Owner Occupied Episode 2

Episode 2 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery. In this episode, we discuss: (01:44) Self-managing rental properties and how to build up the right systems and processes. (02:53) Finding and working with property managers. (04:04) Starting a property management business and the challenges faced during the early stages. (07:10) Strategies for finding new properties to manage, including attending realtor meetings, developing a website, and advertising on Google. (10:05) Switching from an engineering career to property management and finding the motivation to run the business successfully. (16:30) The process of acquiring property management businesses. (18:29) Different financing options, for example drawing on a credit line and getting an SBA loan. (19:59) What bankers look for before disbursing a loan and the importance of proper accounting and book-keeping. (22:11) Learning to do a cash-flow analysis and writing business plans. (23:28) The value of consulting a fractional CFO to grow your business. (25:02) Two book recommendations that give a basic understanding of accounting and why it is recommended to have a fractional CFO. (30:25) The lessons learned through property management. (31:27) The value of constant learning and consulting experts in business. (33:26) Why real estate is the best place to build your net worth but not the ideal place to begin your career. -The two books about accounting that Peter recommends for every business owner: https://www.amazon.com/Accounting-Dummies-Business-Personal-Finance/dp/1119245486/ and https://www.amazon.com/Simple-Numbers-Straight-Talk-Profits/dp/1608320561/ ~~~ -Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10 -Learn more about Peter & how to connect with him here: peterlohmann.com -RL Property Management manages Columbus area rental properties: rlpmg.com