From Landlord to Investor: Volume 2

54-page guide + Excel analyzer: value, finance and run 5 to 50+ unit apartment buildings.

At five units, everything changes. The building is valued on its income, financed with commercial loans, and run as a business. That's where investors create real equity: every dollar of yearly net operating income you add is worth many dollars of value. This volume shows how, with the pros, the cons and the math.

Inside the 54-page guide (17 chapters + glossary): why 5 units changes everything. Value = NOI divided by the cap rate, explained with charts. Choosing markets and submarkets with a scorecard. The 5-8 unit playbook and a full six-unit underwriting, including the surprise most first-time buyers miss: the lender sizes the loan, not you. 9-16 doors and 17-50+ apartment businesses.

Value-add plans with a 16-unit worked example. Commercial financing: banks, agency small-balance, bridge, DSCR for small multifamily, and terms like balloons, recourse and prepayment. Partners, joint ventures and syndication concepts. Due diligence checklists, management at scale, tax concepts (education only), rent regulation and compliance. A 5-year, 12-unit case study from purchase to refinance to sale. Illustrated with photographs and charts.

Includes the Excel Scale Planner with the new 5+ Unit Analyzer: underwriting, three-test loan sizing and value-add math.

By Kevin Lewis, FAAS Funding. Volume 2 of 3. Educational material only: not tax, legal, securities, investment or lending advice. FAAS Funding is not a lender.