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

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estate syndication or your real
estate investment fund? In this

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

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

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property management and asset
management. But think of it this

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

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

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the banging on toilets and
fixing and talking to tenants,

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these are the higher level
decision making skills that you

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

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

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

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

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many of the people were very
high level real estate

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executives from REITs wanted to
put together their own

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

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lot of the familiarity with
property management itself. And

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

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

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this video helpful.

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

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in this particular video, we are
going through property analysis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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specific to the whole big
picture of the property. And

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those are things like what are
the

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

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

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

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

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critically important to add to
the plan. Because remember,

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

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

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

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

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

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

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

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

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the property. I want to
understand what the frontage is

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are like I want to understand
what access what ingress what

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

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

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

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

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

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

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Perhaps ingress was working
perfectly before when there

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

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

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

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

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

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

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like to understand what my
parking situation is like.

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

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

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

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

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

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

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the zoning is like?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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additional fire suppression,
that suddenly now you're going

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

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

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

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

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

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

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

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

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And I say related to that,
because when something goes

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

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

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

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talking about property
management. What are the job

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descriptions?

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What is the communication plan?

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

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property manager and there will
be a facilities manager

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and the facilities manager
manager may have janitorial

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

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something? Are they supposed to
go directly to the facilities

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

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facilities manager reports that
up to the property manager,

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maybe the janitorial goes
directly up to the property

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

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

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

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documented it accordingly. What
are those policies and

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

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

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

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

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most because your investor is
not interested in you making

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money as the property manager,
should you be the property

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

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

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the entity of the property
manager has with the owner of

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

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

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

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

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

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

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manager. These are very
important things in order to set

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that baseline so that you can
manage it properly or habit

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manage properly and make smart
decisions going forward. So

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

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part of assets management for
this series of videos part one

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of four talking about the
property analysis that needs to

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

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

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

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ultimately you make better
decisions when it comes to what

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

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

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attorney for the Moschetti
Syndication Law Group. If we can

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help you put together your
syndication your investment

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

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

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

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

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