Syndications and Real Estate Underwriting

[Ryan Kerr]

Hello,

I'm currently running a small residential construction company that builds SFH for sale and builds small multi-family properties to keep. I currently do all of my own project underwriting through excel and while it has been fine for our company it is nowhere near professional and accurate enough. I'm looking at increasing my rental portfolio by bringing on passive investors and want to improve my underwriting and proformas. Are there any underwriting models/programs out there for multifamily ground up development?

[Evan Polaski]

@Ryan Kerr, highly recommend Adventures in CRE. Spencer is a bit of an excel wizard and they have a multitude of models, including development. I am not sure if they have a multifamily development specific model, but I know they have multifamily acquisition and value-add models and they have development models.

The one thing I will note about most all models, they are only as good as your assumptions you put in and your understanding of what their output is.  I have played with many models, and striking the right balance of detailed enough without being overly simple or complex is a bit within the eye of the user.