For over a decade, Andrew Cushman has been growing real estate investment businesses full-time. Starting off with single-family properties in the depths of the Great Recession, Andrew completed 27 single-family flips, all of which were profitable. In 2011, he transitioned to the acquisition and repositioning of multifamily properties and now acquires B-class, value-add properties throughout Texas and the Southeast United States. In total, Andrew and his team have acquired and repositioned over 2,000 multifamily units to date and, of course, each one of those units requires property management. In this episode, you will hear Andrew's experience of managing the property manager, from finding and hiring a third-party property management company to the biggest challenge he has faced in working with a property management company, and he also shares his best practices and talks about his asset management superpower. Tune in today!
Key Points From This Episode:
- Find out a bit more about Andrew and what he does
- Best practices for finding and hiring a third-party property management company.
- Making sure that your type of asset is what the company is best as managing.
- Why great property management companies are discerning about who they work with and have your best interests in mind.
- The biggest challenge Andrew has had with a company: managing renovations.
- Learn why Andrew has had to fire a property management company before.
- Andrew’s best practices for managing the manager, like weekly calls with everyone, including the maintenance technician.
- Andrew’s asset management superpower is being actively involved without micromanaging.
Tweetables:
“The wrong management can turn a great deal bad in no time.” — Andrew Cushman [0:03:36]
“Do the best you can to find out if the people in the [property management] company have created a culture of integrity.” — Andrew Cushman [0:07:39]
“Our asset management superpower is being able to partner with our third-party management in somewhat of an unusual way, to get everybody on the same team and function as if it was in-house and vertically integrated.” — Andrew Cushman [0:11:52]
Links Mentioned in Today’s Episode:
Andrew Cushman on BiggerPockets