Underwriting Uncovered: What Every Passive Investor Should Know

What does it really take to underwrite a multifamily deal, and how can passive investors use underwriting knowledge to sharpen their due diligence? In this episode, Jeannette Friedrich sits down with Jason Williams, Chief Underwriting Officer at Ironclad Underwriting and co-founder of The Academy Presents, to unpack how underwriting works, what red flags to watch for, and how investors can make smarter decisions.

Key Takeaways:

- Why underwriting is never “finished” and how models evolve with market cycles, lending parameters, and investment strategies

- Practical advice for passive investors on whether (and how) to learn underwriting versus leaning on experts

- Common red flags to recognise, from unsustainable rent growth assumptions to underfunded reserves

- The importance of stress testing and sensitivity analyses when evaluating projections

- How insurance, labour, and other operating costs should be approached realistically through third-party insights

- Lessons from deals that looked strong on paper but underperformed in practice, and why betting on the operator is as critical as the numbers

- Best practices for aligning underwriting with asset management to ensure business plans translate into real results

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Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com.

Credits

Producer: Blue Lake Capital

Strategist: Syed Mahmood

Editor: Emma Walker

Opening music: Pomplamoose

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