Underwriting
The five lines that kill most rental deals
Vacancy, management, capex reserves, insurance, and taxes. Get these wrong and a 9% pro forma is really a 3% asset.
September 2026 · 6 min read
Insights
Notes from inside the underwriting.
Practical writing for people who put real money into real property. No hype, no guru math.
Capital
Why your lender said no (and it wasn't the rate)
Declines are usually a file problem, not a deal problem. Here's the order lenders read your package in.
August 2026 · 7 min read
Development
Entitlement math: what a 9-month delay actually costs
Carry, escalation, and lost lease-up season compound faster than most pro formas admit. A worked example.
August 2026 · 8 min read
Strategy
Build a buy box your brokers can actually use
One page, five criteria, zero ambiguity. The difference between deal flow and inbox noise.
July 2026 · 5 min read
Capital
DSCR loans: the ratio is not the whole test
Coverage gets you in the door. Reserves, vesting, and lease documentation get you to closing.
July 2026 · 6 min read
Capital
When a bridge loan is the cheapest money in the room
Higher rate, lower total cost. The scenarios where short-term capital wins on math.
June 2026 · 5 min read
Downloadable Guides
Tools we use, packaged for you.
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7 Ways to Fund a Real Estate Transaction
Cash and DSCR, hard money, private money, seller financing, Subject-To, joint ventures, and lease options — how each works and who it's best for.
Subject-To transactions leave the existing loan in the seller's name, and most mortgages contain a due-on-sale clause that allows the lender to call the loan due. Real Estate Royce provides consulting only. All Sub2 transactions must be reviewed by a licensed real estate attorney and closed through a title company. This is not legal, tax, or lending advice.
The Deal Underwriting Checklist
The 42 inputs we verify before recommending any acquisition.
Lender Package Blueprint
Exactly what goes in the file, in the order lenders read it.
Development Feasibility Starter Model
A budget and residual land value framework you can fill in on your own site.