Yes, really. Today’s guest was kidnapped in Russia by mobsters and not only lived to tell the tale, but he even went on to invest in rental real estate in a big way, building a massive property management business! In this show, Andrew Propst shares key insight into finding incredible property managers and solid tips for profitably managing your own tenants. Andrew also has some excellent tips for finding great real estate deals, so if rental properties are in your future, this is one show you don’t want to miss!

In This Episode We Cover:

The kidnapping story
How Andrew’s stubbornness to pay rent led him to invest in real estate
His first investment
Tips for finding the right property manager
The details on Andrew’s 42-unit multifamily property
How they managed to increase rents from $400 to $700
Useful property management resources
What you should know about cap rates
Tips on finding great deals
What he thinks about build to rent
What Andrew looks for in a market
Thoughts on renting to people with a prior eviction
The importance of enforcing the terms of the lease
A conversation about landlord-tenant laws
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Landlord Forms
BiggerPockets Podcast 232: The Four Lead Sources Nathan Brooks is Using to Flip 120 Houses a Year
BiggerPockets Money Show
The Saratov Approach (Movie)
National Association of Residential Property Managers
Institute of Real Estate Management
Integra Realty Resources
Cap Rate and Cash-on-Cash Return: A Definitive Guide
CCIM Institute
‘World’s worst bowler’ just bought a historic Valley alley. Even his wife thinks it’s crazy (Post)
CI 101: Financial Analysis for Commercial Investment Real Estate (Course)

Books Mentioned in this Show

Long-Distance Real Estate Investing by David Greene
The Book on Rental Property Investing by Brandon Turner
How to Win Friends & Influence People by Dale Carnegie
Drive by Daniel H. Pink
The Book on Managing Rental Propertyies by Heather and Brandon Turner

Fire Round Questions

Tweetable Topics:

“You never know how important a property manager is until you hire a bad one.” (Tweet This!)
“Your job as a property manager is just to enforce the terms of the lease.” (Tweet This!)
“You’re doing your tenant a disservice if you’re not firm.” (Tweet This!)
“The lazy parents clean their child’s room.” (Tweet This!)
“The whole premise of Fair Housing laws is to treat everybody the same.” (Tweet This!)

Connect with Andrew

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265: Kidnapped by Russian Mobsters and How to Manage 13,000 Rental Units with Andrew Propst 01:39:27

BiggerPockets Real Estate Podcast

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265: Kidnapped by Russian Mobsters and How to Manage 13,000 Rental Units with Andrew Propst