We have a great, actionable episode this week with Kyle Mitchell of Limitless Estates! Kyle is known for his excellent skills as an asset manager, which is a topic that is not often discussed on podcasts or online but is a critical role within the investment process! It's critical for multifamily investors to thoroughly understand what asset management means and the typical responsibilities -Kyle is one of the most well-known folks in the business as it relates to asset management and has written a book on the topic called “Best in Class”.
In this episode, Kyle goes into detail on asset management and how he approaches it, as well as the difference between asset management vs. property management. Kyle also shares how he keeps his property managers accountable and how he approaches his business as a whole. If you currently own income-producing properties and work with a property management company, you will surely be able to implement some tips immediately after listening to this episode. We discuss how Kyle is able to further his feedback loop with his management companies, how he tracks his KPI’s, and how he manages construction on value-add projects. This episode is very relatable to any investor out there that wants to work with their property managers to get the most out of their properties and maximize NOI.
Show Notes:
3:40 Kyle shares his background along with how he got into real estate and what his business looks like today.
5:52 We discuss Kyle's first deal and some of the key takeaways he learned through the process.
8:34 Kyle talks about some of the initial surprises and learning experiences he had when putting his first deal together.
11:17 We discuss the distinct differences between being an asset manager vs. a property manager and some of the mistakes new investors commonly make.
14:56 Kyle shares how he manages his property managers and how he is able to communicate important information with them to hold them accountable.
19:33 We discuss some of the main topics that Kyle touches on when interviewing property management companies.
23:08 Kyle discusses some of the systems he has in place, outside of tracking KPI’s, to better manage his properties' performance and enhance returns.
25:22 Kyle shares some of the KPI’s that he tracks and discusses with his management company, along with how often other investors should be tracking these important metrics.
30:05 Kyle goes into detail about what he calls “secret shopping”, in which he essentially pretends to be a potential resident at surrounding properties in order to test property management companies for professionalism and experience.
35:31 Kyle shares a piece of advice he would give himself before starting his real estate career.
36:02 Kyle talks about one of his most significant business-related failures and what he learned from it.
37:23 Kyle shares the best decision he has made so far in his career.
38:06 Kyle talks about one skill/trait that he attributes his success to.
CONNECT WITH AXEL
https://www.instagram.com/multifamilywealth/?hl=en
https://www.linkedin.com/in/axelragnarsson/
CONNECT WITH KYLE
www.limitless-estates.com
https://www.linkedin.com/in/kyleamitchell/
Book – Best in Class (found on Amazon)
Podcast – Passive Income Through Multifamily Real Estate
