In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano break down the real reasons commercial real estate deals fall apart during due diligence. From inflated NOI numbers and hidden CapEx to fake occupancy reports and underwriting mistakes, they share real world stories about the risks investors face when the numbers do not match reality. The conversation dives into lease audits, inspections, insurance surprises, lender requirements, and why walking away from a bad deal can sometimes save millions.

Topics Covered

• Commercial real estate due diligence mistakes
• How sellers manipulate NOI and occupancy numbers
• The difference between underwriting assumptions and reality
• Why CapEx and deferred maintenance matter
• Lease audits and hidden occupancy issues ...