Week 3: Underwriting Foundations
This week, you’ll learn how to quickly determine whether a multifamily deal deserves a full underwriting. We’ll cover on-market versus off-market deals, buy-box alignment, OMs, T-12s, rent rolls, NOI, cap rates, DSCR and purchase price.
You’ll also learn how to complete a preliminary “Sniff Test” using napkin underwriting. Your homework is to review one multifamily opportunity, complete the Sniff Test workbook and decide whether to advance, reject or request more information.