157: The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 16 February 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable. Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties. Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition. In This Episode We Cover Live in flips and why they’re a great option for new investors Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option Self-management vs property management and how to figure out which one is better for you How to find the right property manager (& red flags you should look out for) The 4 crucial keys to headache-free property management How to set up the right working relationship with your property manager And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Website Brandon's BiggerPockets Account Zillow Apartments Website Facebook National Apartments Association Mindy's BiggerPockets Account BiggerPockets Pro BiggerPockets Business Podcast 105: The MOST Profitable Skill to Learn (From a $200M+ VC Investor) with Codie Sanchez BiggerPockets Rookie Youtube Channel MLS Airbnb Check out the full show notes here: https://biggerpockets.com/rookie157 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 157.
0:05.2	These are people, these are their lives, these are their homes, so be proactive in communication
0:12.9	when things are going wrong and you're fixing things, let them know.
0:16.2	And let them know what's going on. They want to hear from you, you might not think it,
0:18.8	but they are going to appreciate more communication than less communication.
0:22.8	My name is Ashley Care and I am joined by Tony Robinson.
0:30.5	And welcome to the Real Estate Rookie podcast where every single week, two times a week,
0:36.0	we give you interviews, the stories and just the real life happenings of Real Estate investors,
0:43.2	make it happen during their thing so you can get started as a Real Estate investor.
0:47.1	Yes, we love all of our rookies and every single week we love having different guests on the show.
0:53.2	And today we have another awesome guest for you guys, Adam. Tony, tell us a little bit about Adam.
1:00.3	Adam's got a really cool backstory. He's got a military background,
1:03.8	part-late that into a career in property management and he's done a lot of live inflips and house
1:09.6	hacking. So we get kind of like a wide range of information from Adam, but he really breaks down
1:16.2	at one point in the interview his four keys to successful property management.
1:20.8	So make sure you guys are listening for that throughout the episode.
1:24.0	Yeah, this is a really great episode whether you're going to self-manage or you're going to hire
1:29.3	a property manager. And listen to the end because we have a new segment for you guys,
1:34.8	the rookie exam and you can find out if Adam passed the exam or not.
1:40.2	You guys know the drill before we get to the episode. Let's hear a word from our show sponsor.
1:47.4	Hey listeners, what are you doing October 15th through the 17th?
1:50.7	Bigger pockets is gathering over 2,000 real estate investors and professionals in Orlando
	...

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