By Ken Lundin, Author, Operator and Investor I’ve watched dozens of investors blow past red flags because they ran a single calculation and called it analysis. What is the 7% rule for rental property?…
What is the 1% rule for multifamily real estate investing? It’s the first filter I run on every deal. I’ve watched Ken Lundin and hundreds of other investors waste weeks underwriting properties that this…
By Ken Lundin, Author, Operator and Investor I’ve watched operators lose $4M in equity because they trusted a pro forma that looked perfect on paper. The model collapsed in the first six months of…
By Ken Lundin, Author, Operator and Investor I’ve watched operators chase rent growth right up to the moment they realize they’ve priced out the only people who can actually pay it. The rent to…
By Ken Lundin, Author, Operator and Investor Most multifamily deals fail on five OpEx line items. Operators underestimate them by 73%. Our analysis covered 140 acquisitions across 18 states from 2017-2024. The pattern repeats:…
By Ken Lundin, Author, Operator and Investor I’ve watched 30+ multifamily deals crater. The operator could execute the business plan. But the legal environment made execution impossible. National Apartment Association research tracked 2,400+ properties…
By Ken Lundin, Author, Operator and Investor I’ve watched sponsors blow $40M equity checks in markets where rent growth looked bulletproof. They didn’t miss the fundamentals. They ignored the 2,400 units already under construction.…
By Ken Lundin, Author, Operator and Investor I’ve reviewed more than 200 multifamily underwriting models in 30 years. The National Multifamily Housing Council’s 2024 Operating Expense Benchmark Study found institutional operators systematically understate first-year…
By Ken Lundin, Author, Operator and Investor Most investors analyze multifamily markets backward. They start with population growth. Then they cherry-pick data that confirms what they already want to believe. I’ve watched this pattern…
By Ken Lundin, Author, Operator and Investor I’ve watched underwriting multifamily deals blow up more times than I can count. It’s almost never the spreadsheet that kills you. After 30 years of watching operators…