You know that guy with a megaphone, standing atop of a makeshift platform, preaching at the crowd? You’ve read about that guy. You’ve seen him in the movies. Do you know that guy?
Well, I am that guy—or at least that’s the way I feel. And what I am yelling into that megaphone goes something like this:
Fool, listen to me. Yes, I am talking to you! You cannot underwrite operating expenses on income property as a percentage of revenue. All of those expenses are dollars, not percentages!