TIPS WELCOME for Commercial Underwriting Improvements

[Shawn Benteti]

Hi Forum! 

I have worked in the Multifamily space within a syndication structure for 4 years now. I consult with family practices for other various investments, not necessarily in the MultiFamily space.

At first my underwriting was surface level, toggling around with rent growth and exit cap. Over time, I gained exposure into asset management and was fortunate to have GP opportunities where I learned the other sides of the business. 

My underwriting abilities have evolved and are much more comprehensive; including debt sizing, GP/LP structures, exit and refi scenarios, and much more. Running point on due diligence during acquisition was also a huge learning curve at first. I have had brief exposures to other spaces as well – Industrial, HealthCare, etc within different structures like Co-GP and Funds for example. I believe there is much improvement to be made to my knowledge base and my skillset.

I find SFR in my personal time and want to become a sponsor or fund operator in the future in the commercial real estate space.

What are some ESSENTIAL skills that an analyst of a decades experience MUST have over someone with my tenure? What do they see differently? Are there subtle yet creative underwriting tactics that increase ability to carve out good deals? Any organizational tips for creating and pursuing a pipeline?  Any and all Tips and long-term guides are welcome! 

Thank you guys! 

[G. Brian Davis]

One thing I've noticed is that the most experienced operators don't necessarily have better spreadsheets—they tend to be better at identifying what can go wrong. A newer analyst might focus on upside. Someone who's been through multiple cycles tends to spend more time stress-testing assumptions, questioning the business plan, and looking for risks that aren't obvious at first glance.

As a co-founder of a co-investing club, we've reviewed deals from operators, and one pattern I see is that the strongest operators are usually excellent at execution, not just underwriting. They understand capital, operations, asset management, and people. Your background already sounds well beyond surface-level underwriting. I'd focus on getting as close as possible to the operational side of the business because that's where a lot of the real lessons seem to come from.