Mon, 22 February 2021
In real estate school, they teach you that the money is made when you buy. But that just isn’t true for apartment buildings. Yes, you have to buy right. But in the multifamily space, the money is made in the execution of your plan to increase revenue and reduce expenses. And the asset manager is responsible for making sure that happens.
Daniel Simpson serves as Asset Manager at Nighthawk Equity, the investing arm of The Michael Blank organization. He has nearly 30 years of experience in multifamily, residential and commercial property management, developing an expertise in strategic business forecasting, budget allocation, complex data analysis and property financials. Daniel has an impressive track record of acquiring, renovating and repositioning C-class value-add properties in as little as 18 months.
On this episode of Apartment Building Investing, Daniel joins me to share his hands-on approach to asset management, describing what he does on his monthly site visits and how he helps property managers optimize revenue and reduce expenses. He walks us through the metrics he uses to identify property management issues and explains why all problems come down to people. Listen in for Daniel’s insight on the limited role property managers should play in construction projects and learn when you should consider hiring a full-time asset manager!
Daniel’s insight on the fundamentals of asset management
How often Daniel meets with property managers
When to take a hands-on approach with property managers
Daniel’s take on why all problems come down to people
What metrics Daniel watches closely as an asset manager
How to identify problems with property management
Daniel’s process for optimizing a multifamily business
How Daniel thinks about managing expenses
What Daniel does on his monthly site visits to a property
Why property managers should not handle construction
The role a property manager should play in construction
What an average syndicator can do if they can’t afford a GC
When it’s time to hire an asset manager for your business
Connect with Daniel Simpson