Controller, Whitestone Reit
Search every verified Michael Ly interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a December 2021 video, Michael Ly, Controller at Whitestone Reit, co-presented a multifamily acquisition checklist focused on property takeover and operations. Ly advised that after closing, the first step is to send the recorded deed or bill of sale to the property management company to facilitate utility transfers. He recommended providing the management company with email addresses for receiving key performance indicators and occupancy snapshots, and noted that RPM uses AppFolio for an owner portal. Ly also emphasized arranging an on-site takeover meeting with the seller and management company on the closing day. He suggested setting up a KPI spreadsheet tracker using Google Sheets for accessibility, and obtaining an itemized rent roll, security deposit list, utility account numbers, delinquency reports, and credit detail reports for residents. During operations, Ly recommended sending periodic thank-you cards and gifts to on-site staff, making periodic phone calls to encourage them, and visiting the property as needed.
“So the first thing you want to do is send over the recorded deed and or the bill of sale over to the property manager company — that allows the property management company to transfer all the utilities and other things like that over into your new name.”
“You also want to provide the property management company with an email address or email addresses of everybody you want to receive your KPIs and your occupancy snapshot as well as anywhere you want to include it on the owner portal.”
“Additionally you want to make sure that you arrange for takeover between the seller and the property management company — make sure that somebody's there on site, what time, what day they're going to meet there.”
“Once that money is wired across you also wanna make sure that you set up a KPI spreadsheet tracker and send that to this property management company — I recommend Google Sheets for this just so everybody has ease of access.”
Multifamily Acquisition Checklist Part 11 - Property Takeover & Operations In this video, Suzy & Michael discuss everything you ...
Sign in to search the full transcript archive, filter by topic, and access every quote from Michael Ly.