5 questions for Miranda Patti
Miranda is a real state investor, property manager, holds an MBA, and recently joined Stake as director of customer success. As part of our ongoing series, we got a chance to ask her five questions.
What was your first rental?
My very first rental was on North Broad Street in Philadelphia.
If you had Return on Rent then, what would you have saved for?
Xylem Projects is a mission-driven company focused on creating environments that help tenants and communities thrive. I was inspired to start Xylem because I think there's much more we can do as developers and owners to facilitate economic and social mobility while making sound investments.
In 240 characters, what do you do at Stake?
My advice to any Mayoral candidate is that you have to balance vision with a rigorous focus on the nuts and bolts of running a large, complex institution. Being Mayor is a political job but as Mayor you are also CEO of an organization that millions of people rely on. It also helps if you don't need sleep!
You have rental communities you own, give three tips to new investors who are looking to buy a rental property.
I am passionate about networking and sharing ideas with new investors. Early on, this is how I learned the ropes and something I still do to this day. I am always learning new bits of advice. My top three would be:
- Dive in solo. Avoid the temptation to invest with friends. It can sound like a great idea at first, but every seasoned investor I have ever met has noted how this often results in a bad deal for all. With that being said, I think it's beneficial to invest alongside friends so you can bounce ideas around and learn from each other. Networking has been the single most effective tool for managing my portfolio well. If you can find yourself a mentor, even better. I wouldn't be where I am today without mine.
- Get your hands dirty. With the exception of electrical or plumbing work, I always recommend learning how to do everything from painting parking lot lines and resurfacing the floor to personally managing your listings and financials. If you want to make the most of your ROI, do-it-yourself projects will keep costs lower than paying a professional and the added bonus is that you will always be learning something new.
- Do it with heart or not at all. When you invest in rental property, you are investing in the community and residents that live there. Take good care of the property, make improvements when you're able to, and treat your renters well. Just another reason why I love Stake... it is a winning tool for everyone.
We give a welcome gift to our new resident members when they move in. They can choose between Chewy, The Sill, Upwork, and Doordash. What would you pick and why?
I have two immensely spoiled fur babies who would be upset at my answer (they vote Chewy). However, without a doubt, I would pick The Sill! I have an affinity for plants and my home is never green enough!