09/17/2025 - Four Lenses to Stronger Deals: SPD’s Underwriting Blueprint

On this COO Call, we dive into SPD Housing’s multi-strategy underwriting process that evaluates deals four different ways to maximize flexibility and minimize risk. You’ll hear how strict profit thresholds, accurate rehab estimates, and disciplined pre-appointment research guide their acquisitions, along with the team training and systems that power consistent results.

SPD Housing reviewed its underwriting process, which evaluates each deal four ways—market value, wholetail, fix & flip, and novation—to maximize flexibility and mitigate risk. Success depends on thorough pre-appointment research, accurate rehab estimates (within 2%), and post-appointment Loom videos that the underwriting team reviews alongside comps and calculators. Deals must meet strict profit thresholds—$50k minimum on flips, $30k on wholetails, $20k on wholesales, and at least $15k overall for acquisition teams to get paid—while rehab costs cannot exceed twice the gross profit. The company has shifted from turnkey rentals to a multi-strategy approach focused on direct seller acquisitions, adapting to market changes like Wall Street buyers, COVID, and rising interest rates, with new construction turnkey now favored over rehabs. A structured training program supports the team, requiring new homebuyers to complete six weeks of onboarding, including reviewing 20–30 past deal Looms and detailed SOPs. Next steps include Jason connecting with Chris on property management, Bobby requesting SOPs, and attendees accessing event recordings in three weeks.