April 10, 2022
Joe Fairless

JF2777: The Key to Exceptional Asset Management ft. Brendan Chisholm


 

Before he became a multifamily syndicator, Brendan Chisholm worked for multiple Fortune 500 companies. His previous roles in program management, lender management, operations, and contract negotiation all helped him cultivate the skills needed to excel in asset management. In this episode, Brendan discusses his firm’s latest value-add deals, what the asset management process has been like, and his advice for syndicators who struggle with organization.

 

Heavy Value-Add in Newnan, GA

Brendan’s firm, BKC Holding, LLC, bought a multifamily property in a blue-collar neighborhood outside the Atlanta metro area in February 2021. The original plan was to rent out the renovated units for $1,000, but one year later, they are renting at $1,350, which is 35%–40% above their original projection. Brendan credits both conservative underwriting and sheer luck. Now, he says, the plan is to continue driving top-line revenue and make sure expenses fall in line once the refinance process begins. 

 

His Approach to Asset Management

Brendan has picked up some valuable skills from working in corporate America. He’s extremely organized, is able to put trackers in place, and “takes the bull by the horns” when it comes to developing and executing a business plan with his team members. He maintains regular contact with the construction and operations teams, as well as the regional property manager.

 

Brendan’s Advice for Syndicators

He recommends establishing a big-picture goal first, then working backward and identifying smaller tasks and completing them one at a time, building momentum to reach your ultimate goal. The most important skill he’s developed is organization — if you’re not an organized person, Brendan recommends writing everything down. If you’re unable to do it yourself, find an executive assistant who can help! 

 

Best Ever Lesson

“This is a team sport and the best part about this is everybody has their own strengths. Just go towards those strengths. Double down on your strengths within apartment syndication and then the team will fill in the rest of the way with you. You don’t have to be a jack of all trades to be able to do this.”

 

Brendan Chisholm | Real Estate Background

 

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