Some people see obstacles as signs to quit what they’re doing while others see these challenges as opportunities for innovation and growth. Today’s guest, Glenn Gonzales, most definitely falls into the latter category and went from being a maintenance man to a millionaire. In this episode, Glenn shares his incredible journey with his. He talks about his transition from maintenance to management as well as the story of buying his first property. Getting started in real estate from the operations side taught Glenn many valuable lessons which he also shares with us. From there, we also discuss how to handle property management. We unpack when it’s best to use third-party management and when to bring it in-house. Glenn also shares some excellent advice on vetting property management companies and ways to ensure they’re doing their job correctly after they’ve been hired. He stresses the importance of managing the management company, which is a hands-on endeavor. Along with this, we learn more about the benefits of in-house property management, Glenn’s biggest real estate investing mistake, and much more. Be sure to tune in today!
Key Points From This Episode:
- Learn more about Glenn’s incredible background and his real estate journey so far.
- How Glenn bought his first apartment building despite not having any money.
- In-house versus third-party property management: Factors that influence which one to go with.
- The ideal unit amount to have before bringing property management in-house.
- Some of the most valuable lessons Glenn learned starting on the property management side.
- Questions for investors to ask property management companies when entering a market.
- Benefits Glenn has seen working with two property management companies simultaneously.
- Be proactive: Why you must get out there to manage the management company.
- Final four questions with Glenn: His biggest mistake, getting his life to the next level, and more.
“You need to manage the management company.” — Glenn Gonzales [0:19:58]
“You can’t manage a property or manage a management company from behind the computer monitor or on the telephone.” — Glenn Gonzales [0:21:37]
“Having the debt and equity lined up is not a good reason to do the deal. We do deals because they give good returns to the investors.” — Glenn Gonzales [0:29:55]
Links Mentioned in Today’s Episode: