Self-Managing or 3rd Party for Property Management with Charles Carillo
Charles Carillo, unlike other real estate investors that take a “hands off” approach to property management, self-managed his properties for years before hiring his first professional management company. During that time, he learned the intricacies of dealing with; tenants, contractors, superintendents, brokers, lenders and attorneys. He purchased and renovated multifamily properties; some completely vacant, and turned them into profitable investments that he still owns today. In 2016, he founded Harborside Partners, a real estate syndication company that offers other active investors and passive investors alike, the ability to partner with us and purchase larger, more profitable assets. Currently, they are invested into over 2,800 units, worth over $150 million. Additionally, he hosts a real estate investing podcast called Global Investors Podcast. We talked to Charles about self management, third party management, the upsides and downsides of them, why he switched to a third party management company and how that helped him grow. We also talked about some of the things you should be looking at when investing passively.
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[00:01 – 04:22] Opening Segment
Charles talks about his background.
How he got into multifamily investing.
How self-managing for six years was a great lesson.
How he continued his investing journey in Florida.
[04:22 – 17:40] Everything About Self-Managing to Third Party Management
Charles talks about the reasons why he self managed his properties for six years.
How having a third party management helped him grow his company.
The benefits of having a third party management.
The importance of having good referrals.
He explains who should get a third party management company from the get-go.
What to look for in a third party management company.
[17:40 – 30:17] Passive Investing
Charles talks about at what point where it’s feasible to turn over to a third party management company.
Some of the things you should be looking at when you are investing passively.
Charles talks about his podcast “The Global Investors”.
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[30:17 – 34:12] Round of Insights
Buying in poor areas.
Most Recommended Book:
#1 Insight for Investing
If you want to limit getting into any issues, get long term depth.
Best Place to Grab a Bite in Florida:
“If you want to limit getting into any issues, get long term depth.” - Charles Carillo
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