“The most important thing is systems and the reason they’re so important is they are helping me scale because you can’t just rely on people. If you do and your property manager leaves, you’ll be in terrible shape and they’ve taken all that information with them.” -Michael Borba
Today I am interviewing Michael Borba. He is the President and CEO of Borba Property Group which began as a small family business in 1986. They now manage 3,100 residential units within Long Beach and its surrounding areas. They specialize in helping new investors add value to their properties and thrive on providing superior service to their clients. They release a monthly newsletter called The Borba Report which is directed towards their clients that includes updated information on new codes and changes in regulations.
Michael Borba: Got introduced to real estate at a very young age eventually taking on the family business of property management. He received his MBA from USC and completed his BA at Cal State Fullerton. Michael is also an investor constantly building his own personal portfolio and financial freedom.
TOPICS COVERED IN THE EPISODE:
- How Michael got started in real estate
- How did Michael’s parents start Borba Property Group
- What is it like growing up in real estate
- Choosing a specific market
- Why is property management important
- Why Michael believes the management company defines the property
- Managing A buildings vs C buildings
- What is superior property management
- Why are systems most important
- Hiring good people as well as relying on systems
- Management fees
- Why keeping better records is key
- What is SB19
- Why you should create a relationship with your tenants
- Why you need to evaluate your portfolio
- Using the rule of 72
- What Michael believes is financial freedom and what he plans on doing with it
The Real Estate Breakthrough Show with Christina Suter is where we talk about the reality of real estate, the mindset you need and the tips and tricks to get you moving forward in investing. Join us every week and learn everything you need to know to invest in real estate education and create real wealth for a lifetime.
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