05/21/2026 - Underwriting & Structuring a 112-Unit Multifamily Deal

This real estate mastermind call centers on underwriting a live 112-unit multifamily opportunity while exploring creative ways to structure the acquisition, raise capital, and improve deal economics. Members also discuss refinancing existing assets, restarting off-market acquisitions, hiring property management support to free up owner capacity, expanding into third-party management, and maintaining momentum as their businesses mature.

What This Call Covers

• Live underwriting of a 112-unit multifamily property in Racine, Wisconsin
• Evaluating a $14M asking price against potential acquisition prices of $11M–$12M
• Analyzing current rents, rent-growth potential, occupancy, other income, and CapEx
• Using DSCR, LTV, preferred returns, and cap rates to determine whether a multifamily acquisition pencils
• Reviewing property expenses including payroll, management, maintenance, marketing, turnover, and insurance
• Identifying operating expenses that may be reduced after acquisition
• Accounting for non-revenue-producing units when underwriting multifamily properties
• Validating market cap rates against recent comparable multifamily sales
• Understanding how changes in cap-rate assumptions can materially impact valuation
• Using aggressive offer pricing to create a stronger margin of safety
• Continuing to make offers even when capital or experience requirements appear challenging
• Leveraging broker relationships to locate equity partners and loan sponsors
• Finding partners who can provide capital, net worth, or lending qualifications
• Structuring seller financing to bridge acquisition funding gaps
• Combining senior debt, investor equity, and seller carry financing to structure larger deals
• Refinancing existing multifamily properties to extract capital
• Evaluating whether to refinance or sell existing assets
• Restarting off-market acquisition campaigns when broker-listed opportunities are unattractive
• Recognizing property management workload as a bottleneck to acquisitions
• Hiring full-time, in-person property management support to reclaim owner time
• Comparing the value of domestic employees with lower-cost virtual assistants
• Building property management systems that support maintenance, renovations, and landscaping
• Exploring third-party property management as an additional revenue stream
• Deciding whether to acquire multiple smaller properties or pursue larger multifamily assets
• Aligning acquisition strategy with the investor's current business capacity and goals
• Maintaining acquisition momentum after periods of heavy disposition activity
• Working through multiple accepted and near-accepted offers simultaneously
• Building a real estate company that can operate without constant owner involvement
• Evaluating what comes next after successfully systemizing a property management business
• Balancing continued portfolio growth with operational refinement and owner priorities
• Creating efficiencies inside mature portfolios, including reducing recurring maintenance expenses
• Building scalable real estate businesses through disciplined underwriting, creative financing, delegation, and consistent deal sourcing