Mike is the Founder and President of Blue Skies Equity and has been investing in real estate since 2009. With a master’s in Urban and Regional Studies and a background as a city planner, he realized early on that his true path was on the investor side of the table. Starting with single-family homes and small multifamily properties, he expanded into land subdivisions and ground-up construction. Since joining Rod’s Warrior Program in 2023, Mike has accelerated his journey through powerful connections, mentorship, and deeper involvement in syndications and joint ventures across multifamily, self-storage, retail, and industrial assets.
Here’s some of the topics we covered:
- How Mike Jumped Into Multifamily Back in 2009
- The Game-Changing Impact of Joining Rod’s Warrior Group
- Fast Value-Add Moves That Instantly Boosted Property Income
- The Property Management Strategy Keeping Mike’s Deals Solid
- Mike’s First Multifamily Deal Explained
- Must-Do First Steps for Beginners Ready to Get in the Game
- How Partnering With the Right Team Unlocks Bigger, Better Deals
- Out-of-State Investing Made Simple With Smart Management
- Why Every Deal Needs Someone Local on the Ground
If you’d like to apply to the warrior program and do deals with other rockstars in this business: Text crush to 72345 and we’ll be speaking soon.
For more about Rod and his real estate investing journey go to www.rodkhleif.com
Full Transcript Below
00:00:28:23 – 00:00:44:21
Rod
Welcome back to Multifamily Rockstars. So as you guys know, these are the episodes where we deep dive into our guest deals and really give you some practical and actionable items for getting started and doing your first deal, especially if you’re brand new to multifamily. Now I’ve got my co-host Marc Nagy with me here as usual.
00:00:44:23 – 00:00:50:02
Mark
Hey rod, good to be back. It’s been a while since I think you’ve been doing them all in your home studio. There.
00:00:50:04 – 00:01:06:07
Rod
Yeah, I’ve had I’ve had warriors come and come actually. Come here. So that’s been kind of fun. But, but, yeah. So we’ve got Mike Rodman on today, and Mike’s the founder and president of Blue Skies Equity. He’s a warrior. We’ll talk about that. But, but welcome to the show, brother.
00:01:06:09 – 00:01:10:01
Mike
Hey, thanks for having me, rod. Marc. Or sorry to hear you.
00:01:10:02 – 00:01:20:23
Rod
Okay, well, why don’t you, you know, give us, you know, your background, where you came from, why real estate? You know, give us, give us, and then kind of bring us current.
00:01:21:00 – 00:01:42:06
Mike
Yeah. So I’ve been buying properties for 16 years. I think I’m starting into my 17th year now. And, you know, like a lot of people start off with the small ones and twos and work your way up, you know, again, in 2009. So, the timing is right, but everything at a great discount. The only thing I didn’t have at that time was more money to buy more of them.
00:01:42:08 – 00:02:04:19
Mike
As you’re picking them up for $0.60 on the dollar. But before all that, I really was interested. I had family that has been in the real estate game. I went to college and, got my master’s degree for urban or regional studies. So I was a city planner because I love real estate, you know? And then you’re sitting there working on that side of the table going, I love real estate, but I’m on the wrong side of the table.
00:02:04:19 – 00:02:21:24
Mike
I should be I need to be the one bringing the building plans and not asking for them to be approved so I could build something. So, as as I was going through that, I was kind of learning more, about real estate. And then we started buying in 2009, you know, buy your first single family. And it didn’t take long.
00:02:21:24 – 00:02:38:23
Mike
It was a while there for a stretch there. We were close on average for a little bit, one every three weeks. But again, you try to save up and get into another one. So throughout those years, just like I said, continue to buy real estate. And and then, brought me to your program, the company, the warrior Group.
00:02:39:00 – 00:02:47:04
Rod
What? Why why did you, with all that experience, what what prompted you to to look into our program? Just, since you mentioned it.
00:02:47:06 – 00:03:06:20
Mike
You know, it’s just kind of the scalability, you know, doing one at a time, two at a time, maybe buy a four plex, whatever it was, and then just going, you know, like a lot of people do, how can I get more roofs or more units under one roof? So we’re only paying one tax bill, one insurance bill, and doing all that.
00:03:06:20 – 00:03:24:16
Mike
So that was kind of what really triggered me to do that. It took me seven years to actually, call it and do it because, you know, like squirrel. So you get a call from a broker and you take off and you’re doing next project. Oh, and it was a building project I want to do. So when did some building, you know, that it keeps on coming back like, oh, I need it.
00:03:24:18 – 00:03:28:18
Rod
Did you did you come to my Denver event? Were you living up there in the Springs?
00:03:28:20 – 00:03:33:19
Mike
No. We’ve bought property in in Colorado Springs, but I live in Minnesota.
00:03:33:21 – 00:03:46:10
Rod
Oh, you live in Minnesota? Okay, okay. I don’t know why I thought you lived in the Colorado Springs. I knew you had done a deal there. Well, let’s talk about a deal. You’ve got a deal right now that’s under contract. You’re joining us, a joint venture. Tell us about the deal.
00:03:46:12 – 00:04:03:01
Mike
Yeah. So, you know, a lot of it’s just relationship driven, you know, as you spend a lot of time in the community, you get to know a lot of the owners, a lot of the brokers. And, through that, I got to know one of the owners. And, and they actually had started listening. They owned a real estate company to reach out to them.
00:04:03:01 – 00:04:22:14
Mike
We got to talking about it. And like you said, it is 36 units. I think it’s 22, 24 garages, something like that. And and yeah, it’s it’s, you know, it’s not one of those real value ads where you go in and you do a ton to it, able to really bring the rents up. A lot of it’s just an operational play.
00:04:22:14 – 00:04:34:05
Mike
The sellers are looking at exiting the property to do more development in Fargo, where they’ve got properties now. So, it’s more of an asset play for them. And, and, they know.
00:04:34:11 – 00:04:37:23
Rod
This is in your backyard, right? This is in your backyard in Minnesota.
00:04:38:00 – 00:04:41:10
Mike
Yeah. This property is only, 15 minutes from me.
00:04:41:12 – 00:04:49:19
Rod
Okay. Okay, so 1336 units, 22 garages. And you found it just by building relationships?
00:04:49:21 – 00:04:50:14
Mike
Yeah. It’s been here.
00:04:50:15 – 00:05:06:09
Mark
That’s that’s one thing I want to talk about. The operational thing, because that’s that’s kind of unique. We don’t talk about that often, but I for the for the listeners thinking about finding deals, give us kind of, a little bit more detail on that. How did you meet the owners? How did you go about starting this conversation?
00:05:06:09 – 00:05:12:23
Mark
What was kind of the the step by step of how you did that? You know, finally pulling the trigger on this deal direct to the owner.
00:05:13:00 – 00:05:44:02
Mike
So we have a landlord association, in town and, I suppose have been a part of it for a good ten years, probably 12, maybe more than that. Maybe it’s been 13 years or so. And through that, just getting to know a lot of owners and operators in the community. And then through that, like I said, just meeting with brokers, meeting with bankers, and just those relationships and just continually, you know, meeting people and, and and after time, you know, it’s amazing how many people end up in your phone that, you know, that they know.
00:05:44:04 – 00:05:55:10
Mike
And, and, and again, when something comes up, they’ll call, you know, or I’ll call them. You know, and and through that, you know, you just get a phone call. Hey. Still looking at buying I am and and go from there.
00:05:55:12 – 00:06:14:03
Mark
So so bring us into why this was a good deal because we have so many deals that are very regular. We’ll call them. What I mean by that is people will buy a deal, you know, fix up the units, increase rents. That’s very normal. But you’re telling us this was a great deal because you’re actually able to cut expenses and become better operators?
00:06:14:03 – 00:06:23:24
Mark
So what are some of those things? How are you going about doing that? And you know what? Why are you able to do that? But the current owner maybe can’t.
00:06:24:01 – 00:06:42:24
Mike
You know, it’s neat because the existing owner even said it to me on the phone. I’ve met with him on site. And he just said, I live too far away. His property, he owns his own management company, and, she’s two about two hours away also. And he just said, this property needs more of a boots on the ground, more hand-holding.
00:06:43:02 – 00:07:04:03
Mike
And he says, I just got so many properties scattered out, so many so far. I just don’t have enough time to to focus on this. So one of the one of the main ones there is, is, you know, annually the garbage bill continually going up. And they were panned. I don’t remember the number eight off the top of my head, but they were paying, like 900 a month for garbage.
00:07:04:05 – 00:07:20:23
Mike
And just through some contacts, and knowing knowing that they’ve allowed this company just to continue to put, you know, more fees on them annually, I’m able to cut that to $425 a month. It’s just one, one item line item right there.
00:07:21:00 – 00:07:30:12
Rod
Yeah. It’s called vendor. Vendor creep. Whenever you got vendors, it just seems like that amount creeps up every year. And that’s why you got to put this stuff out for bid. Love it. Okay.
00:07:30:14 – 00:07:52:14
Mike
So there’s a number of little things like that. Even in regards to, yields looking at the, the maintenance staff, you know, there too, I, I’ve got a number of units here already, so, you know, I have a maintenance man that that’s able to be there. I have more eyes on the property right off and start, which would be huge.
00:07:52:16 – 00:07:59:18
Rod
Yeah, I love it. Now. Now, this was also, tax credit situation. You speak to that for a minute?
00:07:59:20 – 00:08:29:11
Mike
Yeah. So this property was built, they used, the tax credit and, that’s in place for 30 years. And, that expired on January 1st of this year. So the tenant still there’s still a three year window where we have to, do a little bit of reporting back to the state. The tenants that are there, although all the units that come up, it come available now, we do not need to we do not need to follow that on those 17 units anymore as they naturally vacate.
00:08:29:13 – 00:08:40:08
Mike
We can, we can bring in, some tenants that don’t have to qualify, I guess is the best way to put it. And we feel that’s one of the biggest value that’s there too, is that you can.
00:08:40:08 – 00:08:43:24
Rod
Charge more money and you can charge more money, right?
00:08:44:01 – 00:09:03:18
Mike
Yep, yep. We’ll be able to work with, work on the rents even a little bit more. And, and yeah, not need to do all that additional reporting there. Again, there will be for three years on the 17 units until they can actually vacate. But, that is a neat way to kind of reposition that property. In that regards.
00:09:03:20 – 00:09:20:11
Mark
A couple things I wanted to mention. One real quick tip. You mentioned the owner being out of state for people looking to find deals. That is such a good tip. There is when you’re marketing, you can look at if the owner has information where they live or their LLC is in a different state than where that property is, and you can focus a little bit more on that marketing.
00:09:20:16 – 00:09:37:19
Mark
Now, the second thing I wanted to mention is, is that you said, you know, you have these relationships. Talk a little bit about the management. Do you guys have a third party management? Are you operating in-house? Do you have employees? How do you have that experience and what are you doing for the management to kind of get those advantages?
00:09:37:21 – 00:10:02:16
Mike
Yeah. So for the last 16 years I’ve, owned and managed my own properties. I’ve got a bookkeeper, she has an assistant. I’ve got a handyman. And so I’ve got a lot of those pieces in play. I’m actually going to build that outside there. Now, you know, with this being an LLC or a joint venture, I’m going to build out, a management company and manage that property, through my through my own management company.
00:10:02:16 – 00:10:08:15
Mike
And that’ll be able to take the units I have along with those. And just for economies of scale and build that off.
00:10:08:15 – 00:10:25:10
Rod
Yeah. When you when you’re an owner in an asset, you can actually start your own management company and manage that, to manage other people’s properties. You’ve got to have a real estate license, a broker’s license, as I’m sure you know. But it’s certainly you can manage your own stuff. Yeah. I mean, I’ve had a management company for decades.
00:10:25:12 – 00:10:41:09
Rod
And I was managing other people’s stuff. It’s a thankless business. Nobody calls you when they’re happy. Only owners don’t call you when you’re happy, and the tenants don’t call you when they’re happy. So. So, you know, one of the things we like to ask people that are making things happen, like yourself. What’s a hot topic?
00:10:41:11 – 00:10:47:04
Rod
That’s being discussed a lot in our space that, that maybe you can elaborate on a little bit.
00:10:47:06 – 00:11:09:05
Mike
Yeah, I can I this one will come, very close to home is insurance. You know, when we put that property in Colorado, I mean, our insurance out there is is is, atrocious. We’re paying $44,000 for 39 units, you know, 1100 bucks. Oh, and, these are one bedroom. I mean, they’re small. The insurance quote that we have on this property is very reasonable.
00:11:09:05 – 00:11:30:14
Mike
I think it’s, $16,000. But how will that change? We just got hit with 120 mile an hour. When they call it a category three hurricane winds, a week in week, week and a half ago. This building is is hit hard. Ends of the building sidings tore off, punched out a couple windows.
00:11:30:16 – 00:11:50:23
Mike
The roof is, tore up. So, yeah, there’s a lot of damage. And I’ve got ten other properties in town, that have been hit pretty hard, too. So, you know, we always, talking to the insurance agent. You know, they say so, no, all we need to do is we need a couple of good years, without a lot of claims.
00:11:51:00 – 00:12:01:23
Mike
Well, you know, and I had that conversation with her, you know, a month ago. And then here we are again. So I think insurance, you know, it. It’s tough. It’s going to be tough.
00:12:02:00 – 00:12:17:05
Rod
Oh, yeah. I mean, you should you should be in Florida. You should be in Florida. Here. Good God. Yeah. And Texas, candidly, lots of storms in Texas. I didn’t realize you’d have them up there that far, but, Wow, 120 mile an hour winds. Is is. No, is is a is a big deal.
00:12:17:07 – 00:12:39:24
Mike
The thing about it, it’s not normal for us up here. You know, say every ten, 15 years, not a storm of that magnitude, but, it’s becoming more frequent and it’s pushing farther north. So yeah, I think that’s something else. You know, an interest rates, you know, there too, you know, there’s a lot of, it’s causing a lot of issues for individuals that last few years.
00:12:40:01 – 00:12:45:17
Mike
Now it’s just kind of trying to buy stuff where the interest rates work today. So.
00:12:45:19 – 00:12:56:24
Rod
I know Trump’s trying to get Powell out. Let’s hope let’s let’s hope he’s successful. God, what that the political component to that base is, is mind numbing. But, yeah.
00:12:57:01 – 00:13:14:24
Mark
Yeah. Well are are are you seen, you know, change your real estate strategy, you know, do you want to continue to stay in your backyard or are you going to look in other markets to, maybe that has lower insurance? What’s your strategy? You know, moving forward to kind of navigate those things that you just mentioned?
00:13:15:01 – 00:13:34:08
Mike
Yeah. You know, I hadn’t looked a lot when it comes to multifamily in my backyard, just due to the fact that we’re in a smaller market. We don’t have a lot that comes up a lot. So this is a really neat, unique opportunity that I really wasn’t expecting, which is great. But no, we do continue to focus in other markets to.
00:13:34:10 – 00:13:51:10
Mark
So bring us back then, because I know I didn’t even mention that now, you know, you’ve been working with us two and a half years, 700 units as a GP and LP. I know rod forgot to even mention that is what you’ve done so far, which is fantastic. What what are you maybe tell us about your first deal and then what you’ve done after that.
00:13:51:12 – 00:14:05:20
Mark
What did you typically bring to the table that new listeners could think about what they can do to get into your first deal and then deals after that, whether it was boots on the ground or finding the deal or whatever. Tell us a little bit about that.
00:14:05:22 – 00:14:28:03
Mike
Yeah. You know, so for me, it’s the, I really enjoy the asset management side of it. Looking at a property and seeing what we can do, how we can reposition it, what needs to be done. Throughout the due diligence, I’ve done a, a lot of construction stuff, remodel in that. So, you know, having a good estimate of what that’s going to cost, what the property’s going to need.
00:14:28:05 – 00:14:54:22
Mike
Going in, what I didn’t like, ever was the underwriting side of things. So it was great about being a part of the warrior group is coming in and meeting individuals, that do enjoy underwriting and being able to do the high level underwriting. And if it seems to make sense, give them my shout and, and pass it off to them and for them to do the deep dive underwriting on that, because that’s been huge.
00:14:54:24 – 00:15:05:22
Mike
I don’t enjoy it. I don’t like it. And there’s other that, that absolutely love it. So that’s been a huge, huge win for me in joining the warrior Group is, meeting those individuals.
00:15:05:24 – 00:15:21:09
Rod
I tell you, you know, and this business is a team sport. And when you play to your strengths, which is asset management, you allow other people and you hire a or partner for your weaknesses, like underwriting. Same with me. I, I can read a spreadsheet, but I don’t like it. I don’t like it at all. You know, that’s the advantage of the warrior program.
00:15:21:09 – 00:15:45:08
Rod
So listen, if you’re considering possibly getting some guidance so, you know, you can experience the life you’re wanting this year rather than later, or maybe you’ve thought you could be more effective with buying these properties and the underwriting whatever piece you know, you’re missing. Text crush to seven, two, three, four, or five to see if the warrior program you know, might be able to help you overcome that challenge so that you can accomplish what you want now rather than later would lifetime cash flow.
00:15:45:08 – 00:16:03:14
Rod
So again, text crush to seven, two, three, 4 or 5. So let me ask another question here. You you alluded to in the notes that you sent us, something that happened with your due diligence. Can you can you elaborate on that? Because that’s very interesting. And what you plan to do there.
00:16:03:16 – 00:16:25:08
Mike
Yeah. So as we, you know, the underwriting makes sense, moving forward with an Loi and then you go on site and do the due diligence. One thing that was really neat is they gave me access to, you know, being a, again, being a small network, their handyman information. So I contacted the handyman, and I asked him, you know what we’re looking at?
00:16:25:08 – 00:16:40:00
Mike
Buying this property. When I come in, I want to just take care of all those little items that you keep on getting calls for that, that need to be repaired, that just don’t. And you’re there fixing them all the time. I said, we just want to kind of come in, get that cleaned up, and hit the ground running.
00:16:40:05 – 00:16:57:03
Mike
And so he gave me a nice list. So I got the first use out list and keep that in my back pocket. I did all the proper due diligence. I, you know, we hired, a structural engineer. We had the Hvac that has been doing all the work there the whole time. Come and inspect the building.
00:16:57:05 – 00:17:24:01
Mike
They already knew that one of the water heaters was out. And there’s two large water heaters on the property. One was already not working. So I knew that, the handyman had already told me that to the outside. The common area Hvac and, an AC unit was out. Another big ticket item, the, one of the boilers to have issues with one of the boilers, for winter heat.
00:17:24:03 – 00:17:43:06
Mike
So I was able to take all that and kind of make those notes, make sure I had those individuals on site and, and they went through inspected it, went through it all. I asked them to price out what it would cost. And, and we’re working with the sellers, to get, a concession on that.
00:17:43:08 – 00:17:59:14
Mike
And in a way, it looks great. And then the windows we never I never we never knew about going in, but, the windows on that property are shot, and, it’s going to need a window. So when you look at that, right, there’s $168,000 to replace windows. So, we know.
00:17:59:16 – 00:18:00:08
Rod
That if.
00:18:00:10 – 00:18:19:24
Mike
The. Exactly. And so, you know, we know that going in and so you either plan it on your CapEx. But, you know, at some sometime during your hold, you’re going to have to replace those. So we’re working with them right now and we’re it looks like we should be getting a 50% commission on those costs. That will come back to us at closing.
00:18:20:05 – 00:18:29:04
Mike
So again, when we buy it and operate it, we can make those changes right off the bat. Well, we’re paying the heat in on the boiler system as well. Those are important. Right now.
00:18:29:05 – 00:18:30:14
Rod
You better believe it.
00:18:30:16 – 00:18:38:18
Mike
They’re, you know, the seals are broke, and we see a lot of 20 below weather, so, so that that’ll. Great.
00:18:38:20 – 00:18:50:17
Rod
Why the hell would anybody live in that kind of an environment? Hello? I’m sitting here in my shorts and my flip flops. It’s 90 degrees outside, 20 below. Good God.
00:18:50:19 – 00:19:10:06
Mike
I know, I know, we say the same thing. Matter of fact, it was, for the 4th of July year. It was, 90 degrees and about 85% humidity. And I was thinking you guys would probably think this is cool. We were just dying and heat. So it’s a different world. But when you’re paying the heat bill, you better make sure those windows are good.
00:19:10:08 – 00:19:30:20
Mike
So. So it’s been great. They’ve been good to work with. And, we think that’ll really help us at closing. To get those items done, because it’s just stuff that I like to get done up front. I, you know, just get it taken care of, be done with it, and then you can operate the property like it needs to be, you know, for us for the next ten years for sure.
00:19:30:20 – 00:19:33:10
Mike
And hopefully we’ll just roll that forever.
00:19:33:12 – 00:19:34:02
Rod
Yeah.
00:19:34:04 – 00:19:51:13
Mark
That’s fantastic. Now you mentioned asset management. One of the things that you do. Right. You’re not so interested in underwriting. So what are some of the things that you’re doing on a, let’s say, weekly basis to where people could take it and maybe start doing it themselves? Because maybe you’re not like talking to brokers, underwriting deals, whatever.
00:19:51:15 – 00:20:05:05
Mark
Are you networking with people and saying, hey, I’m good at asset management. Let’s work together. Like, what are what are these actual action items that maybe you can get to give to some people that are getting started and haven’t done any deals yet that you do.
00:20:05:07 – 00:20:25:02
Mike
Yeah. So we’re asset management. I mean, keeping an eye on occupancy is huge. You know, I mean, being able to keep that occupancy high, me being able to self-manage on my own, I run I’ve ran 99.9% occupancy for 16 years straight. I even even on slips, my leases end two days before the end of the month.
00:20:25:07 – 00:20:42:16
Mike
We get in there, get it cleaned up, and somebody is moving in on the first. So there’s not even those delays. But you’re right. Even being able to throughout the where your group is being able to share what individuals are good at and and just through that communication and talking to them about things to look at, like you said, what are your expenses?
00:20:42:18 – 00:20:58:10
Mike
On a monthly basis, where they go on, why are they going that way? Where’s your occupancy at? If you are having an occupancy issue, why, why are we getting leads? Where are we getting tours? You know, just trying to, to dissect as to what those issues can be so that.
00:20:58:11 – 00:21:08:04
Mark
What about in terms of finding deals? How are you getting on to these, these teams and working with other people to get involved in, you know, 700 units at this point? What are you doing there?
00:21:08:06 – 00:21:26:03
Mike
Yeah, you know, raising capital is huge. Being able to raise capital right now is huge. For, for everyone. And that’s another thing that, that I bring to the table there mainly, you know, asset management, a lot of times somebody in a GPC team, is able to cover that. A lot of it can be that raising capital.
00:21:26:07 – 00:21:29:15
Mike
And that’s a great way to get in on a GPC team.
00:21:29:17 – 00:21:30:24
Mark
Now I’m curious, Warriors.
00:21:31:04 – 00:21:32:07
Rod
I’m sorry. Go ahead.
00:21:32:09 – 00:21:52:01
Mark
No, I was going to say the same thing. A lot of warriors do that, but a lot of them have fear at the beginning. And didn’t even think of that. Was that the same case for you in terms of you didn’t think necessarily you’d be capital raising or and maybe an opportunity popped up or did you think, hey, I might be good at raising capital, like walk us maybe into like your first deal or how that happened.
00:21:52:03 – 00:22:28:16
Mike
Yeah. So for years, you know, kind of buying them on my own. People asking me what I do, how I can be involved. And, and I just said, you know, I didn’t need any help. You know what I do in smaller deals? I was bringing all the capital on my own. And then you start thinking about bigger deals, and then going back to those individuals and, letting them know that now I’m doing bigger deals, and I will be raising capital and, and so educating them along the way as to what I’m doing, how it all works, and how they can be involved, in investing in deals.
00:22:28:18 – 00:22:47:13
Rod
Okay. No. That’s good. That’s how you do it. You build those relationships and and share what you’re doing and, what you’re involved in, and, and, you know, as an the warrior program, you, you align with a team that’s done it and then you, you know, you can use their, their, their experience and their, their background to give yourself instant credibility.
00:22:47:13 – 00:23:07:08
Rod
You know, you use the we word, you know, we own 500 units even though you’re just joining this team. It’s one of the benefits of getting around people that are doing it. You know, a lot of people you know, mentally struggle with deals that aren’t in their backyard. I know this latest deal is in your backyard, but I know you’ve also bought deals in Colorado Springs and elsewhere, you know, how did you overcome that?
00:23:07:08 – 00:23:21:22
Rod
Because I know, like me, I like to control things. And I bought I bought a lot of properties in Denver, which is right down the road from the springs. And, and the thought of buying in another state was really a problem for me. How did you overcome that?
00:23:21:24 – 00:23:47:14
Mike
Yeah, it’s funny you say that. Right? Because I still haven’t overcome it. Yeah. It’s it’s that control side of it, you know what I mean? You cannot drive there. You cannot. You know, I can’t get it. Doesn’t take long, for for us to fly over there, but on a daily basis. So it’s tricky because you’re relying on a property management company, and, and you’re wondering why, you know, go back to occupancy.
00:23:47:14 – 00:24:05:02
Mike
Why are we at 94%? Why are we at where are we at 98? You know, so having those questions and not being able to see, touch or feel is what that issue is. And then, you know, wondering if the maintenance is being, done, you know, get a video, send us a video so we can kind of see what’s going on there.
00:24:05:02 – 00:24:22:20
Mike
You know, that stuff can be tricky. And it’s just becoming more reliant and understanding. And believing in those individuals to do that. And you’re right, it does take a lot to get over. I can’t say that I’m totally over it yet, but, I do feel I’m getting better on that. On a on a monthly basis.
00:24:22:22 – 00:24:40:21
Mark
Yeah, I have a follow up because all of my deals are like that all remotely. But I do have another warrior that lives nearby that can visit very often. Do you are all of your deals that are remote like that, where you have warriors that can go there, or are you guys fully remote to where someone has to travel to actually get there?
00:24:40:21 – 00:24:43:18
Mark
And you’re very reliant on that manager?
00:24:43:20 – 00:25:06:03
Mike
Yeah. So for me, I was not going to get into any deal that I did not have someone that was boots on the ground and it worked out really well. It’s another warrior. That lives in South Denver, has a property management company. We utilize their management company. They are the boots on the ground. And that’s why, and, I’m the lead for asset management on that deal.
00:25:06:05 – 00:25:28:23
Mike
But, you know, that was nice. And that was, something that I needed to help me get over that fear of nobody being around there, nobody being able to see what’s going on at the property. So that is really helped. And that is one one of my main criteria. If I want to join, I different group that somebody is close by that that is able to be there within an hour notice.
00:25:29:00 – 00:25:46:04
Mark
I was hoping you were going to answer that way. Right. Because that’s the right way. You should do it if you tell me if I’m wrong. If I had to guess this unit, this, this property that you just bought in Minnesota, do you know the owner that lived out of state? Did they have anybody that was boots on the ground, or were they just 100% reliant on property managers that were there?
00:25:46:04 – 00:25:50:23
Mark
Because that’s a perfect example of mismanaging it, not having somebody there?
00:25:51:00 – 00:26:11:21
Mike
Yeah. No. The owners, the owners in North Dakota and their property manager, the main gal that does that, she is, about two hours away and and came out once a month or so. So, yeah, you know, that’s, that’s all that stuff can slip, slip through the cracks and, and get worse in a hurry.
00:26:11:23 – 00:26:21:17
Mark
That’s great advice there. Great golden nugget. Right. Don’t don’t buy properties 100% remote. If you don’t have at least somebody that you know that you can trust to go there and see the property, I think that’s super important.
00:26:21:19 – 00:26:28:00
Rod
Absolutely. Are you okay with listeners reaching out to you, and if so, where and how can they do that?
00:26:28:02 – 00:26:39:00
Mike
Yeah, absolutely. I can be reached via email. Otherwise you can just go to Blue Skies equity.com and, shoot me a message through there. Okay. We send out your.
00:26:39:00 – 00:26:41:02
Rod
Email.
00:26:41:04 – 00:26:46:15
Mike
Mike at Blue Skies equity.com.
00:26:46:17 – 00:26:58:09
Rod
Perfect, perfect, perfect. Well, listen, Mike, I really appreciate you coming on the show, brother. You’ve added a lot of value, and, and I know you’re just going to keep kicking ass, so, appreciate you coming on, bud.
00:26:58:11 – 00:27:00:02
Mike
I appreciate the opportunity.
00:27:00:04 – 00:27:11:13
Rod
Thanks, Mike. All right. Talk to you soon, buddy. Try to stay warm. Good God, we will, see you later. See you later. Take care. Bye now.
00:27:11:15 – 00:27:12:14
Rod
Thank you for watching.
