Michael Ly on closing logistics
From Property Takeover & Operations - Multifamily Acquisition Checklist Part 11 · · The Adventures of a Real Estate Investor
“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.”
On , Michael Ly, Controller at WHITESTONE REIT, spoke about closing logistics during Property Takeover & Operations - Multifamily Acquisition Checklist Part 11 on The Adventures of a Real Estate Investor.
About Michael Ly
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.