Author Archives: Vessi Kapoulian

A student success story on thoroughness as the underwriting skill that protects the downside. On November 11, I am opening limited enrollment in the Mastering Multifamily Underwriting program at limited time special pricing. If you would like first access a day early, simply reply “early” and I will send you the details on November 10. […]

If you missed the last pop up live event on How To Lose A Family Office, you can catch the recording here. “Every deal met or beat projections” is one of the most reassuring sentences a sponsor can put in a deck. It is also one of the least informative. A track record is a […]

How Renovation Delays Erode a Value-Add Pro Forma Month by Month “It is only a few extra weeks per unit.” That sentence tends to show up in the quarterly update, after the renovation pace has slipped and before anyone has rerun the model. It sounds like a rounding error. In a value-add business plan, it […]

If you missed the last pop up live event on Renters Are Falling Behind: What It Changes in Your Underwriting, you can catch the recording here. A deal can report a higher IRR and return less money to its limited partners. The structure behind most multifamily syndications is simple. LPs receive an 8 percent preferred […]

If you missed the last pop up live event on Key Consideration When Underwriting Industrial Properties, you can catch the recording here. A concession is not a marketing expense. It is a rent reduction with a delayed reveal date. That sounds like a bookkeeping quibble. It is not. Where a concession gets recorded determines whether […]

Balloon Risk, Payment Shock, and the Maturity Wall Inside Multifamily Loan Structure If you missed the last pop up live event on Rent Roll Analysis Q&A: Occupied Does Not Always Mean Paying, you can catch the recording here. A deal can cover its debt at 1.35 times today and come up short on the payment […]

The Real Exposure Is Rarely the Rate. It Is Buried in How the Loan Behaves Under Stress. If you missed the last pop up live event on Building Conviction Before the Track Record: Q&A Live – Part 3, you can catch the recording here. Two loans can carry the same interest rate and leave you […]

If you missed the last pop up live event on Red Flags To Watch Out For In A Deal: Q&A Live – Part 2, you can catch the recording here. In most underwriting reviews I run, the exit cap rate gets less scrutiny than almost any other assumption in the model, and it does more […]

If you missed the last pop up live event on Reader Questions, Real Deals: Q&A Live – Part 1, you can catch the recording here. A pro forma can be arithmetically perfect and still be fiction. Every cell can tie out. The formulas can be clean. The returns can land inside the range the investor […]

If you missed the last pop up live event on When the Inflation Gauge Changes, Your Rate Does Not, you can catch the recording here. An AI can build you a fast, clean, internally consistent underwriting model and still miss the one risk that decides whether the deal survives. The output will not flag the […]