Question

Tom is taking over management of an apartment complex. He has the number and types of units, rent roll and rental rates, accounts payable, and existing leases. What should he do to create a baseline for the property as of the takeover date?

Answer 1

Tom should gather information about the property, analyze it, compare it to industry benchmarks, and review existing leases and accounts payable to create a baseline for the property as of the takeover date.

Step-by-step explanation:

To create a baseline for the property as of the takeover date, Tom should start by gathering all the necessary information such as the number and types of units, rent roll and rental rates, accounts payable, and existing leases. He should then analyze this data to understand the current financial and operational state of the apartment complex. Tom can compare the rental rates and occupancy levels to industry benchmarks to assess the property's performance. Additionally, he should review the existing leases and accounts payable to determine any outstanding financial obligations.