037: The State of Property Management Acquisitions with Jordan Coleman and Patrick Hurley

Yeah.

Yeah, and I know in my programs that's what I teach.

The number one thing is, you know, using that buy box worksheet.

I know, I think I've shared it with both of you.

I know I've shared it out on the internet and shared it in newsletters, and that's what I teach primarily is you need to know, like as the buyer, where you're going, right? Like, what's your roadmap? It's really hard.

When I've talked to people in the past and they're like, "I wanna buy a property management company." And I'm like, "Okay, well, where?" "Well, there's 10 different states I'm open to, and anything from 50 to 500 doors or whatever." [laughs] I'm like, "Whoa, whoa, whoa." That, that's...

You know, you probably need to narrow it down a little bit, you know, depending on, like, what you already have, right? So are you, are you guys encountering realistic buyers or are you kind of getting more of the, like, like what that, that kind of conversation I'm having?

I would say for us it's all over the place.

I mean, we have-

Okay

... a lot of conversations of just like you described of people saying, "I've managed one property and I live in California, but I'd like to buy in New York, and I've got this private equity financed, backed." And they really have no idea how to operate the business, what comes into the business.

And we have a lot of conversations of individuals that it makes sense for us, and there's a little bit of a less risk because their buy box is realistic.

They understand what they're doing and the path that they're taking.

And so for us, you know, again, going back to the buyer will dictate a lot of what we can get comfortable with.

Understanding, like you're saying, and having that roadmap is a, a huge key factor to the bank because, you know, we can have a very high level conversation 100 times.

If it doesn't make sense to the bank and you don't really know what you're looking to do, it's gonna be very hard for us to, you know, proceed forward in anything.

I get a lot of unrealistic inquiries.

You know, by the time I-

Absolutely

... by the time I start working with or seriously talking with somebody, I mean, we've gotten on the same page and-

Mm-hmm

... you know, I, I try to vet those people out pretty quickly.

Yeah, I know you work exclusively with buyers.

I help, you know, connect folks during that process, but work with sellers.

I'm representing-

Yeah.

Yeah, and I know in my programs that's what I teach.

The number one thing is, you know, using that buy box worksheet.

I know, I think I've shared it with both of you.

I know I've shared it out on the internet and shared it in newsletters, and that's what I teach primarily is you need to know, like as the buyer, where you're going, right? Like, what's your roadmap? It's really hard.

When I've talked to people in the past and they're like, "I wanna buy a property management company." And I'm like, "Okay, well, where?" "Well, there's 10 different states I'm open to, and anything from 50 to 500 doors or whatever." [laughs] I'm like, "Whoa, whoa, whoa." That, that's...

You know, you probably need to narrow it down a little bit, you know, depending on, like, what you already have, right? So are you, are you guys encountering realistic buyers or are you kind of getting more of the, like, like what that, that kind of conversation I'm having?

I would say for us it's all over the place.

I mean, we have-

Okay

... a lot of conversations of just like you described of people saying, "I've managed one property and I live in California, but I'd like to buy in New York, and I've got this private equity financed, backed." And they really have no idea how to operate the business, what comes into the business.

And we have a lot of conversations of individuals that it makes sense for us, and there's a little bit of a less risk because their buy box is realistic.

They understand what they're doing and the path that they're taking.

And so for us, you know, again, going back to the buyer will dictate a lot of what we can get comfortable with.

Understanding, like you're saying, and having that roadmap is a, a huge key factor to the bank because, you know, we can have a very high level conversation 100 times.

If it doesn't make sense to the bank and you don't really know what you're looking to do, it's gonna be very hard for us to, you know, proceed forward in anything.

I get a lot of unrealistic inquiries.

You know, by the time I-

Absolutely

... by the time I start working with or seriously talking with somebody, I mean, we've gotten on the same page and-

Mm-hmm

... you know, I, I try to vet those people out pretty quickly.

Yeah, I know you work exclusively with buyers.

I help, you know, connect folks during that process, but work with sellers.

I'm representing-