Title: Questions for LPs and GPs Before Investing!

Overview:

In this episode of the Ironclad Underwriting Podcast, Jason Williams and co-host Frank Patalano break down one of the most crucial skills in commercial real estate: properly vetting operators. Whether you're acting as a general partner, raising capital, or evaluating opportunities as a passive investor, understanding who is running the deal can make or break your investment.

Jason and Frank share personal experiences, lessons learned, and the key indicators that separate trustworthy, high-performance operators from risky ones. From track records and asset classes to market focus and team structure, this episode gives you a full blueprint for evaluating the people behind the numbers.

Topics Covered

• Why vetting operators is essential for both GPs and LPs

• What to look for in an operator’s track record

• How geographic concentration affects operator performance

• Evaluating operators who handle multiple asset classes

• Understanding differences between Class A, B, and C properties

• The importance of speaking with past investors

• How team size and structure impact deal execution

• Common red flags when reviewing operators and their deals

• Jason and Frank’s real examples from deals they accepted and declined

• How aggressive underwriting vs. conservative underwriting affects outcomes

Key Quotes:

• “As an LP, you need to vet operators just as hard as they vet you. You're investing real money, so know who you're trusting."
• "A Class B and a Class C property might look similar on paper, but they operate in completely different worlds."
• "Talking to past investors is the most important part of due diligence. Numbers matter, but transparency matters more."

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

Overview

In this episode of the Ironclad Underwriting Podcast, hosts Jason Williams and Frank Patalano break down one of the biggest sticking points for new and seasoned investors alike: choosing the right market. The conversation unpacks why so many students struggle to justify their market selections, what truly matters when evaluating where to invest and how understanding market cycles can dramatically reduce risk.

Topics Covered

• Why most new investors don’t know how to choose a market

• The importance of aligning market choice with personal investing criteria

• How to avoid spreading yourself too thin across too many markets

• Understanding the multifamily market cycle

• Expansion, hyper supply, recession and recovery explained

• Why money can technically be made anywhere and how to mitigate risk

• The value of focusing on one market before expanding

• How partnerships influence multi-market investing

• What data and signals actually matter when determining whether a market fits your strategy

Notable Quotes

• “Money can be made anywhere, but what you’re trying to do is mitigate your risks as much as possible with your market analysis.”
• “If you pick twenty markets, you’re going to go through the steps for all twenty of them and it gets overwhelming. Concentrate on a single market first and then expand once you know everything.”
• “Real estate is cyclical. If there’s high demand and low supply, rents go up. Once people start building, if they overbuild, that is when the cycle shifts.”

Resources Referenced

• Multifamily Market Cycle Framework: (Expansion, Hyper Supply, Recession, Recovery)

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

OVERVIEW

In this episode of the Ironclad Underwriting Podcast, Jason and Frank break down the pitfalls of oversimplified underwriting, especially the “three-number method” popularized by real estate gurus. They explore why back-of-the-napkin math can help you screen deals, but will never replace real due diligence, business planning, and detailed financial analysis.

TOPICS COVERED

• The danger of underwriting large apartment deals with only three numbers
• How gurus oversimplify investing to sell programs
• Why initial calculators and 60-second models should only guide early screening
• The importance of lease expirations, turnover costs, payroll, taxes, insurance, and repairs
• How business plans drive NOI improvement
• Market realities: when rules of thumb like the 1% rule break down
• Risks hidden in commercial leases and long-held properties
• The role of consultants and advanced underwriting beyond mentorship programs

QUOTES

• “Trying to buy a 10, 20, 30, 40 million dollar apartment complex based on three numbers is probably a problem.”
• “Those three numbers are good, but getting those three numbers is the hard part.”
• “Gurus try to make it as basic as possible so you’ll buy their program, but that’s not how you build a real underwriting foundation.”

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn