The Tony Stephan Show · Episode #024

My Client Just Bought a 6 Unit Small Multifamily Apartment: Here's What I Taught Him

With Tony Stephan · July 28, 2026 · 18 min

One of Tony's coaching clients just bought his first 6 unit, and Tony and Andrea recently held his in person coaching day. In this video, Tony brings in Andrea, whom he calls his chief operator, to share what they taught him about taking over a deal.

The first 30 days matter most. Leases transfer with the sale, so learn the previous owner's lease, get everyone into your property management software, make sure rent is paid on time and get to know the building through the inspection report and your team. Even a 6 unit needs a boots on the ground team, part time is fine.

Andrea explains why discrepancies between the rent roll and what residents say are normal and how to resolve them with the other broker. Residents will test a new owner, so the key is not to get emotional and to run everything off the lease. They expect up to half the residents to leave, discuss the client's mix of month to month and twelve month leases, and share how they worked through their 56 unit one building at a time. The last lesson: this is not HGTV. Value comes from NOI, through things like preferred parking, utility bill backs, pet fees and late fees.

Watch the full episode · Watch on YouTube

Key takeaways

1. Leases transfer with the sale. In the first 30 days, learn them, load everyone into your software and get rent paid on time.
2. Every property needs a team, even a 6 unit. Part time help for maintenance and leasing is enough to start.
3. Expect discrepancies after closing. Stay calm, ask for proof, and work it out through your broker and the seller's broker.
4. Do not get emotional. Conflict avoided is conflict multiplied; run everything off the lease.
5. Month to month leases let you act quickly, but everyone could give notice at once. Pick the lease mix that fits your plan.
6. Skip the showroom upgrades. Preferred parking, utility bill backs, pet fees and late fees raise NOI for little cost.

Chapters

1. 0:00 Client Buys His First 6 Unit
2. 1:30 The First 30 Days After Closing
3. 2:42 Managing From Out of State
4. 3:43 Building Your Team
5. 4:27 Problems After Taking Over
6. 5:39 Handling Difficult Tenants
7. 6:06 Don't Let Emotions Cost You Money
8. 8:03 Will Tenants Move Out After You Buy?
9. 9:15 Why the First Deal Is the Hardest
10. 9:58 Month to Month vs Long Term Leases
11. 11:00 Auditing the Rent Roll
12. 12:16 Working Through a Property Without Overwhelm
13. 14:19 Stop Over Renovating
14. 15:32 Simple Ways to Increase NOI
15. 17:34 Run It Like a Business

FAQ

What should a new owner do in the first 30 days?

Andrea says to learn the previous owner's lease agreements, since they transfer with the sale, get every resident into your property management software, make sure everyone pays on time and get to know the building, using the inspection report and your team if you are out of state.

What if residents say the rent roll is wrong?

Andrea says it happens on almost every takeover and is rarely intentional; long time owners keep loose records. Keep communicating with the brokers after closing, and ask residents for proof if they say they already paid.

Will residents move out when a new owner takes over?

Some will, often long term residents who liked lax rules. Tony and Andrea plan for up to half to leave. On their 100 unit, they turned over nearly the entire rent roll in the first year.

Are month to month leases always better?

Not always. They let you make changes right away, but everyone could give notice at the same time. Andrea says it depends on the owner's plan and how much capital they want to put in; this client had three month to month and three twelve month leases.

How do you raise NOI without big renovations?

For this client: preferred parking with inexpensive parking tags, billing back utilities, charging pet fees because there were pets despite the no pet policy, and late fees. Tony says their 56 unit gained millions in equity without changing a countertop.

Taking Over a First 6 Unit: What Tony Taught His Client

After the closing

One of Tony's coaching clients just bought his first 6 unit. Tony and Andrea recently held his in person coaching day, and in this video they share the lessons. Closing is exciting, Tony says, "but then the work begins." They joke that they do not smile at the closing table; they smile at the refinance.

The first 30 days

Andrea starts with the takeover. Leases go with the sale, so you have to follow the previous owner's lease agreements. Learn them. Get every resident into your property management software. Make sure everyone pays on the first, or whenever rent is due. And get to know the building beyond the few visits you made during the inspection.

What if you are out of state? Then your team gets to know it for you, and you study the inspection report. Even a 6 unit needs a boots on the ground team, Andrea says. It does not have to be a full time handyman, but someone has to maintain the property. When she took over their first 87 units, they used part time people. "Real estate is a team sport," Tony says. They teach clients to be business owners, not landlords.

Discrepancies and residents who test you

After closing, what residents say often does not match the rent roll. Andrea says 99.9% of the time it is not intentional; long time owners keep loose records, and residents say different things. On this deal, residents said they never paid a rent that was on the lease. She kept talking with the other agent after closing and asked residents for proof.

Tony adds that residents will test a new owner, with claims like being promised new appliances or having prepaid the year. The lesson they spent much of the four hours on: do not be emotional. "What you resist will persist, and conflict avoided is conflict multiplied." This is a business, and you operate off the lease. If the old lease has no late fees or pet fees, that is what you live with until residents move to your lease or leave.

Will everyone move out?

No, Andrea says, but some will, often the long term residents who liked the lax rules. They plan for up to half to leave. On their 100 unit, they turned over nearly the entire rent roll in the first year. Tony reminds viewers that the first deal is the hardest and usually has the worst terms, and mistakes happen even with coaching. On one of their early deals they nearly lost a large sum because they did not know about phase one and phase two environmental reports.

Lease mix and the rent roll

This client has three residents on month to month leases and three on twelve month leases. Month to month means either side can give 30 days notice; a twelve month lease cannot be changed until it ends. They audited the rent roll together and decided how much to raise the below market month to month units.

Is month to month always better? Not necessarily. If everyone in a 10 unit is month to month, all ten could give notice at once. It depends on the owner's plan and how much capital they want to put in.

For their 56 unit, bought for $5 million with every resident on month to month, Andrea and one assistant worked through it one eight unit building at a time. Most units needed only easy turns. They did the same with two 8 units.

This is not HGTV

Clients often want to renovate like it is their own home. "This is not HGTV," Tony says. At the 56 unit, they did not change a single countertop, yet it was priced at $7.1 million, and they pulled a million dollars out. Focus on exterior improvements and deferred maintenance, then raise NOI.

For this client, that means preferred parking using inexpensive parking tags, billing back utilities, pet fees since there were pets despite the no pet policy, and late fees. Some fees are also about encouraging good resident behavior. Tony's closing advice: whether you buy a 6, 10 or 12 unit, run it like a big management company, because at a 6% cap rate every dollar of NOI left on the table is about $16 of value.

Transcript

0:00 Our client just bought his first six unit small multifamily apartment. We just did his in person coaching day and set him up for success. We want to teach you some of the key talking points from his coaching day to help you when you're ready to buy your first deal. So the money's made in the management and operations. I have my chief operator here. So first thing we did was talk about takeover strategy. I think everyone's big anxiety and fear when they buy a deal is it's all fun and games. It's very exciting. The closing is very exciting. Like go pop some champagne after congrats. But then the work begins. That's why we always joke like we don't really smile when we buy a deal. We smile at like the refinance. We're selling a deal Thursday. I'm going to smile I'm going to smile a lot. Real big. Right. But takeover strategy. Let's talk about first 30 days being critical. What do they need to know watching this?

0:45 What did we teach our client? So the first 30 days it's really getting to know the lease agreements. The leases go with the sale of the property. So you have to follow the lease with when the property sells. So getting to know the previous owner's lease agreement is very important. Another thing is whatever property management software you're using, making sure everyone's in there. Making sure that everyone pays on the first or whatever date your payments are due, that they pay that first in that first 30 days. That's really important. And get to know your building. You did the inspection, but you might have only gone there like two three times. What Yeah, so what if they're out of state and they can't go get to know their building? Well, you're sending your team. And there's ways to know your building. Again, you're really like dissecting your inspection report. So you really just again get And we're speaking on this client in specifically.

1:31 He's in the state that he purchased in. But if they're not, that's a big thing that trips a lot of people up. And I'm really glad you said that. I would love for you to expand upon that. A lot of people struggle cuz they're like, I'm in California. I can't go buy a six unit in California with $200,000, right? How do I do this out of state if I can't go get to know my property? You said, my team. But Andrea, I bought a six unit. I can't afford a team. What do you mean? Yeah, so you're still going have some form of team. It doesn't have to be a full-time handyman, but no matter what, you have to have somebody who's maintaining the property and taking care of the property. So, you can find that anywhere, right? Whether you're in the state, out of the state that you're investing in, you have to have somebody that's maintaining the property. So, that's your team. A lot of See, that's what a lot of people don't understand.

2:17 Like, when we got started, when you took over our portfolio of 87 units, we didn't pay full-time people. You used part-time people. And that's what we say You call it your boots on the ground team. It's one of the big things we work with our clients on is doesn't matter if you're in state, out of state, whatever, is developing a team. Real estate is a team sport. We don't have time to get into all of that, like, how to go find a leasing professional, how to go find a handyman. That Like, that's coaching. That's what we do in the coaching program, but you can do this. You need a team you're building. Remember, real estate is a business We teach our clients to be business owners, not landlords, right? Right. A landlord deals with the tenants, termites, and toilets. A business owner operates a business. Now, a big thing two people freak with is there's discrepancies from closing to when they get in there. How do you help them overcome that? Yeah, so this is going to happen, I promise you.

3:05 So, nobody Well, I shouldn't say nobody, but I would say 99.9% of people are not trying to do this on purpose. It's a combination, right? It's a combination depending on if they've owned it for a long time, how they keep the records, and also, too, what the tenants tell them. So, in this situation, you know, it was in a lease agreement in a rent roll what the rents were, but the tenants were like, "I never paid that." So, or I already paid the owner that rent. So, that's where having a good paid for the year. So, that's where having a good broker on both sides, or you can't control the broker is on the other side, but that's why like having a good broker on your side, I kept good communication with that agent the entire time. So, after closing, we were asking those questions.

3:51 Hey, like, "They're saying they paid this rent, was there an issue with the lease agreement? And then giving that information back. I already paid that rent. No, we didn't collect that rent. So, again, just going back and saying, nobody has that rent that you said you paid. So, you know, you either need to show us proof that you paid that and so on and so forth. We hate to say it like this, but tenants will play games and they will try to test the new owner, right? They're trying to test, are you an amateur landlord or are you a business owner? We've heard it all, we've seen it all. Everything from I was promised brand new stainless steel appliances to I've already paid for the year ahead. It's staying calm, cool, collected, understanding that they're going to try to test you. But, the next point we put here and that we really taught our client on it is don't be emotional. He wasn't emotional, but he was very much like I don't want to come across as a hard A S.

4:40 I don't want to be a D I C K. This is business, okay? And if you treat it like a hobby, it will get ran like a like a hobby. Write these two phrases down. What you resist will persist and conflict avoided is conflict multiplied. He had a bit of apprehension of like, how do I confront these clients that are saying these things? How do I confront these tenants that are saying, well, I should be paying this when the landlord's paying this. And that's the beautiful thing about in a business, you truly just operate off of the contract or the leases. So, it was really I think we spent a good chunk of the 4 hours that we met with him helping him dichotomize this isn't personal, these aren't your friends. If you make it personal, it will get personal, but treat it like a business. How Two How did you overcome that when we had 87 tenants and you were like the direct report to that?

5:33 And how do you help clients overcome there who may be listening this that are going to struggle cuz they're going to be like, well, I feel bad or I'm going to get emotional with it. Yeah, I think it's exactly your point is just following the contract and understanding this is one thing that I understood, but until I went through it really clicked of they're on that previous landlord's lease agreement, whether it's for 30 days or it's a whole year. So, there's really there isn't anything I can do about it. So, if they don't have late fees, if they don't have pet fees, if they don't have any repercussions in there that you would have in there, it is what it is. And those tenants most likely are going to move out if they're lax if the previous landlord was very lax. And just being okay with that, "Hey, in x amount of days, they're going to move out or they're going to turn around cuz they're going to see I'm taking care of things and want to stay." and then they're going to be on my lease.

6:28 But just being okay with what's happening until I can change it. A lot of people are afraid of mass accidents. In your experience managing over almost 400 units at this point at different times, do they all move out or do they tend to stay? No, they don't all move out. I mean, again, there are some that move out, but again, you want also want to be collecting data of why they're moving out. I would say nine times out of 10 with like you're going to get that in the beginning, the people that just kind of like sneak out, right? It's kind of their opportunity, but it really doesn't happen as often as you think. I would say it's more with the very long-term tenants that I've seen move out because they don't want like somebody like the rules and regulations and things like they could get away with something, right?

7:14 Yeah, they knew it was very lax before and now things are tightening up. So, that's part of it. We always expect 50% of the of the occupancy to move out. So, that means if you have 10 units, five are going to move out. We took over 100 unit and how many moved out in the first year? By way of eviction, move out, whatever. Yeah, I mean, we turned almost that entire rent roll. So. So, you understand that means 100 people, right? We've turned at one time or another. So, it's part of it. You know, a big part that I put on here, too, is that we reminded him on that we want to remind you of. The first deal is the hardest. The first deal is always the worst deal. Meaning like you're going to get the worst terms. You're going to get the worst lending. You're going to You're going to make mistakes. Even if you work with us, there's going to be mistakes that are made, right? But you learn and get better. Now, you work with someone like us, we help you avoid the big mistakes. Like our first deal, remember we almost lost $70,000 because we didn't know what a phase one environmental survey was and a phase two.

8:07 Oh, actually it was $100,000, right? But understanding like it only gets better and easier from here and don't run these worst-case scenarios. I think a lot of people run these worst-case scenarios. 10 people I own a six-unit six people are going to move out. I'm No one's going to ever come in here. I'm not going to be able to lease. I'm not going to be like It's just really not the case. Yeah, no, that's not going to happen and that's what we like went over with like the renewal strategy. So, like for him specifically, there's three that are month-to-month and three on a longer-term lease. So, real quick, explain what does month-to-month versus long-term lease mean? So, month-to-month is that they just have to give a 30-day notice and they can vacate the property or you can serve them a 30-day notice to put them on your lease or serve them a 30-day notice that you do not want to put them on a lease.

8:57 Then a long-term lease is this one for example was a 12-month lease. So, they had a 12-month lease signed. So, those three that had the 12-month lease signed, there's nothing you can do with them. They're on that lease for 12 months. The month-to-month, that's where the strategy came in of discussing where the tenants are at, if they're paying because also too again without getting too much into it with non-payment, what type of notices you're serving. Again, this just gives the example of do you want to renew this tenant or not because they're not paying. So, strategies like that. So, a big thing you did we did with him is we audited the rent roll, right? Which we you do before you buy, but now you're taking over. 50% were month to month. We helped him decide how much to increase those rents because they're very below market rent.

9:43 Below. He has three people on leases. When you're on leases, there's nothing you can do. So, is it fair to say when people when our when our audience here is reviewing deals, they're looking ideally for month-to-month leases. So, if I have a six-unit that has a full one-year lease signed with everybody or a six-unit with all month-to-month leases, I would prefer to buy the month-to-month cuz I can make changes immediately. Yeah, I mean again, it's all based on your strategy too because like we discussed like he didn't he doesn't really want to turn multiple units at a time. So, that's another thing you have to think about if you have a month if everyone in that 10-unit is month-to-month, they technically it could all serve a 30-day that they're not that they're going to vacate and have 10 vacant. So, I've had that freak people out just as much on the opposite end of saying I can't do renewals.

10:31 So again, that's where you really have like what we help with our clients like really dissect what they want. Like if they're like "I don't want to put a lot of capital in." Well, then you should not be looking at something that's fully month-to-month cuz that is just a possibility. Really good. Really good. So, it's really understanding the client's goals. So, understanding the rent roll. Taking one piece at a time. We have bought 56 units that we've documented on this channel. We paid $5 million for it. Priced for $7.1 million. We pulled a million dollars out. They were all month-to-month. They were. Yes. How did you systematically and you did that? It was you and one assistant rip through that property. How did you decide and how do they decide okay, let's say the whole building's month-to-month. How do I systematically work through this to where it's not overwhelming? I don't put a bunch of money in it cuz that's really what we preach is in the small multifamily BRRRR method, you can grab on 20 bucks on Amazon or free digital download.

11:23 Click the link in the description to learn more about what we're talking about here. This is the BRRRR method. Buy, rehab, improve it, but we say lightly improve it, rent it up, refinance it so you can the process. We don't do We don't We when we buy buildings, we never want to sink a ton of CapEx into it. Or I'm sorry, improvement costs into it. How do you do that if everyone's month-to-month? How do you systematically work through that? Yeah, so for the 56 unit, what we did is there's there was a buildings. They're all connected, but eight units per building. So we just did one building at a time. So another thing though again during our due diligence, as we were walking the units, I mean of course there was a handful that were like they had lived there for so long. We're like this would have to be not a complete remodel, but a heavier turn than just your standard turn.

12:11 But all the I'd say like 95% of the units were a very easy turn. So with that building in particular, we didn't really have anything to worry about because again we budgeted if people move out, these are not very heavy turns. We did it with an eight unit, too. We bought two eight units. They were all month-to-month leases as well. Oh, wow. Same thing. We went through when we did our walk-through, we're like they're not going to be that heavy of turns regardless, so we were okay doing it all at one time. So again that goes back to why it's so valuable to have either like mentors or like a group of people that you're discussing this with because those are just things people don't think about. 100%. Everybody when they work with us or start working with us, they're like, "Okay, I'm going to buy eight units. I'm going to have to put 20 grand into these eight units each unit to burr it to rehab it." We don't do that.

13:01 Yeah. No, I mean you should you shouldn't be doing that unless you're in like some class A area that I don't know. I In where our market is and clients we've worked with that are out of in a different market, we've never come across that they're putting that money into it unless they're doing these crazy updates that you don't need. You don't need. Remember, this is not HGTV. You don't get paid because there's quartz countertops, which brings me to my last point that we really went over with them. Because every client does that, right? They're like, "But I like to have this in my home and I want to I want to redo all this." It doesn't matter. It goes by the NOI. All that matters is you boost the NOI. So, like our 56-unit that we bought for 5 million and priced for 7.1 million, how much quartz countertops did you put in that? We haven't done any countertops there.

13:46 Zero. Zero countertops were changed, but we created $2.1 million in equity. We gained multi-millions of dollars of equity because of NOI. So, a big thing we preach is focus on exterior improvements, focus on deferred maintenance, but then boost NOI. So, what were a couple quick NOI boosters you gave to our client that new clients watching this or new members, new just friends on YouTube watching this understand to do. Okay, I don't have to do crazy renovations or upgrades, but I got to boost NOI. How do you we boost NOI? Yeah, so we talked about his parking situation. So, there's not a very big lot over there. So, some preferred parking we talked about over there. Very easy to do that, very inexpensive, just buying some parking tags on Amazon and going through that process.

14:36 Utilities, I think if I remember right, there was maybe two, but definitely just one utility in their name. So, utility bill back. Significant. A lot of people push back on that. They're like, "You can bill back all utilities?" It's very commonplace in apartment investing and operating in 2026. Every Like 5 years ago, we didn't see it as much. Now, everybody's starting to do it. Yeah. Yeah, definitely. So, utilities, they said that they were not a pet-friendly building, but there were pets there. So, pet fees, just again, like the landlord was not doing like late fees or anything like that. So, there was just so many opportunities that again, once they're fully on his lease agreement, that there's multiple ways to improve. It's not just rent growth. Everyone thinks like, "Okay, rent growth." Rent growth is a big part of it.

15:24 Like if you watch all my other videos we always say number of units multiplied by rent growth. But it's the ancillary income. Something else we talk about in the book ancillary income. I mean getting creative right? I think people get caught up on there like they're going to just see like it's so much money. You have to remember like you're also not like some of the fees are you're not doing it to always just like collect on that. You're also getting it to for them to like be good tenants right? So that's another thing. How are they going to all sudden go that but if you go to any like tour an apartment this is very common place in the bigger management companies. Yeah so we are taking what's working at a high level we're implementing it in our couple hundred unit portfolio and we're giving it to you.

16:11 Big piece of advice is whether you're buying a six unit 10 unit 12 unit run it like you're running a big management company. Right there's values in the inefficiencies and you know a dollar on a 6% cap rate of NOI left on the table is $16 in valuation. That's how Andrew and I have killed it with multifamily that's how we've done seven cash out refinances six of those 100% is the strategy. So that is what we taught our client on how to take over a deal. That is what we would teach you if we were coaching you on how to take over a deal. So what did you think of today's episode? I brought the chief operator back in here cuz you guys are always telling me you want management operations. So what did you think of today's episode? Did you like it love it hate it? Let us know in the comment section. We make these videos to help you so if we don't hear your feedback we don't know what more to make. If you enjoyed this and you're like dude I want to get in this game I don't want to play the game alone.

17:00 I want these strategies that you guys are talking about. First link in the description here is for our mentorship program. It's a very boutique hands-on. You get someone who acquires deals with the debt deals with the financing. You get someone who's a real estate broker. You get someone who is a manager operator. Right we've done it all. We've done every piece of the management tree. We've probably done pieces too long, right? Should have outsourced sooner, but we've done truly every piece of it. So, if you want our boutique hands-on help helping you buy your first small multifamily apartment deal, click the link in the description to apply for the multifamily mentorship program. If you have a couple hundred thousand dollars ready to invest, you're a high-income earner, it's a no-brainer decision. Until next time, thank you so much for being here. We'll talk soon. Thanks.

Topics: Coaching Day, Property Management, First Deal, Out of State

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    With Tony Stephan · May 27, 2025 · 19 min
    A clean 14 unit with upside for a first time buyer: Tony adds up fees, bill backs and savings worth about $714,000 of value.
19. Episode #006: How These New Real Estate Investors Bought 23 Multifamily Units In 1 Year
    With Hugo and Joe, coaching and Stephan Group clients from California · May 25, 2025 · 15 min
    A 12 unit in April, 11 more under contract with 5.5% seller financing a month later: Hugo and Joe are not slowing down.
20. Episode #005: I Can't Believe This Apartment Is Only $1M! Multifamily Deal Analysis
    With Tony Stephan · May 11, 2025 · 33 min
    An 18 unit collecting a fraction of its market rent: a big problem with big upside, underwritten for a coaching client.
21. Episode #004: Buying A 9 Unit Apartment With 5.5% Seller Financing
    With Keith, mentorship and Stephan Group client, roofing business owner · May 4, 2025 · 32 min
    Keith and his wife Angela skipped single family and bought a 9 unit in Clarkston with seller financing at 5.5%.
22. Episode #003: Buying A 12 Unit Apartment For $1.5M? Multifamily Deal Analysis
    With Jerome, coaching client trading single family rentals into multifamily · April 29, 2025 · 54 min
    An off market 12 unit with a very light P&L, and the creative ways Tony adds NOI beyond raising rent.
23. Episode #002: Buying A 12 Unit Apartment For $800K? Multifamily Deal Analysis
    With Shelby, coaching client, first multifamily deal search · April 16, 2025 · 57 min
    Tony underwrites a 12 unit his coaching client found on LoopNet, line by line, and shows where the value is hiding in the fees.
24. Episode #001: How This Out of State Investor Bought His First 12 Unit Multifamily Apartment
    With Hugo, mentorship and Stephan Group client, W2 worker from Los Angeles · April 13, 2025 · 27 min
    Hugo bought a Metro Detroit duplex he has never seen in person, raised the rents in year one, then traded it for a 12 unit.

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