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In a perfect world, we could syndicate a multifamily property and then sit back and wait for the checks to roll in. But in the real world, we must oversee the apartment buildings we’ve purchased and make sure they perform according to plan. What all is involved in asset management? What is the best way to communicate with investors? And how does your property manager’s competence impact the amount of work that falls to you?

Drew Kniffin is the President of Nighthawk Equity, a firm committed to helping real estate investors achieve financial freedom through practical education and high-quality multifamily investment opportunities. Drew became an ‘accidental landlord’ in 2008 when he was unable to sell his condo and rented it instead. But it wasn’t until 2015 that Drew shifted his focus to small apartment buildings. Eight months and three deals later, he was able to quit his job and pursue real estate full-time. Now, Drew helps manage a 1K-unit portfolio through Nighthawk, and he also serves as a mentor with The Michael Blank organization.

Today, Drew joins me to share his definition of asset management and explain the syndicator’s role in finding problems to solve during the acquisition process. He describes the significance of a good property manager, discussing how to gauge if a property manager is the right fit, what you should expect from a property manager, and how replace a property manager if necessary. Drew also covers reporting, offering insight around the level of detail to expect from your property manager as well as the key performance indicators a syndicator should monitor. Listen in for Drew’s advice on communicating with investors and learn what aspects of asset management can be outsourced as you scale!

Key Takeaways

Drew’s definition of asset management

What to look for in the acquisition process

How to find a good property manager

What makes for a great property manager

The reasonable expectations for a property manager

The fundamentals of reporting

How to determine if a property manager is not the right fit

The key performance indicators to monitor

  1. Net occupancy
  2. Punch list items
  3. Actual vs. budget

How to keep a property manager honest

Drew’s advice on replacing a property manager

The fundamentals of investor relations

How to communicate with investors when things go wrong

The value in uniformity of reporting as you scale

How syndicators should spend their time

  1. Raising money
  2. Finding deals
  3. Operations/systems

The asset management tasks that VAs can do

Connect with Drew

Nighthawk Equity

Drew at Michael Blank Mentorship


Drew Kniffin on ABI EP027

The Financial Freedom Summit

The Michael Blank Deal Desk

Google Sheets




Invest with Michael

Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate—Even Without Experience or Cash by Michael Blank

Michael’s Website

Michael’s Live Training Webinars

Michael’s Coaching Program

Podcast Show Notes

Review the Podcast on iTunes

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