Multifamily underwriting, written down
Frameworks, checklists, and the reasoning behind the numbers. Written for people who screen deals for a living, not for search engines.
- 5 min readUnderwritingFundamentals
How to Underwrite a Multifamily Deal: A 7-Step Framework
A practical, repeatable framework for underwriting a multifamily acquisition, from rebuilding NOI off the T12 through sizing debt, modeling the business plan, and pressure-testing the exit.
Read the post → - 3 min readUnderwritingWorkflow
5 Underwriting Bottlenecks That Cost You Deals (and How to Clear Each)
The slow part of acquisitions is rarely the analysis. It is the mechanical work between an offering memorandum landing and a defensible number coming out. Here are the five bottlenecks that eat that time, and how to remove each.
Read the post → - 3 min readAcquisitionsNegotiation
How to Retrade a Multifamily Deal (Without Burning Your Reputation)
A retrade is a price renegotiation after you are under contract. Done with data and good faith it protects your returns. Done cavalierly it costs you the next ten deals. Here is the art and the science of doing it right.
Read the post → - 5 min readReturnsFundamentals
Cap Rate vs. Cash-on-Cash vs. IRR: Which Metric Actually Matters
Four return metrics answer four different questions, and using the wrong one is how deals get mispriced. A practical guide to when cap rate, cash-on-cash, IRR, and equity multiple each apply.
Read the post → - 4 min readAcquisitionsLessons
10 Lessons From Acquiring a $60M Multifamily Portfolio
A three-property, 365-unit portfolio across three markets, on assumable sub-3% HUD debt. Here are ten lessons from getting it closed, from the decisions that are impossible to reverse to the discipline that gets you there.
Read the post → - 4 min readUnderwritingDue Diligence
How to Read a T12: 9 Red Flags in Multifamily Financials
The trailing twelve is the primary evidence base for underwriting a multifamily acquisition. Here are the nine things experienced buyers look for, and what each one usually means.
Read the post → - 4 min readReturnsFundamentals
The Truth About IRR and Leverage in Multifamily
A higher IRR is not automatically a better deal, and more leverage is not automatically more return. Both numbers are only as good as the assumptions underneath them. Here is how to read each one honestly.
Read the post → - 3 min readReturnsRisk
Your Exit Cap Rate Is Doing More Work Than Your Business Plan
The exit cap rate applies to the largest cash flow in a real estate model and is a pure assumption about a future market. Here is how much it moves returns, and how to underwrite it honestly.
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