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Real Estate Runway - Chad Sutton - Insta
S1E90: Building an Exceptional Property Management Business with Logan Rankin
Jan 18, 2023 41 min

Episode Description

Chad Sutton is joined by Logan Rankin for an in-depth conversation about how his company is taking a unique approach to property management. From hiring a president and then expanding from there, Logan has successfully built a vertically integrated business with 2000 units in Wisconsin. Hear him talk about why he chose this route — control over assets, the opportunity for disruption in the industry, and the ability to reposition properties quickly for faster capital returns — as well as the systems his team has implemented for quicker turnaround on service requests and reduced delinquency rates. Learn more about their process of having dedicated teams for specific tasks such as service requests and rehabilitation, using pre-inspections seven days before moving out to maximize ROI and reduce operating costs, and monitoring metrics such as Net Income per Unit (PPU) and Capital Expenditure per Unit (CPU) to understand burn rate and ensure sufficient cash flow.

Logan is an experienced & strategic entrepreneur that achieved financial freedom by the age of 30. He has built 2 multi-million dollar businesses and owns over 1,900 units valued at over $200 million in real estate. He spent the first decade of his professional working career with a fortune 50 corporation leading retail operations. He escalated quickly through various leadership positions where he built high-performing teams and managed large P&L portfolios. During that time, he led and implemented strategic operational changes at the enterprise level across the US. Currently, he is focused on growing his 3 real estate-related businesses, velocitizing his money, and investing/consulting for other businesses. Beyond his investments, he is passionate about financial education on all levels.


[00:00 - 06:30] Opening Segment

  • Welcoming Logan back to the show

  • He vertically integrated his business to have more control over his assets and protect them for the future

  • He hired a president of the company so he could focus on building systems and working on the business

  • Speed of capital was key, so he built a construction company to reposition properties quickly and increase the value

[06:31 - 15:24] Streamlining Property Management with Innovative Work Streams and Teams

  • Property managers wear 25 different hats, so we designed a system where one person or two people are only responsible for a few things and expectations are high

  • Delinquency is run out of headquarters with one person, resulting in a 0.7 delinquency rate

  • Teams complete 150 units per month, with 10-20k rehabs completed in 72 hours

  • Speed is prioritized over cost and quality when it comes to purchasing widgets from outside sources

[15:25 - 28:00] Controlling the Work Stream for Optimal Property Management

  • 80-85% of work is done in-house while -25% of work is contracted out

  • Cleaning is done in-house while painting is 50/50 in-house/contracted out

  • Speed is prioritized over cost

  • Process for unit turn includes 60-day notice, 24-hour response, 7-day pre-inspection

  • Property management companies should provide an ROI for each type of rehab

  • Suppliers should be given 50 days' notice before the tenant moves out to avoid material problems

  • The leasing specialist should advertise the unit 50 days in advance to ensure no missed rent

[28:01 - 38:10] Understanding the Balance Between Construction and Operations: Exploring PPU, CPU, and Burn Rate

  • Property management companies should provide the ability to rehab units in-house

  • Burn rate is when you are investing more than you are taking out, creating a negative PPU

  • Net income divided by units and CapEx load are two metrics to look at

  • Running out of money or time can lead to trouble in the business

[38:11 - 40:48] Closing Segment


"Part of being financially free is also having control right over your assets. I never felt like I had control over the assets in my 401k. I thought that was more gambling and just hoping right." - Logan Rankin

"You can only be great at a few different things. So what we did is we thought of how we could run these properties in work streams so that one person or two people can be only responsible for a few things. And our expectations should be that they're great." - Logan Rankin

Connect with Logan through LinkedIn, Facebook, or visit

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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.

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