Manage episode 274473593 series 2647146
I had the pleasure of speaking with David Evans today. David is a real estate expert and the Founder of the Investment Property Advisors LLC. With his deep passion for real estate, David’s primary focus is advising investors on how to best position themselves when buying and selling investment property to minimize risk while increasing their upside.
[00:01 - 07:39] Opening Segment
- How to get in contact with David
- See links below
- David talks about his career background and journey in real estate
- David talks about how he sources the eight-unit apartment
- Business plan of the property
- David talks about the issue he got with the property manager
[07:40 - 11:44] In 2016, Market Heated Up in Chicago
- David talks about the lessons he got when he manages the property
- More about finding the right property management company
- How to choose the right property management company to move forward
- The importance of the economy of scale
- Require more units
- To mitigate cost, you still need to be involved to a certain extend
- Avoid upcharge
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
[11:45 - 16:17] The Vacant Basement Units
- David talks about taking the platform for his property management agreement from another property management and modify
- Make sure that there are a 30 days notice termination clause on the agreement
- The downfall is we do not exercise the action soon enough in most cases
- David talks about the financial impact of changing property management
- The challenge of running a basement units
[16:18 - 19:12] Closing Segment
- What are your words of wisdom to our listeners?
- “Be very careful about how you choose your partners and make sure there is a clear understanding of role and responsibilities.”
- “ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.”
- “Take action swiftly when you do have vacant units because that is lost income.”
- “Reach out and research as many housing programs in your area as possible.”
- Final words from me
“Be very careful on how you choose your partners and make sure there is a clear understanding of role and responsibilities.” - David Evans.
“ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.” - David Evans.
“Take action swiftly when you do have vacant units because that is lost income.” - David Evans.
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