This episode is a masterclass on property management and is a great listen if you’re looking to better self-manage your portfolio, hire a property manager, or start a property management business. Jimmy shares a TON of great, actionable tips that you can implement into your business TODAY. If you haven’t already, please leave the podcast a rating and a review!
Jimmy is a millennial house hacker turned corporate dropout. He was able to escape the rat race by building a property management company which started as a side hustle. Jimmy owns Lyon Property Management, based out of Rhode Island, which manages 600-units in the Rhode Island and Southern Massachusetts market. He is also an active investor specializing in multifamily family flips.
Time Stamps:
2:20 Jimmy shares how he started in real estate by wholesaling and growing a property management company.
7:22 We learn the techniques Jimmy used to find wholesale deals by prospecting via mail and abandoned signs.
10:40 Jimmy discusses how he gained access to capital by building essential connections in his business.
15:01 We discuss the traits that successful property managers need to succeed. Also, he shares how software can help improve efficiency in tracking reports and getting paid.
18:30 Jimmy shares the KPIs that he uses to assess how well a property is performing and to track multiple assets. Also, we learn the function of Tenant Turner and its ability to receive feedback to make informed decisions.
25:02 We learn the amount of leasing agents and maintenance techs needed for a certain amount of units. Also, Jimmy discusses the structure of his team and their specific roles in his business.
28:33 Jimmy shares the three main driving factors to a tenant leaving a unit (important)!
33:10 We learn the essential screening questions to appropriately hire a property management company.
38:08 Jimmy shares the profit margins for his PM business and the fees that impact his profitability
43:00 We learn that individuals should be aware of the services that PM companies complete, which directly relates to the cost of outsourcing PM. ***You get what you pay for!
45:12 Jimmy shares how he scaled his business so quickly by using software to generate leads and how he prioritized content creation.
49:39 We learn how Jimmy wants to scale his wholesaling business and grow the portfolio of his current clientele, and what he wishes he did early in his career to avoid mistakes.
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Lyon Property Management
CONNECT WITH AXEL
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Download all of his investing resources (cash flow calculator, investor pitch deck, scope of work templates, and rehab checklist) for free
