Today it is my pleasure to have Lance Peterson on the show. He has quite a unique platform in real estate since he comes from a background in technology. Because of both of those passions, he also has his own software for investors called Marko. We talk about what he does as admin for a real estate administration as well as who his typical clients are. 

Minute Markers:

01:14 - Who is Lance? What does he do and what is his background?

03:12 - Who are Lance’s typical clients?

06:14 - What capital do you have in the administration?

06:58 - In-house versus Outsource funding

10:50 - Lance’s software, Marko

15:00 - The difference between administering funds versus syndications

17:54 - The annual audit process

22:00 - Lance’s best practices

26:00 - Thank you for listening to the Big Mike Fund Podcast

Quotes

“Humans come in wholes. You can’t buy fractions of humans; it doesn’t work very well.” - Lance, on hiring additional headcount.

“It’s a lot of work to get a rubber stamp that says that you have good financials.” - Mike, on annual audits.

“Third-party administrators like Redwood [Real Estate Administration] saves you a lot of time and are well-organized. [...] It’s a time saver and a money saver to work with an organization like that.” - Mike, on annual audits

Resources:

Lance Pederson, LinkedIn

Redwood Real Estate Administration, Website

Audible, website

Capital Attraction: The Small Balance Real Estate Entrepreneur's Essential Guide to Raising Capital by Matthew Burke, Amazon