May 24, 2023

32 minutes

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Underwriting During a Recession with Rob Beardsley

About this podcast

What goes into the making of a wise investment decision? In this episode, underwriting expert Rob Beardsley joins us to discuss evaluating investment opportunities and protection against Ponzi schemes. We look into the fraudulent nature of the Ponzi scheme involving Freedom Impact Consulting LLC and how it collapses when new investors slow down. Rob delves into the underwriting process, emphasizing the need to trust the sponsor or operator. He tells us that underwriters evaluate investment opportunities by analyzing financials, projections, and factors like renovations, management practices, and expenses. The conversation also touches on the relationship between interest rates and cap rates in the multifamily market, as well as the benefits of interest-only debt for cash flow enhancement. We also discuss other metrics and considerations in evaluating investment properties. The importance of understanding the source and sustainability of cash flow is highlighted, and investors are advised to ask the right questions and assess the legitimacy of deals. Rob urges investors to focus on their areas of expertise, practice diversification, and thoroughly understand investment opportunities to make informed decisions and mitigate risks.

“The essential core practice of underwriting is looking at an opportunity and analyzing, either if you would pay the asking price, or what price you would pay for that asset. And that’s based on again, the future projections as well as more subjective risk analysis and deciding well, are these potential returns worth the effort and risk that I’m going to have to take in order to potentially achieve those returns?” – Rob Beardsley

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Underwriting During a Recession with Rob Beardsley

Key takeaways

Key Takeaways

  • How to avoid Ponzi schemes.
  • How we track the yield on cost.
  • How leverage is magnified through varying market cycles.

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