Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano examine the true financial impact of vacancy beyond simple underwriting assumptions. They unpack how turnover costs, deferred maintenance, resident behavior, and property class dramatically affect cash flow, timelines, and overall asset performance. This first installment sets the foundation for understanding why vacancy is often far more expensive than it appears on a spreadsheet.

Topics Covered

• Why vacancy assumptions often underestimate real financial exposure
• The true components of turnover costs in multifamily assets
• Differences in turnover risk across Class A, B, and C properties
• How deferred maintenance compounds vacancy duration and expense
• The operational timeline from move out to re lease
• The impact of staffing limitations on vacancy length
• Pest infestations, pet damage, and extreme unit conditions
• When turnover costs shift from operating expenses to capital expenditures
• Why units you cannot access during due diligence often carry the highest risk

Quotes

• “Vacancy is not just lost rent. It is time, labor, capital, and momentum quietly draining from the asset.”
• “The units you cannot get into are usually the ones with the biggest problems, and the biggest costs.”

🎧Connect with Jason

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

Overview

In the first episode of 2026, Jason Williams sits down with Frank Patalano and Angel Williams for a wide ranging and honest conversation about the realities of investing, rising costs, and what it actually feels like to operate in today’s economy. From grocery store sticker shock to refinancing stress, personal health goals, travel plans, and long term strategy, this episode blends economics with lived experience. It’s a grounded discussion about cash flow versus equity, patience in investing, and setting intentional goals for the year ahead.

Topics Covered

• How everyday price increases reveal the real state of the economy

• Why feelings at the checkout line matter more than headlines

• Cash flow versus equity and why both matter at different stages

• Refinancing challenges and navigating lender conversations

• Liquidity stress and feast or famine cycles in real estate

• Setting realistic business and personal goals for 2026

• Travel, conferences, and building relationships in the industry

• The long timelines and hidden costs of development projects

• Balancing ambition with patience in a shifting market

Quotes

• “You can’t eat equity. You can feed yourself with cash flow, but equity only works if you can actually access it.”

• “If you don’t feel like you’re paying a fair price when you’re shopping, you probably aren’t, and that tells you more about the economy than any report.”

🎧 Connect with Jason

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

🎧 Connect with Angel

✅ LinkedIn

Episode Overview

In this episode of the Ironclad Underwriting Podcast, host Jason Williams is joined by Frank Patalano for a deep dive into refinancing in both residential and commercial real estate. Drawing from real-world deals, investor experience, and underwriting realities, they break down the three primary reasons to refinance, when it makes sense, when it doesn’t, and why refinancing should rarely be treated as a guaranteed part of a business plan. The conversation covers leverage, equity extraction, loan maturity risk, and the hard lessons that come with refinancing in volatile markets.

Topics Covered

• What refinancing really means in residential vs. commercial real estate
• The three core reasons to refinance: equity, better terms, and loan maturity
• Pulling equity to redeploy capital or return investor funds
• How refinancing impacts cash flow, returns, and leverage
• Fully amortizing loans vs. balloon notes and bridge debt
• Why refinancing should not be assumed in underwriting models
• Cash-out vs. cash-in refinances and when each makes sense
• Interest rate risk, cap rates, and refinancing in changing markets
• Real-life refinance case studies, wins, and costly lessons
• The role of banks, lenders, and why switching lenders can be a valid reason to refi

Quotes from the Episode

• “There are really three main reasons to refinance: to pull out equity, to get better terms, or because your loan is maturing.”
• “Refinance when you can and when it makes sense, but don’t build it into your business plan, because you can’t predict interest rates or loan terms.”

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn