Update SREOs: (Schedule of Real Estate Owned) Have your broker do an updated valuation analysis on your property(s) to see approximately what it's worth.
This is nice to get a handle on market conditions, see what type of progress you are making in terms of increasing value and will also be valuable to any of your SDIRA investors who need to provide an updated valuation to their custodian.
Ensure CPA all information for K-1s: Make sure you have all the required information to be able to get K-1s not just on time but early.
Communicate frequently with your CPA to ensure this is being put together on time.
If someone invested in your deal with a single member LLC, you will need their social security number in addition to their EIN.
I have a good CPA who's done thousands of syndication returns if you need one.
Re-bid Insurance and Contracted Services: One method of boosting NOI is to control expenses and costs change from time to time.
It’s best to get 3 bids on items such as landscaping, security, insurance and more just to ensure you are keeping up with the market and taking advantage of the best pricing.
Make sure you aren’t picking the lowest just because it's the lowest, but because it's the best value and you aren’t sacrificing anything.
Pro-forma Analysis: Look at your initial underwriting and compare it to how the property is actually performing. Are you hitting your rent projections?
Did you renovate as many units as you wanted to?
Why or why not? Are you getting the appropriate amount of additional income for your property wifi, tech packages, patio extensions, etc…?
Re-forecast as needed to account for the forward curve and rate cap escrow requirements if applicable.
This can help you make a data driven decision whether or not refinance or otherwise pivot in your business plan.
Talk to other syndicators who are executing a similar business plan with a similar property and exchange ideas and numbers.
Conference Calendar Planning: Take a look at upcoming conferences and events that you might be interested in attending and book them into your calendar.
Flights tend to be cheaper, the earlier you buy them.
Review Your Marketing Plan and Get Organized: Where did all of your marketing dollars go last year and how effective were they?
Basically divide the number of investors who have invested with you by the number of dollars you invested in marketing/conferences to get your CPA or cost per acquisition.
You can do the same with a number of investors added to your database to make some forward projections and give you an additional reference point.
Turn up stuff that works, turn off stuff that doesn’t, allocate 5% of your budget to try something new. Look at all of the systems you use and identify how they can be consolidated.
It’s best to stick with maybe 2 or 3 easily measurable channels rather than spread your marketing dollars around 20 different channels.
What else do you like to do? Feel free to hit me up if you would like to bounce ideas or numbers off of me.