Patrick Donley (@JPatrickDonley) sits down with Peter Lohmann to talk about how he got his start in real estate and property management. They also dive into key principles for running a successful business including lessons from the E-Myth and Traction. You’ll learn how Peter has niched down to scale up his business, how he allocates his time for maximum ROI, and how to smash limiting beliefs and start thinking bigger in terms of what’s possible for your life and business.Peter is the CEO & principal broker of RL Property Management, a residential property management company located in Columbus Ohio. RL manages over 600 units. Peter also owns a small engineering company also located in Columbus, run by his business partner.*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro.02:01 - Peter’s early start in real estate and property management.04:42 - How he built his company to manage over 600 units with 20 people.04:55 - What it was like leaving his W-2 job.10:12 - What his first real estate investments were like and how they went.15:42 - How he decided on property management as a business venture.18:32 - Why Peter chose a flat fee pricing model.28:45 - How he went about finding clients.29:47 - What he means by niching down to scale up.35:28 - What is the principal/agent problem in real estate and property management.36:52 - Why that transition can be so difficult and what helped Peter make the journey.41:26 - Why the experience you get in your first real estate deals is most important.44:18 - What Peter’s limiting beliefs were and how he overcame them.60:43 - What some of his key takeaways have been from doing his podcast.62:04 - The importance of thinking big.65:30 - How Peter allocates his time for maximum ROI.01:09:57 - Why writing is a superpower.BOOKS AND RESOURCESThe Everything Guide to House Hacking by Robert Leonard.Rich Dad Poor Dad by Robert Kiyosaki.E-Myth by Michael Gerber.Vivid Vision by Cameron Herold.Traction by Gino Wickman.Millionaire Next Door by Thomas Stanley.10X is Easier than 2X by Dan Sullivan.Extreme Ownership by Jocko Willink.Related episode: Listen to REI192: Building an Empire w/ Nick Huber or watch the video.Support our free podcast by supporting our sponsors.NEW TO THE SHOW?Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.Help us understand our audience better so we can create a more intentional user experience by answering this survey!SPONSORSLearn how Principal Financial can help you find the right benefits and retirement plan for your team today.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Shape and flex your home loans how you want with Athena. Join the thousands of Aussies taking control of their mortgage today.Your home might be worth more than you think. Earn extra money today with Airbnb.Learn from the world’s best minds - anytime, anywhere, and at your own pace with Masterclass. Get 15% off an annual membership today.Support your success every step of the way with Shopify. Sign up for a one-dollar-per-month trial period today!Support our free