I’ve stated many times before that the key to wealth building in real estate is to develop passive income streams. Rental properties are not entirely passive as rentals and rentERS need managing. You can hire a management company but they you have to manage the management company. Sounds like a lot, but if you have an excellent management company it’s like having an excellent contractor – life is SO much easier. You need to know the basics of property management even if you are going to hire it out. And you need to know someone who really knows what they are doing. That brings us to our guest today, Marc Cunningham.
Marc Cunningham grew up in the family property management company his father founded in 1978, Grace Property Management. Marc starting in the “weed pulling” division and moved on to mowing, painting, accounting and leasing. He joined the firm permanently in 1997 and currently serves in the role of President.
Today, from a platform of managing over 900 rental properties with 20 team members, Grace Management helps people buy, sell, invest, flip, collect rent, evict, and have fun doing it! If you are more impressed with initials after a name – Marc is the President of Grace Property Management & Real Estate, holds a degree in Real Estate & Finance, has taught CE classes in over 20 states, has been featured in multiple national real estate publications, hold multiple designations, and was just named the 2018 national property manager of the year by Think Realty. Marc lives in Loveland, CO, where he lives his failed childhood sports dreams through his children.
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- Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.
Guest: Mark Cunningham
Four Questions for prospective Property Managers
- How long have you been in the business?
- What is your eviction rate? (the lower the better)
- What is your lease renewal rate? (the higher the better)
- If I have a change of mind or if our relationship just isn’t working out, how easy is it for me to get out of our contract?
- Six Surprising Data Sources Probably Being Overlooked In Your Multifamily Analysis https://www.forbes.com/sites/forbesrealestatecouncil/2019/08/27/six-surprising-data-sources-probably-being-overlooked-in-your-multifamily-analysis/
- How To Lose And Rebuild A Real Estate Portfolio https://www.forbes.com/sites/forbesrealestatecouncil/2019/08/26/how-to-lose-and-rebuild-a-real-estate-portfolio/
- How Proptech Adoption Across Generations Helps Fuel A Thriving Market https://www.forbes.com/sites/forbesrealestatecouncil/2019/08/23/how-proptech-adoption-across-generations-helps-fuel-a-thriving-market/
- Fannie Mae Predicts Two More Fed Cuts This Year https://magazine.realtor/daily-news/2019/08/21/fannie-mae-predicts-two-more-fed-cuts-this-year
- What Makes a Good Single-Family Rental
Your Questions: Send emails to email@example.com
- Alisa, Hammond, IN “Thanks for all you are doing to promote integrity and values in the real estate investing space. I’ve seen so many so-called “investors” who are horrible people doing terrible things and taking advantage of the less-informed. I want to know how to avoid hiring another dishonest contractor.
- Kendra, Milwaukee, WI, “I live and work in the downtown area but I grew up in Sheboygan, which is just about an hour’s drive away. I want to flip properties up there, but how would you recommend I get started? I would only be able to go check on things once a week. Is it even doable?
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Motivational Thoughts for the day
- “Don’t Let Yesterday Take Up Too Much Of Today.” – Will Rogers
Guest: Marc Cunningham