How do you do asset management
when it comes to your real

estate syndication or your real
estate investment fund? In this

four part series, we're gonna go
through exactly that. The four

big steps that you take. Now
there is some overlap between

property management and asset
management. But think of it this

way, acid management for the
purposes of these videos, we're

talking about that level above
property management, it's an off

the banging on toilets and
fixing and talking to tenants,

these are the higher level
decision making skills that you

are going to need in order to
run one asset effectively for

your investors are multiple
assets. This is part one of four

different parts. This also is a
blast from the past, it is

videos that I put together for a
high level coaching program. Now

many of the people were very
high level real estate

executives from REITs wanted to
put together their own

syndication or fun, high level
broker. So a lot of them had a

lot of the familiarity with
property management itself. And

so we're talking about the next
level up that level of asset

management and how you'd manage
those, I know you're gonna find

this video helpful.

We're talking about operations,
we're talking about custody. And

in this particular video, we are
going through property analysis

as it relates to that, that
custody. So why are we doing so

let's start there. So as we'll
talk about in all of these

custody videos, we want to set a
baseline in order to measure it

against. Now the purpose of
setting that baseline is so we

know at one point certain how
things were so that we can see

how things have changed. So we
start from a we're going to be

we need to know where we are on
the map in order to get to B. So

in order to get to where we want
to go and take this property to

where we think it belongs, we
need to understand where it is

at one particular point of time,
so that we can measure against

it. Now under property analysis,
there's two different things

that we're really looking at,
we're looking at the physical

property. And we're also looking
at management, and how that

property is being managed. Now
under physical, there's a lot of

things that kind of make sense,
there are things that are very

specific to the whole big
picture of the property. And

those are things like what are
the

what are the dimensions of the
property? How is it constructed?

Is it tilt up? Is it is it all
steel? Is it all wood? You know,

is it all framed? What does it
you know, what does it look

like? And some of this will seem
super obvious, but it's still

critically important to add to
the plan. Because remember,

you're setting a baseline you
want it to be a thorough

baseline. So you want which also
should gather up all plans all

as built any blueprints, and or
any floor plans. And really

build a stacking plan in order
to make sure that we have it all

in one place. Again, we're
setting that baseline so that

whenever anything goes we have a
go to source in order to be the

the record of the property. We
have. We want to gather up all

the surveys, the primarily the
Alta surveys that were done for

the property. I want to
understand what the frontage is

are like I want to understand
what access what ingress what

egress looks like you know is
there a parking is there a

stoplight right there at the
exit of of it or not? Because

that's going to that may change
over time, maybe one will be

added maybe one will be taken
away. And I want to understand

that so I can measure how things
are changing. And so I can

identify potential changes that
I'd like to make down the road.

Perhaps ingress was working
perfectly before when there

wasn't a stoplight and now
suddenly, there's a stoplight in

the end grass just isn't working
quite right. I need to know that

so that when I'm planning, okay,
maybe I'd like to change how the

building is out of the parking
lot people come in that I know,

okay, it worked really well when
we didn't have that stoplight,

so maybe I'd like to see it look
a little bit differently. I'd

like to understand what my
parking situation is like.

Parking is always critical in a
commercial building. And I want

to understand, well, if I've got
this many parking spaces, and

it's set up in this particular
manner, perhaps if I staggered

them, maybe I'll get a little
bit better parking, or maybe

I'll get a little bit worse, and
maybe it'll flow better, maybe

it'll flow worse, I want to
understand it. Want to know what

the zoning is like?

And what restrictions are put on
the property as to they can

change over time. And I want to
know what sort of easements

there are. And I want to know
all these things, as we said, to

make changes in the future, but
also set that baseline so that I

have a source of record, where
if ever there's a question, I

know where it needs to where I
can go to find it, sometimes

you'll find out oh, is you'll
have a use where a tenant asked

you if a particular use is
available, if it can fit within

the current zoning. And if you
do have to go look it up, it can

be problematic, if you doesn't
show that you know, the building

well. Whereas if it's in your
book, and it's in your source of

truth, now you've got it all in
one nice place. Other things

that relate to the building,
too, isn't necessarily just, you

know, the big picture of the
building, but those smaller

pictures, you know, what
improvements have been made? And

like, how are the systems done?
Like your age back? Your

plumbing? What are those? Like,
when were they last done? What

how new? Are they? How old? Are
they? What about the elevators?

Do they currently have the right
certificate? Or do they need to

be updated? Are they at
capacity? Are they going to need

work? How about your fire
suppression system? Is that up

to code? Or is it is it need
work so that when suddenly you

have a new tenant, that's a
restaurant tenant that needs

additional fire suppression,
that suddenly now you're going

to have to make a substantial
upgrade? Be nice to know that

ahead of time? And then also,
you know, where are the where

are you at on all of your
warranties on all of those

systems? So like the roof
warranty is a perfect example.

Where am I at on my roof
warranty? Because I know I've a

roof has maybe 20 years of life
so that I know what what's

coming. And then if I need to
use that warranty immediately,

I've got it at my disposal. And
related to that is management.

And I say related to that,
because when something goes

wrong, who's the person that
actually knows about those

things, who's the person who
needs to be contacted? So we

need to understand the roles of
the management. And here we're

talking about property
management. What are the job

descriptions?

What is the communication plan?

A lot of times you'll have a
structure where there is a

property manager and there will
be a facilities manager

and the facilities manager
manager may have janitorial

underneath them. So what is the
plan? When janitorial notices

something? Are they supposed to
go directly to the facilities

manager? What if it's a very
important thing, and then the

facilities manager reports that
up to the property manager,

maybe the janitorial goes
directly up to the property

manager with all those things.
It's possible. It's all just

it's not that there's one
particular right way to do it.

It's making sure that you
understand it and that you've

documented it accordingly. What
are those policies and

procedures How do you deal with
the slipping foul? How do you

deal with a new tenant coming in
or giving over? Over vacancy?

How do you deal with, with build
outs or complaints or service

requests? What are those those
policies? And lastly, because

most because your investor is
not interested in you making

money as the property manager,
should you be the property

manager, the investor isn't
doesn't have an interest in that

what they have an interest in,
oops is in the agreement that

the entity of the property
manager has with the owner of

the asset, you know, what fees
are getting paid. And this can

be you or this cannot be you.
And I should put that in, make

that clear on when we're talking
about these analyses, this

property analysis, it may not be
done by you, if you're not the

property manager, maybe you
don't need to have this done by

yourself. But you should expect
this is done by your property

manager. These are very
important things in order to set

that baseline so that you can
manage it properly or habit

manage properly and make smart
decisions going forward. So

that's a high level view of
asset management or the first

part of assets management for
this series of videos part one

of four talking about the
property analysis that needs to

take place. Now, why do we do
this? Again, it sets that

benchmark and identifies issues.
As we'll see in later videos,

we'll take that same information
and move it along so that

ultimately you make better
decisions when it comes to what

I call the custody part of being
a syndicator or investment fund

manager. My name is Tilden
Moschetti. I am a syndication

attorney for the Moschetti
Syndication Law Group. If we can

help you put together your
syndication your investment

fund, we'd be happy to talk with
you. Not only do we take care of

the legal side of things to keep
you in compliance with the SEC,

and state regulators, but we're
also there as experts in how to

do syndication investment funds,
and we're happy to help share

our expertise and our knowledge
to make sure that you are successful.