Maximizing Returns through Asset Management with Mike Taravella

In this episode of Ritter on Real Estate, we welcome professional asset manager Mike Taravella who joins us to share his unique perspective on deals. Mike worked for five years as a CPA and began his real estate investing career in 2016 when he bought and self-managed investment properties in Michigan. With an increasing interest in real estate development, Mike joined Rand Partners in 2019 where he is now an asset manager responsible for underwriting deals, investor relations, and asset management. Tuning in, listeners will learn more about the day-to-day functions of an asset manager, the key elements that should be included in a business plan, and how Rand Partners go about executing these plans to ensure good returns for their investors. For Mike and his team, communication and transparency are key, and these values are evident in the weekly meetings between property and asset managers and their frequent communications with investors. Mike also talks about their strategies for driving a property’s value, the importance of paying attention to other income, the use of the ratio utility billing system (RUBS) and surety bonds, and what investors should know about investing in the post-COVID market.  Key Points From This Episode:Get a sense of Mike’s career path thus far and what an asset manager’s role is.  Hear about the elements in a business plan that should work together to increase income. What Mike does to ensure that business plans are executed and investors get their returns. Hear about their weekly meetings to track the numbers and keep a firm grip on properties. The relevance of the communication between the asset and property manager to investors. Mike describes the core metrics their team looks at to move the business plan forward. The processes involved in compiling a business plan when a new acquisition is made. How they drive value through rent and occupancy increases and effective marketing. What “other income” comprises and the portion of the total income it should make up.  Mike explains the use of RUBS (ratio utility billing system) and surety bonds.  Views on what investors can expect from a returns standpoint in the wake of COVID-19. Learn how Mike and his team prioritize and approach communication with investors.The value of investing in coaching and good books to gain knowledge quickly.  If you enjoy the guests and content please subscribe and leave a review.  Your reviews matter and each one has a major impact on the success of the show!Want to get more investing resources?Visit kentritter.com for more free passive real estate investing resources including videos, blogs, and tools visitInterested in Investing alongside my firm? Contact me at [email protected] company Birge and Held Asset Management have a twelve-year track record creating sustainable wealth for over 2,000 investors through high-quality multifamily investments.https://birgeandheld.comThank you for listening!Check us out on socials: InstagramLinkedInYoutubehttps://hudsoninvesting.com/Production by Outlier Audio