It’s been a while since my last journaling, as you know, I’m over here closing deals, helping my team raise money for more deals, and constantly meeting new investors.
I’m always trying to learn and grow.
A few things have happened since the last time I wrote!
I took over a new apartment complex and had to fire my property management company after vetting a new company, then rehire all over again.
Take over day goes something like this-if you’re prepared, your apartment manager already knows it’s coming and they have their systems in place for closing/physical takeover day.
What happens, if you coordinate really well, is that while you are enclosing your apartment management team and Reno crew is already on-site, getting keys from the seller and talking to the Reno crew about planning month-to-month for renovations.
Once you have funded and closed-if you are able to be on-site that day- you show up and confirm at leader what we are doing as a team. Your apartment manager will handout take-over letters to each resident, letting them know how to contact us, how to pay us moving forward (we use resman and go all digital) and what the procedures are for late fees, evictions etc.
The staff gets the keys for the complex (I do not keep them on site unless they are in a locked office) and they do all kinds of things like swap out door locks, fire people living on-site living for free, collecting rent.
Another thought, I was offered to have the local gal who will be in my office live on-site to keep an eye on the partying, drinking etc that needs to die down till we have on-site cameras etc. but a rule of thumb for me is to never do this.
Think about how humans are, if the manager were to date a tenant and break up; think how vengeful some people are. Also if there was an altercation and a restraining order was filed against my staff we would be shit up a creek. I always put it this way “if you live on-site the residents will never ever leave you alone. They won’t respect your time; they won’t let you have a day to yourself to enjoy your family without complaining about something or asking for something. It’s in your best interest”.
I would rather pay the staff a little more than waste a units rent plus deal with those complications. We are still dealing with getting access for the new managers to bank accounts, swapping over DBA information, utilities, trade debt, etc but we are mostly there.
I’ll be honest about this. The new team with Class A management has been stellar. They have scaled appropriately. Instead of a manager taking 6% gross rent plus a bonus if the property were at 100% occupancy, and not having our computers, Resman, and all bills switched over properly; they take 5%, have everything ready to move in with a massive wave to go. In house accountant, software, website development, online defense for reviews, and pretty much anything I need taken care of, they do. Here’s the kick ass-ier part. They DO NO CALL me unless its urgent or there is info they need right away to take care of getting money flowing properly in and out of the business.
It has been a HUGE relief to finally be running a b-type business that self-manages if I’m not around for 3 weeks. This was the entire point in getting into multifamily for me.
Also, in the meantime, I have started a Podcast called “#1 Leading ladies”. I have interviewed 2 ladies and will be working on getting those published soon here. The podcast has an audience of anyone wanting to listen to ladies who are leaders in their industries, and the REAL story of their struggles on the way to success. This shit isn’t easy, it’s hard. You need those around you who understand the pains of growing a business and support you in doing so. I am changing the face of Multifamily to be a women-facing business. There aren’t enough Leaders in the commercial space as Principles. Also it’s important for me to impact lives of people who are going through self-doubt or aren’t sure they can become leaders. If I can do it, you can do it!
Any topics or interviews you want to hear please just drop a line to firstname.lastname@example.org
Today, I canceled my morning counseling appointment to take a longer run, and to be able to journal before. I’m working on taking a little me time every day. I haven’t been, so this is why I’ve been sick the entire month of June. It’s hard for me to do, but I must! I will be in Mexico July 4-8th and NOT ON MY PHONE AT ALL. Wish me LUCK!
And I look forward to changing lives!
Do you want to learn more about past and future apartment projects? Email me and im happy to share!