How can a $20 monthly fee or a minor tweak in rent comps add hundreds of thousands to your property's value—and why are so many investors missing this? In this eye-opening episode, Anna Latysheva and Fernando Arias dive deep into the nuanced world of real estate underwriting, market rents, and the often-overlooked impact of "other income" on a property's valuation. Through detailed examples and practical advice, they reveal how strategic income streams—like pet rent, parking, and even laundry contracts—can dramatically shift your investment game. This episode demystifies how seasoned investors extract additional value and remain competitive in tight markets like Denver.

[00:01 – 04:42] Beyond the Finish Line

• How comparing physical finishes and amenities side-by-side impacts rental pricing and strategy.
• Why understanding unit square footage variations is essential for evaluating true comparables.
• The significance of visual walkthroughs and local architecture knowledge when analyzing comps.

[04:43 - 08:32] Numbers that Speak

• How small rent differences significantly alter total income and overall property valuation.
• Why relying solely on tools like Rentometer can misguide your pricing strategy.
• The importance of understanding local cap rates and market behavior to assess a property’s worth.

[08:33 - 13:06] Unlocking Other Income Streams

• What “other income” sources (pet rent, parking, laundry) add to your bottom line.
• The need to align with local norms—what’s considered standard in your market to stay competitive.
• Why ignoring ancillary income results in undervalued offers and lost opportunities.

[13:07 - 21:12] Boosting NOI with Rhino & Surety Bonds

• How deposit alternatives like Rhino reduce move-in barriers while protecting landlords.
• Why structuring a move-in fee versus traditional deposit boosts cash flow.
• The significance of understanding tenant behavior and legal safeguards in using these services.

[21:13 - 22:41] The Small Charges That Scale

• How credit reporting fees, trash valet, and CAM charges stack up in large portfolios.
• Why customizing income streams to tenant lifestyle trends future-proofs your model.
• The importance of questioning old norms (like cable packages) to adapt to current needs.

Connect with Anna:

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

Connect with Fernando:

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

Key Quotes:

“You really need to hone in on what's my true market rent for this property.” - Fernando Arias

“People just love to live with pets—even in a 500 square foot apartment.” - Anna Latysheva

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

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

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What’s the real risk behind accepting investor referrals—and what could cost you hundreds of thousands without you realizing it?

In this episode, Dugan Kelley clarifies the rules around raising capital under the 506(b) exemption. He breaks down what counts as general solicitation, when a preexisting relationship is required, and how word-of-mouth referrals can create unexpected liability. They also address growing confusion around registered broker-dealers, finder’s fees, email marketing boundaries, and the future of accreditation rules. If you’ve ever questioned how to stay compliant in your real estate syndication or capital raise, this conversation gives practical guidance to protect yourself and your investors.

[00:01 - 05:49] The Broker-Dealer Dilemma

• Why only registered broker-dealers can legally accept commissions
• What most people misunderstand about co-sponsors and cap-raising roles
• The importance of avoiding unnecessary regulatory exposure

[05:50 - 09:35] The Truth About 506(b) & Referrals

• Why preexisting relationships matter—but aren't always required
• What the SEC actually says about general solicitation
• The significance of documentation in defending your offering

[09:36 - 13:25] Finders, Word of Mouth, and the “Paul Anka Rule”

• What the limited finder’s exemption really allows
• The importance of avoiding indirect solicitation
• Why most operators avoid referral-based models

[13:24 - 17:23] Email Lists, Accreditation Rules & SEC Trends

• When it’s safe to email your list about deals
• The unlikely future of a $10 million net worth accreditation rule
• The importance of understanding the SEC’s slow pace of change

[17:24 - 22:44] When to Move from 506(b) to 506(c)

• Why most operators stick with 506(b) early on
• What to consider when transitioning to 506(c)
• The importance of knowing your investor base

Connect with Dugan:

LinkedIn: https://www.linkedin.com/in/dugan-kelley-0019b435/

Key Quotes:

“There is no such thing as a professional referral unless the professional is a registered broker-dealer.” -Dugan Kelley

“You have the burden to prove you didn’t solicit someone—even if they were referred to you.” - Dugan Kelley

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!