The Phone Call That Came With 100+ Apartments

Over the years, I’ve managed just about every kind of property you can imagine.

I got my start with single-family homes, two-family properties, and small multi-family rentals. As our business grew and we took on more investment clients, we eventually found ourselves managing some pretty large apartment complexes.

Those properties came with their own staffs, their own systems, and—as I quickly learned—their own whole new level of property management.

And yes, I have stories.

But today’s story starts with a phone call.

The Deal That Didn't Go According to Plan

A longtime client of ours was involved in a real estate transaction where his plan was essentially to “turn the property” at closing.

He was purchasing a 100+ unit apartment complex and had a buyer lined up to purchase it from him.

Simple enough, right?

Well...

His purchase went through.

His sale did not.

Suddenly, my client was the proud new owner of a 100+ unit HUD-based apartment complex that he had absolutely never intended to own.

And then my phone rang.

Grab a Notebook. We're Going for a Ride.

I grabbed my business partner, a notebook, and a pen, and we drove about an hour to see exactly what we had gotten ourselves into.

As we walked up the sidewalk toward the property, we passed one of the staff members leaving.

She was carrying a plant.

Not boxes.

Not office supplies.

A plant.

Apparently, she had grabbed what was near and dear to her and was getting out of there.

I remember thinking...

Well, this should be interesting.

And let me be perfectly clear: at that point in my career, I had never managed a HUD-based apartment complex.

I had no idea what was waiting for us.

Welcome to HUD Property Management

Tenant waiting lists.

Income requirements.

Income calculations.

Reporting.

Documentation.

And then more documentation for the documentation.

There was an entirely different set of rules and requirements that we needed to learn—and learn quickly.

So that's exactly what we did.

We asked questions.

We researched.

We figured things out.

We learned—a LOT.

And what started as an unexpected phone call turned into us managing that property successfully for many years.

Sometimes You Just Figure It Out

Looking back, I think moments like this are a big part of why our business grew.

It wasn't because we already knew how to handle every situation that came our way.

We didn't.

It was because we were willing to figure it out.

I woke up that morning having absolutely no idea that before the day was over, my priorities would completely change because one client's real estate deal hadn't gone according to plan.

But my client knew he could call us.

He knew we'd show up.

He knew we'd grab the notebook and start asking questions.

And he knew we'd figure out what needed to happen next.

I think that's why he felt comfortable making that phone call in the first place.

After more than four decades in property management, I've learned that sometimes experience isn't about already knowing every answer.

Sometimes experience is knowing that you'll find the answer.

And sometimes...

it starts with a phone call, a 100+ unit apartment complex you weren't expecting to manage, and a woman walking down the sidewalk carrying her plant.

Nope.

Page for the Book: The One With the 100+ Apartments and the Plant

And this is exactly why, after all these years, I still find myself saying:

You seriously cannot make this shit up.