Welcome back to the show and another edition of our Asset Management Fridays! Here to talk about her management process, systems and style is Maureen Miles from 4M Capital. As a returning guest, Maureen has so much to offer, with success in many avenues of real estate having branched out from a simple investment team to a multi-faceted company taking care of almost all areas of the business. For Maureen, this was a necessity after the frustrations of working with contractors who did not deliver — so she decided to handle it all! During our chat, she gives some great tips, including making sure that you are the signer on all your accounts to avoid being locked out of your money! We talk about the operations manual that is available to new employees at 4M and Maureen tells us about the software stack they use and how they are hoping to upgrade areas of it. We get into some future aspirations and our wonderful guest explains why she loves challenging deals that need some work! For all this and a bunch more from us here at the show, tune in!
Key Points From This Episode:
- Maureen's company, 4M Capital, and the array of work that they do in real estate.
- The frustration that led up to Maureen starting her own property management company.
- Why to make sure you are a signer and not a user on all of your accounts.
- The operations manual that Maureen and her team put together for the company.
- Challenges that arise when starting a property management company and Maureen's advice.
- The software tools that Maureen uses; Yardi, Asana, and EOS system.
- Maureen's process aimed at becoming a third party property manager.
- Recent lessons that Maureen has added to her list of checkups.
- What Maureen is looking for in her upgrading from Yardi to more sophisticated software.
- Maureen's asset management superpower! Going in for the dirty and unusual opportunities!
“One of the biggest things I tell anybody that is going to use a third-party management company is to make sure that you are an actual signer on all of your bank accounts.” — Maureen Miles [0:03:20]
“Make sure you have people that are really aligned with you that can help you do it.” — Maureen Miles [0:06:00]
Links Mentioned in Today’s Episode: