Episode 130: Active Duty Navy Operating over $100MM Multifamily Portfolio with Jonathan New - Apartments Operators Podcast
Feb 28, 2023•30 min•Ep. 30
Episode description
Jonathan New is an active duty Navy personnel and still managed to grow his multifamily portfolio with his partners to over 700 units! Jonathan joins Joseph Gozlan, host of the Apartments Operators podcast to discuss how their team operates multiple multifamily properties across multiple states and dealing with multiple different third-party property managers.
- 00:00 Intro03:22 We use third party management everywhere!
- 04:51 It's just all about networking!
- 05:50 Others might have the right fit, we've got fit AND fill.
- 07:38 Picking a third party property management is like dating.
- 10:02 An operator should know and talk with everybody that they employ
- 10:33 identify the specific KPIs
- 12:51 Lessons learned the hard way - Chiller Systems
- 16:55 Third party property management in today's world are a little bit behind on technology
- 20:04 adapt or die
- 21:40 Exploring Creative financing as a way to make deals work in this market
- 23:15 You have to fight the property taxes assessments every year!
- 23:47 Why Jonathan believes that rents are still going to go up 2023
- 25:28 It's not just an apartment, not just a unit. It's a home
- 28:21 Advice to younger self: Bypass the residential real estate and just go straight into commercial