauses and early termination) Key Learnings:Leverage leasing agents during peak leasing periods or when lacking staff bandwidth.Automated leasing agents capture missed calls and qualify leads, maximizing efficiency.Analyze lease data to identify preferred resident employers for targeted marketing.Include housekeeping clauses and early termination options in leases to safeguard your property. Adventurous Actionable Tip:Review your leases and consider incorporating clauses to protect your property and ensure resident accountability. Tweetable Quotes: " You rather have a resident terminate early and have their apartment be perfect, were you don't have to do anything. Rather than have somebody stay for the whole entire 12 months and have to redo their entire apartment because the housekeeping was so bad." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

May 7, 2024Episode 12916 min

AREI 129: Takeaways From The GoBudance Asset Management Workshop - Part 3

Welcome adventurous family! In this episode as we go into the third part of this series covering Suzy's experiences at the GoBundance asset management workshop. We talk about more on effective communication and strategies to improve property management. Come join us and listen in and unlock the full potential of your multifamily assets! Key Points:KPIs and Effective Communication with Property Managers Economic occupancy is a crucial metric that considers both physical occupancy and rent collection. Tracking this metric helps identify situations how it could impact overall income.L10 meetings, a concept from the EOS system, provide structure for property manager meetings. This ensures all key points are covered and avoids wasted time.Implementing a five-point system helps track the status of open units. This system clarifies the progress of each unit, from initial inspection to rent-ready status.Renewals, Notices to Vacate, and Unit TurnsOffering tiered incentives encourages early renewals. The earlier a resident renews, the greater the discount they receive.Requiring holding fees from applicants discourages them from backing out after applying.Strategically planning unit turns allows for proactive scheduling of maintenance and appliance purchases to minimize downtime. Marketing Strategies for Increased OccupancyChatGPT, acan be used to generate creative and compelling descriptions for apartment listings.Property websites and listings should highlight all amenities offered by the complex to attract potential residents. Multifamily Myth BusterAnyone can use ChatGPT, regardless of prior AI experience. It's a free tool that allows users to ask questions and receive informative responses. The quality of the response is directly related to the clarity and specificity of the question. Adventurous Family Call to Action:Tune in next week for part four of the series, featuring must see curated AI tips for asset management. Tweetable Quotes: " Renewals a struggle? Offer tiered incentives! Earlier = Bigger Discount." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world?Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB AIf you Missed it here is: 👉Part 1 👉 Part 2 FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

April 30, 2024Episode 12819 min

AREI 128: Takeaways From The GoBudance Asset Management Workshop - Part 2

Welcome adventurous family! In this episode we talk about more takeaways from our GoBundance confrence mainly Asset Management Challenges and Solutions and how to teaching your team to think like owners. Come join us and listen in and unlock the full potential of your multifamily assets! Key Points:Asset Management Challenges and SolutionsTeaching Staff to Think Like Owners:Explain how the property generates income and how expenses impact profitability. Consider offering profit-sharing or other incentives based on property performance. Help staff understand the bigger picture of real estate investing, including syndications. Importance of Clear Communication:Communicate openly and honestly with staff about property goals and challenges. Avoid accusatory language when addressing problems. Empower staff to make decisions and offer suggestions for improvement. Staff Incentives:Consider offering incentives for achieving specific goals, such as zero delinquency or reduced NOI. Allow staff to choose their own incentives to increase engagement. Recognize and reward both individual and team achievements. Access to Reporting for Asset Managers:Grant asset managers access to all relevant financial reports. This empowers them to be proactive in managing the property and identify potential issues. Real-time access to data allows for quick decision-making. Importance of Uncomfortable ConversationsOpen communication is essential for effective asset management.Don't shy away from difficult conversations with property managers.These conversations can be an opportunity to learn from each other and improve overall performance. Multifamily Mythbusters: Skipping Uncomfortable Conversations?You cannot achieve success in asset management without having uncomfortable conversations with your property manager.These conversations are necessary to address financial issues, explain investment structures, and motivate staff.If you struggle with difficult conversations, delegate the task to someone on your team who excels at it. Tweetable Quotes: " People aren't necessarily, like, truly motivated by money. Like, there's a lot more that goes into it." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world?Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A👉Part 1 : 👉 https://www.buzzsprout.com/1777264/14930266 FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

April 23, 2024Episode 12727 min

AREI 127: Takeaways From The GoBundance Asset Management Workshop - Part 1

Welcome adventurous family! In this episode of the Adventures of a Real Estate Investor podcast, we discuss some key takeaways from the GoBundance Asset Management workshop. Tune in as we share tips on How to Never Lose a Resident Again, how to improve communication with residents, and fill vacancies quickly. Come join us and listen in and unlock the full potential of your multifamily assets! Key Points: 1: The Resident Retention SecretKey Point: Resident retention starts with focusing on the resident experience from day one. 2: Communication is KeyKey Point: Regular communication with residents through surveys and resident events helps you identify and address their concerns. 3: Making It Easier to Be a ResidentKey Point: Offering convenient amenities like free laundry and eliminating initial pet deposits can make your property more attractive. 4: Scarcity and Speed: Filling Your Units FasterKey Point: Holding open houses and encouraging immediate applications can create a sense of urgency and increase your chances of filling vacancies quickly. 5: The Upsell: Encouraging Residents to UpgradeKey Point: Showing potential residents upgraded units can incentivize them to choose a more expensive option. Myth to Bust: Is Asking for help means you don't know what you're doing especially in asset management?Adventurous Family Call to Action: Calling all seasoned asset managers to reach out to us! Listen to Part 2 of this series for even more resident retention strategies! Tweetable Quotes: " It's wonderful to have the confidence to know that you can ask a question. And someone might not know the answer either, but they might be able to get you to a person who does." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A👉 Part 2 : 👉 https://www.buzzsprout.com/1777264/14968553FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

April 16, 2024Episode 12617 min

AREI 126: Lease End & Phasing Tracking: Ensuring Efficiency and Profitability

Welcome adventurous family! In this episode of the Adventures of a Real Estate Investor podcast, we discuss the importance of lease end tracking and phasing for multifamily properties. They explain how these practices can help you avoid financial losses, legal issues, and resident dissatisfaction. Come join us and listen in and unlock the full potential of your multifamily assets! Key Points: What is Lease End Tracking? It's the practice of systematically monitoring the expiration dates of your tenants leases. Why is Lease End Tracking Important?Prevents financial losses from missed renewals. Avoids legal issues arising from unclear lease agreements. Enhances resident satisfaction by ensuring a smooth renewal process. What is Lease Phasing? It's the strategic distribution of lease expirations throughout the year to avoid overwhelming vacancy spikes. Benefits of Lease Phasing: Maintains consistent occupancy rates. Reduces resident turnover and the associated costs (maintenance, marketing).Allows for better budgeting and resource allocation for move-out preparations. Strategies for Effective Lease Phasing: Analyze historical lease data to identify peak leasing seasons in your market. Aim for less than 10% of your units expiring in any given month. Consider offering short-term leases (3, 6, or 9 months) to achieve a gradual phasing. Clearly communicate your lease renewal process and goals to residents and property management teams. Myth Buster: Lease end tracking and phasing are essential for All multifamily properties, regardless of size. Smaller properties can be even more significantly impacted by neglecting these practices. Adventurous Family Call to Action:For property owners: Ensure your property managers understand the importance of lease end tracking and phasing.For owner-operators: Review your lease data to assess your current phasing strategy and implement improvements if necessary. Tweetable Quotes: " Making sure that if you own multifamily or if you're working with an operator making sure that they understand the lease end phasing and lease end tracking. If you are an owner operator dig into your rental. See if you have, this phased out properly. See if you are tracking your lease end and dates." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

April 9, 2024Episode 12532 min

AREI 125: Multifamily Mastery: Insider Secrets from A Seasoned Asset Manager! with Cyndee Harding

In this episode, we welcome Cyndee Harding, as she talks about, the significance of asset managers, the impact of asset management on properties, the importance of focusing on residents for success. Come join us and listen in!Cyndee is a former owner of her own accounting practice, specializing in small business consultation. She has over 25 years expertise in understanding profit and loss, asset retention and management as well as helping guide clients to improved business practices, performance, and management. Episode Highlights 1: Introduction - We welcome Cyndee Harding to the show and to our adventurous family. - Her background in asset management and in forensic accounting.2: The Power of Community BuildingSydney emphasizes the importance of turning acquired properties into thriving communities. 3: Effective Communication: Key to SuccessClear communication is paramount for Sydney. She acts as a bridge between general partners (GPs) and property management, ensuring everyone receives consistent information. 4: Essential Qualities of a Great Asset Manager According to Sydney, some key attributes of a successful asset manager include:Clear Communication: The ability to effectively transmit information and instructions.Attention to Detail: Maintaining a paper trail and ensuring plans are meticulously followed.Decisiveness: Making informed decisions and owning the consequences.Flexibility: Adapting strategies based on data and resident needs.Openness to Learning: Embracing new information and continuously improving.5: The Importance of Data-Driven DecisionsSydney stresses the importance of utilizing data to make informed decisions. This includes analyzing financials, resident demographics, and marketing effectiveness. 6: Yin Yang Asset Management CourseSydney, along with her partner Andrew Suarez, offers a 12-week course called Yin Yang Asset Management. This course equips aspiring asset managers. It covers essential topics like:Asset Management FundamentalsLeadership SkillsTemplates and Tools for Success 7: Asking Cyndee " the Adventurous Four"Tweetable Quotes: "Properties we're buying today. You can't just buy them and kind of let them run the course and sell them and make money It's not going to happen. You have to actually manage them and you need a good asset manager to make it happen." - Cyndee HardingConnect with Cyndee Harding• Website: https://www.yinyangassetmanagement.com/team-4• Facebook: https://www.facebook.com/cyndeeharding7/• Instagram: https://www.instagram.com/the_asset_manager/• Want to have an Impact on Asset Management Join her course Here!Explore more. Adventure awaits.Please subscribe and leave an honest review How do you want to create an impact in your world?Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB AFREE copy of The Complete Gu

April 2, 2024Episode 12420 min

AREI 124: Unlocking Success: The Critical Role of CAPEX and Unit Turn Tracking in Multifamily Asset Management

Welcome adventurous family! In this episode of we share with you why maintenance matters and we look into the critical, but often overlooked, world of CapEx and unit turn tracking. Learn how strategic planning and smart tracking systems can maximize your ROI, improve resident satisfaction, and keep your budget on track. Come join us and listen in and unlock the full potential of your multifamily assets! 👉Watch the YouTube episode here!CapEx TrackingWhat is CapEx and why is it important to track it? Categorizing CapEx for accurate financial reportingIncluding a contingency budget for unexpected costs Case study: Overspending on unnecessary unit turns Maximizing ROI through CapEx ProjectsExamples of CapEx projects that increase value (washer/dryer hookups) Importance of planning and budgeting for CapEx projects Tracking CapEx spending with a spreadsheet Ensuring accountability for all parties involved Unit Turn TrackingImportance of tracking unit turns alongside CapEx Data-driven approach to analyzing unit turn costs Identifying areas for improvement in the turn process Using unit turn data to hold property managers accountable Benefits of Meticulous TrackingImproved budgeting and cost control Increased ROI through strategic CapEx allocation Higher resident satisfaction through well-maintained units Myth Busted: Does CapEx Tracking Really Matter?Addressing the misconception that CapEx tracking is unnecessary How neglecting CapEx tracking can lead to significant financial losses Tweetable Quotes: " Neglecting CapEx expenses will lead to significant financial losses in the long run." Explore more. Adventure awaits. Please subscribe and leave an honest review - How do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

March 19, 2024Episode 12322 min

AREI 123: Maintenance Matters: Maximizing Multifamily Investments through Proactive Care

Welcome adventurous family! Ever felt blindsided by a repair bill on your multifamily property? In this episode we unveil the power of preventative maintenance. Discover how a proactive approach saves you money, keeps residents happy, and boosts your property value. Plus, a bonus way how tackle common myths about preventative maintenance! Come join us and listen in and unlock the secrets to maximizing your multifamily investments! 👉 Link to YouTube episode HereHighlight 1: Why Preventative Maintenance MattersImportance of project management in businessChallenges of managing properties via reactive approach Benefits of using preventative maintenanceExplain how preventative maintenance saves money in the long run and prevents future problems Highlight 2:Case Study: Deferred Maintenance Example of how deferred maintenance can lead to bigger issuesHighlight 3:Preventative Maintenance PlansInterior and exterior maintenance Frequency of inspections (monthly vs quarterly) Property management company's role Highlight 4:Benefits of Preventative MaintenanceIncreased resident satisfaction Reduced risk of major problems Improved property value Highlight 5:Preventative Maintenance for Single-Family HomesAddressing the myth that preventative maintenance is only for large properties Examples of preventative maintenance tasks for single-family rentals Highlight 6:Recap Importance of preventative maintenance for real estate investors Why should you develop a preventative maintenance planHighlight 7:Bonus Segment: Multifamily MythbustersMyth: Preventative maintenance is unnecessary and too costly Benefits of preventative maintenance: saves money, extends equipment lifespan, increases resident satisfaction, improves profitabilityCall to action: Being proactive, asking about preventative maintenance plans Tweetable Quotes: " Overall preventative maintenance is going to save you money in the long run. This might be a long a hard thing to get set up at the beginning, but we promise you it's going to be a fraction of the cost to perform and to execute now, than if you wait for things to progress in the future and it'll make your asset better for selling than disposing of in the future." Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

March 13, 2024Episode 12218 min

AREI 122: Streamlining Success: Navigating Project Management Platforms in Real Estate Investing

Welcome adventurous family! In this episode we dive deep into the world of project management software platforms. From streamlining communication to enhancing accountability, they'll uncover how these tools revolutionize real estate operations. Stay tuned for valuable insights and practical tips to supercharge your asset management process.Come join us and listen in! 👉 Link to YouTube episode HereHighlight 1: The Importance of Project Management SoftwareWe iscuss the necessity of project management software in real estate investing.Initial challenges with email communication and the need for a structured approach.Emphasize the significance of having a clear plan and executing it efficiently in real estate operations.Highlight 2: Overview of Project Management ToolsDiscussion on various project management software options available.We share their preference for Asana due to its collaboration features and user-friendly interface.Highlight the importance of researching and selecting a tool that suits individual needs and preferences.Highlight 3: Practical Applications of AsanaSome specific functionalities of Asana over other project management tools.Its efficient usage in managing tasks, assigning responsibilities, setting deadlines, and tracking progress.Examples include lender-required repairs, recurring maintenance, and community events. Highlight 4: Benefits of Project Management SoftwareBenefits of using project management software, such as enhanced organization, streamlined communication, and improved accountability.How Asana facilitates better decision-making through real-time data access and analytics.Highlight 5: Myth Busters - Project Management SoftwareWe debunk the myth that project management software is only beneficial for large multifamily complexes.Emphasize its applicability to properties of all sizes, including single-family homes, and highlight its efficiency gains, improved decision-making, and enhanced accountability. Tweetable Quotes: " In the dynamic world of real estate investing, successful asset management hinges on effective project management. By embracing innovative project management platforms, investors can navigate complexities with ease, ensuring smoother operations and greater profitability."Explore more. Adventure awaits. Please subscribe and leave an honest review - how do you want to create an impact in your world? Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB AFREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers