Rental Property Investing: How to Underwrite Your First Deal
A complete underwriting framework for buy-and-hold rentals — income, expenses, reserves, financing, and the return metrics that matt…
Devon Reyes
Head of Investment Research · MBA, former acquisitions principal
Devon has acquired and asset-managed over $180 million of multifamily and self-storage assets across the Southeast. He writes about underwriting discipline, debt structure, and the gap between pro forma and reality.
MultifamilyUnderwritingDebt markets
Articles by Devon (12)
Real Estate Investing
Real Estate Investing
The BRRRR Method: Buy, Rehab, Rent, Refinance, Repeat
How BRRRR recycles capital, the ARV and seasoning rules that govern the refinance, and the failure modes that trap investors mid-cyc…
Real Estate Investing
House Flipping: The Real Cost Structure Behind the Profit
How flip margins are built, the 70% rule and its limits, financing costs, contractor management, and tax treatment of flip income.
Real Estate Investing
Multifamily Investing: From Duplex to Institutional Deal
How multifamily is valued, why five units changes everything, operating expense benchmarks, and how value-add actually works.
Real Estate Investing
Short-Term Rentals: Higher Revenue, Higher Operating Load, Higher Regulatory Risk
How STR economics differ from long-term rentals, realistic expense ratios, regulatory exposure, and the tax rules that make STRs unu…
Real Estate Investing
REITs: Real Estate Exposure Without Owning Property
How REITs are structured, equity versus mortgage REITs, public versus non-traded, FFO and AFFO, and how REITs fit alongside direct o…
Real Estate Investing
Real Estate Syndications: How Deals Are Structured and What to Diligence
GP and LP roles, waterfalls and preferred returns, fee stacks, Reg D offerings, and the diligence questions that separate good spons…
Real Estate Investing
Self Storage Investing: Low-Touch Operations, Real Operational Depth
Why storage economics differ, expense ratios, demand drivers, lease-up risk on new development, and how to underwrite an existing fa…
Real Estate Investing
Mobile Home Park Investing: Land-Lease Economics and Real Constraints
How land-lease communities generate returns, infrastructure diligence, park-owned versus tenant-owned homes, financing, and regulato…
Investing
How to Read a Seller's Rental Pro Forma Without Getting Fooled
The eight line items sellers manipulate, and how to reconstruct real numbers from actuals.
Investing
Cap Rate Is a Price, Not a Return
The most misused metric in real estate, explained properly.
Investing
House Hacking: The Most Capital-Efficient Entry Into Real Estate
Why buying a two- to four-unit property you live in beats almost every other first move.