In this episode, listeners can look forward to hearing about the 30 to 90-day post-close process from Matt Picheny, a managing partner at MJP Property Group. He discusses the importance of establishing a plan for each of the three intervals so that action can be taken as soon as each new step of the acquisition process is finalized. As you will learn from Matt, the post-close process, in fact, starts pre-close, in particular, in the period between due diligence and the deal closing. Matt also gives suggestions for burning off the loss to lease, adding value to a property right away, and he gives examples of how tenants can be eased into higher rates. Tuning in, listeners will also hear how Excel dashboards can be used to stay organized and in step with property managers and Matt explains why attention to detail is a superpower. 

Key Points From This Episode:

  • Hear how many units Matt is invested in and the ratio of active to passive. 
  • Putting together a list of 30, 60, and 90-day goals following the close of a deal. 
  • Looking for immediate add value and burning off the loss to lease as soon as possible. 
  • Things you can do to soften the blow of bringing the rent up to the full market. 
  • Gathering the post-close team in the period between due diligence and the deal closing. 
  • Find out which software and tools Matt uses to keep organized. 
  • Critical pieces on the Excel dashboard that are discussed with proper managers. 
  • Matt’s asset management superpower: laser-focused attention to detail. 

Tweetables:

“I like to put together a list of 30, 60 and 90-day goals that I look to accomplish once I've closed on a property.” — Matt Picheny [0:01:57]

“What I found is those tools are only as good as the input that's going into them. If all of your team members aren't on board and familiar with that software, it doesn't really work very well.” — Matt Picheny [0:07:22]

Links Mentioned in Today’s Episode:

Matt Picheny

Matt Picheny on LinkedIn

Matt Picheny Email

APT Capital Group

APT Capital Group - YouTube Channel

Asana

Apartments.com

Passive Income through Multifamily Real Estate Group on Facebook

Gary Lipsky on Twitter

Kyle Mitchell on Facebook

Terms and Conditions

None of the information provided should not be seen as tax or legal advice or services, please consult a licensed professional.

No Offer of Securities—Disclosure of Interests

Under no circumstances should any material at this site be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any investment. Any such offer or solicitation will be made only by means of the Confidential Private Offering Memorandum relating to the particular investment. Access to information about the investments are limited to investors who either qualify as accredited investors within the meaning of the Securities Act of 1933, as amended, or those investors who generally are sophisticated in financial matters, such that they are capable of evaluating the merits and risks of prospective investments.

Sign up for our newsletter and get your FREE Passive Investors Guide!