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Updated 11 months ago, 02/02/2024

User Stats

91
Posts
53
Votes
Jason Appel
  • Investor
  • New York, NY
53
Votes |
91
Posts

Multifamily underwriting program

Jason Appel
  • Investor
  • New York, NY
Posted

Hey all,

Can anybody recommend the best multfamily (5-20 unit) underwriting platform they use to run numbers?

Also, if anybody has good video resources on properly underwriting deals, I’d love to hear suggestions

Thank you,

Jason

User Stats

973
Posts
727
Votes
Danny Randazzo
Pro Member
  • Apartment Syndicator
  • Charleston, SC
727
Votes |
973
Posts
Danny Randazzo
Pro Member
  • Apartment Syndicator
  • Charleston, SC
Replied

@Jason Appel I’ve got a few video links I can send you if you message me.

  • Danny Randazzo
  • User Stats

    135
    Posts
    97
    Votes
    John Blanton
    • Investor
    • Apex, NC
    97
    Votes |
    135
    Posts
    John Blanton
    • Investor
    • Apex, NC
    Replied

    I like the Synthesis Deal Analyzer from Chris Jackson at Sharpline Equity. Many folks really like the Syndication Deal Analyzer from Michael Blank. Depending on your equity structure you can play with the GP/LP equity. If you are just looking to purchase solo take all the fees to 0% and LP equity % to 0 as well.

    Good luck!

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    User Stats

    8
    Posts
    6
    Votes
    Replied

    I have used a number of underwriting programs.  I like Michael Blanks the best.  He has a good tutorial that comes with it. 

    User Stats

    591
    Posts
    807
    Votes
    Spencer Gray
    • Syndication Expert and Investor
    • Indianapolis, IN
    807
    Votes |
    591
    Posts
    Spencer Gray
    • Syndication Expert and Investor
    • Indianapolis, IN
    Replied

    Excel is cheap and Google sheets is free. Udemy has a great course as well. 

    User Stats

    653
    Posts
    311
    Votes
    Eric Johnson
    • Lender
    • Chicago, IL
    311
    Votes |
    653
    Posts
    Eric Johnson
    • Lender
    • Chicago, IL
    Replied
    Originally posted by @Jason Appel:

    Hey all,

    Can anybody recommend the best multfamily (5-20 unit) underwriting platform they use to run numbers?

    Also, if anybody has good video resources on properly underwriting deals, I’d love to hear suggestions

    Thank you,

    Jason

    Michael blanks SDA or just build your own 

    User Stats

    185
    Posts
    208
    Votes
    Andrew Schutsky
    • Investor
    • Glen Mills, PA
    208
    Votes |
    185
    Posts
    Andrew Schutsky
    • Investor
    • Glen Mills, PA
    Replied

    Another vote here for Michael Blank's SDA - I've tried 5+ others, but this one seemed to be the most comprehensive so far.  You could also build your own, but not worth it for the time invested IMO.

    User Stats

    144
    Posts
    100
    Votes
    Matt Engle
    • Investor
    • Columbus, OH
    100
    Votes |
    144
    Posts
    Matt Engle
    • Investor
    • Columbus, OH
    Replied

    I've used several underwriting tools and they all work well. Each one is laid out differently so it would be personal preference. I use Michael Blank's SDA on a regular basis for my syndications and it works great.

    User Stats

    1,221
    Posts
    689
    Votes
    Jeffrey Donis
    • Investor
    • Durham, NC
    689
    Votes |
    1,221
    Posts
    Jeffrey Donis
    • Investor
    • Durham, NC
    Replied

    Mark Kenney- Thinkmultifamily- has a very good analyzer that my team uses to underwrite all of our deals. 

    User Stats

    81
    Posts
    16
    Votes
    Matt B.
    • Greenville, SC
    16
    Votes |
    81
    Posts
    Matt B.
    • Greenville, SC
    Replied
    Originally posted by @Jeffrey Donis:

    Mark Kenney- Thinkmultifamily- has a very good analyzer that my team uses to underwrite all of our deals. 

     Could you share this?  Id love to take a look to see how it varies from our tools 

    User Stats

    1,221
    Posts
    689
    Votes
    Jeffrey Donis
    • Investor
    • Durham, NC
    689
    Votes |
    1,221
    Posts
    Jeffrey Donis
    • Investor
    • Durham, NC
    Replied
    Originally posted by @Matt B.:
    Originally posted by @Jeffrey Donis:

    Mark Kenney- Thinkmultifamily- has a very good analyzer that my team uses to underwrite all of our deals. 

     Could you share this?  Id love to take a look to see how it varies from our tools 

    Hey Matt,

    Unfortunately I am not allowed to share it but I am sure you can visit their website- Thinkmultifamily.com - and learn more about it. 

    User Stats

    81
    Posts
    16
    Votes
    Matt B.
    • Greenville, SC
    16
    Votes |
    81
    Posts
    Matt B.
    • Greenville, SC
    Replied
    Originally posted by @John Blanton:

    I like the Synthesis Deal Analyzer from Chris Jackson at Sharpline Equity. Many folks really like the Syndication Deal Analyzer from Michael Blank. Depending on your equity structure you can play with the GP/LP equity. If you are just looking to purchase solo take all the fees to 0% and LP equity % to 0 as well.

    Good luck!

    Is the spreadsheet from Chris a simple version?  

    I am looking for a basic Back of Napkin version that doesn't get too deep into the weeds initially 

    User Stats

    81
    Posts
    16
    Votes
    Matt B.
    • Greenville, SC
    16
    Votes |
    81
    Posts
    Matt B.
    • Greenville, SC
    Replied
    Originally posted by @Danny Randazzo:

    @Jason Appel I’ve got a few video links I can send you if you message me.

     Nice! Sending you a message now  ... 

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    User Stats

    135
    Posts
    97
    Votes
    John Blanton
    • Investor
    • Apex, NC
    97
    Votes |
    135
    Posts
    John Blanton
    • Investor
    • Apex, NC
    Replied
    Originally posted by @Matt B.:
    Originally posted by @John Blanton:

    I like the Synthesis Deal Analyzer from Chris Jackson at Sharpline Equity. Many folks really like the Syndication Deal Analyzer from Michael Blank. Depending on your equity structure you can play with the GP/LP equity. If you are just looking to purchase solo take all the fees to 0% and LP equity % to 0 as well.

    Good luck!

    Is the spreadsheet from Chris a simple version?  

    I am looking for a basic Back of Napkin version that doesn't get too deep into the weeds initially 

     Yes it has a back of the napkin version, but here is one too....

    GPR x Vacancy/ Collections Loss (%) x Expense ration (ie: 40-50%) = NOI / Cap Rate

    User Stats

    33
    Posts
    7
    Votes
    Replied
    Quote from @Danny Randazzo:

    @Jason Appel I’ve got a few video links I can send you if you message me.


     Hi Danny. Can you pls send me this videos too?

    User Stats

    255
    Posts
    203
    Votes
    Robert Rixer
    • Investor
    • Miami, FL
    203
    Votes |
    255
    Posts
    Robert Rixer
    • Investor
    • Miami, FL
    Replied
    Quote from @Spencer Gray:

    Excel is cheap and Google sheets is free. Udemy has a great course as well. 


    Second this. There isn't a one-size-fits-all solution, you're best off building your own for your situation and types of investments. Plus you're understanding of underwriting will be way better than looking for a copy+paste solution.