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 an acquisition of over $31M!
Dive into the episode and grab a ton of wisdom and resources that will help you do asset management right!
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Getting to know Mike Taravella - [00:01 – 04:03]
I introduce to the show
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
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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
“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
Want to connect with Mike? You can reach out at firstname.lastname@example.org and find him on LinkedIn, Instagram, and Twitter. Buy, finance, and manage the right way at https://randpartners.com/.
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