Episode 2 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.
In this episode, we discuss:
(01:44) Self-managing rental properties and how to build up the right systems and processes.
(02:53) Finding and working with property managers.
(04:04) Starting a property management business and the challenges faced during the early stages.
(07:10) Strategies for finding new properties to manage, including attending realtor meetings, developing a website, and advertising on Google.
(10:05) Switching from an engineering career to property management and finding the motivation to run the business successfully.
(16:30) The process of acquiring property management businesses.
(18:29) Different financing options, for example drawing on a credit line and getting an SBA loan.
(19:59) What bankers look for before disbursing a loan and the importance of proper accounting and book-keeping.
(22:11) Learning to do a cash-flow analysis and writing business plans.
(23:28) The value of consulting a fractional CFO to grow your business.
(25:02) Two book recommendations that give a basic understanding of accounting and why it is recommended to have a fractional CFO.
(30:25) The lessons learned through property management.
(31:27) The value of constant learning and consulting experts in business.
(33:26) Why real estate is the best place to build your net worth but not the ideal place to begin your career.
-The two books about accounting that Peter recommends for every business owner: https://www.amazon.com/Accounting-Dummies-Business-Personal-Finance/dp/1119245486/ and https://www.amazon.com/Simple-Numbers-Straight-Talk-Profits/dp/1608320561/
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-Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10
-Learn more about Peter & how to connect with him here: peterlohmann.com
-RL Property Management manages Columbus area rental properties: rlpmg.com