PODCAST EPISODE

036: Asset Management Done Right with Mike Taravella

Jan 12 2022 • 27 mins

It’s time to nerd out with one of the best asset managers in real estate, Mike Taravella, CPA. Mike started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He then began his real estate investing career owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently the Asset Manager that is responsible for underwriting deals, investor relations, and asset management with acquisition of over $31M!

Dive into the episode and grab a ton of wisdom and resources that will help you do asset management right!

Visit us at thequattroway.com Learn how to invest with us at thequattroway.com/invest

Getting to know Mike Taravella - [00:01 – 04:03]

I introduce to the show
- Bio
Mike shares a bit of his background
- Started out as a teacher
- Transitioned into accounting
- Helped launch several organizations in joint ventures
- Got educated in real estate

Asset Management Done Right - [04:04 – 17:16]

What to do with an asset after buying
- Collaborating with the property managers
- Layers of accountability
- You need to come up with creative solutions
- Breakdown of the accountability
Ways to keep the team on Capx budget
- When it’s time to let people go
- Create a templated term so you don’t have to guest
Understanding how you need to be different in your systems when you scale
- Use resources as much as possible to not lose track
- How turn expenses come into play
- L10 meetings - Traction, Principles, Never Split the Difference
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How NOT to do Asset Management - [17:17 – 22:30]

Mike talks about a misstep he experienced in asset management
- Being too aggressive with a budget
- Turnover not going well
- Make sure to keep your A-players in as you grow
Think through why a deal WON’T work
It takes years to get traction, don’t give up

The Quattro Trio - [22:31 - 27:31]

What is your superpower?
- Seeing a T12 and knowing what’s going on
- Numbers tell a story
What is your biggest failure?
- Not believing in himself
- Don’t compare yourself to anyone else - grow at your own pace
How Mike is giving back to the world
- Second Harvest Food Bank
How to connect with Mike
- Links below
Final words

Tweetable Quotes:

“The more you systematize it, the easier it is.” - Mike Taravella

“As you grow your business, people are a huge component of it… As you grow and scale make sure to keep that level of A-players in.” - Mike Taravella

Resources Mentioned:

Want to connect with Mike? You can reach out at miket@randcre.com and find him on LinkedIn, Instagram, and Twitter. Buy, finance, and manage the right way at https://randpartners.com/.

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LEAVE A 5 STAR REVIEW + help someone who wants to explode their business growth by sharing this episode. Find out how team Quattro can help you by visiting www.TheQuattroWay.com.

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