Welcome to Week 8 – Where we discuss Chris’s Experience as a Property Manager
Chris first assembled a team to manage properties for himself and a partner in 2003. As they acquired more units, they failed to anticipate expenses, and were overly optimistic about their ability to raise rents. It was a disaster. “If you’re not earning, you’re learning.” And thankfully, Chris learned a lot.
Bankruptcy and foreclosures shrunk the inventory they were managing. However, purchases and sales in 2007 and 2008 enabled them to hire a licensed agent to help buy, sell and look after their rental units. Slowly, Chris developed the skills and honed the processes needed to get his arms around the complex business of property management.
Around this time, Chris acquired his first property management client. A past client and business partner had 20 units that he and his wife were managing, and it was taking too much of their time and distracting from their primary business. They wanted to handle repairs and maintenance, but needed to hand over the accounting and day to day tenant relations.
Chris’s wife Kelly kept the books for their rentals, and for a growing group of landlord clients. Their daughter Gretchen joined the team as a licensed sales agent and their first full time property manager. Chris’s staff continued to expand as more and more owners saw his results and came to him for help. Buy 2010, Chris was actively pursuing new property management clients. By 2014, ROOST was looking after almost 600 units – and today, that number has nearly tripled.
Next week, we’re going to ask the critical question: Does Investing in Real Estate Make Sense for You?
For a free copy of the full book, A Real Estate Investor’s Guide to Profitability, email FreeBook@ROOSTRealEstateCo.com and we will send you one. Or download a free e-book version here: MakeRealEstateWork.com/free-book