How a $35k House Led to a 1,000-Home Property Management Business
“Pete Neubig started buying real estate to rent and eventually fell into owning a property management company to manage his large portfolio of single-family homes,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “He amassed over 1000 homes and eventually sold his property management company for $4.6M. Pete takes us though his sales process and shares tips on selling his business.”
Pete Neubig started his entrepreneurial journey by buying $35,000 houses with small down payments. After amassing 60 homes, he realized there was more money in managing properties for others.
Pete shifted focus to building a property management company, handling maintenance and rent collection for over 1,000 homes, and eventually sold the business for $4.6 million, or 1.75 times recurring revenue, to an industry giant. In this episode, you’ll discover how to:
- Create SOPs even if you hate processes.
- Cap your downside in an earn-out.
- Get more cash up front when selling your business.
- Avoid the pitfalls of accepting stock as payment.