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b"In this episode, Gary Lipsky talks about asset management of multifamily properties. He shares what asset management is and how asset managers work with property managers and construction managers as well as how runs his business and how he hires his people.\\n\\n[00:01 - 04:41] Opening Segment\\nGary shares about his background and how he got into real estate\\nStarted by buying properties and and fixing them and eventually got into multifamily\\nSold his first business so he can further educate himself in real estate\\n\\xa0\\n[04:42 - 10:31] Diving into Asset Management\\nDistinguishing the difference between property and asset management\\nDeciding whether to focus on asset management or let things be run by property manager\\nKnowing the reasonable range for an asset management\\xa0\\n\\xa0\\n[10:32 - 14:52] Turning a Bad Deal into a Good Deal\\nShrinking the timeline between implementation and business plan\\nBefore taking over the property make sure that everything is in place\\xa0\\nStruggles of sourcing out materials during Covid\\n\\xa0\\n[14:53 - 20:46] Dealing with Property Managers\\xa0\\nFollow up with the property manager every week\\nDon\\u2019t rely too much on property managers\\nLearn to let go of people who are no longer performing\\xa0\\n\\xa0\\n[20:47 - 27:35] Hiring the Right People\\xa0\\nHire someone who is ahead of the game\\xa0\\nHire the right role at the right time\\xa0\\nKnow what is your ultimate goal\\n\\xa0\\n[27:36 - 32:35] Closing Segment\\nQuick break for our sponsors The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\\xa0 Learn more about Personal Capital at escapingwallstreet.com\\xa0\\n\\nWhat is the best investment you've ever made other than your education?A deal he just recently sold where he was able to get a return fairly quickly\\n\\nMoneeka Sawyer\\u2019s worst investments\\xa0A house he bought for his family that took longer to break even\\xa0\\n\\nWhat is the most important lesson you\\u2019ve learned in business and investing?Your network is your net worth\\n\\n\\nConnect with Gary Lipsky:\\nWebsite: https://breakofdaycapital.com/\\n\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\n\\xa0\\nTweetable Quotes:\\n\\u201cEveryone's got a viewpoint on what is best for them. So,if you're willing to invest more and more help, then I'd say go for it, because you'll be happy. \\u201d - Gary Lipsky"