In this episode of the Small Axe Podcast, we're diving into one of the most important skills every multifamily investor needs to master: underwriting.

Whether you're analyzing your first apartment deal or your hundredth, underwriting is the foundation of making smart investment decisions. But here's the catch—it's both incredibly important and inherently imperfect. A pro forma is only a projection, so the goal isn't perfection. The goal is making the best decisions possible with the information you have.

In this episode, I walk you through my underwriting process from start to finish, including:

• How to create a buy box that saves you time

• What to look for in a rent roll, T-12, and offering memorandum

• How I build a realistic pro forma

• Why taxes and insurance can make or break a deal

• How financing impacts your underwriting

• Where to find reliable market data and expense benchmarks

• Why conservative exit assumptions matter

• When it's time to make an offer—and when it's time to move on

If you want to become a better multifamily investor, this episode will help you analyze deals with more confidence and avoid some of the costly mistakes that trip up new investors.

If you're interested in learning more, check out my Buy Buildings, Build Empires course and the Multifamily Deal Blade underwriting tool at:

https://stan.store/buybuildings

Remember, it only takes a small axe to build a lasting empire.