036: Asset Management Done Right with Mike Taravella

Real Estate Runway

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
  • Grab your ticket to the MFIN Summit at mfinsummit.com Use promo code QUATTRO

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/.

Have you heard about the Multifamily Investor Nation Summit, coming up on January 20th?  If you've never been, it's a three-day information-packed event for multifamily investors, with over 1,000 attendees and over 50 speakers!  Not only will hear from experts about finding deals, raising capital, underwriting strategies, selecting markets, and so much more...But this year our partners here at Quattro Capital are excited to be participating with three speakers at the event. Our amazing Kim Wendland will be speaking on the often neglected subject of asset management, how to make the machine hum, while our “most interesting man in real estate”, Maurice Philogene, will be speaking on how to leave your corporate job for a freedom lifestyle. I personally will even be speaking on the topic of how to perform due diligence on multifamily assets before you purchase them and the not-so-common things to watch out for. Go to mfinsummit.com to grab your ticket and use promo code QUATTRO to get $100 off of your full access pass!  Whether you are new to multifamily investing or a seasoned investor, you do not want to miss this event. Join Team Quattro at the Multifamily Investor Nation Summit.

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Join the MFIN Summit and use our promo code: QUATTRO

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.

Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.