Underwriting, with the math showing.
Deal metrics, BRRRR mechanics, and honest looks at the tools investors actually use, every claim traceable, every formula named.
When to refinance a BRRRR, and the $159,000 of equity that isn't there
An agent told an investor to cash-out refinance first and go shopping after. Seventeen replies argued about it and not one of them put a number on it. Here's where the refinance actually belongs in a BRRRR, the six-month rule that decides it, and why $300,000 of equity turns into $141,000 of spendable cash.
How to calculate ARV (and why the appraiser gets the last word)
Two investors walk the same house and come out with ARVs $30,000 apart. Both used the same formula, and that formula is the problem. Here's the comp method appraisers actually use, a worked example on a real grid, and what happens to your BRRRR when the appraisal lands 7.5% light.
NOI vs. cash flow: the $13,000 property that pays you nothing
A listing flyer says the property earns $13,000 a year. The seller isn't lying. You will still take home zero, and the reason is two numbers that sound identical and answer completely different questions. Here's the full waterfall on one ordinary house, and which metric needs which number.
Your rental property analysis spreadsheet probably has an error in it
Audits of real-world spreadsheets find that roughly 94% contain at least one error, and a deal underwrite has well over a hundred formula cells. Here's an honest look at the four ways a rental spreadsheet breaks, which two jobs it still wins outright, and how to use both tools without lying to yourself.