265: Kidnapped by Russian Mobsters and How to Manage 13,000 Rental Units with Andrew Propst
Yes, really. Today’s guest was kidnapped in Russia by mobsters and not only lived to tell the tale, but he even went on to invest in rental real estate in a big way, building a massive property management business! In this show, Andrew Propst shares key insight into finding incredible property managers and solid tips for profitably managing your own tenants. Andrew also has some excellent tips for finding great real estate deals, so if rental properties are in your future, this is one show you don’t want to miss!
In This Episode We Cover:
- The kidnapping story
- How Andrew’s stubbornness to pay rent led him to invest in real estate
- His first investment
- Tips for finding the right property manager
- The details on Andrew’s 42-unit multifamily property
- How they managed to increase rents from $400 to $700
- Useful property management resources
- What you should know about cap rates
- Tips on finding great deals
- What he thinks about build to rent
- What Andrew looks for in a market
- Thoughts on renting to people with a prior eviction
- The importance of enforcing the terms of the lease
- A conversation about landlord-tenant laws
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Landlord Forms
- BiggerPockets Podcast 232: The Four Lead Sources Nathan Brooks is Using to Flip 120 Houses a Year
- BiggerPockets Money Show
- The Saratov Approach (Movie)
- National Association of Residential Property Managers
- Institute of Real Estate Management
- Integra Realty Resources
- Cap Rate and Cash-on-Cash Return: A Definitive Guide
- CCIM Institute
- ‘World’s worst bowler’ just bought a historic Valley alley. Even his wife thinks it’s crazy (Post)
- CI 101: Financial Analysis for Commercial Investment Real Estate (Course)
Books Mentioned in this Show
- Long-Distance Real Estate Investing by David Greene
- The Book on Rental Property Investing by Brandon Turner
- How to Win Friends & Influence People by Dale Carnegie
- Drive by Daniel H. Pink
- The Book on Managing Rental Propertyies by Heather and Brandon Turner
Fire Round Questions
- Previous property manager did not return security deposit
- Perspective Tenant with Service Dog
- Otherwise great tenants hiding ferrets – how to proceed
- Eviction history
Tweetable Topics:
- “You never know how important a property manager is until you hire a bad one.” (Tweet This!)
- “Your job as a property manager is just to enforce the terms of the lease.” (Tweet This!)
- “You’re doing your tenant a disservice if you’re not firm.” (Tweet This!)
- “The lazy parents clean their child’s room.” (Tweet This!)
- “The whole premise of Fair Housing laws is to treat everybody the same.” (Tweet This!)
Connect with Andrew
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