Yes, really. Today’s guest was kidnapped in Russia by mobsters and not only lived to tell the tale, but he even went on to invest in rental real estate in a big way, building a massive property management business! In this show, Andrew Propst shares key insight into finding incredible property managers and solid tips for profitably managing your own tenants. Andrew also has some excellent tips for finding great real estate deals, so if rental properties are in your future, this is one show you don’t want to miss!
In This Episode We Cover:The kidnapping storyHow Andrew’s stubbornness to pay rent led him to invest in real estateHis first investmentTips for finding the right property managerThe details on Andrew’s 42-unit multifamily propertyHow they managed to increase rents from $400 to $700Useful property management resourcesWhat you should know about cap ratesTips on finding great dealsWhat he thinks about build to rentWhat Andrew looks for in a marketThoughts on renting to people with a prior evictionThe importance of enforcing the terms of the leaseA conversation about landlord-tenant lawsAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Landlord FormsBiggerPockets Podcast 232: The Four Lead Sources Nathan Brooks is Using to Flip 120 Houses a YearBiggerPockets Money ShowThe Saratov Approach (Movie)National Association of Residential Property ManagersInstitute of Real Estate ManagementIntegra Realty ResourcesCap Rate and Cash-on-Cash Return: A Definitive GuideCCIM Institute‘World’s worst bowler’ just bought a historic Valley alley. Even his wife thinks it’s crazy (Post)CI 101: Financial Analysis for Commercial Investment Real Estate (Course)Books Mentioned in this ShowLong-Distance Real Estate Investing by David GreeneThe Book on Rental Property Investing by Brandon TurnerHow to Win Friends & Influence People by Dale CarnegieDrive by Daniel H. PinkThe Book on Managing Rental Propertyies by Heather and Brandon TurnerFire Round QuestionsPrevious property manager did not return security depositPerspective Tenant with Service DogOtherwise great tenants hiding ferrets – how to proceedEviction historyTweetable Topics:“You never know how important a property manager is until you hire a bad one.” (Tweet This!)“Your job as a property manager is just to enforce the terms of the lease.” (Tweet This!)“You’re doing your tenant a disservice if you’re not firm.” (Tweet This!)“The lazy parents clean their child’s room.” (Tweet This!)“The whole premise of Fair Housing laws is to treat everybody the same.” (Tweet This!)Connect with AndrewAndrew’s BiggerPockets ProfileAndrew’s Company Website