Ben Leybovich

Successful multifamily real estate investor and bestselling author with best-in-class experience in underwriting.
 
Multifamily Underwriting Consulting with Ben
 
Gain expert insight and analysis of your multi-family deals, from 4 to 500 units.
 
  • Four 90-minute analysis sessions
  • Detailed 8-page underwriting spreadsheet
  • Educational to improve your skillset
  •  $1,200 flat fee
 
Four 90-Minute Sessions
Professional Framework
Educational Focus
"WOW! That is all I have to say about Ben's consulting. My partner and I studied Ben’s CFFU, but we reached out to him because we were in the middle of making an offer on 40 units, and we wanted to make sure we weren’t missing things. And we are glad we did! If you compare my initial underwriting model to the one I created as a result of consulting Ben, it is worlds apart. Not even close. And the kind of things I was missing weren’t small details - they were highly important things. Ben insisted on 4, 90-minute sessions. I tried to argue (can’t blame me for trying). But, Ben said the model covers distinct areas and would require 4 sessions.

I can recommend Ben’s consulting with no reservations. My knowledge of underwriting deals has grown so much and I am so much more confident in my abilities. Ben understands real estate and he is able to explain it in a way that not too many people can. I am in the process of underwriting a 40-unit deal right now." ~Jeff
 
How it Works
Once you engage, we will discuss if the consulting is right for you, and then schedule your four appointments.
 
  •  Each consultation is 90 minutes.
  •  Screenshare is used in all consultations.
  •  All consultations are recorded for your future use.
  •  Consultations 1, 2, and 3 will take place during the first week.
  •  You have one week following #3 to work on your underwriting. 
  •  The last consultation will take place at this time.
 
What's Covered
 
The first three sessions are devoted to understanding the model, all of the components, and all of the rationale. In consultation #4 we will analyze your deal within your newly built underwriting model.
 
Session 1 of 4
 
Back of the Napkin Underwriting
 
  •  Stabilized Underwriting Model
  •  Break-down of Broker Pro-Forma 
  •  Break-down of T12 
  •  Underwriting of Gross Scheduled Rent 
  •  Detailed Break-down of Stabilized 
  •  Economic Losses
  •  Underwriting of OpEx
  •  NOI and CapEx Reserves 
  •  Introduction of the Model
 
Session 2 of 4
 
The Model
 
  •  In-Depth Model
  •  Stabilized NOI 
  •  Stabilized Cap Rate 
  •  ARV 
  •  CapEx Reserve 
  •  Profit Margin 
  •  Strike 
  •  Financing Options for Multifamily 
  •  Prepayment penalty discussion 
  •  Bridge Loan 
  •  GSE 
  •  Equity Required to Enter 
  •  Pro Forma Exit , 5-Year, 10-Year
 
Session 3 of 4
 
Validate the Exit
 
  •  Income Summary
  •  LTL Adjustments During Stabilization 
  •  Physical Vacancy Adjustments During 
  •  Stabilization 
  •  Property Taxes 
  •  IRR
 
Session 4 of 4
 
Deep Dive into Your Underwriting Results
 
Between session three and four, you will gather and outstanding data points and finalize your complete underwriting model. During the last session, we review your deals within this framework end-to-end, looking for opportunities and inconsistencies. Ultimately, we determine your offer price, your return, and whether or not you have a deal.

You should leave session four with many benefits.
 
  •  For you and your investors: a crystal-clear understanding of the property, its potential, and its return.
  • For the bank: all the data points you need to secure financing.
  • For your future: a complete understanding of how to analyze deals in a sophisticated manner.
 
What's the Fee?
 
One time charge for 4 sessions (6 hours) is $1,200. Payable at time of engagement.
 
  • Four 90-minute analysis sessions
  • Detailed 8-page underwriting spreadsheet
  • Educational to improve your skillset
  •  $1,200 flat fee
 
Gain expert insight and analysis of your multi-family deals, from 4 to 500 units.
 
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