Underwriting as a noob. I am just starting off and my interest is in commercial properties.
I am just starting off and my interest is in commercial properties.

This might sound like a dumb question, but I am not sure where to get information to underwrite a property. Most tutorials only cover the calculation process of underwriting, but where do they get a number for the expenses. 
Can someone please explain!
[{"id": "ifv0dkj", "text": "Based on historical data, comparable properties, or market analysis.", "replies": [{"id": "ifv12pi", "text": "Is it out of the ordinary to call the broker and ask about the property expenses. I know loop net has the brokers list all the expenses and revenue of a property, but to access it you need to be referred by a broker.", "replies": [{"id": "ifv2n2l", "text": "It is not out of the ordinary. In fact, ask them anything you want.", "replies": [{"id": "ifv3e21", "text": "really. Last thing. Is there a template to follow when calling them. Introducing my self is a given, but is there anything I should mention to not sound like a noob?", "replies": [{"id": "ifv5bqt", "text": "Yeah, lie to them and tell them you have your own properties to list so they think you have something for them.", "replies": [{"id": "ifv69uw", "text": "cruel world.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ifv358z", "text": "The property broker should have the previous years OpEx and trailing 12. Whether they'll share for just educational purposes / unless you're a prospective buyer, idk but worth asking.", "replies": [], "depth": 3}, {"id": "ifwk6gp", "text": "You can sign up for various commercial realtor websites to get access to their offering memorandums and pro forma income statements. They will require you to put in contact information so they may call and follow up on your interest in buying the property. Loopnet and Costar are where deals go to die if the broker can't find a buyer.\n\nJust keep in mind there are lies, damn lies, and broker pro forma. Often times the broker statements are unrealistically optimistic and will not be supported by an appraisal that is used for final loan sizing.", "replies": [{"id": "ifwn8z0", "text": "can you list some.", "replies": [{"id": "ifwqnxq", "text": "CBRE. Marcu millichap, colliers", "replies": [], "depth": 5}, {"id": "ifxmw9z", "text": "Berkeley Capital Advisors, Cushman &amp; Wakefield, Avison &amp; Young, Sands Investment Group", "replies": [], "depth": 5}, {"id": "ify2h0i", "text": "Hey check out Loopnet as well, and filter by multifamily properties. A lot of the times you will be able to access some income projections from their brochures. \n\nAnd hey, by the way, I do freelancing and tutoring in this industry, If you\u2019re interested in some 1on1 time , let me know. I can get you up to speed in 3-4 hours if you\u2019re brand new.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ifyb7ns", "text": "You call the broker and offer to share all the other expenses you collect in exchange for sharing theirs.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ifv7nwv", "text": "Following", "replies": [], "depth": 1}, {"id": "ifv9gqe", "text": "1) Call the broker and ask. Some won't want to deal with you, some won't care. Just be respectful of their time.\n\n2) Go to broker websites and download Offering Memorandums if you can. Sign up for Crexi and download from there. If you review several OMs of a particular asset type (e.g., office, multifamily, etc.) within a market, you can get a feel for what the market average is for certain expenses.\n\n3) Find a local networking event and just ask people what they're paying per sf for janitorial or whatever. People like to talk about their own deals and can often be surprisingly forthcoming. \n\n4) NAA and others publish expense surveys, google around and see if you can get your hands on some.\n\n5) Build it from the ground up. Look up property tax rates and impute a value to your deal. Call an elevator guy and get a quote. Etc. Etc. You may luck out and find that by doing it the hard way, you can add value somewhere when you're not just starting off anymore.", "replies": [{"id": "ifva4sx", "text": "Thanks, I just called the broker and told him I am an investor(which I am). He offered to send me a package with all the info.", "replies": [{"id": "ifva7np", "text": "Awesome. Best of luck", "replies": [], "depth": 3}, {"id": "ifwlg5m", "text": "\ud83c\udf89", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ifw1yka", "text": "If it\u2019s a listed property the broker or owner will already have compiled the rent roll and financial statements. You can then use those for your underwriting. Generally, you\u2019ll want to save the detailed underwriting for after they\u2019ve accepted your non-binding letter of intent (LOI) (i.e., offer). I wouldn\u2019t spend a ton of time doing detailed underwriting until after or near that point.", "replies": [], "depth": 1}, {"id": "ifw40qf", "text": "Get prior 3 year financials (tax returns, K-1s, rent rolls, business P&amp;L, and balance sheets) for people involved in deal(guarantors, entities, sellers side), find out the right approach to value the property (sale, lease, income, etc), get at least 4 market comparables, run numbers on DSCR for individual guarantors, combined guarantors, and see how they lease based DSCR works as well. Then make money", "replies": [], "depth": 1}, {"id": "ifwx80m", "text": "Remindme! 1 month", "replies": [{"id": "ifwxd8p", "text": "I will be messaging you in 1 month on [**2022-08-12 22:06:44 UTC**](http://www.wolframalpha.com/input/?i=2022-08-12%2022:06:44%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/CommercialRealEstate/comments/vxc8kh/underwriting_as_a_noob_i_am_just_starting_off_and/ifwx80m/?context=3)\n\n[**1 OTHERS CLICKED THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Reminder&amp;message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2FCommercialRealEstate%2Fcomments%2Fvxc8kh%2Funderwriting_as_a_noob_i_am_just_starting_off_and%2Fifwx80m%2F%5D%0A%0ARemindMe%21%202022-08-12%2022%3A06%3A44%20UTC) to send a PM to also be reminded and to reduce spam.\n\n^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Delete%20Comment&amp;message=Delete%21%20vxc8kh)\n\n*****\n\n|[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Reminder&amp;message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=List%20Of%20Reminders&amp;message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&amp;subject=RemindMeBot%20Feedback)|\n|-|-|-|-|", "replies": [], "depth": 2}], "depth": 1}, {"id": "ifxykho", "text": "Most would rely on a certified commercial real estate appraiser to provide an estimate of the current market value of the property in question. They have insurance that covers any losses made as a result of their mistakes and typically see a lot of different types of properties and leases so know what to expect in terms of operating costs. There are typical expense ratios you'd expect from operating and maintaining certain types of real estate usually along the lines of a percentage of income.", "replies": [], "depth": 1}]