Tracy Streich, an Oklahoma native, joins me today for a true mastermind episode. He’s a fellow property management company owner, and manages almost 500 doors. We’ll chat about best practices for all kinds of things, including short term rentals and syndications. This is a great conversation, so don’t miss out!
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list atpropertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
We’ll start off by sharing our thoughts on legislation, both in terms of Oregon’s recent statewide rent control laws and in terms of the dangers of acting like a property manager if you’re a real estate agent. From there, we move on to talking about syndications. Tracy explains that he raised about 30% and leveraged about 70% on three different funds, and chats about the experience he gained from the process.
As Tracy explains, syndication the way he does it is a three-step process with three separate ways of making income: buying the homes, managing them, and selling them at the end. As we’ll emphasize, it’s important to make sure you’re doing all of this right, so get a competent lawyer from the beginning!
From syndication, we’ll move on to talking about short-term rentals. As you’ll learn today, Tracy owns and manages several short-term rentals, and he shares his experience in getting started as well as sharing some words of wisdom for listeners who are interested in getting into this market. We’ll also spend a lot of time digging into resident benefit packages, including various things that you can include in them.
[02:04] - Brad welcomes listeners to today’s episode and introduces its guest, Tracy Streich.
[03:11] - Tracy gives us a quick introduction to who he is, what he does, and why he’s so happy to manage properties in Oklahoma instead of a state on the Pacific coast.
[04:54] - Brad brings up the topic of Oregon’s recently passed state rent control, and he and Tracy chat about the subject.
[08:18] - Tracy digs into the danger of a real estate agent acting like a property manager, and Brad expands on the subject.
[12:05] - We learn about the process of syndication in single-family homes.
[15:55] - Tracy goes deeper into the three-stage process involved in the syndication system he’s been talking about.
[18:17] - We hear more about the process of getting started in syndication, and how it’s single in single-family syndication than multi-family syndication.
[20:45] - Tracy talks listeners through his short-term rentals.
[24:55] - What percent of collected rent does Tracy charge when managing the short-term rentals he’s been talking about?
[27:18] - On average, how much does Tracy think it would cost someone to set up a short-term rental?
[33:08] - There have been a couple times that people have decided against doing a short-term rental after hearing about the expense, Tracy explains.
[35:00] - Tracy talks about renters’ insurance, and how he has moved that into the resident benefits package.
[40:21] - We hear more about specific coverages that Tracy has been seeing.
[42:56] - Tracy explains that he tried to find monthly recurring charges to tenants to incorporate into the resident benefits package.
[48:00] - Presentation is everything, Tracy points out, and explains how this relates to what he has been talking about.
[51:22] - How can people reach out to Tracy to learn more?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)