Summary: What’s it really like when the Kitti Sisters take on a new multifamily investing challenge? We’re taking you backstage of our newly acquired $77 million deal today! Learn what the exciting process is like – from start to finish – and how you can have your own passive income investing debut!
Do you ever find yourself doing things out of FOMO (fear of missing out)?
Well tribe, we have done it again!!
The Kitti Sisters have officially signed off on a $77 million multifamily apartment deal, as of June 30, 2023. 🎉
We are BEYOND excited to take off (with our amazing team and rockstar investors) on another multifamily adventure! 🤓🤓
We can’t get enough of the action – taking over a huge apartment complex and turning it into continuous passive income and big returns.
While some might see this as a terrifying undertaking, we actually see it as a smooth, intricate, beautiful dance – one that we’ve been learning and refining for years now.
Let’s call it… the Multifamily Takeover Tango!
Honestly we just looove the passion and drama of this particular dance style.
Precise yet graceful steps, expressive movement, and juuuust the right amount of drama.
Yep…that’s our vibe alright!
From planning out the perfect strategy, to finding the perfect dance partners – we’re sharing a step-by-step guide of what it’s like during a real multifamily apartment takeover.
The best part is, you don’t have to be just an audience member for this performance. We’ll tell you how you can jump out of the auditorium and onto the stage… zero dance experience is required. 😉😉
Here’s our stepsheet for today:
- The process of finding the perfect dance partner – AKA property management team
- Multifamily investing takes patience and practice to settle into the right rhythm
- Our 8-count dance to a successful multifamily apartment takeover
- How you can leap onto the stage and dance towards your own financial freedom
The process of finding the perfect dance partner – AKA property management team
So, there we were, signing off on our next big adventure in the form of a $77 million dollar apartment complex. The excitement is always real in this stage of the dance, but we immediately found ourselves with a familiar, important decision to make.
Who will we choose as our trusted partners this time around?
We’re talking, of course, about the property management team. This is a huge decision to make as soon as a new property is under contract. It can feel juuust as important as picking the right dance partner for a big performance…it’s kind of a make or break situation.
At the start of each multifamily apartment investing deal, we have 3 main options to choose from, before we can go any further ⏬:
- Stick with the property management team we worked with last time.
- Keep the current on-site management team for the property, but also bring in a few people we know and trust to lead the way.
- Create a brand new property management team.
Each of these options has worked well for us in the past – depending on the unique needs of different properties.
➡️ For this deal, we went with option #2, and decided to keep the on-site team involved.
We brought in some key leaders (sort of like rehearsal directors) but kept the team that already knew what’s up with the property, the tenants, and everything in between.
This time around, there was a highly renowned national multifamily property management team trying to cut in as our chosen partner.
Clearly, they had seen us “dance” before and were big fans. But in the end, we stuck with our gut, knowledge, and proven track record when making this big decision.
Sticking with the current property management team for the property was the right choice for this deal, and gave us the confidence to move forward with the right partners by our side. 😍 😍
Multifamily investing takes patience and practice to settle into the right rhythm
In any type of dance performance, choreography needs to be learned, practiced, and then enhanced by the dancers.
At the heart of multifamily apartment investing, it’s pretty much the same – building repeatable patterns can lead to long-term success and growth.
Of course, we like to add our own Kitti Sisters flare into our process, and combined with knowledge and experience, it has really paid off for us over the years. ⭐
So, we have created a sort of step-sheet for our multifamily apartment deals that helps us smoothly execute the choreography needed for ultimate investment success.
We take familiar steps each time, while feeling out the unique rhythm, cadence, and new dancers for each apartment complex.
We have to say that this takeover really was extremely smooth – because of our rehearsed steps and solid team.
At first, we had to wait and wait for the lender to approve the loan assumption, and be ready to move as soon as we got the green light. It felt like we had to stay warmed up in the wings, without knowing exactly when we were going on stage. Once that curtain opened, we had to be completely ready to leap across the stage.
In 🏢 multifamily investing terms, we had to be ready to sign documents and start loading information into the right software.
The leaping analogy sounds muuuch more exciting…we know. 😆😆
But this was a big deal! We were off and running, sticking to our proven method for multifamily property ownership transfers. Working with the existing property management team was truly the best decision for us, and our team executed all the steps flawlessly.
And the best part is, once the rental income started hitting our bank accounts, it was like sweet, sweet applause echoing through a huge auditorium.
Now, keep in mind that not every multifamily deal goes off without a hitch. Sometimes there are unexpected twists and turns, and being able to stay on our toes is a skill we’ve had to learn from past experiences.
The point is to always learn from stumbles, knowing that practice may not make perfection, but it absolutely does make progress. 🙌
Our 8-count dance to a successful multifamily apartment takeover
Every dancer knows and loves a good 8-count, so let’s count this out together, shall we?
1️⃣ Kickoff meeting – Gather everyone involved as soon as the property purchase is confirmed. It’s very important to get on the same page, talk about goals, and address any concerns right away.
2️⃣ Tenant notification – Reach out to current tenants and help them with the transition process. Include where to send rent, who to contact for maintenance, and any other changes they should know about.
3️⃣ Lease assumption – Make sure all leases are transferred to the new owners.
4️⃣ Operational changes – New owners can make new rules. Just be sure to document every change clearly.
5️⃣ Financial transition – Transfer all bills and utilities into a new name, and make sure all bank accounts needed are set up.
6️⃣ Staff meeting – Schedule check-ins along the way to keep everything running smoothly for all the key players.
7️⃣ Maintenance audit – Keep tabs on any necessary repairs or renovations ahead, and stay on top of daily maintenance tasks.
8️⃣ Performance metrics – These are all the important numbers to stay informed of – things like occupancy rates, tenant turnover, maintenance and rent costs, etc. Set up key performance indicators with your property management team.
Aaaand there you have it, the 1-2-3-4-5-6-7-8 counts to a successful multifamily apartment takeover! 💋
This 8-count has become totally ingrained in us with practice and experience, but we also value the ability to adapt, add new steps, or spruce up the choreography when needed.
For our latest $77 million apartment complex, the KPIs have been solid, giving us total confidence in our choices and technique. We love a tango, but this multifamily deal has us also doing a happy little jig everytime we think about it. 🤗
How you can leap onto the stage and dance towards your own financial freedom
Now that you’ve seen how we operate, let’s talk about how YOU can get involved. As much as we love watching a dance performance, it’s much more rewarding to have a role in the show, don’t you think?
At least, it is when passive income and low-risk, high-yield returns are involved!
So, check it out. To get involved, you don’t have to take on the leading role – no time-consuming rehearsals, risk of injuries, or choreography to learn. You can leave allllll of that to us.
Instead, you can join the show as a passive investor, getting all the benefits of multifamily apartment investing, with none of the sweat or effort. If that sounds like your kind of role, we would LOVE to hear from you!
Learn more about becoming a multifamily apartment passive investor with the Kitti Sisters!
We’ll help you every step of the way, and by the time you go to take your final bow, you’ll be feeling pretty darn good about your financial future.
Let’s put it this way…
Instead of gathering roses off the stage, you’re taking home actual cash, and lots of it. 💸👌
Comments +