Ryan Murdock spent a decade in the electronics industry before transitioning to real estate in 2007. He’s the VP of Open Door Capital with Brandon Turner, where they focus on mobile home parks and have acquired $14M worth of deals in the past 18 months, with another $30M currently under contract.
In this episode, Ryan and Mark sit down to discuss property management, mobile home parks, and how to find great partners (hint: offer up some value!).
What You’ll Learn In Today’s Episode:
- Property management can be extremely difficult. You need to have systems, processes, temperament, and time. Multiple times throughout his career Ryan shifted to either having 3rd party property management or managing it himself, based upon what was the best use of his time.
- When it comes to buying mobile home parks, Ryan is finding most of their leads using direct-to-owner methods, going as far as to set up a website called Bring Brandon a Deal, that offers a $100,000 referral fee for anyone who brings them a deal they close.
- Partnerships often get romanticized, and most people make the process too complicated. Ryan was able to team up with Brandon Turner, and later join Open Door Capital’s All-Star team, because offered value. Whether it’s finding, funding, or running a deal, locating a partner should start by evaluating your own skills and resources, and then finding someone with complementary qualities.
Ideas Worth Sharing:
“Make sure you’re well capitalized on any size deal, whether you’re buying a duplex or a $10M shopping complex. Don’t get stuck.” – Ryan Murdock
“I didn’t know what I didn’t know, and I got punched squarely in the face for it.” – Ryan Murdock
“Try to find partners that have skills or resources that complement what you don’t have.” – Ryan Murdock
Resources In Today’s Episode:
Books Mentioned In Today’s Podcast
- The 4-Hour Work Week by Tim Ferriss
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