Best Practices
- ✓Write a 7-point investment-committee memo for every acquisition.
- ✓Use stricter rent, vacancy, and expense assumptions than the listing offers.
- ✓Separate senior debt, mezz, and equity reserves on every deal.
Common Mistakes
- ×Approving deals on gut feel without a written memo.
- ×Using current operator numbers instead of stabilized institutional standards.
- ×Ignoring downside cases because the base case 'just works'.
In-Depth Guides
Thinking Like an Investment Committee
Institutional operators don't approve deals on gut feel. Adopt a 7-point committee memo for every acquisition — even solo investors benefit from the discipline.
Institutional Underwriting Standards for Rentals
Institutional underwriters use stricter rent comps, higher vacancy, and full-cycle expense loads. Apply their checklist on every personal deal.
Capital Stack Strategy for Individual Operators
You don't need LPs to think in capital stacks — separating senior debt, mezz, and equity sharpens every investment decision.