036: Asset Management Done Right with Mike Taravella Real Estate Runway

It’s time to nerd out with one of the best asset managers in real estate, Mike Taravella, CPA. Mike started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He then began his real estate investing career owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently the Asset Manager that is responsible for underwriting deals, investor relations, and asset management with acquisition of over $31M!
Dive into the episode and grab a ton of wisdom and resources that will help you do asset management right! 
Visit us at thequattroway.com Learn how to invest with us at thequattroway.com/invest
Getting to know Mike Taravella - [00:01 – 04:03]
I introduce to the show Bio  Mike shares a bit of his background Started out as a teacher Transitioned into accounting Helped launch several organizations in joint ventures Got educated in real estate  Asset Management Done Right - [04:04 – 17:16]
What to do with an asset after buying  Collaborating with the property managers Layers of accountability You need to come up with creative solutions  Breakdown of the accountability  Ways to keep the team on Capx budget When it’s time to let people go  Create a templated term so you don’t have to guest  Understanding how you need to be different in your systems when you scale  Use resources as much as possible to not lose track  How turn expenses come into play  L10 meetings - Traction, Principles, Never Split the Difference Grab your ticket to the MFIN Summit at mfinsummit.com Use promo code QUATTRO How NOT to do Asset Management - [17:17 – 22:30]
Mike talks about a misstep he experienced in asset management Being too aggressive with a budget Turnover not going well  Make sure to keep your A-players in as you grow  Think through why a deal WON’T work  It takes years to get traction, don’t give up  The Quattro Trio - [22:31 - 27:31]
What is your superpower? Seeing a T12 and knowing what’s going on  Numbers tell a story  What is your biggest failure?  Not believing in himself  Don’t compare yourself to anyone else - grow at your own pace How Mike is giving back to the world  Second Harvest Food Bank  How to connect with Mike Links below  Final words  
Tweetable Quotes:
“The more you systematize it, the easier it is.” - Mike Taravella
“As you grow your business, people are a huge component of it… As you grow and scale make sure to keep that level of A-players in.” - Mike Taravella
Resources Mentioned:
JakeandGino Asana  ClickUp Never Lose a Customer Again Traction  Never Split the Difference Principles  Who not How Second Harvest Food Bank  
Want to connect with Mike? You can reach out at miket@randcre.com and find him on LinkedIn, Instagram, and Twitter. Buy, finance, and manage the right way at https://randpartners.com/.   
 
Have you heard about the Multifamily Investor Nation Summit, coming up on January 20th?  If you've never been, it's a three-day information-packed event for multifamily investors, with over 1,000 attendees and over 50 speakers!  Not only will hear from experts about finding deals, raising capital, underwriting strategies, selecting markets, and so much more...But this year our partners here at Quattro Capital are excited to be participating with three speakers at the event. Our amazing Kim Wendland will be speaking on the often neglected subject of asset management, how to make the machine hum, while our “most interesting man in real estate”, Maurice Philogene, will be speaking on how to leave your corporate job for a freedom lifestyle. I personally will even be speaking on the topic of how to perform due diligence on multifamily assets before you purchase them and the not-so-common things to watch out for. Go to mfinsummit.com to g