What underwriting tool are you using to purchase Multifamily?
I've been looking at the Syndicated Deal Analyzer by Michael Blank. Any other suggestions?
[{"id": "irb0fmp", "text": "Excel", "replies": [{"id": "irb6fif", "text": "Would you be open to sharing your worksheet?", "replies": [], "depth": 2}, {"id": "irb7rpq", "text": "Mind giving example?", "replies": [{"id": "irbmvgx", "text": "Top line revenue less Op-Ex. Include healthy budget for reserves and realistic vacancy. Insert hard costs if you\u2019re renovating. \n\nInputs: your term sheet, exit cap rate, rent increase growth rate, expense growth rate. Sell at the end of 7 years with your new NOI and exit cap-rate and include transaction costs on the sale. Tally up cash flow, sale proceeds and calculate IRR. \n\nThats a simple example for a simple deal, but that should be fine for buying stabilized shit.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "irb6hiz", "text": "You don't need specific tools. You just look at the comps and compare price/unit, price/sf, cap rate, and look at the upgrade potential, post upgrade cap rates and upgrade costs. It's not rocket science but it does require analysing a lot of data.\n\n&amp;#x200B;\n\nI just wrote up my own excel sheet, it doesn't take that long.", "replies": [{"id": "irb7pq7", "text": "Do you mind sharing it?", "replies": [], "depth": 2}, {"id": "irbito7", "text": "\"Upgrade cap rates\"?  That's a new one.  Got a definition?", "replies": [{"id": "irbluuc", "text": "Probably as stabilized vs. going in", "replies": [{"id": "irbm3r0", "text": "\"Going in cap rate\"?  Got a definition?", "replies": [{"id": "irbo9d8", "text": "You buy a property at a 4% cap-rate on existing income, but after you fix it up and raise rents, you\u2019re getting an 8.5% unlevered yield on your investment. Going in was 4-cap, as stabilized is 8.5%", "replies": [{"id": "irbq4ub", "text": "Where did the 4% cap rate come from?\n\nCap rates come from  closed sales of  properties that are analyzed by third party professional companies.  This 4% is not a cap rate.\nIt is a made up number that tells you, what?", "replies": [{"id": "irbt500", "text": "Your capitalization rate is just the amount of times NOI goes into the purchase price, expressed inversely as a percentage. If you buy a property with $1M NOI at a 4 cap, you\u2019ll pay $25M. If you turn around and sell that property for $30M with $1.25M NOI in a few years, you sold at a 3.57% cap. You\u2019re understanding of what a capitalization rate is seems to be off, it\u2019s not just a magic number that some analytics guru derived. It\u2019s just the amount of times you\u2019d have to capitalize NOI to get to the value of the property.", "replies": [{"id": "irbth8s", "text": "No. You calculated PGI/GSI incorrectly so your cap rates are also wrong.", "replies": [{"id": "irbx1db", "text": "Uhhh\u2026 okay buddy.. you can just say that you don\u2019t understand what a cap rate is and move in with your day.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}, {"id": "irbtrfn", "text": "Well would you look at that, the guy who tries to raise equity for his once in a lifetime trailer park deal on Reddit doesn\u2019t know what a cap rate is. What a shocker", "replies": [], "depth": 7}], "depth": 6}, {"id": "irjy16h", "text": "So you buy $100,000 at a 4% cap rate.  If you were in CRE you would know IRV.  V=i/r. $2,500,000=$100,000/4% \n\n\nNow you work your butt off to DOUBLE your NOI to $200,000!!! \n\n$2,353,000=$200,000/8.5%\n\nGeez, all that work to LOSE $$147,000!!!\n\nYeah, that is not how investing works.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "irbydv8", "text": "It was \"post upgrade\" and \"cap rate\", not \"upgrade cap rate\"", "replies": [{"id": "irc23nq", "text": "Then please provide definitions of both.", "replies": [{"id": "irc5xfs", "text": "u/sligeach1918 already explained everything and it looks like you just wanted to argue with them", "replies": [{"id": "irc6jbp", "text": "Nope.  Seems you are just evading the question and my follow up questions to u/sligeach1918.  But then I haven't followed up with him taking a 4 cap to an 8.5 cap!  LOL\n\nPerhaps you would want to follow up on that?", "replies": [{"id": "ircd22q", "text": "No, I don't. You're just looking for a fight, google works fine.", "replies": [{"id": "irco5mx", "text": "Won't,  can't answer a basic question....LOL.\nYou must be ignorant or a scammer.  Shed some light here...if you can but I know you can't and that is why you are evading the discussion which is the whole reason for these forums.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}, {"id": "irf5gni", "text": "OK,  u/JMace and u/sligeach1918.  There are 2 properties with $100,000 NOI.  One sells for $1,000,000 and the other sells for $1,100,000.\n\nHere's where I need your expertise.  Which is the better deal?\n\nOP u/Day_drinker801. Watch and learn.", "replies": [{"id": "irf66pa", "text": "No one wants to argue with you, go away", "replies": [{"id": "irf6tiz", "text": "There is no argument.  Just brohards that don't know nothing tryin to be a player!  LOL.    \n\nSeriously,  if you want to be in CRE you should learn how to determine which is a better deal between 2 properties.", "replies": [], "depth": 8}], "depth": 7}, {"id": "irfjxkn", "text": "The one with better risk adjusted returns. You\u2019re picking a fight for the hell of it. Go get a hobby", "replies": [{"id": "irfmfnp", "text": "\"better risk adjusted returns\"?  I am honestly asking you and u/JMace how you are determining that but instead you are pretending that there is a fight!  Why can't you guys participate in a civil discussion?", "replies": [], "depth": 8}, {"id": "irfoftu", "text": "They are both Class A office properties next door to each other and both have Google as the only  tenant", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ircoo2f", "text": "Better properties trade at lower caps", "replies": [{"id": "ircsagd", "text": "\"BETTER\"?  Got a definition for better?", "replies": [{"id": "irctpiy", "text": "Troll", "replies": [{"id": "ircug4k", "text": "Got a definition?", "replies": [], "depth": 6}, {"id": "ircwwaw", "text": "You are brilliant!  Please share that with ALL of us on this thread!\nHumming Jeopardy theme. LOL", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ircxfnc", "text": "\"post upgrade cap rates\", that's a new one.  Got a definition?", "replies": [], "depth": 2}], "depth": 1}, {"id": "irbegcq", "text": "Top Shelf Models - multifamily template model", "replies": [{"id": "ireecfm", "text": "Thank you. I'll research them", "replies": [], "depth": 2}], "depth": 1}, {"id": "irbhjop", "text": "If you are incapable of doing your own workup in excel then you should not be buying CRE.", "replies": [{"id": "irbu0x9", "text": "Maybe they just want different ideas", "replies": [{"id": "ireuerf", "text": "Every time someone says they built their own in excel, they're asked to share it. To me that says they don't know enough about what they're doing to build their own.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "irbhnh8", "text": "I flip over an envelope and write on it with a pen. That\u2019s typically 95% of what you need", "replies": [], "depth": 1}, {"id": "irca2a7", "text": "Would be happy to offer my underwriting skills / consulting to you. Feel free to send me a PM.", "replies": [], "depth": 1}, {"id": "ire8yn2", "text": "Check out Adventures in CRE. Their website has many free underwriting models.", "replies": [{"id": "ireebai", "text": "Thanks, I will look into it today!", "replies": [], "depth": 2}], "depth": 1}, {"id": "irn5wbb", "text": "Checkout Mortgage-Investments.com.   Under resources they have templates.  I like the 10 year.  They are not perfect but a good start to customize your own.", "replies": [{"id": "irrdn4q", "text": "Thank you. I'm looking to it now", "replies": [], "depth": 2}], "depth": 1}]