From CPA to Commercial Real Estate Asset Manager with Mike Taravella

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/

 

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