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Underwriting guides
Long-form method, written for people who already do this work. How to read the documents a deal arrives with, what the trailing statements hide, and the math behind the numbers an investment committee will question.
9 minute read
How to underwrite a multifamily deal from an offering memorandum
Rebuild the income statement from the rent roll and the T-12, size the debt on the constraint that binds, and find the assumption carrying the return.
8 minute readWhat a T-12 hides, and how to normalize it
Property taxes, insurance timing, capitalized repairs, and below-the-line items. The adjustments that separate a trailing statement from a year one forecast.
10 minute readThe after-tax return math most underwriting skips
Depreciation, cost segregation, suspended passive losses, recapture at sale, and what a 1031 actually defers, with a worked five year example.
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Stop rebuilding the same spreadsheet
Bring the documents you already have.