When it comes to due diligence and the construction work on a newly acquired investment, the worst thing you can do is gloss over it and hope for the best. Our guest today on the show is Maureen Miles from 4M Capital and she is an experienced hand in the game of passive investment. She has been a realtor, grown her own construction company and has worked in the tax and title side of things too! Her expertise really lies in acquisitions, due diligence, and property management transitions and Maureen has a very proactive and hands-on approach to her work, preferring to make sure of things herself. She talks about the key points in any investment process and highlights how having control over the situation can help avoid stormy waters. From good relationships with key tenants to finding the right contractors for work that needs to be done, if you lose the hold of the steering wheel, you will most likely crash! We discuss vetting potential associates, what to do with existing staff, and hiring a property management team. Maureen also shares some great advice for women to get into the game of real estate, believing there to be a special skill set available to them. We hear from her about mistakes, lessons and so much more, so make sure to listen in with us today!
Key Points From This Episode:
- A little bit about Maureen, her company, 4M Capital, and the work she does there.
- 4M Capital's focus on property management transitions and what this process entails.
- Avoiding a mass exodus by approaching key members of a community
- Keeping staff, shopping for deals and other concerns that go into buying property.
- The biggest challenge that Maureen has had to tackle in her real estate career.
- Vetting general contractors and Maureen's tips for finding the right people to do work.
- Hiring a property management team; problematic areas and best practices for success.
- Maureen's due diligence process and the methods that have worked well for her.
- The parts of the process that Maureen does herself and the parts she outsources.
- Maureen's advice for women wanting to get into real estate: just do it!
- The ways that Maureen's phone helps her do her job and her use of security cameras.
- Mistakes made and lessons learned around trusting employees and giving them a chance.
- Steps that Maureen is currently taking to grow her life to the next level; hiring an assistant.
“We purchase apartment complexes that have some sort of opportunity, whether it’s just the management – it could be somebody that has just owned them for 30 years and it just needs to kind of be driven a little better.” — Maureen Miles [0:01:56]
“I look for a property with the right thing wrong with it. I know what my team is able to take on and what kind of opportunities we can really improve at a property.” — Maureen Miles [0:03:01]
“Even when I'm having a bad day or something is going wrong, I still enjoy it.” — Maureen Miles [0:09:27]
Links Mentioned in Today’s Episode: