I've been working through an underwrite for the sale of a multifamily ground-up development project. Today, I was on the phone with the developer going over expense projections and other factors to forecast the sale of the product. During the conversation he reiterated incessantly how he referred to all costs on a per key/unit or SF basis as a fact checker for his project.
After working in real estate for a while you know this is relatively basic knowledge. My best reaction to this attempted lesson was just to listen, agree, and ask a question- how much do the costs vary on a regional basis?... I felt a little awkward as I pushed on to my next questions in an attempt to speed up the call.
How do you react to advice you already know? Follow up- best/worst advice you’ve received about finance?
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