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My first real estate job was typing 340 names into a portal

I'm changing careers and had exactly nothing to offer anybody, so when a small fund manager at a meetup mentioned he needed help moving his investor records off spreadsheets and into an actual portal, I said I'd do it. Six weeks, part time, paid badly. Best six weeks of education I've had.

The spreadsheet had 340 rows. It was not 340 investors.

There were people entered twice under a personal name and a trust name. There was a married couple counted as one row in one deal and two rows in another, with different email addresses. There were fourteen rows with no phone number at all. There were three people whose entire contact record was a first name and a Gmail address, and the manager could tell me exactly who each one was from memory, including one guy's dog's name, but there was no version of that anywhere except in his head.

The one that stopped me was a row with a note in the comments column that just said deceased, ask Michael. Dated 2021. Nobody named Michael worked there anymore.

By the end I could tell which deals had gone well by how complete the records were. The good ones had everything. The one that had struggled had missing fields all the way down, like everyone stopped writing things down at the same time.

I don't have a deal. I don't have money to put in a deal. But I now know what 340 investors actually looks like when you have to touch every one of them.

17 replies

The completeness thing tracks with property management too. Show me a building's tenant files and I can tell you which years the owner was paying attention. Blank fields cluster around the bad periods every single time.

@girder for a small sponsor that's completely normal. I've been analyzing rather than doing for about a year and the thing that surprised me most reading about this side is how many operations are three people and a shared inbox.

The records are the business, and nobody says that out loud. This post did more for my understanding than the last four podcasts, and I've been reading for six months without closing anything.

If I'm the investor in row 212 with a first name and a Gmail address, what actually goes wrong for me? Genuine question. Does it matter to me or only to them?

@meridian it matters when something changes. Wire instructions, a capital call, a distribution that bounces. If the only record of who you are is in one guy's memory and that guy is on a plane, you're waiting.

Reminds me of inheriting a renovation with no permit history. Everything's fine until the first inspection and then you're paying to rediscover what somebody already knew.

340 investors in a small fund sounds like a lot of relationships for three people. I keep thinking about the rural side where the whole investor base might be twenty people who all know each other.

Ember, what did the migration actually involve? Like was it typing, or did the portal import the spreadsheet and you cleaned up after? Trying to understand what the work is before I get curious enough to go looking for some.

Asking the thing I'd be embarrassed to ask in person: what is an investor portal? Is it just a website where you log in and see your money, or does it do something?

@compass roughly that, plus document storage, so your subscription agreement and your tax documents live in one place instead of in an email from 2022. Some handle distributions and reporting too. The value is mostly that there's one authoritative record instead of four versions in different inboxes.

I put mine on one after a bad year with a BCC list and I'd do it again on day one next time.

The detail I believe most is the manager knowing the dog's name. Every operator I know has three investors they'd recognize by voice and 200 they couldn't pick out of a lineup, and the 200 are the ones who reinvest if you handle them right.