On a recent episode of On The Move, Dustin sat down with Michael Webberley, multifamily syndicator and asset manager based in Nashville, Tennessee. While many conversations in commercial real estate focus on acquisitions and raising capital, this discussion shifted the spotlight to what happens after closing—the day-to-day work of executing a business plan and creating value.
Drawing from his experience overseeing approximately 300 units across North Carolina, Michael shared how he entered the multifamily industry, the systems his team uses to manage assets remotely, and why successful asset management often comes down to consistent communication and attention to detail.
An Unconventional Path into Multifamily
Like many professionals entering commercial real estate, Michael didn’t begin his career in acquisitions or finance.
He previously worked in information technology for a real estate developer specializing in Low-Income Housing Tax Credit (LIHTC) properties. His role focused on technology implementation and project management across dozens of apartment communities, giving him a behind-the-scenes look at how large multifamily portfolios operate.
That exposure sparked a realization: apartment communities weren’t owned exclusively by institutional investors. Individuals and smaller investment groups were successfully acquiring and operating these assets as well.
Motivated to learn more, Michael joined a local multifamily mastermind in Nashville. His first year was spent underwriting deals and learning the acquisition process before eventually connecting with experienced operators who needed additional help managing renovation projects and executing business plans.
Over time, his responsibilities naturally evolved into full-time asset management.
Learning Through Experience
Looking back, Michael admits there’s a significant difference between learning multifamily investing in theory and actually operating properties.
While underwriting is an important skill, he believes true education begins once an asset is acquired and operators are responsible for executing the business plan.
As his team expanded, they gradually assumed responsibility for renovation oversight, due diligence, and ongoing asset management while their partners focused on acquisitions and investor relations.
It reinforced an important lesson for anyone entering the industry:
Every successful multifamily business depends on specialized roles working together.
Managing Properties from Hundreds of Miles Away
Although Michael lives in Nashville, his portfolio is located in North Carolina.
Managing properties remotely requires structure, discipline, and strong communication with third-party property management companies.
His team follows a consistent operating rhythm:
- Weekly property performance reports reviewing leasing, collections, occupancy, and operational metrics.
- Standing meetings with property management every Thursday to discuss outstanding issues and progress.
- Quarterly property visits to inspect assets, meet onsite teams, evaluate contractors, and verify that execution aligns with expectations.
Rather than relying solely on reports, Michael believes seeing the property firsthand remains essential.
Walking units, touring the grounds, and meeting staff often reveals opportunities or issues that numbers alone can’t capture.
Looking Beyond Occupancy
One of the operational metrics Michael watches most closely is leasing conversion.
It’s not enough to simply generate leads.
His team monitors each stage of the leasing funnel:
- Lead generation
- Property tours
- Applications submitted
- Applications approved
- Actual move-ins
If prospects are completing applications but failing to move in, something within the leasing process deserves attention.
Similarly, Dustin shared an example from Momentum’s own portfolio where declining leasing performance wasn’t caused by pricing or marketing—it was the presentation of the model apartment and leasing experience itself.
Small operational details often produce meaningful financial results.
When Due Diligence Changes the Business Plan
One of the most valuable parts of the conversation centered around a property in Durham, North Carolina.
Initially acquired as a traditional value-add opportunity, the investment strategy changed dramatically during due diligence.
Michael’s team noticed repeated ceiling repairs throughout the property.
Further investigation revealed aging polybutylene plumbing—a material known to fail over time and cause significant water damage.
Instead of simply executing cosmetic renovations, the business plan shifted toward proactively replacing the plumbing infrastructure to reduce long-term operational risk.
The experience reinforced why thorough due diligence extends far beyond reviewing financial statements.
Physical inspections often uncover issues capable of reshaping an investment strategy entirely.
Asset Management Is More Than Renovations
While renovations are often the most visible component of a value-add strategy, Michael emphasized that successful asset management is really about consistent execution.
That means monitoring property performance, communicating regularly with onsite teams, responding quickly when problems emerge, and making informed operational decisions that support long-term ownership goals.
The objective isn’t simply completing renovations.
It’s ensuring every aspect of the property continues moving in the right direction.
Final Thoughts
Multifamily investing doesn’t end when the acquisition closes.
In many ways, that’s when the real work begins.
Michael Webberley’s journey demonstrates that successful operators create value through disciplined asset management, thoughtful due diligence, and consistent oversight long after the excitement of closing day has passed.
For investors, it’s a reminder that evaluating a sponsor involves more than understanding their acquisition strategy.
It’s equally important to understand how they manage assets, communicate with property managers, and execute their business plans over the life of an investment.
As Dustin and Michael discussed throughout the episode, great deals are created not only by buying well—but by managing well.