Category Archives: Blog

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 […]

If you missed the book launch live event on Underwrite to Today’s Cost of Capital: The Deal Has to Work Now, you can catch the recording here. If you want a sharper set of questions to bring to your next deal, my new book (The Busy Professional’s Guide To Passive Apartment Investing) is where I […]

If you missed the book launch live event on Negative Leverage and Interest Only Debt, you can catch the recording here. If you want a sharper set of questions to bring to your next deal, my new book (The Busy Professional’s Guide To Passive Apartment Investing) is where I put them. Snag a copy for […]