#132 with Michael Stohler: Scaling to Multiple Hotels With 18 Million in Assets

Millennial Millionaire Real Estate Podcast

English - December 07, 2020 18:47 - 53 minutes - 98.9 MB - ★★★★★ - 56 ratings
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Previous Episode: #131 with Jonathan Farber: Overcoming the Challenges and Imperfections of Real Estate

Next Episode: #133 with Sharad Mehta: Running a Turnkey Flipping Operation, a Property Management Company, and a Software Development Office

In this episode, Jonathan Farber interviews Michael Stohler on his journey from buying his first properties in Indiana with no knowledge to investing in multiple hotels and dozens of multifamily units. Michael is a hotel investor, JV partner, and syndicator based in Arizona. In this episode, we break down topics like: understanding how to self-manage, establishing the right tenant relationship, how to screen tenants the right way, and more!

Top Takeaways:

Figuring out self-management after your first buy - 12:00 - 15:30

Buy your real estate through an entity to protect yourself from personal liability

Build a team with a CPA, attorney, mentor, contractor - people to do everything you can’t

Develop a growth mindset now so that when you scale you can already delegate

Managing tenants with a business-first relationship - 16:00 - 20:00

It’s crucial to set expectations before anything is ever signed

As you gain experience be judicious with updating your lease agreements to protect yourself

It is in your judgement how lenient you can be, but remember you’re running a business

Developing a tenant screening process - 20:30 - 27:00

The premiere method of finding new tenants is word of mouth

Offer your current tenants a one month discount if they refer someone