Today we speak with Brock Mogensen about the mistakes he made as a rookie real estate investor, and how he has developed his processes to iron our potential problems in the future. To kick things off, we ask Brock to share a little on his professional history and his first deal. He touches on the importance of due diligence, and why it is important to meet with tenants on-site. Following this, Brock tells how he and his partners managed a 50% eviction rate and why they avoided a capital call. Later in the show, Brock tells us why it is important to know how to perform asset management yourself, and why you shouldn’t leave it up to property management companies. Before we say goodbye to Brock, we ask him to tell us about his asset management superpower and how it helps him. To hear more on overcoming beginner mistakes and how to create success in real estate, be sure to join us today!
Key Points From This Episode:
- Introducing today’s guest, Brock Mogensen.
- Brock shares his background and professional history.
- Hear Brock’s take on due diligence and the errors he’s made over the years.
- How Brock got through 50% evictions in his first deal.
- How Brock’s team coped without doing a capital call.
- The biggest lesson Brock learned from his first deal.
- The experience that gave Brock the edge to come up with solutions quickly.
- Brock’s asset management superpower.
“Every time you go through due diligence — we kind of think of some stuff that could possibly be added and are always finding our list of topics to go through. It’s just an extensive process.” — Brock Mogensen [0:02:43]
“The past year, we turned it around and it’s now gone from the problem property on the block to the best one.” — Brock Mogensen [0:03:47]
“I’ve learned that asset management is really what makes the returns.” — Brock Mogensen [0:05:45]
Links Mentioned in Today’s Episode: