Not Just A Property Management Company; Also A Mentor.
At the basis of any capitalist economy is the idea that some will succeed while others will fail. But to really make the most of this arrangement, those who do figure it out need to find a way to export what they’ve learned for the betterment of the entire industry and system as a whole. Nexus Property Management® has quickly become the leader in residential + commercial property management in Southern New England and are expanding nationally as well. From day one their vision has revolved around sharing what they’ve learned to establish themselves as The Property Management Authority™. Most essential to this success is creating a mutually beneficial relationship with property owners where Nexus is dedicated to advising clients on how best to optimize real estate portfolios. In an effort to share how beneficial it can be to work with a property manager like Nexus™, we offer the Nex-cess™ story of Jesse Mayo.
Jesse Mayo of Falmouth, Massachusetts is one of those clients who’d had his eyes set on real estate for some time. In a different setting he may have gone at it alone and learned from his mistakes along the way, but instead he discovered Nexus™. Jesse is one of those hard working people who would succeed one way or another; but because he did his research and lived within range of a Nexus location, he didn’t have to exhaust his time with that learning curve. What Jesse, and so many forward thinking young investors are looking for, is a mentor. A group of professionals that can provide guidance to increase efficiency and maximize value. Jesse found that mentor in Nexus Pawtucket office General Manager Greg Rice.
Jesse is originally from California and has always had an affinity toward the mountains and snowboarding so attending college in Colorado made a lot of sense. At Western Colorado State he met Sarah and in time the two were married and living in Sarah’s hometown on Cape Cod. Life in New England presented the opportunity to open and manage a couple businesses and comfortably raise children. However, as many of us know, kids can be expensive; especially when those college years roll around. Although their kids are still young and more focused on Little League than bachelor’s degrees, it’s never too early to start planning.
During Jesse’s time on the slopes and in business, he’d repeatedly run into people who seemed to be doing really well financially, but never seemed to be doing all that much work. After some asking around, the answer was pretty simple: real estate investment.
“I’d been interested in real estate for a long time...I just never knew how to break in.” Now was the time to start doing some research. After perusing many articles and dedicating time to real estate podcasts he eventually stumbled upon a Nexus Property Management® blog which in turn led him to the company’s website. The website was “exactly what I was looking for.” Nexus™ was the perfect fit for someone enthusiastic and ready to invest.
After meeting and talking with Greg, Jesse committed to buying a 5 unit building in Woonsocket, Rhode Island that conveniently was already under Nexus™ management. There was one vacant unit and Nexus’ leasing agent, Mik Zhukavets, was able to place a tenant very quickly at $150 more per month than expected. In the next year or so, several big issues would arise that can be incredibly daunting for new homeowners: eviction, water heater replacement, coin op on-site laundry installation...and with Nexus™ in his corner Jesse had the confidence to spend money where necessary without losing his focus on long term profits. Jesse explained, “I’d read a bunch of articles about people making a bunch of mistakes their first year...that wasn’t my experience. I just followed Greg’s advice.” At 42, Jesse is far from old, but he did share that he appreciated working with a team of younger people who had so much experience to draw from. Nexus™ is not a real estate company made up of second career retirees looking to make some fast cash. His only regret: not starting a relationship with Nexus™ earlier.
Jesse now owns 3 separate buildings under Nexus™ management. He admits that while working at his current workplace, surrounded by snowboarding gear that defined so much of his early years, he is constantly thinking about houses. With Nexus’ guidance, Jesse is now proficient and confident in the world of refinancing commercial real estate. His goal is to add 3 more houses a year! With Nexus™ in his corner and the profits he’s pulling in from his investments, this lofty goal is 100% realistic. What started out as a financial plan to help prepare for family expenses has blossomed into a second career that requires minimal effort due to his working with a property manager. When asked if he’d continue acquiring properties once he felt college would be paid for, Jesse responded:
“It’s so easy not to stop. I can’t believe someone didn’t come up with this business model earlier...help people find good deals and then help them find good people...it’s worked so well for me that maybe I’ll purchase a Nexus franchise down the road. Maybe back in Colorado.”
Changing Industry Expectations:
Nexus Property Management® always has their eye on the long term. At the heart of their efforts is creating a win-win for owners and tenants alike and to ultimately improve living standards for entire communities. But the opportunity to change lives for families like Jesse’s has a ceiling based on general ignorance regarding just how valuable a property manager can be. While the vast majority of Americans entrust their investments in mutual funds and securities to a financial advisor, Do-It-Yourself is still the norm when it comes to real estate. Through sharing successful stories like that of Jesse Mayo, it is Nexus’ hope to slowly rewrite this narrative.
Mick Lefort is the Vice President of Operations for Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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