underwriting ( commercial apartments) 13+ units

[Jeffrey Mcintyre]

Hello,

I want to start practicing how to underwrite Deals. I understand NOI, CAP, GOI, GSI , DCR , OP-Exp ( and i'm sure theres more). but I need some deals to look at so i can practice determining whether something is a deal or not... Loopnet doesn't help out very much because not all the brokers show all the information. Can someone point me to a source that has the needed information up ( including Rent-Rolls etc..) or do I need to contact the broker for the Financial statement?

Any help would be greatly appreciated.

[David Cruice]

@Jeffrey Mcintyre add NPV and IRR to your list. Brokers and owners aren't going to share their rent-rolls and P&L statements just because you ask. Most of them with larger deals will want to see proof of funds before releasing such information. Once you know how to set up your model and analyze a deal, it just a matter of inputting the numbers that will "eventually" be given to you, and doing your due diligence to confirm those numbers are correct and no expenses have been left out. To assist you in this, I would suggest your purchase Frank Gallinelli's excellence book, "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Key Financial Measures". You can get a copy on Amazon.