Do you want to learn how to manage your real estate business remotely with technology?
Then this video is perfect for you.
Jefferson Lilly of Park Avenue Partners joins Jay Conner.
Park Avenue Partners is a real estate investment partnership that invests in and operates mobile home parks nationwide.
It is their mission both to generate above-average risk-adjusted returns for their limited partners, as well as to increase the supply of affordable housing for low-income Americans.
For more valuable information click on this link and watch the complete episode: https://youtu.be/zPxVtNFSdrc – “Own A Mobile Home Park Now! with Jefferson Lilly & Jay Conner, The Private Money Authority”
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner:
One thing I know that everybody wants to know, and that is how in the world do you manage and run all these different mobile home parks remotely. So, one of your expert topics is how to manage any kind of real estate remotely with technology. So let’s hang on, hang out on that for a few minutes. How do you manage any kind of real estate remotely with technology?
Jefferson Lilly:
We tend to buy properties say of 70 to a hundred pads or greater, which means we can afford to pay certainly a couple of thousand dollars a month in salaries to our managers. They’ll also be some performance bonuses in there. Some of our managers are making more than twice that for properties that more than twice as large. So we do still have humans involved. We’ll have a community manager onsite at all of our properties. But we wrap technology around our community managers. For instance, we use a rent accounting and collections, software called Rent Manager. There are others, that’s just the one we’ve chosen in generally like, so that enables for instance, our tenants to pay their rent electronically online, they can just input a bank account number and a routing number and pay it that way.
We’ll also give them a cash pay card. They can take that into any Walmart or several hundred other kinds of stores and pay cash. Some of our tenants are unbanked, so they can take, again that card, almost like a mini credit card, take it into a Walmart or any of these other stores, give them the cash, give them the card. Walmart will charge maybe a $4 fee and then remit the rest of the rent to us. So that all helps us then also keep our accounting straight because it’s not just depositing the money, it’s also updating our rent roll. So we know all of us, our community managers and those of us at headquarters, we all know who’s paid and who’s not. And again, we can then use that software to kick out a late notice. We also use Box.com to basically upload videos.
We certainly do go around and visit our properties, but we can also then for some of our properties that are a little rougher, heavy lifts as we call them where we’re doing a lot of investing and rehabbing homes and maybe repaving roads we can have our managers actually go through with their own cell phone and just video the property, upload that to us. Now, it’s almost like we’ve been there and we can actually see how a house has been renovated or whether a pile of debris and junk has, or has not been cleaned up. So those are just a couple of ways that we use technology to manage our properties from afar.
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