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August 5, 2020

Learning From the Cashflow King, with Jim Murray

Episode 189:

Jim “Jimmy” Murray is a Millennial House Hacker turned corporate dropout by the age of 28. Jimmy co-owns Lyon Property Management with 600 doors under management and is an active investor in the Rhode Island market. Jimmy’s primary focus are 2-3 unit multi-family flips. He also co-hosts a podcast called The Cashflow Kings.

What you’ll learn about in this episode:

  • How Jimmy got started in real estate through house hacking before experiencing several aspects of real estate and moving into managing residential multifamily properties
  • Why it’s important to find a property manager that shares your mindset and fits your investment needs and goals
  • How Jimmy and his team are focused on Rhode Island but are also moving into the emerging market of Massachusetts
  • Why Jimmy and his team are transitioning more toward assets they own and manage rather than just managing for others
  • How the global pandemic outbreak has impacted Lyon Property Management, and how the team are working with tenants who are struggling to pay
  • Why solid communication with tenants, owners and even new clients has been a critical component of weathering the pandemic and its challenges
  • Jimmy shares how having good mentors impacted his business and taught him how to best work with tenants without being too soft
  • Why being strategic can help you continue to grow your business and identify new opportunities, even in uncertain times
  • Why during this incredibly challenging time, you have to “stick with it”, take action, and review your goals periodically

Resources:

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