Dr. Jason Williams is the founder and CEO of Ironclad Underwriting, where he helps investors simplify and strengthen multifamily deal analysis. With a background as a PhD-level chemical engineer, Jason brings a systems-based approach to underwriting, having transitioned from single-family rentals to large-scale multifamily syndications. He now teaches investors how to build smarter models, avoid costly assumptions, and raise their underwriting IQ.

 

 

Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.

Key Takeaways

• Jason transitioned from engineering to real estate, bringing over 15 years of data analysis experience into underwriting.

• Many investors make critical underwriting mistakes by misunderstanding Excel models or relying too heavily on templates without verification.

• His Ironclad Underwriting model is built for flexibility and clarity, especially helpful when dealing with creative financing. He emphasizes third-party validation for all assumptions—especially from stakeholders who will be executing the plan.

• Property management can make or break a deal. Vet thoroughly and don’t underestimate their impact.

 

 

Topics

From PhD to Real Estate Pro

• Jason started investing in 2003 while in grad school and held rentals throughout his career.

• In 2017, he discovered syndications through Joe Fairless and began scaling into larger multifamily deals.

• After being laid off, he used the opportunity to go full-time into real estate.

Underwriting with Precision

• Took his R&D background to build underwriting models that minimize user error and reduce complexity.

• Developed Ironclad Underwriting to “dumb down” deal data without compromising accuracy.

• Emphasizes that many common models can be broken easily—triple dipping rent bumps, broken formulas, or overwritten cells.

Common Mistakes Investors Make

• Trusting broker/owner numbers without verification.

• Over-projecting rent growth based on temporary trends.

• Blindly following a coach or a guru’s assumptions without understanding the logic.

• Using inherited underwriting models that have dead or disconnected cells.

How to Use an Underwriting Model the Right Way

• Breaks rent data into: current, property management estimate, and pro forma rent.

• Encourages using third-party consultants for accurate insurance, taxes, and property management costs.

• Property managers must be part of the business plan validation process.

Navigating the Market Cycle

• Expects a wave of opportunities as more owners face distress or pre-foreclosure.

• Believes creative financing will play a larger role—models must be able to handle these deal structures.

• Warns that relying on outdated assumptions or models not built for flexibility can lead to catastrophic results.

 

 

📢 Announcement: Learn about our Apartment Investing Mastermind here.

Round of Insights

Failure that set him up for success: Moved a trusted onsite team to a struggling property and watched occupancy plummet. Realized they were covering for major issues and fired them. A new regional manager brought the property from 76% to 93% occupancy in just six weeks.

Digital or mobile resource: IroncladUnderwriting.com – Includes a two-minute yield calculator, terminology library, and underwriting masterclass.

Book recommendation: Who Not How and 10x is Easier Than 2x by Dan Sullivan and Dr. Benjamin Hardy – foundational for focusing on strengths and building the right team.

Daily habit: Gratitude journaling—although not daily yet, he uses it to stay positive and focused on what matters.

#1 insight for underwriting multifamily deals: Get third-party verification from stakeholders who have a vested interest in seeing the deal succeed.

Favorite restaurant in Wichita Falls, TX: Bricktown Brewery.

 

 

Next Steps

• Visit IroncladUnderwriting.com/masterclass for free training

• Use Jason’s free calculators and templates to improve your deal analysis

• Stay vigilant about assumptions, data inputs, and the functionality of your underwriting model

 

 

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