What’s the real connection between mindset and underwriting, and why should both matter to passive and active investors alike? In this episode, Rich Neuharth and Moses Lucero of Aviana Capital Group explore the surprising overlap between mindset and underwriting in multifamily real estate. They talk through how relationships, trust, and mindset influence underwriting quality, and how both GPs and LPs can better evaluate deals. The conversation also covers the importance of involving family in real estate, how projections can mislead passive investors, and why conservative underwriting is a necessity, not an option. Whether you're diving into spreadsheets or just want to know how to avoid a bad deal, this episode breaks down real lessons with real numbers and real experiences.

[00:01 - 04:45] Mindset Meets the Math

• How Moses and Rich’s friendship evolved into a business partnership
• Why mindset is a key factor in approaching underwriting
• The importance of alignment in personal relationships when pursuing real estate

[04:46 - 08:25] Underwriting: A Learnable Skill

• Rich’s perspective on whether analytical thinking is innate or learned
• Moses’s journey from confusion to confidence in underwriting
• Why loving the process matters more than being naturally inclined

[08:26 - 12:45] What Every Investor Should Understand

• Why all partners—active or passive—should grasp basic underwriting
• The importance of vetting your team, not just the deal
• How equity multiple and IRR are interpreted differently by different investors

[12:47 - 17:30] Getting Burned and Learning From It

• Angel shares a personal story of a deal gone wrong
• How emotional signals and missed cues affected her trust
• What passive investors can do to protect themselves from poor projections

[17:31 - 22:28] Cap Rates and Exit Strategy Breakdown

• What exit cap rate assumptions mean and why they matter
• How unrealistic assumptions mislead investors
• Why conservative underwriting is critical in a volatile market

Connect with Rich:

https://www.linkedin.com/in/realmindsetrich

Connect with Moses:

https://www.linkedin.com/in/moses-lucero-9026b220b/

Key Quotes:

“If you separate family and business, you’re always juggling both. If you bring them together, you get to do it all the time.” - Rich Neuharth

“As an LP, you want to underwrite the person and underwrite the deal. That’s how you protect your capital.” - Moses Lucero

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