The $5.8 Million Mistake Most Investors Miss!

Most operators are still using 2021 underwriting models to justify 2025 deals. The result? Properties that can't refinance, can't sell, and drain cash for years.In this video, I break down the three fundamental shifts in multifamily underwriting that separate profitable deals from portfolio killers:✅ Rent Growth Reality – Why 1-2% assumptions (stress-tested to zero) are the new standard✅ Vacancy & Collections – How 8-9% vacancy plus 3-4% collection losses change the math completely✅ Exit Cap Stress Testing – Why you need to underwrite 50-75 basis points HIGHER than entry, not lowerI'll walk you through real Richmond market data showing:Vacancy climbing from 5.2% to 8.2%Rent growth collapsing from 10.2% to 0.9%Cap rates expanding from 5% to 6.3%+Then I'll show you a real case study: the same 115-unit deal underwritten in 2021 vs. 2025. Same property, same market – but one shows a 14.2% IRR while the other barely beats inflation at 6.8%.The operators who adapt their underwriting first are the ones positioning for success in this cycle.If you're analyzing 50-150 unit value-add deals in Virginia, book a call at the link below. I'll walk you through my 2025 underwriting model and show you how to stress test your deals properly.