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.
“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: