In today’s segment, we focus on building better systems and becoming best-in-class real estate operators. Our guests, Ed Sittler and Perry Zhang, walk us through the ins and outs of their latest deals and share insider tips along the way. We open the show by hearing about Ed and Perry’s professional history and get up to speed with their most recent CapEx development. Ed reveals some of the immediate challenges he and Perry faced, as listeners find out how the two were tasked with making a building habitable again. Perry expands on this and tells us about the different lenders and players which made their success possible. Yet, there is an important sequence to all this. One might have all the right ingredients, but if you don’t follow the recipe, failure will be your result. In light of this, Perry details his entire process, referencing each player and what their role is. Adding to this, Ed shares valuable information about how you can keep your contractors accountable and why jobs are never perfectly executed the first time around. To conclude the show, we hear the pair’s three biggest lessons from CapEx projects and why digging for detail and a big-picture mindset are their complementary asset management superpowers. To find out more, be sure to join us today!
Key Points From This Episode:
- Introducing today’s guests, Perry Zhang and Ed Sittler.
- Both Ed and Perry give a small breakdown of their professional backgrounds.
- Ed tells us about his $1.4 million CapEx deal in Dallas.
- What it was like working with different lenders and players.
- Hear about the sequencing of their projects.
- How they hold their contractors accountable for the work they’re doing.
- Lessons they’ve learned from their CapEx projects.
- How to approach escrowing and LPs.
- What Ed and Perry’s asset management superpowers are.
- Important information about our podcast and where we will be moving to.
Tweetables:
“The first key move is to come up with a business plan. Plan the renovation ahead as much as possible.” — Perry Zhang [0:06:54]
“Gates are super important, especially for C-class properties. You can get a lot of vagrants that you don’t want on the property.” — Ed Sittler [0:05:25]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate Facebook Group