Keys to Multifamily Asset Management for Investors
And then when you’re meeting with them, are there certain documents you would want to see from the manager?
Yeah, I always want to see what kind of reports they’re going to be giving us. A lot of the software I’m very familiar with. So if they just tell me that they use like Rent Manager software or AppFolio, we also use Buildium. We also use one called OneSite. So I’m pretty familiar with the report. So if they tell me the types of report or the software that they have, I may not even ask them to see the reports, but I am going to ask them how often do they actually give their owners the reports. An you should be getting the reports once a month. If it’s a software I’m not familiar with, then I’m absolutely going to ask them for an example of a profit and loss statement. Some people call it a T12. So the T12, right? Is a trailing twelve. So it’s the trailing twelve months. I want the trailing twelve. I want a balance sheet and I want a cash flow report and a rent role. So those are the main four that I want to see to start with, to see that the software cannactually provide me with the data that I need to look at to make sure the property is performing.