#191 with Mike Brown: Scaling His Real Estate Business With Rental Arbitrage & Automating Your Tasks

Millennial Millionaire Real Estate Podcast

English - March 09, 2021 20:23 - 52 minutes - 95.4 MB - ★★★★★ - 56 ratings
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Previous Episode: #190 with Marcus Merchant: Getting Comfortable Investing Out Of State & Taking Loans Against Your Crypto Currency

Next Episode: #192 with Mike Ealy: Scaling His Real Estate Business to Over $1.5 billion Under management

In this episode, Jonathan Farber interviews Mike Brown on his path from finding rental arbitrage as an accessible new stream of income to collecting seven arbitrage units in a year and creating a real estate podcast. Mike is a clean housing investor based in Dallas, Texas. In this episode, we delve into topics like: tracking your income across all your units, creating units that match your customer base, optimizing your workflow to minimize your time invested, and more!

Top Takeaways:

Keeping track of your income per unit - 13:15 - 16:45

Selecting your units can be done by simply setting a lower limit on monthly profit
Remember that month to month, profit will vary, especially in some locations and with holidays
Data driven tools like AirDNA and PriceLabs can keep your pricing balanced with demand

Tailoring your units to a specific class of guest - 17:30 - 20:15

2 and 3 bedroom apartments or detached houses are growing in popularity
A house can be a highly configurable unit class since it can be rented whole or by room
Your choice of market will determine your most frequent renter type, so cater to them

Making the best use of your time with automation - 21:15 - 26:00

You don’t have to decide between entirely self managing and entirely using pro management
Tools like Smartbnb and TurnoverBnb can make many tasks happen automatically
Getting proper insurance will also keep you covered in STR specific situations

How to bring value to Mike Brown:

Check out his podcast 3P Theory

Resources:

Social Links:

linkedin.com/in/mbrownjr