Episode #48: Breaking Down His Latest Acquisition with Kyle Mitchell

Welcome to the Asset Management Mastery Podcast. This show focuses on educating syndicators and apartment owners on how to build systems and manage their properties more efficiently to become best-in-class operators. In today’s show, Gary interviews Kyle about their most recent acquisition in Tucson to take listeners behind the scenes on how they look at markets, opportunities, and executing a business plan. The interview starts with Kyle sharing the merits of the Tucson market and why he and Gary decided to broaden their focus from Phoenix to include it. From there, Kyle gets into some of the factors that he thinks about before scooping up a new deal. After that, we hear about the business plan Kyle and Gary have come up with for their new property, the timeline of its execution, and the different ways it will make their recent acquisition as successful and lucrative as possible. Wrapping up, Kyle shares some of the biggest challenges about the deal so far before telling listeners all about this asset management superpower. Tune in today!Key Points From This Episode:Why Kyle Likes the Tucson market so much; high job diversity and value ad opportunities.Key factors about the new deal that lead Kyle and Gary to purchase it.The quality of operational efficiencies Kyle and Gary look for in a new property.An opportunity to raise the capped rents due in the new property.Key things Kyle is focusing on for the next six months of the business plan.How Kyle is communicating with tenants and investors in the next few months.Savings that are being made in the business plan in four different ways.Challenges faced and how they are being overcome in the new property.Why Kyle’s asset management superpower is attention to detail.Tweetables:“One of the things we look for in a new property are operational inefficiencies.” — @aptcapitalgroup [0:03:35]“It’s really important to get out of the gate running, and if you wait until you close before executing your business plan, you’re going to come out of the gate slowly walking, if that.” — @aptcapitalgroup [0:05:04]“I’m a very detail-oriented person and I like to catch the smallest stuff, and I think that helps us in our overall business plan execution.” — @aptcapitalgroup [0:10:42]Links Mentioned in Today’s Episode:Free Call with Kyle or LalitaKyle Mitchell on LinkedInGary Lipsky on LinkedInGary Lipsky on TwitterRedIQGarzella Group