Everyone loves to talk about IRR.

Very few people want to talk about bank statements.

In this episode, I walk through how we actually underwrite mobile home parks and small commercial deals — not the "broker OM fantasy version," but the real operator version.

We'll cover:

• Reconciling the P&L with actual bank deposits
• Matching rent rolls to collections (and spotting gaps)
• Evaluating business licenses and regulatory risk
• Utility exposure — water, sewer, electric, RUBS, city tie-ins
• Expense ratios vs. what they should be
• Market rent reality vs. pro forma wishful thinking
• Hidden costs: roads, sewer lines, deferred maintenance, tax reassessments
• Exit cap rate discipline
• Stress testing the deal if things go wrong

This isn't about selling a dream to investors.

It's about protecting capital.

Underwriting isn't about how good the deal looks in Excel. It's about how it performs when reality hits.

If you're raising money, buying parks, or trying to avoid learning expensive lessons the hard way — this episode is for you.