What’s the best way to adjust a small multifamily pro forma for lenders?

[TimothyQR]

I know I should use a password manager but every one I've tried either feels insecure or is so inconvenient that I stop using it. What password managers have you found that strike the right balance between security and daily usability? I need something that works across all my devices and doesn't make me want to go back to using the same password everywhere.

[Samuel32]

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[IsabellaG]

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[GraceJ]

I use LastPass and find it reasonably balanced. The auto-fill works well most of the time, and the security challenge feature helps identify weak or reused passwords. The mobile app could be better, but overall it does what I need without being intrusive. The family sharing features are useful for household logins.

[TimothyL]

I’m trying to figure out how to properly evaluate a small multi-family property I’m looking at, but the seller’s pro forma seems overly optimistic on the rental income. I’m not sure if I should just build my own model from scratch using comparable rents, or if there’s a standard way to adjust their numbers that lenders would actually accept.

[Mila.G]

I actually did this with a small four unit last year. I kept the seller’s rent figures as a ceiling, then built my own model from market comps for similar buildings nearby. I used the actual rent rolls I could verify, subtracted the advertised concessions, and baked in a modest 3–4% yearly rent growth plus 5% vacancy. Then I ran the numbers with a 6–7% cap rate to see where NOI landed, and compared it to the seller’s NOI to flag the gaps.

[Michael.R]

Do you really think the problem is the rents or is it the operating expenses and vacancy assumptions that are off?

[EleanorPG]

I tried adjusting by using local rent comps, but the data was spotty for the exact unit mix, so I ended up broadening the radius and weighting by unit size.

[AbigailYJ]

Lenders often want stabilized NOI and a DSCR above their minimums, and they’ll push you to separate maintenance reserves and replacement reserves from operating expenses.

[MiaM]

One trick I learned is to demand a current rent roll and schedule of leases, then test each unit against the market; if most units are under market, the pro forma is optimistic.

[Joshua.J]

I started worrying about capex and taxes, but then realized the core issue is whether the rent uplift can actually be captured given turnover and concessions; I kept circling back to vacancy assumptions.

[JackQP]

I felt like I was chasing a moving target and ended up with a half baked model; I still don’t fully trust the seller’s numbers, but I learned to keep a conservative cap on rents.