In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano break down the differences between T12, T9, T6, T3, T1, and pro forma numbers when evaluating a commercial real estate investment. They explain how looking at shorter time periods can reveal trends that a traditional T12 may hide, while also highlighting the risks of relying too heavily on pro forma projections and seller provided numbers. The conversation emphasizes the importance of detailed underwriting, due diligence, realistic budgets, and knowing when the numbers are telling you to walk away from a deal.

Topics Covered

• Understanding T12, T9, T6, T3, and T1 financials
• How shorter trailing periods can reveal changes in income and expenses
• Identifying seasonal trends in property expenses
• How accounti ...