📖 Episode Overview

In this episode, Jason and Frank pull back the curtain on the most manipulated areas of underwriting: revenue assumptions and operating expenses.

They explore how pro formas can be engineered to look too good to be true, and how savvy investors can spot the red flags. From market rent games to unrealistic expense ratios, they break down what ethical underwriting really looks like in today’s market.

📌 Topics Covered

✅ Differences between market rent, in-place rent, and effective rent

✅ Revenue assumptions: Loss to Lease, Economic Vacancy, Other Income

✅ Underwriting manipulation: common tactics used by “bad actors”

✅ Expense benchmarks and what’s actually reasonable

✅ Operating expense ratios: understanding when numbers don’t add up

✅ How  ...