Category Archives: 2026

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 […]

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 […]