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BP Podcast 085: Hybrid Investing, Long Distance Rentals, and Property Management with Mike McKinzie

by Brandon Turner on August 28, 2014 · 10 comments

  
BiggerPockets Podcast 85 Mike McKinzie

Today on the BiggerPockets Podcast we chat with Mike McKinzie, a full time real estate investor from Garden Grove, CA. Mike is an investor and former property manager who has personally dealt with over 5,000 real estate transactions, but focuses most of his attention today on using property management to invest both locally and out of state.

This show explores a variety of topics related to buy and hold real estate investing and offers a significant amount of actionable information on how to set up property management, covering everything from what questions to ask, what should be expected, and a whole lot more!

Listen to The Show on iTunes

Click here to listen on iTunes.

Listen to the Podcast Here

In This Show We Cover…

BiggerPockets-Podcast-Cover

  • Growing up in a real estate family
  • Hybrid real estate investing
  • The key is to success in rental properties  
  • Getting your real estate license as an investor
  • How to prepare yourself for future-changing markets
  • If you’re going to invest based on appreciation, THIS is how you do it! 
  • The importance of updating trusts…
  • How property managers can turn into lead sources
  • How do you vet property managers?
  • What does a property manager do?
  • Managing your own portfolio
  • How neighbors will help you keep an eye on your property
  • How to deal with HOA’s the right way!
  • The importance of due diligence 
  • The difference between housing classes
  • Dealing with marijuana
  • And a whole lot more!

Links from the Show:

Books Mentioned in the Show:

Tweetable Topics:

“You are the boss of your property manager…fire them if need be!” (Tweet This!)

“Make friends with the neighbors of your property, and you’ll always have eyes on your property…” (Tweet This!)

Connect with Mike:

Email *
  



{ 10 comments… read them below or add one }

Katherine August 28, 2014 at 10:40 am

Thanks Mike for a very interesting show. I’m a new buy and hold investor and I was wondering where to find the next deal. I really like your idea of talking to property management companies. I’m going to get started on that right away. Thanks again. -Katherine

Reply

Mike McKinzie August 28, 2014 at 2:34 pm

Networking is the key. And if you can network with a group of Property Managers, those folks know a lot of investors and know when an investor wants to change out of an investment. Surprisingly, a few other quality contacts, besides Realtors, are Postal Carriers, Utility Workers (the ones in the office who take “turn off” notices), Newspaper Delivery folks, and moving company owners/employees. All of these folks usually get advanced notices of folks moving. Even if it is a TENANT moving, sometimes that causes landlords to want to sell as they get tired of vacancies. Good luck and best wishes to your future!

Reply

Mehran Kamari August 28, 2014 at 3:20 pm

Thanks for the awesome interview Mike! Sharing your insight after so many years in the business is a great help to the newer investors like myself. I gleaned quite a lot from this show!

Reply

Al August 28, 2014 at 4:05 pm

Thanks Mike for your insight and sharing your experience.
My PM does everything opposite of what you described your PM does for you LOL.
Do you mind sharing or private messaging me your PM’s info. After hearing you in this podcast I came to the realization I really need to FIRE my PM.

Reply

Michael Sherwood August 30, 2014 at 8:09 am

Mike awesome podcast! Many of the strategies you described we use to help our out of town investors as their property manager. thanks again!

Reply

Michele Fischer August 30, 2014 at 11:32 am

Enjoyed your podcast, Mike! We’ll probably need to find a PM in a few years, loved your insight. Haven’t updated our will since we started investing in real estate, great reminder there too. How can Brandon have not have heard of geocaching?!? We love to do it when we’re travelling to see things off the beaten path.

Reply

Will M August 30, 2014 at 6:42 pm

Great Podcast Mike!

A quick question on networking with Property Managers; when you speak with them do you request the contact information of potential leads in their database so that you can begin marketing to those leads, or do you simply ask they contact you if they believe one of their clients wants/needs to sell.

I have asked numerous people (agents, PM’s etc) to keep me in mind if they encounter a potential seller and it is very rare that they get back to me. I am wondering if it would be better to ask them if I can market to their clients instead. Whats the best way to go? How do you go about it?

-Will

Reply

Art Tom August 31, 2014 at 9:29 am

Doesn’t the lifespan of a roof depend on the type of roof you have? Concrete roofs with proper maintenance can last well over 50 years.

Reply

Rajib Miah September 3, 2014 at 2:15 pm

Mike, I have listened to almost all of the podcasts on BP, and I have to say, this was one of the most informational for me. I really like your idea of contacting property managers for new deals. I found your analysis of different types of neighborhoods quite interesting. It makes sense that a property in an “A” class neighborhood won’t cash flow quite as well as one in a C neighborhood, simply because the risk is low. I’ve bookmarked this podcast for repeat listening. Thanks again for sharing your knowledge so freely.

Reply

Chris Williams September 6, 2014 at 12:24 am

Great podcast! Mike, are you still buying in Fresno? I am an active wholesaler/agent in Fresno.

Reply

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