Peter Lohmann's Mailing List - Issue #4

March 24, 2021

Just a quick note letting new subscribers know about my podcast, Owner Occupied. If you're subscribed to this mailing list, chances are you will get some value out of it. My co-host Russell Lowery and I discuss small business, property management, entrepreneurship, and general real estate topics. A great new episode drops tomorrow (Thursday), so subscribe now if you want to hear that.

I'm going to highlight episode 2 now, as a way in. Here's a summary of what was discussed so you can get a flavor of the types of things we talk about (timestamps included in case you want to jump to that spot):

01:44 Self-managing rental properties and how to build up the right systems and processes.

02:53 Finding and working with property managers.

04:04 Starting a property management business and the challenges faced during the early stages.

07:10 Strategies for finding new properties to manage, including attending realtor meetings, developing a website, and advertising on Google.

10:05 Switching from an engineering career to property management and finding the motivation to run the business successfully.

16:30 The process of acquiring property management businesses.

18:29 Different financing options, for example drawing on a credit line and getting an SBA loan.

19:59 What bankers look for before disbursing a loan and the importance of proper accounting and book-keeping.

22:11 Learning to do a cash-flow analysis and writing business plans.

23:28 The value of consulting a fractional CFO to grow your business.

25:02 Two book recommendations that give a basic understanding of accounting and why it is recommended to have a fractional CFO.

30:25 The lessons learned through property management.

31:27 The value of constant learning and consulting experts in business.

33:26 Why real estate is the best place to build your net worth but not the ideal place to begin your career.

The two books about accounting I recommend for every business owner:

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I'll wrap up with a tweet (also, I'm testing the "twitter card" embed feature of my mailing list software. Let me know if it looks wonky for you.)

This advice is hard-won knowledge - in the early days of my property management company, I tried to always win. Lots of unnecessary pain.

That's all for now, have a great week everyone.

-Peter