From CPA to Commercial Real Estate Asset Manager with Mike Taravella
The Cashflow Project
Join Duc Ong and his co-host, Vince Gethings, as they chat with Mike Taravella about operating properties more efficiently and cultivating the right environment and mindset for real estate. They discuss everything from surrounding yourself with the right people to focusing on the work itself. Mike Taravella is a Certified Public Accountant who left a salaried life to engage in real estate and now helps others through the world of real estate. In this episode, Mike shares how he got started in real estate, how he struggled along the way, and how he overcame these struggles himself. If you are a new investor, you can learn a thing or two from Mike’s experiences and avoid some of the pitfalls early in your career! The Right Environment and Mindset To Work In Real Estate When letting go of a stable job to pursue real estate, not everyone will be on your side. Family members and some friends may question whether you are doing the right thing. Meanwhile, others may even actively try to tear you down. In that case, you need to identify the people who can best support you and then surround yourself with these people. It is easier to pursue your goals while being supported by people who will sit down with you and say, “here’s how we can do things,” instead of living with people who say “that can never happen.” Feel free to talk about it with the people you work with within real estate, from contractors to asset managers. You need to know when the people you work with actively help your projects instead of hindering them. After all, positive reinforcement and honest, helpful feedback is always vital. Another obstacle you may face when starting in real estate is your mindset. Newer property and asset managers may overthink and over-analyze every aspect of real estate. About Mike Taravella: Mike Taravella is a Certified Public Accountant and financial expert who wishes to help people secure their finances through real estate. In 2013, he got his Bachelor’s in Accounting at Michigan State University. A year after, Mike earned his Master’s Degree in Accounting. Outline of the episode: ● [01:04] Getting started in real estate and breaking away from a comfortable salary ● [07:21] Mike’s most recent deal involved a run-down complex outside of Knoxville that he improved with his team ● [10:46] Syndication and the problem of entropy ● [11:45] The exit plan for the Knoxville property ● [12:49] Surrounding yourself with people of the right mindset ● [16:55] How has COVID affected your portfolio? ● [21:12] Being over-analytical and getting out of that mindset ● [24:49] The difference between asset management and property management ● [29:03] Mike’s own best practices in asset management ● [31:35] Mike’s favorite strategies, superpowers, and lessons in asset management ● [38:27] Mike’s website and podcast Resources: ● Twitter: https://twitter.com/mike_tarabino26 ● Linkedin: https://www.linkedin.com/in/mike-taravella-jr-cpa-80b8143b ● Company Website: https://randpartners.com/ ● Instagram: https://www.instagram.com/valueaddmike/ ● Youtube: https://www.youtube.com/channel/UCJ4DApp2kpyrqWns7D1-WSw/ Connect with Cashflow Project! ● Website ● LinkedIn ● Youtube ● Facebook ● Instagram
EP#74 Asset Management best practices with Mike Taravella
Creating Wealth through Passive Apartment Investing
Mike began his real estate investing career in 2016 by 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. Mike has worked for 5 years professionally in accounting.
Ep 131: Guaranteed Gradual Growth with Mike Taravella
The Real Estate Investing Experience
Being a multifamily investor isn’t about making it big by juggling as many syndication deals as you can put your name to. As Mike Travella explains in this episode, wealth creation can be a boring, long process of searching for the right deal and to passively or actively invest in. A CPA turned asset manager, today we speak with Mike to gain his insights into successful investing. After chatting about how collaborative the real estate community is, we talk about how being able to see differently can be a keen competitive advantage. Mike then dives into why understanding the story behind a deal can be as important as underwriting it. A highlight of our conversation, we look into why you need to do things that no one else is willing to do in order to land the best deals.
Accountant to $100 Million in Assets Under Management with Rand Capital's Mike Taravella
The Commercial Real Estate Investor Podcast
Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management and has acquired over $15M in commercial real estate. Mike collaborates with Rand’s vertically integrated property management team to ensure the execution of the portfolio’s business plan. Mike is actively pursuing new opportunities within the market and developing relationships with investors. Before joining Rand Partners, Mike worked 5 years professionally in accounting. He worked at EY in Detroit and with Dan Gilbert’s startup community Rock Ventures such as 100 Thieves, Woodward Original, and Detroit Venture Partners.Show Notes: www.tylercauble.com/podcast/miketaravella
SA081 | Asset Management Rhythms with Mike Taravella
How Did They Do It? Real Estate
Strategy always matters with Real Estate investing, that's why an Asset Manager plays a big role in the Industry. Providing positive business returns to investors makes while meeting the tenant's expectations is always important to be considered as an efficient Property Manager. It may take a lot of time and effort to reach these goals but your motivation will always bring you to success. In today's episode, Aileen's guest Mike Taravella shares his deep knowledge on how to properly manage properties, building a good relationship with investors and tenants.What You'll Learn From This Episode:Finding the Right Job and Career that Really Works for YouImportance of Establishing Rhythms to Investors and Residents in Asset ManagementEstablishing the Baseline of Occupancy, Identifying Problems, and Adding Value Within the First 30-60 DaysBuilding Communications and Being Transparent to InvestorsWhat is Physical and Economic Occupancy?Things to Prioritize in Terms of Capital Expenditure (CapEx)Importance of Business Planning and UnderwritingChallenges that You may Encounter as an Asset ManagerCommon Mistakes of Other Asset ManagersPossible Impacts of Real Estate Investing in Your LifeWhat Made ASANA a Great Tool for Real Estate Task ManagementGuest Bio:Mike has a Masters of Science in Accounting and worked at Ernst & Young as a Certified Public Accountant. He'd been investing in Real Estate in 2016 by owning and self-managing investments in Michigan. And currently, Mike is the Asset Manager at Rand Partners of over 1,600 units totaling $108M of assets under management where he's responsible for underwriting deals, investor relations, and asset management. Email: MikeT@RandCRE.comLinkedIn: Mike Taravella Jr.To connect with us:Website: www.bonavestcapital.comPlease click here, to leave a rating and review!
Ep. 28 Real Estate Deal Analysis with Jake and Gino's Secret Weapon Mike Taravella
Working Capital The Real Estate Podcast
Mike Taravella is a CPA, and he graduated from Michigan State University in 2014 with a Master of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He began his real estate investing career in 2016 by 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 an associate that is responsible for underwriting deals, investor relations, and asset management. In this episode, Mike shares his love for numbers, analysis, single and multifamily deals. We discuss Ratio Utility Billing Systems (RUBS), Internal Rate of Return (IRR), property management and investment philosophy. Resources and Links: https://randcre.com/ Jake and Gino episode with Mike Connect with Mike
Understanding Asset Management For Business Growth With Mike Taravella
The Professional Investor
The term "asset manager" gets thrown around frequently that many people forget that it differs from a property manager. Helping us become more familiarized with asset managers and asset management as a whole, David Dawkins and Matt Roberts invite Mike Taravella, the Asset Manager for Rand Partners, on this episode. Mike explains to us what being an asset manager really is compared to a property manager, why they are important, and how they can help you get from step one to five. He shares the systems they have in place, as well as the tools they use to automate and scale their processes and hire the best people for their team. Join Mike in this conversation as he lets us in on the world of asset managers.Love the show? Subscribe, rate, review, and share!Here’s How »Join the Professional Investor Community today: https://www.theprofessionalinvestorpodcast.com David’s LinkedIn David’s Facebook Matt’s Instagram Matt’s Facebook Professional Investor Facebook Community
Ep. 230: Best Practices for Real Estate Asset Management with Mike Taravella
Target Market Insights: Multifamily + Marketing
Real estate asset management is a critical role in apartment syndication. This is where the business plan is implemented and execution becomes vital for success. Mike Taravella is the asset manager for Rand Partners and is responsible for overseeing over $100 million in their multifamily portfolio. Mike’s primary responsibilities include overseeing property management, budgets, and communications. With multifamily apartments in Tennessee and Kentucky, Rand Partners manages its own assets, instead of using a third-party property management company. Because of this, Mike has to stay close to the rest of the team to ensure proper communication and execution on all property-related matters. Before deciding to get into real estate, Mike was an accountant for a major accounting firm. He reached out to me on BiggerPockets and expressed that he was planning to move to Chicago. Soon after that, he joined us at the first-ever Midwest Real Estate Networking Summit. Through his continued analysis and networking efforts, he eventually landed a role with Rand Partners with the Jake and Gino team. As an asset manager, his main job is to make sure the business plan for each property is being executed properly. In doing this, Mike monitors key figures such as occupancy, delinquencies, and expenses. These three items allow him to understand what’s happening at each property and adjust marketing and other aspects accordingly. In this episode, Mike shares best practices for asset management, creating a community culture at an apartment complex, communicating internally, and delivering returns for passive investors. Partner: 1 Question Marketing Survey for New Event Key Insights on Real Estate Asset Management How Mike began his real estate career after a conversation on BiggerPockets and attending the Midwest Real Estate Networking Summit Understanding an asset manager’s role in real estate investing The day-to-day working relationship between real estate investors and asset managers Putting together an investor relations webinar so investors can understand how their asset is being managed You can’t just raise the rents, you have to rebrand How to structure internal team meetings to build culture and stay on top of challenges The three key measures to pay attention to in order to monitor the health and trajectory of an asset In the end, it all comes down to your expenses and managing your budget How to proactively address delinquency Creating community to ensure tenant occupancy How to analyze multifamily deals in today’s market The impact that COVID19 has had on the real estate market Understanding the Tennessee real estate market What you should look for in a property manager Partner: Download our Sample Deal Package Bullseye Tips: Apparent Failure: Thought I was going to lose everything with my first deal, but it just strengthened my resolve. Digital Resource: Asana (free project management tool) Most Recommended Book: Principles (Ray Dalio) Daily Habit: Exercise Wish I Knew When I Was Starting Out: Everythings going to be ok, it takes time to course correct. What I’m Curious About: The debt crisis Contact Mike: Rand Partners The Rand CRE Show LinkedIn firstname.lastname@example.org
116 | Focus On The Right Things While Managing Assets with Mike Taravella
Making Money in Multifamily Real Estate Show
Mike's Background:Previous experience as a CPA having worked for Ernst and YoungStarted investing in RE in Michigan in 2016 and is now the asset manager at Rand PartnersIn this episode we cover:00:03:42 Managing the manager00:04:22 Levels of asset and property management00:06:23 Weekly KPIs to look at on a property00:08:54 Getting the right tenant applications00:11:43 Being realistic with your business plan00:14:26 How Mike's team handles feedback from tenants00:15:46 What garners good feedback00:16:59 Fostering a community00:21:06 Day in the life of asset managementConnect with Mike:email@example.com://randpartners.com/Connect with Dave:Schedule a callWebsiteE-mailOther ways to listen/watch:https://lnk.bio/multifamilyFollow or Subscribe:Facebook GroupLinkedInInstagramYoutubeIf you enjoyed this episode or like the show, please subscribe and leave a review! It is a huge help for just a little effort
Today's guest is a CPA turned real estate investor, Mike Taravella. Mike is the asset manager at Rand Partners LLC. Growing up in a family fixated on a career in teaching or being an engineer at Chrysler, Mike, was the only one who wanted to get into businesses. Mike studied accounting and is a Certified Public Accountant. He started his journey working as an accountant for five years until he transitioned to working for startup companies, and is now also a real estate investor. Let's dive into Mike's story about how "Fat Mike" turned his life upside down and is now using his abilities to help people move the needle on their dreams. [00:01 – 05:36] Opening Segment I introduce Mike Taravella Asset manager at Rand Partners LLC A CPA turned real estate investor Worked professionally as an accountant for five years before joining Rand Partners Mike tells us a bit of his background Mike was the black sheep in their family; he wanted to do business while everyone was either a teacher or worked for Chrysler A Certified Public Accountant Worked professionally for five years in accounting Started investing in real estate in 2016 [05:37 – 16:34] The Game Changer Mike talks about the mindset shift from accounting to working for startup companies. Physically hurting; overweight and stressed. He was called "Fat Mike" at work Boosted his confidence with working out Getting to the same level as the team, making sure to provide value. Why did you choose real estate? Looking for a sense of control while creating wealth Mike talks about the "defining moment" that made him realize he can accomplish even more I share what this podcast is all about Chopping down and taking down dreams Mike gives advice before you go on cutting down on your dreams Listening to podcasts Reading books Take action Sharpening your axe by applying the things you learn day by day [16:35 – 21:15] What Is in Store for Your Future? Mike shares his love for teaching Making an impact Mike talks about one of his core purposes Help a million people become an investor People have different risk thresholds What's risky for you might not be risky for others Mike talks about their plans in Rand Partners heading into the future Growing their investor base Reach a billion assets under management [21:16 – 26:50] Mentoring Mike shares his experiences as a mentee and as a mentor. Lowering barriers and being vulnerable Making sure to connect with your mentee Change the "I can't" to "how can I?" I weigh in on the idea of "I can't." In reality, you can accomplish a lot more than you think Fuel your drive with all of those "you can't" from others [26:51 - 30:25] Closing Segment Imagine it's a hundred years from now, you have grandkids and one of them decides to write a book about Mike Taravella. What would you like the title to be? Or what characteristics would you like to be highlighted? "I think the autobiography would be called ‘Game Changer.’ Just showing the path to evolution from "fat mike" who was in accounting. Who for five years really didn't know what he was doing until now I'm in real estate and I love every day where I'm working 6-7 days a week just trying to move the needle." Get in touch with Mike online. See below for social links. Mike's call to action to learn more about multifamily Final words from me Tweetable Quotes: "At times, it might be best to take a step back and look at what we can do to better our position. What we should really be focusing on. What specific task would really move the needle." – Nico Salgado "Everyone can listen to a book and read a podcast, but taking that action or how can I help an existing group grow. Well, that's how I got my opportunity by taking that massive action." – Mike Taravella "Every day, you have that opportunity to become what you want to be, and you just gotta remind yourself." – Mike Taravella Resources Mentioned Dan Gilbert Woodward Original 100 Thieves Wheelbarrow Profits Academy Jake & Gino You can connect with Mike on LinkedIn or send him an email at firstname.lastname@example.org. Schedule a call, get their newsletters, and see any potential opportunities in the future at https://randpartners.com/. Listen to the Rand Partners Podcast, click here. LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode. To know more about me and all the real estate opportunities you can find, you can connect with me on LinkedIn, Instagram, and Facebook or check out my website https://smallaxecommunities.com/ and book a call with me. I believe that you only need a small axe to build a lasting empire. Let’s start building yours!