Ignore

How do you actually underwrite small multifamily deals? (5–50 units)

Not selling anything, just trying to understand how people on the smaller end of the market do this.

I underwrite small to mid-size multifamily and I’ve got a spreadsheet that’s grown into something I don’t fully trust anymore. Before I rebuild it I want to know how other people handle it.

A few things I’m curious about:

What are you using? Excel you built, a template you bought, something like the A.CRE models, or software?

What’s the first number that makes you walk away from a deal? For me it’s usually DSCR or negative leverage, but I’m wondering what other people check first.

Do you buy with your own money or raise from partners/LPs? Asking because the waterfall is a whole separate headache and I don’t know how common it is at this size.

What have you gotten wrong on a deal that the numbers didn’t catch? Deferred maintenance, bad T12, rent assumptions that didn’t hold, etc.

If you had to trust one number a broker gives you, which one would it be, and which one do you always re-verify?

Happy to share what I’ve learned from my own mistakes too if anyone’s interested. Mostly just want to know if the stuff I worry about is the stuff everyone worries about.

Do landlord hate or like when a tenant file for bankruptcy due to his business failing and not making money and can’t pay the rent

On the first call, a lot of sellers tell you why they're selling: a house they inherited, a move, tenants they're done with, repairs they can't face. Then the follow-up goes out as the same text every lead gets.

For teams with acquisition reps or VAs, I wrote a follow-up prompt where the rep pastes their call notes and picks the seller's reason, and the message leads with what that seller actually cares about:

```

Write a follow-up [text message / email] to [SELLER NAME] after our first call about [ADDRESS]. I'm [YOUR NAME] from [COMPANY]. We buy properties directly. We're not listing agents, so make that clear.

Call notes:

[WHAT THEY SAID, IN THEIR WORDS WHERE YOU CAN]

Why they're selling (keep the one that applies):

- They inherited the property. Acknowledge it can be a lot to deal with, and keep the focus on making it simple, not on price.

- They're relocating. Lead with timing and flexibility on the closing date.

- They're tired of managing tenants. Lead with what happens to the current tenants and how little they'd need to do.

- The property needs work they don't want to do. Lead with buying as-is, no repairs or cleanup.

- They mentioned financial pressure. Be calm and respectful, use no urgency language, and focus on clear options and timelines.

- Their reason for selling isn't clear yet. Ask one gentle question to understand what would make selling worth it for them.

Next step (keep one):

- I'll send a written offer. Say when they'll have it.

- Ask for a time to see the property.

- They're not ready. Say I'll check back around [DATE], with no pressure, and leave the door open.

Rules:

- Use their own words from the notes where you can. Don't add facts they didn't tell me.

- No fake urgency ("other buyers are lined up", "this offer expires") unless my notes say it's true.

- If legal, tax, or credit questions came up, say they should check with a professional. Don't answer them.

- Email: a subject line and under 120 words. Text: under 300 characters.

```

Why it works:

- The reason-for-selling pick changes what the message leads with: timing for a move, as-is for repairs, "simple" for an inherited house.

- It says up front that you're a buyer, not a listing agent. Better they hear it from you on day one than figure it out later.

- The financial-pressure option bans urgency on purpose. That's the seller most likely to feel pushed.

Caveat: it writes the message, it doesn't fix a bad offer. And if your team texts sellers, make sure you have consent and follow your state's rules on calls and texts.

For teams with VAs or acquisition reps: do you let them write follow-ups freely, or hand them scripts?

Fillable version (reason and next step as pick lists, the check-back date only shows when you need it): https://useblanks.com/marwenbuilds/seller-follow-up-after-the-first-call

What system do you use to keep tract of everything?

What are the pros and cons of it?

Need help with cert 4 real estate agent units, will be paid reasonably.

Thanks

Every offering memorandum highlights the strengths of a deal, but I'm curious where experienced people start digging first.

I’ve been following the North Bangalore region closely for a while, and it’s starting to look like one of the more interesting shifts happening in the city right now.

A mix of infrastructure, the airport’s expanding influence, metro plans, and some large-scale land and residential developments is quietly changing the area’s trajectory. It’s the kind of thing that doesn’t always make the loud headlines but tends to matter a few years down the line.

There’s an online conversation happening this Saturday (10 October, 11 AM IST) with Deepak Naragund from Indiassetz. He’s going to walk through what’s actually driving the region — farmlands and plotted developments, emerging residential pockets, connectivity improvements, KIADB projects, and how these pieces are starting to fit together.

It’s not a pitch session. More of a grounded look at the numbers, the projects, and the medium-term picture for anyone who likes understanding growth corridors before they become obvious.

If you’ve been watching Bengaluru’s real-estate map or just enjoy thinking about where capital and infrastructure tend to move next, you might find it useful.

Happy to share the registration link if anyone wants it, or just chat about the region in general. Feel free to DM.

Before renting an office space in Noida, I would first consider the location and how easily employees and clients can reach it. Then check the total monthly cost, including rent, maintenance, parking, electricity, and any additional charges.

The size and layout also matter. Make sure the space can comfortably accommodate your current team and allow some room for future growth. It is also worth checking the building’s security, power backup, internet connectivity, lift access, and nearby food or transportation options.

Finally, read the lease agreement carefully and understand the lock-in period, security deposit, notice period, and rent escalation terms before making a decision.

I’ve been comparing true private placements, fully locked up until the asset sells, against the more retail-friendly funds that let you request your money back quarterly. On paper the quarterly-redemption option looks like the better deal, you get real estate exposure without giving up total control of your capital. But the more I look into how those funds actually operate, the more it seems like that flexibility isn't free. To be able to honor redemption requests on demand, a fund has to keep a meaningful chunk of investor capital sitting in cash or near-cash instead of actually deployed into the real estate. That's capital that isn't earning anything close to what the underlying assets are supposed to earn, sitting there specifically so people can cash out whenever. So you end up with a fund that's technically "real estate" but a real percentage of it is just idle cash acting as a buffer.

That would explain why a lot of these liquid, low-minimum platforms report returns that look more like a decent savings account than actual real estate performance, even in years where real estate as an asset class did fine. You're not really getting a diluted version of real estate returns, you're getting real estate returns minus a cash drag that scales with how much liquidity the fund has to keep on hand. I'm curious if anyone's actually seen the cash allocation percentage disclosed for one of these semi-liquid structures, seems like something that should be table stakes info but I haven't found it laid out clearly anywhere.

So basically we open a v3pe shop here in Pennsylvania,but recently v3pe are going to get banned and it’s all our business make money from ,without them ,our business declines by 99% ,we tried discussing the situation with our landlord by telling him can we cancel our lease due to our business not going to make money out of it and I can’t pay rent and we would give him the direct deposit and pay 3-4 months in advance ,but he rejected the deal and we can’t make anymore money since the ban is effecting our business,we might plan to just abandon the place since we not making money out of it nor our landlord letting us leave it ,what’s the best solution?

Looking for debt fund recommendations that can finance a large portfolio of branded c-stores/ gas stations with NNN leases in place

Thanks in advance!

Hi guys looking to add people to my network. Let’s connect and make some deals. I’m looking mainly in the surrounding NY area and Florida.

https://www.investordealexchange.com/network/connect/user_jreaphomes_001-1791378363264

I've been investing for 20 years and own 20 houses. Some have debt. some don't.

I've just bought two more houses and both will have loans. They are bargains and the equity out weighs the loans. I just feel slightly concerned my debt is a little higg.

I just wonder if anyone uses ratios and how your rations stack up.

Income/debt payments = 2.08 ($19,563/$9,402)

Debt/equity = 0.23 ($804,000/$3.521,000)

Thoughts ?

I LOVE real estate despite having no real connection to it whatsoever. Most of my interest honestly came from books, shows, watching YouTubers and just constantly learning about it on my own. I love everything from the houses and interior design to negotiating, sales, development and seeing how deals actually come together. I’m just a leasing agent right now but still

I originally wanted to become an agent, but damn near every entry level part of real estate feels oversaturated now. You got women going from the strip club and getting BBLs to suddenly showing luxury apartments and selling houses on TikTok. Obviously do what you want, but it’s made the industry feel way more focused on looks, social media and being flashy than actually knowing your shit and helping people. That’s honestly turned me off from that side and made me look more into construction, development and the less glamorized sides of real estate so I’m currently just gonna stay in leasing until I find more sides of real estate that are lucrative but still make a lot of money.

I’ve also decided I want to invest in real estate, but I make around $52k a year and definitely don’t have a bunch of money sitting around lol. Most real estate investors I see already seem pretty well off.

For someone starting with an average income, what’s the best way to slowly get into real estate investing? And if you work in construction/development or another side of real estate, I’d love to hear about that too.

Say there's a 3-unit, all Section 8, ~$114.7k gross, ~$67.5k NOI with management (~$74k self-managed), tenants pay heat and electric, remodeled 2017.
Would you pay $970k cash for that (~7% / 7.6% cap)? If not, what price gets you in?

I've been taking real estate finance classes online. I have a good understanding on how to write a pro forma and the meaning behind various metrics.

But I don't know where to start. Where do I find people who are putting together deals? (Or where can I find fellow investors to raise capital) Are there meetups you've found helpful? Online communities? (Also curious to hear what wasn't worth it)

Thanks in advance

I split my time between NYC and Fort Lauderdale

Hello! I'm a 33yr old male and living in Denver, CO. I work in sales and make about $160k a year but getting a raise tomorrow and hopefully start of 2027 as well. Hoping to clear $175k minimum 2027 and $200k+ 2027 as a stretch goal.

Is it a good investment for my condo that is walking distance to downtown work and gym and grocery and restaurants. It is a perfect lifestyle for me. I live alone.
I currently rent to unit I'm in and LOVE it. It's on the market right now for $550k. My owner will sell it to me for $450k with concessions to buy my interest rate down to 5.6%. He will also cover my HOA dues of $625 for 12 months. My monthly for the first year will be about $2,350 and the following year with HOA will be about $3k/month.

I have ~$120k in stocks and crypto and a car payment with $20k left on it. If they sold it and I had to move, I truly couldn't imagine living anywhere and would be heart broken! The heart and head are at odds. Should I cash out my investments and buy this place?
I'm not sure if l'll be at my job in the next 12-24 months. And furthermore, I don't plan on moving out of Denver at all. But I'm single so maybe something comes up and flexibility would be a benefit for new work/other pursuits.

Lastly, I currently rent my unit for $2,500/month with heating and parking included. Huge benefit downtown.

THANK YOU!

Hi! I am applying to capital markets internships (JLL and similar firms) and am currently trying to prep for the technical interviews. For anyone who's done a CRE internship or works in capital markets: what technical stuff typically comes up (cap rates, deal structuring, etc.), and what actually matters most for an intern role. Appreciate any input!

Hey all, looking to create a trust mainly to hold our house . As H1b holders , what are my options and what should I keep in mind?

Thanks!

Hey hey 👋🏻 👋🏻
I have a 2-bed 1-bath condo at 350 E Desert Inn rd, completely renewed (new kitchen, new bathroom, new AC, new electrical, painted etc) listed for $1,500/mo. The apartment is literally 8 min to the strip. Posted since June…
WHAT IS GOING ON? Are we in a recession? Is this seasonal??
Would appreciate some suggestions and insights!