Hasan Gabareen

In 2009 I was buying homes at courthouse auctions across Northern California. One walkthrough, no second look, renovation budget estimated on the spot. We did that 400 times and deployed over $100 million for institutional investors. The single biggest mistake I watched other buyers make during that run wasn't overpaying. It was trusting seller projections without stress testing them. Every pro forma shows you the ceiling. Full occupancy, optimistic rents, minimal expenses.

Hey all, I’ve been thinking a lot about how most people underwrite LTR deals, and one thing I keep noticing is that downside risk doesn’t always get as much attention as the base-case numbers. A lot of the focus tends to be on: purchase price rent comps basic cash flow Which makes sense—but it usually stops there. But what I don’t see as often is people really asking: What actually breaks this deal if a few assumptions are off?