Underwriting to an
Operating Standard
Most acquisition underwriting is prepared by someone who is paid when the transaction closes. After closing, the numbers stay with ownership.
We underwrite every property to the standard we would hold ourselves to as its operator: revenue from booked performance, costs benchmarked against the invoices we pay on the homes we operate, and every figure graded by its source.
The question is not whether a home is beautiful or the market is attractive. It is whether the asset funds itself, holds its value, and compounds. Our fee is fixed. It does not depend on whether you buy, or on whether we are engaged to operate the home.
Inside the
underwriting
Every underwriting covers the same six things:
Revenue at realistic rate and occupancy, against sourced comparables.
Operating costs, line by line, benchmarked against local vendors.
The capital required to reach operating standard.
Cash yield from year one through stabilization.
Where scarcity supports the price, and where the price depends on optimism.
The risks specific to the market and the property.
Desk Underwriting
An economic review of a property you own or are considering, prepared before a walkthrough from the data available to us. It covers revenue, operating costs, capital required, cash yield through stabilization, and the risks specific to the market. At the modelled price the model returns one of three outputs: proceed, renegotiate, or pass.
US$10,000, fixed. Payable at engagement.
Site Underwriting
Some numbers cannot be read from a desk. We walk the property and look at its condition, deferred maintenance, and fit for the top of its segment. The capital plan is rebuilt from what is on site, so the underwriting reflects the investment the asset requires, not only the price.
An additional $10,000 plus travel, payable in advance.
Sourced Opportunities
We also underwrite properties we source in the markets we follow and present them to our ownership network. We present and partner only on properties we have high conviction in, each is one we would also operate.
Available upon request.
DISCLAIMER: Underwriting provided by Jack Laurier is non-discretionary analysis for informational purposes only: an economic model of revenue, cost and return under stated assumptions, prepared as if Jack Laurier operated the home, from data we do not verify. It is a professional assessment at a point in time, not a prediction, and may contain errors; verify the model before relying on it. It does not constitute investment, legal, tax or financial advice, an appraisal, an offer or a recommendation. Past performance and operational viability do not guarantee future yields; all investments involve risk, including the potential loss of principal. Every decision to bid, buy, renegotiate or pass is yours alone, made on your own due diligence with your own advisers. Every underwriting assumes Jack Laurier operates the home; we may propose to do so, you have no obligation to engage us, and our fee is the same either way. Every engagement is delivered under our Underwriting Agreement, signed before the first memo, which governs its use and limits our liability to the fee paid. Investment Disclaimer: General information, not advice or an offer..