Going through a property’s monthly reports might not be the most glamorous syndication related activity, but it is incredibly important. You need to inspect each report with a fine-tooth comb to ensure that all of the numbers are correct. Today, Kyle Mitchell, co-host of this show, is in the hot seat, answering questions about monthly reporting. In this episode, Kyle talks about the new company he and Gary are launching and what they’ll be working on. He then takes us through his process of reviewing monthly reports, highlighting some of the common areas where he sees mistakes. From double changes to accidental fees, it’s easy for property management companies with a large clientele to make mistakes. Kyle stresses the importance of going into the ledger rather than looking at the summary report. Along with this, we also talk about tax expensing in your budget, being a signer on your bank account, and more. Be sure to tune in today!
Key Points From This Episode:
- Learn more about Kyle and the new project he’s going to be launching with Gary.
- Find out more about the process of reviewing the monthly reporting of a property.
- Three of the most common mistakes Kyle typically sees with monthly reporting.
- Why it’s important to go into the ledger and not only look at the summary report.
- Two monthly report expenses sponsors typically forget when underwriting a property.
- Banking and property ownership: Who has access and types of accounts.
- Kyle’s asset management superpower and where you can find him.
“As asset managers, you got to dig in a little bit deeper and peel back the onion a bit.” — Kyle Mitchell [0:02:38]
“It’s important to really dig into these reports and take a look.” — Kyle Mitchell [0:04:41]
“I just love the details. The devil is in the details.” — Kyle Mitchell [0:14:43]
Links Mentioned in Today’s Episode: