Andrew interviews Kyle Stephenson, who was inspired by Donald Trump's real estate success to invest in property. With limited resources, Kyle was able to 1031 exchange his first purchase - a duplex in Patterson, New Jersey - for a million dollars worth of equity over ten years. Kyle shares his journey of growing his portfolio to managing over 4,000 units across multiple states. He talks about how he learned from his experiences, used creative financing strategies, partnered with friends to invest in larger projects, and helped distressed owners during the 2008 market crash by managing their properties and getting lenders current on their mortgages. Tune in now to hear more about Kyle Stevenson's inspiring story!
[00:01 - 14:50] Making a Real Estate Impact with Kyle Stephenson
Kyle's background and career
Being inspired by Donald Trump's success with real estate
Kyle's journey through real estate investing
Kyle's passion for helping individuals who work hard for a living come home to clean, safe, and affordable housing
[14:51 - 23:38] Respect and Consistency: How to Achieve Successful Property Management and Investor Stewardship
Respect and respond to everyone the same
Expense ratios are a function of rent, not race
The importance of treating tenants with love and respect
Differentiate from other property managers by providing a positive experience for all tenants
Investors should be focused on PNLs to ensure accurate returns
[23:39 - 34:29] Property Manager Neurosis
Surround yourself with people who fill in the gaps and counterbalance each other
Understand what a healthy culture looks like and have individuals that play well together
Avoid wasting time on arguments between departments that don't matter
Be aware of healthy and unhealthy clients
[34:30 - 41:16] Closing Segment
Lightning round
Connect with Kyle through the links below!
Quotes:
"The beautiful thing about real estate is that time will heal your mistakes." - Kyle Stephenson
"If we spend less than a thousand dollars a door per year on maintenance, that's a red flag. That means that we're not doing things that we ought to be doing." - Kyle Stephenson
Connect with Kyle!
Visit our website www.reiturn.com to learn more about High-Quality Recession Resistant Assets for the Everyday Investor
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