Rental Investor Starter Kit

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Show Description

There were a lot of notable things that happened in 2020 in the real estate world that are likely to carry through to 2021. From the moratorium on evictions, urban flight, relocation of tech companies and the impact of remote work, to changes in property prices and appearance of new hot spots in the market, we can say that 2020 was a wild ride for everyone - landlords, tenants, investors, home buyers and property managers.    

Don Ganguly, Founder and CEO of Home Union, now Mynd Investor Services, helps us wrap up the year behind us and discuss the trends that we will be seeing in the upcoming period.  


What We Cover


3:34 - Don’s background and how Home Union became a part of Mynd Property Management

8:00 - The benefit of having remote operation in business DNA  in 2020

9:25 - The most notable trends in the real estate markets in 2020

14:33 - The impact of the moratorium on evictions on landlords, investors and tenants

17:52 - Opportunities in the construction industry and development in 2021 and beyond

22:07 - Opportunities for first-time home buyers with FHA loans

26:33 - Urban flight and remote work as normalization forces in real estate markets

28:58 - Which cities are going to be ‘hot’ in the upcoming year

32:17 - How Mynd Investor Services can help real estate investors

Watch the Podcast

Read the Transcript

Steve Rozenberg  1:15  
Ladies and gentlemen, welcome to another episode of The Myndful Investor Podcast Show. I'm Steve Rozenberg, your host and head of Investor Education over at Mynd Property Management. And to say that we want to wrap up 2020, and kind of tuck it away in our memories would probably be an understatement. But I think we can all agree that there were a lot of notable things that happened in 2020, that will probably carry through to 2021. And so we'd like to do a final wrap up so to speak, of what we've seen here at Mynd, everything that we've seen going on, and so we brought my good friend, Don Ganguly on, and Don is with Mynd Property Management, and Don and I have a past of knowing each other through the property management world with prior lives, and we've kind of come together, which is odd that we came together, both working for Mynd. So first of all, Don, thank you so much for being on the show today. Appreciate it.

Don Ganguly  2:21  
Good to be here. Good to be here with you again.

Steve Rozenberg  2:23  
So Don, tell everyone just a little bit about your background, your professional history, how long you've been in real estate and in Mynd, and what you're doing now?

Don Ganguly  2:34  
Yeah, so I've been in real estate, I guess over 20 years, and you founded a company that's now under Oracle that was really doing processing work for lenders and mortgage services. And we hit the other side of the distressed asset scenario 2007 when everything fell apart, and we started to see all these properties around the country that actually had very good investment profiles. And so an idea came to us saying, hey, you know, if people are living on the course, which are more expensive, and they want to get out these assets that are remote from them, how would they buy these? So the thesis was that you don't have to live in Atlanta to buy a Cork stock. So why do you have to live in Atlanta to buy properties in Atlanta? So we built home union with such a data driven infrastructure for remote investing, all the analytics you need just like when you buy stocks, what's the risk, what's the reward, what's the neighborhood look like, when should you sell, all of the above, and we built a retail platform, we did several hundred million dollars of transactions on it, and then it became part of Mynd. And that sort of completed the story, because investors, when they buy remote assets, one of the most important things is who's going to manage it. And people, people treat the property management part of it as a commodity. But the example is, Steve, if you go to Morgan Stanley, or whoever your advisor may be, and they and they put together a portfolio for you based on your risk and reward and your profiles, and then you say who's going to manage it? And they say, well, that's going to be Joe's portfolio management shop across the street, and you're like, oh, wait a minute, the management of these assets is just as important as the acquisition of these assets. So, the management is actually what makes those assets perform if you bought them right. So the Home Union, which is now called Mynd Investor Services, is one pillar of that which provides the analytics and the acquisition services for potential investors to buy, to finance, get an insurance and even sell when it's time to sell. We provide all those services, but the underlying glue, and the delivery mechanism for all that is Mynd Property Management, because those properties only perform if they're managed right, so it's a virtuous cycle which is like you invest we do the rest, from the point you want to buy, to the management of it to the point you want to sell and everything in between, from giving you a loan to getting a loan and getting an insurance, all of the above. That's the overall story, so that's how I came here.

Steve Rozenberg  5:10  
I think what's important, especially now with everything going on, and everybody being basically forced or thrust into the whole virtual world, I think people are starting to realize that the services that you provide it at Home Union now part of Mynd is that, you know, just getting the deal, buying four walls and a roof, that's not going to make you successful, there's no guarantee that the numbers that you projected when you looked at that deal, is actually going to come to a reality if you don't have the right business model that's running those four walls and the roof. You and I both know many people that have bought great deals, and single handedly run them into the ground because they didn't understand the running and managing of the asset. Anyone who's ever owned a piece of real estate knows that you're not buying dirt, when you're dealing in real estate, it's a people business, it's a relationship business, and especially if you are removed by not being local. And honestly, I personally think that this is helping people understand more and more, this virtual world, that you are running a business, because just because I happen to live, you know, let's say I live by you in Orange County, and I buy a property in Orange County, who's to actually say that I'm the most qualified person that should even be doing these tasks with my rental property, or buying the right deal? I'm just going off of my knowledge and my history, which could very well be self defeating. And I think 2020 has shown a lot of people that maybe they're not the most qualified to do these things that they thought, because now when you have to do it remotely, you have to become that CEO of the business, instead of the operator of the business. And that's as again, as you and I know, that's a that's a big definitive difference to be able to do those things.

Don Ganguly  7:00  
Yeah. And the home Union Business, now Mynd Investor Service, the DNA was remote, right, the whole idea was that we provide you enough data, so you don't have to drive around Atlanta to buy properties in Atlanta,. And then you combine that with a hyperlocal presence of local employees and property management, so that you're getting the best of both worlds. And that's one of the things we've done is, we look at neighborhoods, the entire analytics at the Mynd Investor Services platform, is based on neighborhoods. Because the city may perform one way, the zip may perform one way and things may change from neighborhood to neighborhood. If you don't understand those nuances, they don't work. And so property management is also tied to that same extent, we know which areas do better, what are the vacancies here, which is faster to lease, so on, so forth. So when you get into a system like ours, you get that end to end, but the other part of this is we can calibrate, right, because models are only as good as the actual. You create the models, and you look at the performance and you calibrate the model. One advantage we have managing 70,000 properties is we can see these results, and start calibrating our models, and we can also see what's happening in the market. In real time, we're not just some theory shop sitting in an ivory tower, or any of these. So that's kind an overview, we should probably jump into the 2020-2021.

Steve Rozenberg  8:23  
So that leads me to my question, we've got a lot of properties, we've got a lot of data, we've got a lot of information. Tell the people watching, what, would you say is some of the most notable trends that have actually transpired in the real estate markets in 2020? That really go that's something worth discussing.

Don Ganguly  8:42  
You know, 2020, in my mind was a super what I'd call counterintuitive year, because you'd expect that with the COVID, with unemployment now, it's going up and up going up and down the number of jobs we lost. And we've got some of them back again, but you would see real estate as a sector that would naturally get hit. But if you look at November, that was the 13th consecutive week of double digit price appreciation. So property prices are going up, and there's a lack of inventory, and you've got the third pillar of this is incredibly low interest rates, I think today it hit one of the lowest levels 2.7. That combination with people who have an ability to buy has created unprecedented demand. An average property I think is on the market for a very short period of time, if I look at the look at the year it's been 72% were on the market for less than a month. That's sort of a crazy numbers. If you look at those numbers, that would say we got a robust economy going on, lots of people buying, but look what we are seeing. One lever, which is the interest rate, and another lever is suburban flight. The fact you can work remotely and the fact that the cities have become hotbeds of these types of things, a lot of people are using this to say, let me go to Bend Oregon or there are cities like Lakewood, New Jersey, right, which is up by 47%. We know that'sa suburban area around New York. Lake Arrowhead, which is a remote area around LA not remote, but up in the mountains a little bit was up 45%, Grosse Pointe, Michigan was up 33%. On and on, you've got this flight into areas that keep you connected to the cities, but far enough away that you can get open spaces, better pricing, so a lot of the bidding, even in the San Francisco, the Northern California area, if you just go to the East Bay, which is Contra Costa County, you will see that the demand is super high, because people are coming in from the city, people are getting out of the Valley, and coming to those areas and going further east, and places like Mountain House, Tracy. The phenomenon we saw in LA, of people going out to Riverside, I know you're from Los Angeles, that will resonate with you. So this flight out has accelerated and some of those areas have become really hot. So that's the second thing, the lack of inventory is the third one. And you know, if you look at, I think you see two and a half million properties on the MLS at any point in time. And that number is I think, sub 2 million right now. So there's, I think two and a half months of inventory. That is incredibly low. So two and a half months of inventory. The other thing, I would say that was a challenge, and we haven't seen it yet, that you would think that with the job losses, you would actually start seeing some distressed assets, which back in the day, and there's a lot of cash on the sidelines waiting to see that. Foreclosure notices are actually down, 10-20% year over year. So the point is there is a moratorium on foreclosures, so the there's a lot of places that are not even sending the notices out. The point is, once we get past that, what happens to the shadow inventory, maybe, or distressed inventory that's out there. And so there are data sources that are telling you pre-foreclosure stats, people that are 90 days plus delinquent, even that is not being reported because of COVID. They're having to hold back on a lot of it. So I don't know what that brings. Hopefully, a lot of those people get productive employment, and get back entrenched in their daily lives. Otherwise, I mean, that's a negative overhang. I don't know how it impacts real estate going forward.

Steve Rozenberg  12:46  
Let me ask you this, let's flip this, and what do you think are some of the biggest challenges? I mean, those are the pluses, and so, I think for those of you watching this, if you're looking to see where the money is flowing, because money doesn't disappear, it flows, it goes from one pocket to another, it goes from one market to another. So obviously, the one thing that I got out of this so far is that money is flowing from big cities to secondary and tertiary cities. And that's where it's flowing. So you can see the deals and the flows. And if I was looking to either buy or sell, I would be watching that flow and seeing how it could benefit my strategy. But my next thought, as you said, what do you think are some of the challenges that 2020 had, and how will that evolve?

Don Ganguly  13:33  
So the challenge, I think one is if you're an investor, you had renters in many parts of the country, there was eviction moratoriums had difficulty paying. So from an investor standpoint that was a challenge, because you had high delinquencies and you're not getting the cash flow, and often depending on the kind of loan you had, you couldn't actually not make payments on your loan. There are a lot of government backed loans which in the last Cares Act, they were given a moratorium on payments, and you don't have to pay, and then when you do start paying, you don't have to pay this lump sum if it's a government loan rates, you can tag it to the back end of the of the loan life at the end of the 30 years. It isn't that the moment you get back on your feet, there's somebody coming to you and saying, pay me 10 grand for everything you missed. If you're a landlord and you didn't benefit from that part of it, but at the same time your tenant wasn't paying you're upside down on that. That I think was definitely a challenge for more people, and then if you were in the cities, like the major cities that have seen flight, you're a landlord that that's that's been a tough thing for investors to see as well, because renter rents have dropped and vacancies have gone up in certain pockets where there's been flight. And I would say that in those areas you probably see property depreciation, because like you just said, there's flight out to suburbs and areas that are less congested that are seeing the capital, so there's more capital moving up. Those are, I would say the major challenges that we've seen. Other than the day to day fact of doing business. What we didn't talk about here is actually benefits of single family real estate, is commercial real estate has taken a whacking, I mean, office space. I mean, Mynd as a company that our DNA is remote, so we didn't miss a beat, we were functioning remotely, just like we're having this call on Zoom, we have our meetings and I think people work harder and more productive. The camaraderie and other aspects of things are not quite what they were. But we're one of the few companies I think that we're geared up for them. So that's kind of a negative, but the commercial side, that capital, actually, there's a wall of capital that's looking at single family, because this asset class has weathered this year very well. By and large, overall, vacancies have been okay, except pockets, returns have been fine, properties have gone up in many, many areas where investors have been investing in cities like Austin. For every person that moved out, one and a half people moved in. So people that have invested in Austin, we have investors that bought at the end of 2018. And, they're selling now and they seem like $150-$200,000, of gain, just in that period of time, which was crazy and unthinkable back in the past. I think the negative has been in one side of the real estate market, and I think the single family side of it is benefiting from a capital inflow, which again, goes back to this inventory issue, which is where's all this money going to invest in? What's it going to do the prices? And how do we get more product in the hands of people or anything? From a new construction standpoint, I think the number is almost 6 million short to make what we need, you know, to get there, and I would think that household formations are down because people have hunkered back with families and all that with COVID. But once that gets back out, and people go back to household formations, I think we're, we're going to be severely under an inventory standpoint. The builder confidence is high, it dropped, it was, 50+ Plus is good, it's dropped to 80 this this month, partially because construction materials and other things are a little bit constrained, labor's constrained. But this is a time if, for me, if I look at the building industry, it's a great time to do a lot of building, and if you look at a lot of the investors that are coming in, they're doing a lot of build to rent kind of things. So they're actually going out and finding people who are entitled land and saying I'll just build a community here just for rentals that investors can invest in, or it's their own investment. So the fact that if you've got a bunch of capital, like American Homes for Rent has been doing this, you got a bunch of capital, you can't go find enough property in the marketplace to support your investment thesis. So what do you do? You go find land and build yourself, and then you rent it out, and then you know how to do that. So I think the normal's changing in terms of people are building their own product. That's obviously a vertically integrated challenge, I mean, you're having to create muscle groups that you didn't have to do that. I think there are some structural fundamental changes that have happened. Those are the challenges.

Steve Rozenberg  18:31  
Let me ask you a question. You had mentioned earlier about them holding back on foreclosures and people that are delinquent, and the evictions, do you see that eventually, those floodgates opening maybe in 2021, where we're going to see, are they just going to allow foreclosures to start happening and evictions to actually go through? What are your thoughts on that? Does that make you a little nervous in the real estate, or do you think it's gonna make itself right, it's gonna write itself over time?

Don Ganguly  19:04  
Well, you've got Biden administration coming in, and I don't think any new administration, whether it's Democratic or Republican would want to come in with a massive crisis on its hand. So you've looked at a republican administration that has given all these concessions and put a moratorium on all of this. I just don't see a new administration coming in and putting the hammer down and saying okay, guys, there's like 40 million renters and in danger of eviction of if the eviction moratorium goes out. So these are big numbers all around, the foreclosure being the other side of it. I personally think that, the fact that there's a vaccine that's out there, and the general consensus is that by the middle of next year, June, July is when you're going to start kind of trending towards the new normal. So if that's the thesis, and you and I were sitting in that seat, we would say, okay, let's make sure that people can survive a little bit longer, and then when they get back to normal, then we then we get a deal, so we get our money back, sort of what they did with the auto industry. I honestly don't think that we're going to start seeing a huge wave of foreclosures, I think people are going to be given a chance for a little bit longer, and the hope is that in six months, they'll find their feet and things will be normal. But having said that, there could be pockets that don't qualify for government loans, and this and that. You could see, what we call in our businesses shadow inventory that might come in from that, and there's certainly a lot of cash waiting to be taken bad luck, just like back in the day of distressed inventory.

Steve Rozenberg  20:45  
Yeah, I agree. I agree. Now, let me ask you this, and I know you're big into numbers, and data and Mynd is very data driven. What are some of the indications telling you about like, the 2020 market going in? Are things gonna slow down? Are things gonna speed up? I mean, we know where we came from, what's the data telling us about where we're going?

Don Ganguly  21:07  
You know, if you look at the median home price in 2020, it's 313,000. It's up almost 16%. from a year ago. The general consensus is, home prices are going to grow from anywhere from %5.5 to 7% next year. There's nobody here forecasting a big decline. The mortgage rates, which are the primary driver of people buying homes, you're sitting at a %2.5-2.7%. Steve, think about that, what's the last time you saw that? That gets you one and a half times the house, you'd have had, right, or gets you into an empty house with a much lower down. So I think a lot of the FHA loans are going crazy, the FHA loans have lower down payment requirements, in getting three and a half percent down, lower downs, and you got to pay that mortgage premium, but interest rates being where they are, if you're an entry level buyer, like a millennial, now that some of these people that have been on the sidelines, it gives them a great opportunity now to go buy a home given an FHA loan, if you're in an area that you qualify in the price ranges, and get an incredibly low interest rate, and it's much more affordable. Rents in many places are going up to a point now that if you have the downpayment, you're much better off buying a home, and getting the payment and getting some equity and having appreciation. It's a no brainer, if you can get the down payment. So that's where FHA is a great place that people are going. I think the inventory is going to continue to be an issue. The qualified people are the ones like we said, you know, 72% of market less than a month, I don't see that going away. Now, I don't know how we get more inventory til the builders get more and more construction stuff in line. I think the answer is the first six months of the year, probably are going to be similar to what we've seen here the same kind of a ram maybe a little muted. What happens in the second half? I don't know, Steve, let's say the COVID vaccine works really well, we get herd immunity, things are back to normal, we're running around. That's a different second half economy. I don't know what happens there, hopefully, it's all good, but a lot of the price appreciation has been driven by just lack of inventory. That's the big problem, right now.

Steve Rozenberg  23:34  
If you again put on your crystal ball hat, we got two sides, you got to seller side, you got a buyers market. It sounds like you're saying it's going to be one until about the first half of the year, then you think it may start flipping towards it towards the other side? And I know it's micro, so it's obviously hard to tell. California is different than Texas. But we are seeing the same general theme nationally, iit's not like this is a delineated line, and it's completely different. So what are your thoughts on that? Do you think it's going to be one or the other or a blend?

Don Ganguly  24:11  
I think like anything in real estate, you got to pick your battles. I mean, we're seeing Oxnard close to LA doing well, you got to go to Sacramento. I mean, we talked about the East of Contra Costa County. If you look at the places that have seen more people move in rather than move out, Austin, Phoenix, Nashville, Tampa, Jacksonville, Charlotte, Dallas, Denver, Vegas, Charleston. A lot of the tech, you saw HP, go to Houston, Oracle move to Austin. You're seeing a bunch of these companies relocate, the Palantir Technologies also moving to Texas, or was it Denver I think. There's a flight out into lower cost, and you live Houston, so you already know this, lower cost more affordable places that also would have a good tech or otherwise skilled workforce. I see this as a normalization. Remember back, you lived in the Valley when you were in LA. Do you remember that when LA started getting more expensive, commute started getting more horrendous, people went further and further out. And they go to Corona and Riverside, and Lancaster, and then drive incredible distances so they could afford a house that would be affordable, and they could have a backyard to plane. This is a quantum leap of that same phenomena. Instead of going from San Francisco, some people are going to the suburban areas, they're ending up in a whole different state, and saying, this state gives me that same thing that suburbia gave me, except I don't have to drive because I can work remotely. The remote working allows you now to go to a more affordable location agnostically in the country that you like, and set up shop there. And companies are doing the same thing. If anything, you got to keep an eye on these cities like Charlotte, Raleigh, which are always great investment cities, Atlanta can still absorb a lot of planners, huge, still, 2 million people expected in the next three, four years. But all these cities I just read off, they're all seeing influxes, because you don't need to live in Silicon Valley to work for a tech company anymore by and large. So why do I want that housing? Why do I want that congestion? I can go somewhere else, and the tech company is somewhat getting savvy as well and saying, oh, you think you want to work in Ben and still get the same salary? Maybe I adjust you to Ben salary. There's stuff like that going on. I think this is a good thing, because, tech has been concentrated and industry has been concentrated in certain areas, and this is an overall normalization, where lots of smaller cities, secondary, tertiary cities are going to see an uplift in terms of population, industry, and I think it's going to be good for the overall economy. It's going to be good for the country, that we don't have some very rich pockets, and the other ones are not quite sustained the same way. I actually like that trend, and I think over the long haul, this remote working is going to allow people to be in all kinds of places and that's going to help economies in all kinds of places that you and I didn't think about.

Steve Rozenberg  27:27  
Yeah, I completely agree. Let me ask you this. Given your own thoughts of data, and using the Mynd Investor Service division, as well as the investment platform, what would you guess from your opinion and your own personal thoughts, based on the data that you're seeing, what cities areas are you saying, I'm watching this area, I'm watching this. Give me your prediction from the data you're seeing from the platform.

Don Ganguly  27:58  
What we're seeing is North Carolina is very hot. We've seen Raleigh, Charlotte, those continue to have affordable prices, great growth, and they have profiles that people in other parts of tech or other kinds of places like. Raleigh, he's got a great tech, has got a great financial center. And Austin, in your neck of the woods, it's called the left coast, it's seeing a huge tech boom, because people in Silicon Valley are saying, hey, this is the next tech hub. So Austin, just because it's appreciating and you're not going to see a ton of cash flow, but I think Austin's a good bet for appreciation if you find the right kind of property. So we're seeing a lot of our investors, we had an investor that we're closing right now, he's overpaying for a property in Austin, nd this gentleman is a very senior gentleman in one of the tech companies in the Bay Area. And we've told him at this is not appraising in here, and he's like, no problem I want it, because I think he's playing the long game. And he's seeing that, even if you overpay a little bit now for the long haul, it's important to lock that asset. So I think Austin's a good one. We think Tampa is one that will bet on Florida that's going to do well. I think Dallas has already had a lot of the pieces, it's still pretty hot, and I think the fact that it's got a lot of land it's going to grow, but I think Houston is probably a better bet in my mind. I'm sure you agree. And then places like Sacramento. Sacramento has always been a strong investment market. It's still a satellite market. We think that's going to do wel. We think Reno is going to do well again because of its locations. And Phoenix again is similar to some Texan markets. It's big, it's got a ability to expand, it's still affordable, it doesn't have the California pricing it's a warm state, so it's got some ability to continue to grow, and Phoenix was a big hotspot if you remember, the distress asset days, but Phoenix is still affordable compared to California and some of the other places. These are on our platforms where we see it. And Reno and Vegas of course is up and down. It's coming back though. West Coast people, we're finding that they probably go to Austin because of the tech affinity or Charlotte or Raleigh. But a lot of them love Phoenix because not too far. So they go to Phoenix, and then there are certain locations in Colorado that makes sense. But these are by and large where we're seeing the action. Some of them like the Charlotte, the Atlanta have higher income because of property and rent prices are still, the ratios work. And place like Austin you're not gonna get a high income, but you're gonna see more appreciation. So different strokes for different folks, it depends on what your preference is.

Steve Rozenberg  30:59  
I think that's the great thing about real estate, is you can slice it up any way you want, whatever matches and fits your needs, which I think is great. So Don, if somebody wants to go on the platform and kind of learn a little bit more about how they can see data that matches for them, how do they do that?

Don Ganguly  31:17  
So it's simple, you can either go to Homeunion.com, which is called Mynd Investor Services, but the website is still called Home Union, it's been around there. It's very intuitive, actually, you can go in, and you can look at a map and decide what you see on Zillow, where do you want to invest, what area looks good. And then you can put in a bunch of criteria saying, do you want to be on a home with two baths, Three baths, Do you want a certain cap rate, Do you want some cash flow, If you want to look at a certain year built. And then you It gives you a set of properties you can search on financial criteria, just like when you search for a stock or a bond. And then once you get that you'll see a host of data around that property. What is the rent? What's the price with the year that comes? Why should you believe that rent or the price? What are the returns, we give you a full pro forma so you can say, Okay, if I buy this, what do I make the first year, what I made the second year we make afterwards, so it's there. We give you a detailed view of the neighborhood. So you go in there, and you can see what kind of renters are there? What do they make, where do they work, how far the commute distances, all kinds of things that remotely when you look at it, you can get comfortable saying, I can get a feel for this neighborhood versus that neighborhood. And then we rate neighborhoods from A through D, as I said, so, an A neighborhood is one that has higher appreciation and lower cash flow and a D neighborhood is one that's higher cash flow and lower appreciation, a little more volatile, not good or bad. Again, depending on your preference, you buy a C bond or A bond, you can buy either one depending on your risk profile. There's a lot of stuff that investors can look in. Once they decide on a region, or a city or location, then they can drill down into which neighborhoods are hot. We even give you price trends and rent trends in the neighborhood, so you can see how's this neighborhood done? And how's it done compared to the city? So is this neighborhood been better or worse in the city? So things like that, Real Estate's hyperlocal we keep saying this, so you're in Austin, fine. But where in Austin, should you be?

Steve Rozenberg  33:16  
RYeah. And that's the great thing about the platform is they can log on, they can see what they want, they can slice up the data as they want. And if they want to talk with someone in Mynd, they can do that as well, but it just gives you the ability to sit back and let all this information soak in a little bit so that you can start making smart decisions, because we all know, nothing ever stays the same. But I think we're going to definitely see some trends and some changes. I personally this is the time you want to basically sharpen that mental axe, you want to make sure that you're ready to go. So that when change is happening, you've already been looking at deals, you've been looking at numbers, you already know that there's a change in the algorithm, if you will, of everything, because, it's always X dollars, and all of a sudden, when you see that trend, then you can start taking action. I don't think you ever want to step up onto the tee box the day of the championship golf outing. You want to be swinging way, way before and I think you give people the ability to do. They can go on the website, they can log in, they can do a free consultation, and they can learn all that.

Don Ganguly  34:19  
The other thing here important in this type of market is velocity. Since this entire thing is very automated for us, bid ranges, we have in Mynd Property Management on the ground to quickly grab that property, validate the rent, and then get it rented. So the fact that the entire operation is integrated from end to end, makes it a lot faster for somebody to acquire property, bid on it, get it fixed up so it can be rented, and get it rented because it's one of orgnization working hand in hand, as opposed to going out somewhere finding a property getting a realtor to find it, getting somebody else to do due diligence on it then going and finding a property manager to rent who wasn't involved in the front end of you selecting the property anyway, and they're like well, you've given me this this jam, which I don't think I can really get you the rent you thought you could. For us, the difference is we are on the hook,. We are that same asset manager who actually is allocating your assets. So there is one throat to choke. So in this kind of a market it becomes more critical for investors to have that single point of accountability and velocity all the way through. I would say that's one of the key differentiators we have. People certainly should do what they're comfortable with.

Steve Rozenberg  35:31  
Completely agree, completely agree. Well, Don, thanks so much, man, I always enjoy talking to you, I always learn something new every time we talk. It's always so enjoyable for me to kind of pick your brain and just be a student as well. If you could, give people the websites, again, if they want to go on to talk to someone in Mynd or talk to someone at Mynd Investor Services, and all the layers that we have to offer in Mynd.

Don Ganguly  35:54  
Yeah, so Mynd, the mothership is www.mynd.co. It's not .com. It's .co, and you can get to the Mynd Investor Services from there as well under Resources Marketplace. If you just want to look at the Mynd Investor Services, which is an acquisition piece, you can go to Homeunion.com and and have added there, but it's accessible from both places.

Steve Rozenberg  36:17  
Great. Well Don, again, thank you so much. I look forward to 2021 with you and seeing everything that it has to offer. Because it's to say it's going to be a wild ride, I think, honestly, is going to be an understatement. I think there's going to be a lot of things happening. I think there's hopefully no major curveballs like we had in 2020. But the one thing I'll say is, real estate seems to have a way of correcting itself, whether it's systemic, whether it's pandemic, whatever the case may be. I think this is just, I think the market is correcting itself. And we'll see, when the dust settles, just like it's done in 2001 and 2008 2014. I think it's cyclical, and I think we're in another cycle and the ones that take action, and actually do something I think will be the ones that will benefit the most from it.

Don Ganguly  37:06  
This is probably the year when we'll toast to the passing of the year rather than the coming of the new year.

Steve Rozenberg  37:11  
Yes, very true. Very true.

Don Ganguly  37:13  
All right. Thanks.

Steve Rozenberg  37:14  
Thank you so much. Folks, thank you for watching the Myndful Investor. Again, go to our website at www.mynd.co and you can check us out on Facebook, Instagram and all social media channels. On behalf of Don, myself, Mynd Property Management. Thank you for watching, we'll catch you guys next week. Bye bye.

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Meet Don Ganguly

Don Ganguly is an entrepreneur and expert in the acquisition and management of residential real estate. He was the founder and CEO of what is now Oracle Financial Services BPO (originally Equinox). He was also an advisor to Acqura Loan Services, a special servicer of distressed residential loans, now owned by Apollo Funds. Don has a degree in Engineering from IIT Kharagpur and an MBA from the Wharton School where he has been a mentor. Don is a recipient of the Housing Wire Vanguard Award which recognizes leaders of businesses contributing to the growth of the housing economy and its various sectors, including lending, servicing, investments, and real estate.

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