How I Underwrite Deals

Turning data and experience into confident decisions

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Property & Market Assessment

Before any numbers hit a spreadsheet, I look at fundamentals:

  • Asset type & positioning

  • Tenant mix & rollover risk

  • Local demand drivers

  • Comparable sales & cap rate benchmarks

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Financing & Sensitivity

Understanding what lenders see is critical. I model multiple capital structures:

  • Conventional financing

  • Vendor take-back (VTB)

  • JV or equity partnership

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Strategy & Exit Planning

Every acquisition starts with the end in mind.

  • 3–5 year horizon with IRR & equity multiple

  • Leasing, refinance, or sale milestones

  • Market exit comparables

Income & Expense Analysis

I build every model from the rent roll up, not from assumptions down.

  • Validate current rents, TMI recoveries, and lease terms.

  • Normalize operating expenses.

  • Identify upside in below-market leases or expansion potential

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Risk Review & Mitigation

I identify and address issues before they become deal-breakers:

  • Zoning compliance

  • Environmental reports

  • Lease estoppels & tenant covenant review

  • Deferred maintenance analysis

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