What separates those who win deals in today’s real estate market from those who keep missing out?

In this episode, Angel welcomes back Anna Latysheva and Fernando Arias of ALFA Peak Capital for a hands-on session about underwriting multifamily real estate deals. Drawing from their experience analyzing over 300 properties across U.S. markets, Anna and Fernando break down the essential components of successful underwriting, from understanding rent comps to knowing your local tax assessor. They also highlight the importance of reliable market assumptions, building relationships with property managers and banks, and how attention to detail can make or break a deal. If you're wondering why your offers aren't landing, this conversation offers practical guidance and tools to sharpen your underwriting process and become more competitive.

[00:01 - 05:00] Starting with “Other Income”

• The significance of identifying "other income" as a key variable in underwriting.
• Why this often-overlooked line item can influence deal viability.
• The importance of being exposed to diverse underwriting perspectives.

[05:01 - 10:18] Meet the Founders of Alpha Peak Capital

• How Anna and Fernando transitioned from chemical engineers to real estate investors.
• The importance of mindset and community in scaling a real estate portfolio.
• Why real-world underwriting experience builds confidence and clarity.

[10:19 - 15:43] Underwriting 101: Known Variables vs. Assumptions

• What underwriting really involves and the role of knowns vs. assumptions.
• The importance of recognizing market rent, cap rates, and economic vacancy.
• How seemingly small data points—like window conditions—can affect outcomes.

[15:44 - 20:00] Tools and Templates: Where to Begin

• Why there’s no need to build your own underwriting model from scratch.
• Useful tools mentioned: Rand Capital, Synthesis Model, Michael Blank’s analyzer.
• How repeated practice builds reliable rules of thumb in your underwriting.

[20:38 - 23:45] Local Knowledge is Your Edge

• The importance of PMs and bankers in understanding expense ratios and market rents.
• How lease terms, seasonality, and dynamic pricing affect rent comps.
• Why using outdated or generic rent data can derail your deal analysis.

Connect with Anna:

LinkedIn: https://www.linkedin.com/in/ibuybuildings/

Connect with Fernando:

LinkedIn: https://www.linkedin.com/in/fernandoapartments/

Key Quotes:

“The first time I heard that ‘other income’ can make or break a deal was from Anna and Fernando. That stuck with me.” - Angel Williams

“People who win deals usually know their markets better than everyone else—and they work harder.” - Fernando Arias

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