Category Archives: Blog

[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 […]

One of the most overlooked tabs in an underwriting model is also one of the most important – the sensitivity analysis. Most investors flip straight to IRR and equity multiple. I understand why. Those are the headline numbers. They are easy to compare across deals. They are what get highlighted in the investment offering decks. […]

That is the question. If you have reviewed enough multifamily investment decks, you have likely seen the familiar line item: Year 3 refinance. Seventy percent of equity returned. IRR jumps meaningfully. The story sounds compelling – investors get their capital back, continue to hold the asset, and enjoy what is often described as an “infinite […]

In multifamily investing, most conversations start with upside. Rent growth. Value-add. Equity multiple. IRR. But the deals that disappoint rarely fail because the upside was too small. They fail because the downside was misunderstood. One of the most underestimated risks I see across both active and passive investments is cash flow risk. Not headline risk. […]

[If you missed my last LinkedIn Live event Real Estate 2026: Capital Is Available, Certainty Is Not – you can catch the Replay HERE.] 1. Client Background Doug came to Mastering Multifamily Underwriting (MMU) looking to gain deeper insight into project evaluation and multifamily investment decision-making. While he had some exposure to the industry, he […]

One of the most complex assumptions in multifamily underwriting is property tax reassessment, particularly as it relates to exit year NOI. Many models handle tax reassessment correctly at acquisition, then quietly ignore it at exit. The buyer will likely make that adjustment when making their offer. As such, not addressing it upfront may result is […]

Claim your copy of Mastering Multifamily Underwriting – 5 Steps To Confident Risk-Smart Apartment Investing HERE. If you missed my last pop-up live event on the 5 key commercial lenders and how to choose the right one for you, you can catch the REPLAY HERE. In a 10-part series on the risks that matter most […]

Claim your copy of Mastering Multifamily Underwriting – 5 Steps To Confident Risk-Smart Apartment Investing HERE. If you missed my last pop up live event on key aspects of the capital stack, you can catch the REPLAY HERE. One of the fastest ways a “good deal on paper” turns into a disappointing investment is through […]

Claim your copy of Mastering Multifamily Underwriting – 5 Steps To Confident Risk-Smart Apartment Investing HERE. If you missed my last pop up live event on how I approach my annual goal setting, you can catch the REPLAY HERE. One of the simplest underwriting checks is also one of the most revealing: Can the residents […]