You Bought 300 Properties. What Exactly Did You Inherit?

Buying a rent roll is exciting. After months of conversations, due diligence, finance, contracts and settlement planning, there is a real sense of achievement when the deal is finally done. The congratulations are shared, the announcement goes out, and suddenly you own another 300 managements.

But in my experience, the real work starts after settlement. Along with the recurring income, you may also inherit 180 open maintenance jobs, 45 overdue routine inspections, 20 leases expiring next month, 12 vacant properties, a few anxious landlords, a tired team, and property notes that only make sense to the person who wrote them.

That does not mean you have bought a bad rent roll. It simply means you have bought a living, breathing operation with history attached to it. Every management comes with relationships, promises, habits, old decisions, half-finished tasks and a story. Some of that…