Welcome to Episode 65 of the Asset Management Mastery Podcast. Today, it’s just family. Your hosts, Kyle Mitchell and Gary Lipsky, are discussing their new book, Best In Class: How to Manage Your Multifamily Asset, Avoid Mistakes, and Build Wealth through Real Estate. There are plenty of books about investing in multifamily real estate, but few that tell you what to do with that property once you own it. Best In Class lays out everything you need to become a best in class operator, from marketing and leasing, managing renovations, and evaluating your property’s performance to financial analysis, managing the manager, and so much more! Creating better systems and taking control of your property while building wealth for you and your investors has never been easier, so make sure to tune in today to find out how!
Key Points From This Episode:
- Why Kyle and Gary decided to write this book.
- Some of the topics covered in the book, from due diligence and KPIs to disposition.
- Why it is so important to talk about the “unsexy” parts of real estate.
- What good asset management looks like, starting with being proactive versus reactive.
- Utilizing the information to make business decisions, not emotional decisions.
- Gary shares how he developed his asset management skills; having a thirst for knowledge.
- What differentiates good asset management from mediocre asset management.
- Who the book is for, from those just starting out to more experienced operators.
- Where to find the book, plus some of the resources you’ll gain access to when you buy it.
“There's so much talk out there about finding the deal, but no one's really talking about what to do once you have a deal. This is so critical. It's not only the purchase price that you buy your property [at], but how you manage it.” — @garylipsky [0:01:38]
“No matter where you are in your journey, whether you're just starting out building a team or you're actually going through disposition, you can actually just flip to that chapter and read that chapter to get some insights and best practices on things to do.” — Kyle Mitchell [0:02:50]
“We're constantly pushing the envelope and educating our property management team on how to think differently about the property.” — @garylipsky [0:06:41]
“The difference between good asset management and mediocre [asset management] is that extra one percent or two percent on occupancy that actually drives 10 percent to 20 percent of profits.” — Kyle Mitchell [0:07:14]
Links Mentioned in Today’s Episode: