Episode #111: Mitigating Rising Expenses with Darin Garman

Welcome to the Real Estate Asset Management Podcast! Today, we are joined by author, investor, property owner, and commercial real estate coach, Darin Garman! To start off this episode, we hear Darin’s story of coming from nothing (neither money nor experience) to building a company that mitigates the stress of its clients, all while being in the process of raising its deductibles and ensuring blanket coverages. Darin gives us advice on property cost surges and the main reasons for the property cost increase: property tax, property-casualty insurance, and cost of labor. Plus, we learn about why you should not chase the IRR, how to combat and understand the increase in inflation rates, and his take on how to deal with expenses outpacing income. With over 30 years of experience and 5 books under his belt, Darin’s advice is not to be missed!Key Points From This Episode:A welcome to today’s guest, Darin Garman! Darin’s background of starting out with nothing.A look at the motivation behind Darin’s books.Chatting about property cost surges, relating specifically to the inflation rate increase.Three main areas of property cost increase:One: property tax.Two: property-casualty insurance (14% to 16% per multifamily community).Three: cost of labor.How Darin’s company is raising their deductibles, ensuring blanket coverage, and coverage for roofs.Darin’s thoughts and concerns on expenses outpacing income.Why you should not chase the IRR.The mitigated stress of working with an experienced operator.Darin’s asset management superpower.Links Mentioned in Today’s Episode:Darin GarmanDarin Garman on TwitterDarin Garman on LinkedInDarin Garman on FacebookDarin Garman on YouTubeAsset Management Mastery Facebook GroupBreak of Day CapitalBreak of Day Capital InstagramBreak of Day Capital YoutubeGary Lipsky on LinkedInGarzella Group