It's the final installment of how to build your very own real estate power
team. Get pen and paper and take notes because this is the final sequence of
what you need to finish putting the ultimate beginners realistic power team
in place for yourself.
Alright, we are back to finish teaching you how to build your freedom team
joining me, Mr. Steven Michael Miller. - What up? - And friends, we're here teaching
you how we built our entire massive real estate empire that has done nearly a
billion dollars of real estate so from our house to yours, we're showing you how
to build your very own power team. In our two previous videos, we've talked about
your big why, which is all about freedom and next you need to build your team
around finding the deals, fixing them, funding them and today, we're going to talk
about how you find the right property management team to help you fill your
homes and do all the follow up. - Yeah, absolutely. So this is a crucial part and
so many people fail as the 7th F, 6th F that we talk about. - That's too many F's, Steven.
- We didn't talk about the failure part of this but most people do fail in real estate
because of the property management, because they don't fill their homes
appropriately and they don't follow them or manage and maintain them
appropriately either and so I want to really get into this. When you're talking
about filling the home, you want to find a good property manager and a good
property manager is someone who has had years of experience. This is again
someone who just got their license and is now gung-ho and excited about
managing your homes for you. You want to get with a company that's been in the
industry for 10, 15, 20 years, they have hundreds if not thousands of homes that
they're managing already. Yeah, one of the things that we notice is that, you know,
with every property manager that we work with, we make sure that we are one of
their largest books of business and that's been a huge asset for us, we'll
talk about that a little bit later but you want to look for again, a property
manager who is experienced. They know about getting in and and diving in,
getting background checks, right. They know all about making sure that they get
proper credit checks on your tenants, they're incentivized to make sure that
they put good people in your homes because that's how they get paid, right.
They get paid every time that person makes an on-time payment, they get their
a little portion out of that and that's huge for them, so you want to find
someone who has experience in doing all those things and they're putting good
people in your homes. So one of the things that's so exciting about building
this entire power team is that the realtor is incentivized and paid by
someone not you to do what they're going to do and the loan officer is paid by
someone else to do what they're going to do.
Same thing here, property manager, they typically make eight to ten percent for
managing a property and you're looking for someone that has a
good book of business and someone that is experienced like Steven said, you do
not want to make this one up or start this one yourself out the gate because
property management is filled with a bunch of bulldog conversations. You need
a bulldog or a bold person on this side of the phone that is willing to hold the
letter of the law, make sure that contracts are fulfilled upon, that people
are paying when they're supposed to pay and you don't want to mess around, you
want to just have that done professionally, someone that understands
the local the local government code of the land so that they can follow it to a
tee, has your best interests at heart. So Steven's right, you're looking for
someone that actually has experience in doing this so they will not cut any
corners on background checks and things like that
and now the bigger part with that is, how do you find someone that's really going
to carry your best interests at heart? And I want to talk about this benefit
that we call bulk management. In our world, one of the things that we have
found is that our backyards do not always contain the best deal so we're
going into someone else's backyard and that often means that we're buying homes
that we ourselves are not going to see but we've done the research and we're
familiar on the neighborhoods but we need boots on the ground that can manage
these properties and with the best what we have found for that to work is to
find a really experienced group and then to give them lots of volume. You see,
right now your mom and pop shop, I would recommend that you stay in your back
yard because then you can keep a close eye on your interests but as your
portfolio grows and as you build or if you tap too immediately into our team,
our property managers have hundreds of our homes and what that means is that,
when you're just mom and pop shop and it's just you, you might be worth what?
What's 10% on a thousand bucks a month? Hundred bucks? A hundred dollar
relationship, you don't owe me a whole lot. If my home takes longer to rent,
you're going to be like,
"Uh-huh, yep. Alright, I'll get back in touch with.." That was chewing
gum. You're talking to these people and they just really, I mean, they care
about you but frankly, our commitment show up in our pocketbook and on our
calendars and in their pocketbook, you're worth 100 bucks, you're not worth very
much but in the game of property management, when someone is owning, is
managing hundreds of your homes, you're now worth thousands and tens of
thousands of dollars which means that we get to play a little bit of big
brother. See, even on homes that I haven't bought but maybe you're one of my
clients on my power team for example and you've bought a home, you're just one but
together, we're many and no one wants to mess with the kind of numbers that we
can command and control the world of real estate because there's so much benefit
that comes through doing real estate and a bulk atmosphere. Now that's one of the
things that we have already starting out of the gate. I mean, obviously, we've got a
very seasoned power team but you're just getting started out the gate,
I would focus mostly on backyard and you're going to want to focus on out on a
property manager that you can keep a good close eye on and have a really good
relationship with and I would recommend some more checking periodically on how
things are going especially if the home's vacant. Let them know you care. Hey, how
are we doing on getting someone in that house? What kind of call volume are you
getting? Is there something that we can do on the price to help move it? And you
want to be involved in the beginning. Once you have a trusted property manager,
you guys are really off to the races and you're able to do a lot of things
together. - Absolutely. The other thing that you want
to make sure that you're keeping close watch on and getting into in the very
first place is a property manager who understands exit strategies and not
only understand exit strategies but they know how to help you with the exit
strategy that is perfect and right for you. You know, so many property managers
are just concerned about the day-to-day of just what's happening with your
property right now, a problem arises and they fix it kind of thing,
it's kind of, they're there just to put out the fires but really, a good
property manager is one who's going to keep in contact with you and help you
understand especially if you're doing out of state type of real estate, they're
going to contact you and say, "Hey, this home has gone up in value, this may be the
right time for you to sell that property. Do a refire or increase your rents
or do different things that are going to help you with an overall better
exit strategy kit because again, the whole reason that we're doing this, the
whole reason why you're putting a power team together is because you want to
create more freedom, you want the time, the money and the peace of mind, those
are the things that you want and this is all along, this is going to kind of hinge
on getting the right property manager in place. - So make sure that you're
understanding when the markets change, they're going to have really good
indication as of what that means. In our strategy, we're going to hold on to our
properties for three, five or seven years, somewhere in that range which means
there's an optimal time to get in and there's a really good time to get out
and we're getting out before we accrue too many dilapidated expenses that are
just continuing to get onto the property, we're getting out before we start
experiencing the diminishment returns and we're also getting out with some
timing in the market on how to capitalize on the greatest growth and
gains and leave the market to enter another one or the same one to purchase
more properties and so part of property management for us is, someone that, yes,
knows how to increase rents when that's appropriate but then the other part of
that that's also really important is just then making sure that you're
watching the market, you know when it's time to pull out so that you can either
through a refinance or a 1031 exchange, get your investment flowing like a
really healthy river downstream into multiple additional properties so one
becomes two and two becomes many with time. So friends, that's what you're
looking for as far as property management goes and we have now covered
the find it, the fix it, the fund it, the fill it and the follow it - don't forget
freedom. - and these are the five steps to building a freedom power team and
friends, one last thing I do want to say on this is, you know, building a power
team in the beginning, my first power team was Steven Miller who was on my
management side, would sell my lease options, put tenants in the home and keep
track of them, we had Steve Earl, he and his team that were consistently
as the realtor finding these amazing deals we had Kevin that was doing the
lending. I mean our power team in the beginning was a group of four dudes that
got together and we sat in this office and we would have these meetings and we
would build this portfolio and everyone had something to gain from it, this is
what you get to do now in building your power team. If you want a shortcut, if you
want to get there a lot faster, if you want to step into a seasoned power team
200 nationwide experts that can say, hey, we can already bring you to the best
markets, we can give you all the bulk discounts and savings along the way, we
can step you into properties that someone else already risks their money
on and can get you into deals where you already have them fixed up often,
sometimes already rent it out and we've had a team of professionals doing this
at the lowest bulk rates and if you just want to step into a team, you get to own
100% of your portfolio, we'll do 100% of the work and if that sounds good to you,
click the link up here and learn how you can take our Power Team and use it to
build your portfolio so that can now be yours. And that's how you
build a real estate power team. Friends, there's incredible power in this
knowledge and information and I want to invite you right now, it's go time, go
build that team and make it happen. If part of you is watching this and thinking
to yourself, wow, Kris, you're telling me that I can step right into your power
team and basically rent them? Yes, you can rent my power team and we'll step in and
help you build your entire power house real estate power team. The best part
about this is that once you're a part of the team, we're going to build your entire
portfolio and you get 100% of the profits and the gains and if you want to
learn more about that, click right up here and we'll get you all that
information right now with your very own private consultation on all the steps,
what it looks like, sample deals so we can get you investing right now.