Category Archives: Blog

[If you missed the last pop up live on The Two Assumptions I Have Been Watching Lately, you can catch the replay here.] There is a quiet assumption that keeps passive investors dependent: that underwriting is for the pros, and they are not one of them. It is the most expensive belief in passive investing, […]

A bridge loan does not become a problem at maturity. It becomes a problem the day the rate cap runs out. [If you missed my last pop-up live event on Two Key Assumptions I am Watching Carefully, you can catch the replay here.] The Quiet Cliff The deal looked stable on every quarterly update. Occupancy […]

[If you missed my last pop-up live event on Three Signals That Should Change How You Read an Exit Cap, you can catch the replay here.] A property can be presented as cash flow positive on day one and still be operating in negative leverage. The two statements live comfortably side by side on the […]

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 […]