Peter Lohmann's Podcast
00:00:00 · Peter Lohmann, Matt Luke
[00:00:00] S0: What you said in this email was, I manage 350 units myself in a couple hours a day. I could scale to a thousand plus with no employees. [00:00:10] S1: When I get a phone call to my direct my direct line, I first have that AI receptionist take the call. It will dive into the knowledge base again, try to answer best it can. If it can't answer, that AI agent then gets that person's email address and then drafts an email off that phone call and puts it in my outbox ready to be sent. I was on the pontoon and a tenant called in with a water heater issue. Max took the phone call, property meld, sent the vendor a message. The vendor called the tenant before the tenant was upstairs out of the basement checking his water heater and had it had the work order scheduled, I didn't even know what happened. It does provide a higher level of customer service, and it has not screwed up once. In fact, it's smarter than I am. It never sleeps. It speaks multiple languages. It can take 20 calls at the same time, and it stays friendly all the time as well too. [00:01:27] S0: Welcome back to Peter Lohmann's Podcast. I have a special guest today. His name is Matt Luke. Welcome to the show, Matt. [00:01:33] S1: Hey. Thanks, Peter. Appreciate you having me on.
00:01:33 · Matt Luke, Peter Lohmann
[00:01:33] S1: Hey. Thanks, Peter. Appreciate you having me on. [00:01:35] S0: So right off the top, to get people's attention, I'm gonna read a sentence that you replied to one of my newsletters and told me. And what you said in this email was, I manage 350 units myself in a couple hours a day. I could scale to a thousand plus with no employees. So that certainly got my attention, and I bet it got the attention of the listeners as well. So what I wanna do today is dive into this and unpack how you're doing this because we're all curious, including me. So just to set the scene a little bit, share where you're located, what your company is, and maybe just a couple minutes of background, and then we're gonna dive into this.
00:01:35 · Peter Lohmann, Matt Luke
[00:01:35] S0: So right off the top, to get people's attention, I'm gonna read a sentence that you replied to one of my newsletters and told me. And what you said in this email was, I manage 350 units myself in a couple hours a day. I could scale to a thousand plus with no employees. So that certainly got my attention, and I bet it got the attention of the listeners as well. So what I wanna do today is dive into this and unpack how you're doing this because we're all curious, including me. So just to set the scene a little bit, share where you're located, what your company is, and maybe just a couple minutes of background, and then we're gonna dive into this. [00:02:17] S1: Perfect. Yeah. Appreciate it. So I'm born and raised in Sioux Falls, South Dakota. I started investing in real estate when I was about 22 years old. Purchased my first single family home in what turned out to be a commercial lot one year after we bought it. Took the investment money that we earned from that and bought office building, commercial property, and our first rental property, and then just expanded from there. So for the most part, I've been managing a lot of my own properties, but in the recent years, as I got really good at it, I've had people start to ask me if I could manage for them. So I got a property management license and started managing properties for other investors as well too. So because I have the experience in asset management, then we provide provide a lot of wealth advising, asset management work for our clients and investors, and it's really just kinda grown from there.
00:02:17 · Matt Luke, Peter Lohmann
[00:02:17] S1: Perfect. Yeah. Appreciate it. So I'm born and raised in Sioux Falls, South Dakota. I started investing in real estate when I was about 22 years old. Purchased my first single family home in what turned out to be a commercial lot one year after we bought it. Took the investment money that we earned from that and bought office building, commercial property, and our first rental property, and then just expanded from there. So for the most part, I've been managing a lot of my own properties, but in the recent years, as I got really good at it, I've had people start to ask me if I could manage for them. So I got a property management license and started managing properties for other investors as well too. So because I have the experience in asset management, then we provide provide a lot of wealth advising, asset management work for our clients and investors, and it's really just kinda grown from there. [00:03:10] S0: Okay. And we're definitely... I wanna dive into that asset management angle because I think that's pretty unique. How many of the 350 properties are owned by you or, like, your friends or family?
00:03:10 · Peter Lohmann, Matt Luke
[00:03:10] S0: Okay. And we're definitely... I wanna dive into that asset management angle because I think that's pretty unique. How many of the 350 properties are owned by you or, like, your friends or family? [00:03:21] S1: Right. So roughly half are owned by me. Okay. The other half, we manage third party. I decided years ago that I wanted to manage on our own, And so I got really interested in doing that the way I feel it should be done for my own properties. So then as we were doing it really well for our own properties and making sure we were taking care of our investment the right way, then it felt really good transitioning into helping other people because I knew if I'm doing it for myself, I can do it for other people. [00:03:50] S0: Totally. So the three the 350 units are... Are they all single family rentals? [00:03:55] S1: So right now, they're a combination of single family, multifamily, and commercial. [00:04:00] S0: Okay. Got it. And just approximately, like, what's the mix there? [00:04:06] S1: So about 75% single family. [00:04:09] S0: Okay. [00:04:09] S1: I would say about 25% or excuse me, 70% single family, probably 20% multifamily, and about 10% commercial. [00:04:20] S0: Okay. Cool. Awesome. So... And you... And how long have you been doing, like, the third party management part of it? [00:04:27] S1: So we've been doing that about three years. [00:04:29] S0: Got it. And so you've added about a 100, like, what is that? A 125 doors, 175 doors? Correct.
00:04:29 · Peter Lohmann, Matt Luke
[00:04:29] S0: Got it. And so you've added about a 100, like, what is that? A 125 doors, 175 doors? Correct. [00:04:36] S1: Yeah. We're actually up to... Since I sent you the email, we're right about three sixty now. [00:04:40] S0: Okay. Nice. Awesome. Alright. And so so you make the claim that you're... You got no employees. But when I go on your website, there's a team members there. So share a little bit about what the distinction. [00:04:53] S1: Sure. So I do kinda beef that up a little bit to make it look a little bit like a larger team than it is, but the reality is that other than my wife and my kids who are on there who are more strategic advisers than anything, The rest of the people on the website include my father who owns a commercial construction business. So he helps with any larger projects that we need to to work on. Mhmm. And then I also have two realtors that are independent contractors on the team as well too. Not employees, but they help us with showings. And then if there's any potentials with tenants moving into purchasing a home, then they would take those opportunities as well too.