OVERVIEWIn 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 COVEREDThe danger of underwriting large apartment deals with only three numbersHow gurus oversimplify investing to sell programsWhy initial calculators and 60-second models should only guide early screeningThe importance of lease expirations, turnover costs, payroll, taxes, insurance, and repairsHow business plans drive NOI improvementMarket realities: when rules of thumb like the 1% rule break downRisks hidden in commercial leases and long-held propertiesThe role of consultants and advanced underwriting beyond mentorship programsQUOTES“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

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