Author Archives: VessiK

Why a “conservative” number in multifamily underwriting quietly becomes the riskiest assumption in the deal. A 75% break-even occupancy often gets labeled as conservative. The label is comforting. The label is also misleading. Break-even occupancy answers a real question in multifamily underwriting: how much revenue can a property lose, through vacancy, concessions, or rent decline, […]

The right question is not how much you have already committed. [If you missed my last pop-up live event on How Smart LPs Kill Deals In 5 Minutes, you can catch the replay here.] When a capital call notice lands, most LPs ask the wrong question first. The notice usually arrives with a tone of […]

[If you missed my last pop-up live event on The Deal Looks Fine…So Why Does It Still Feel Off, you can catch the replay here.] There is a moment I see often when reviewing deals. An investor scans the underwriting, pauses at one line item, and feels reassured. “DSCR is at or well above 1.25x. […]

[If you missed my last pop-up live event on What Poor Reporting Quietly Reveals About a Deal, you can catch the replay here.] One of the biggest misconceptions I continue to see in apartment investing is this: investors spend hours underwriting the deal, the rent comps, the capex plan, and the projected returns, yet very […]

The real exposure is rarely in the headline loan terms. It is buried in the clauses most investors never read. [If you missed the last pop up live on 1.25x DSCR – So Why Did The Loan Default?, you can catch the replay HERE.] One of the most misunderstood phrases in commercial real estate is […]

Ground leases are showing up more frequently in institutional real estate, urban infill developments, and even multifamily deals. On paper, they can look attractive – lower upfront equity, access to prime locations, and institutional alignment. But beneath the surface, they introduce a fundamentally different risk profile. If you underwrite them like fee simple deals, you […]

How Artem Leveled Up His Multifamily Investing Skills [If you missed the last pop up live on The Worst Loans Are Made In The Best Of Times, you can catch the replay HERE.] Client BackgroundArtem was not new to real estate. He had spent years in the single-family space, particularly in fix-and-flip projects. He understood […]

[If you missed the last pop up live event on Personal Guarantees – Risks Every Investor Should Know, you can catch the Replay here.] In multifamily investing, valuation often appears deceptively precise. Spreadsheets produce clean outputs, financial models produce elegant return metrics, and formulas create the impression of objectivity. But beneath those calculations lies a […]

[If you missed the last pop up live event on When Non-Recourse Debt Still Carries Real Risk, you can catch the Replay here.] One of the most common underwriting questions in commercial real estate is whether to choose fixed-rate or floating-rate debt. Many analyses approach the question from a cost perspective. If the loan term […]

You can underwrite rent growth perfectly.You can manage expenses conservatively.You can execute the business plan flawlessly. And still lose money. Why? Because valuation risk sits quietly in the background of every multifamily deal. Valuation risk is the potential for financial loss due to inaccurate estimation of an asset’s value or changes in market conditions that […]