Let Me Hear From You …!

  • What did you like most about the Syndicated Deal Analyzer?
  • What difference has it made to you?
  • What could I do better in the next version?

58 Comments

  1. Be the first to leave a review for me — would love to hear from you!

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    • Michael, I think the SDA is AWESOME! I can get back to brokers quickly and make an offer knowing that I’m not over paying for the property. Where do you put your allowance for capital improvements? Do you lump it in with “maintenance and repairs”? Have you considered making this a web based tool so the data would merge seamlessly into the reports? I think it would also simplify upgrades and maintenance on your end.

      Side note: Would you consider doing a webinar on “Oh Crap, they accepted my offer, now what?”

      Thanks and keep up the good work!

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      • Hi Steve,

        > I think the SDA is AWESOME! I can get back to brokers quickly and make an offer knowing that I’m not over paying for the property.

        Thanks!

        > Where do you put your allowance for capital improvements? Do you lump it in with “maintenance and repairs”?

        Yes, that’s correct.

        > Have you considered making this a web based tool so the data would merge seamlessly into the reports? I think it would also simplify upgrades and maintenance on your end.

        What do you mean by “merge seamlessly into the reports?” what are you trying to do?

        > Side note: Would you consider doing a webinar on “Oh Crap, they accepted my offer, now what?”

        An excellent idea, thanks for the suggestion!

        Michael

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    • Hi Michael- I’m halfway through your videos but now that I’m ready to customize to the deal I’m working on I’m having trouble saving the excel file as a new file. I’m getting the message: “This workbook contains features that will not work or may be removed if you save it in the selected file format.”. I have Excel for Mac 2011. Any suggestions?

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      • Hi Sal … I’m not a Mac user myself, though I know there are many customers who use it on a Mac. I would try just saving it (i.e. ignore the warning) and see if it impacts the use of the spreadsheet (my guess is it won’t). Thanks!

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        • Michael- That was my thought too but then thought, “How would I know if a formula for a cell or a cell carrying over to another sheet was impacted?” I was hoping you had heard of this before and that the “feature” that was being affected was something like formatting or color or something non-crucial.

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    • Michael, we spoke a month or so ago and you referred me to Elite Coaching in NYC, i want to thank you for that, I’ll be attending their 3 day seminar at the end of this month.

      The main reason i’m reaching out to you is that i have a good friend that would be a perfect fit for your program, i’m meeting with him next Tuesday to show him all that you have to offer, His name is Mike Bridges and he lives near Warrenton VA, he’s very sharp, has RE experience as an investor and small land development, he has some capital and I’ve hooked him up with some great commercial lenders as well, he’s been wanting to follow my lead in Multifamily and that’s why you are a perfect fit for him. I’m confident that he will reach out to you sometime next week!!

      Thanks again for introducing me to the Urso’s.

      Respectfully,

      Keith Farrish

      Reply
    • What I liked best about the SDA is based on practice before doing a real deal because it encourages the syndicated investor / buyer to be more critical in the due diligence regarding financials.

      While thius is area for gaining confidence as a “seasoned pro” because practice makes perfect; the sole reason I need a software program is because leveraging time equates to earning more money.

      The financials is the blood flow that has to be pure and number crunching has always been a challenge. Knowing the NOI and cap rate and the cash on cash are paramount in any real estate transaction…no doubt is of the rule of thumb.

      Where I see unscrupulous actions would be in the expenses column and other ancillary costs (not accounted for); the versatility of the SDA is that it can be modified to do comparisons to determine the best asking price to underwrite the asking price and sound professional to get under contract doing a counter-offer for “less” than the fair market value and then integrate the fee for doing the deal. Another are where the novice investor could be duped would be the proforma versus the actual columns with are overestimated in favor of the broker which warrants doing a counter-offer.

      To conclude;without the SDA I am simply making a guestimate; with the SDA I am actually getting an accurate picture to either walk away or embrace the deal. So the SDA is a “user-friendly flexible tool — and of course experience is the best teacher. My interest is multifaceted since multifamily and commercial property is the goal for a long-term strategy in real estate — as an alternative I am also looking at tax lien certificates and/or tax deeds.As a web designer I am creating a web site that addresses both opportunities for investors to consider as a strategic alliance (under construction). The web site would allow seamless connection between real estate broker, mortgage loan brokers, and other essential third-party representatives to be factored in the sample package (under construction). Another area under investigation is government grants (software utility); the SDA would provide a breakdown analysis for creating a spread sheet in real time.

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    • Michael I am also interested in a word phrase that obviously needs discussing on “Proof of Funding” (POF) letter. Is that basically a letter of intent but from the loan officer of a bank? Can this have utility for buying property if it allows for substantiating and validating the down payment of 20-30% for procuring a property while under contract?

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    • Michael

      Thanks for the quick translation on the POF; this will “create buy-in” till I get the funding and parallels with finding investors so it supplements your “sample package” to gain more creditability. I can see how this this would be addressed in the LLC’s operations to obtain a POF from all investors even before a property is found.

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    • Michael

      Do you still offer this course https://www.ultimateapartmentinvestingguide.com or do I need to attend a face2face seminar? I will be getting back close to $2000 in a period of 6- 8 weeks from the IRS and I would “invest” my tax refund into a viable course done exclusively online with you as a mentor.

      During the interim I would be finishing up your eBook(s) and doing due diligence to create three sample packages (small 5 unit versus intermediate 100 unit versus a large commercial building with 250 units) to target different investors and by using the POF based on the SBA loans if applicable (I am also working with Pinellas County, Florida SCORE to obtain real estate loans / grants).

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    • Phenomenal financial model! The SDA is an invaluable tool to analyze deals and put together investment proposals that make sense. I’m using it now to determine what my initial offer should be on a 14-unit building. At the moment I have no constructive criticism; it’s great! In the future as I use it more, if I think of anything or see an area of potential improvement, I’ll be sure to bring it up. Thanks a lot, Michael. Your work and product(s) are of tremendous value and help.

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    • Hi Michael, I’m really enjoying the SDA. I had created my own analysis spreadsheet which I’ve been using for ten years, but yours adds new elements that are fun. The IRR function is great, and I especially like how it analyzes how a refi after 2 or 3 years impacts IRR. Very helpful for when I have partners. One thing I’d love to see is a DCR (debt coverage ratio) function, to help determine loan amount achievable based on cash-flow. My loan broker helped me set up the formula in my own spreadsheet. Thanks.

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    • It is extremely awesome!!!! Love it. Can’t think of anything it needs at this point. Thank you for being so hands on in helping myself get comfortable with using it. It is the tool that will help me move quicker and bring bigger deals together!!!

      Thanks again!
      Dan

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    • Weird little situation over here… I am not sure if something changed on my SDA, but just now, when I am switching between scenarios on my “Summary” tab, my other tabs such as “P&L” and “Returns” tabs are not changing automatically with my “populate with scenarios” number selection? Does that make sense? It’s making it hard to know what’s going on, and if all of the numbers are correct on the tabs I am pulling up at that exact moment.

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    • Michael,

      I’ve used other multi-family analyzer spreadsheets but the only one that comes close to your SDA is one that I got from Sal Buscemi and his system “The Commercial Investor”. I was able to understand how to use your SDA from your very well done and informative videos. Using the brokers ‘Offer Memorandum” or marketing package and your training videos made it easy to understand how to enter the information usually their Proforma and then using Actuals or as you say “Your Version” to get a comparison on what is the real story of the property.

      I submitted my first SDA this past week and received some feedback from Ben which I will use to make changes and then resubmit.

      I’ve been analyzing much smaller deals looking for owner financing or wholesaling the properties that I get under contract. I’m really excited to start syndicating deals with your help and your Investor network to take down much larger deals that I would have never attempted because I wasn’t confident on how to present a larger deal to investors

      When is the next DMM call. I’m looking forward to listening in on the call, to get your take on the market and where deals are being done. Understanding the direction of the market. I’m hearing from others that markets are too high right now and people are over paying for properties and that there’s a concern for a market correction in the very near future. This is where I want to hear your take on the market.

      Thanks for the followup and I look forward to submitting a deal to partner with you on.

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    • Michael, The deal Analyzer is great and saves a lot of time. Also, it opened my eyes when I started to practicing with deals how hard its going to be find a deal that actually works. I am being patient and listening to all the podcasts and know that there will need to be a lot of work in find the right deal. One question, when you do a PPM is it the same for all investors or can you customize the deal for each investor. I think I know the answer but would like to know your thoughts.

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    • Thanks. The 10 minute offer process will make look /sound professional. I cam see how the first broker I emailed about a property could see how ignorant I was. This is too early for me to write a full comment. But I am grateful to finally learn something that could kick start my Apartment Building buying… You explain complex concepts with clarity and also give good examples. Thank you. I’m just a newbie with a lot to learn grateful to be here with you and the others..

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  2. Hi Michael,

    I’m having a problem saving the analyzer to Excel. When I try to save the analyzer I get an error message “One or more of the cells in this workbook contain data validation rules which refer to values on other worksheets. These data validation rules will not be saved. Location- Exit strategies” AND “Some formulas in this workbook are linked to other workbooks that are closed. When these formulas are recalculated in earlier versions of Excel without opening the linked workbooks, characters beyond the 255-character limit cannot be returned. Location- Defined names”. The file is trying to save to xls. format Excel 97-2003. Can I save to Excel macro-enabled workbook, xlsm.? I saved the older version in this format.

    I am using Microsoft Office 365.

    Thank you,
    Phillip Pugh

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    • Phillip, that is very odd and the first time I have heard of this issue:

      1. What operating systems are you using?
      2. Can you save a “normal” XLS file OK?
      3. Can you email your spreadsheet with the problem so that I can try to troubleshoot it?

      Thanks,

      Michael

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  3. Michael,

    Enjoying the analyzer. I’ve been using it over the last week and do find it very useful. The only minor point that I found was when I bring up the analyzer the font is very small “size 8” and I need to highlight the spreadsheet and increase it (as well as the column sizes). Very minor for a great spreadsheet. As I continue to use it, I’d be glad to share any other areas which may be an opportunity to enhance it. Thanks.

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    • The font is very small – there’s a lot to fit on one page. What works for me may not work for you. That’s why I let you customize it so that you can make it look like the way you want it. Thanks for the feedback Lleone!

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  4. This is very useful for choosing various structures with investor partners and determining the rates of return for those structures. This will allow me to get back to investors and brokers very quickly. You want to be sure that you can include capital expenditures into ordinary expenditures to determine rates of return correctly due to the fact that sellers often make ordinary expenses capital expenses to boost their NOI and their sale price.

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    • Thanks Brian …!

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  5. I just started using the analyzer and found it helpful to determine quickly whether I should proceed with a deal or not. My mother tongue is not English but the analyzer is easy to use. Although I have realized that I need to learn the nuts and bolts of lingo and terms such as IRR, preferred rate of return, etc. however I can see it is a very useful tool to create a deal package and that’s what I will be working on next by using the Syndicated Deal Analyzer. Thanks Michael for the analyzer! Mark M.

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    • Thanks Mark!

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  6. Michael, your Syndicator is awesome, but quick question: I noticed that the acquisition fee is included in the combined cash flows calculations (on the returns page). I’m assuming that we would back this figure out. When I did, it matched the overall cash on cash return displayed on the summary page. Since the major focus/selling point is on the investors’ return (for syndications), this is a minor observation. With that being said, I think the Syndicator is a winner!

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    • I *think* this is the correct behavior: the combined cash flows show all cash flows for both you and the investors to measure the overall cash flow and returns for the investment. The acquisition fee should not, however, be included in the investor returns, but it SHOULD be returned in your portion (the Manager returns). Make sense, or do I have something not quite right here?

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  7. I probably should have supplied the cell references! I am attempting to reconcile the cash after debt service figure shown in the Summary Tab, Cell D 33 with the amount shown in the Returns Tab, Cell D 29. I am also trying to reconcile the Cash on Cash Returns shown in Summary Tab Cell D 36, with the Returns Tab Cells D 30 and D 32. If I back out the acquisition fee (in the Returns tab, cell D 29), then the post debt service cash flows and returns on both pages match (i.e. Summary and Returns tab pages). With that being said, if the combined cash flows figures are really nothing more or less than ALL cash generated from the deal PERIOD (meaning cash flows after debt serv, asset management fees, capital transaction fees, etc.), then I think I’ve answered my own question as to why the two figures are different. I don’t personally focus on the combined cash flow return numbers anyway, but was just seeing whether or not I’m missing something (for feedback purposes). Either way, I”m more than happy with the product.

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  8. CORRECTION to prior comment (cell references corrected): I probably should have supplied the cell references! I am attempting to reconcile the cash after debt service figure shown in the Summary Tab, Cell D 33 with the amount shown in the Returns Tab, Cell C 29. I am also trying to reconcile the Cash on Cash Returns shown in Summary Tab Cell D 36, with the Returns Tab Cells C 30 and C 32. If I back out the acquisition fee (in the Returns tab, cell C 29), then the post debt service cash flows and returns on both pages match (i.e. Summary and Returns tab pages). With that being said, if the combined cash flows figures are really nothing more or less than ALL cash generated from the deal PERIOD (meaning cash flows after debt serv, asset management fees, capital transaction fees, etc.), then I think I’ve answered my own question as to why the two figures are different. I don’t personally focus on the combined cash flow return numbers anyway, but was just seeing whether or not I’m missing something (for feedback purposes). Either way, I”m more than happy with the product.

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    • Hiram – you got it exactly right …!

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  9. Michael, the SDA works well, the problem I am having is the uncertainty of wether or not I have the correct cap rate based on the
    numbers provided. I believe if the system was tweeked in a way that a signal of green would represent positive cap rate and a red signal representing a negative cap rate. Still adjusting to the numbers and I won’t over think it, maybe I’m a color by numbers type of guy lol. I will still practice with the SDA to improve in using it.

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    • Hi Steven … don’t be too focused on cap rate, focus instead on the average annual return for the investors. You can achieve that return either with a high cap rate and no upside or with a low cap rate and upside by adding value. Makes sense? Hope that helps.

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  10. Hi Michael. How do I get the updated version of the Syndicated Deal Analyzer? I can’t find the confirmation email. Thanks.

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    • Hi Jeff – just sent you the info via email. Thanks!

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  11. Hi Mike,
    When I tried to print several section, the only page print was the active page. Tried to print 5 pages, only one page print, Unable to save as PDF.

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  12. Hi Michael, Now that I have some familiarity with the sheet and forum, I feel I can provide some feedback. The concept of the sheet is awesome. I work on various types of computers, so it is interesting to see how each system works with what you have created. I am on MAC and Google Tablet. Even though I downloaded the NEW version, I think some of the formulas are incorrect OR maybe just don’t transfer well. C 19 on the scenarios tab for example. And it is a bit disconcerting since so much focus is on the ARR that after data entering information in the scenario tab, when I go to the SUMMARY tab the ARR doesn’t register; it just reads # value, like a lot of other cells throughout. I have gone through all the videos and probably should go through them again since I process slowly and time is limited to sit here and “play or figure things out.” I joined the FORUM because the sheet is complicated for me to navigate but I will admit all of this is very new to me. My thoughts on the FORUM are many so I will wait for that email to give feedback. 🙂
    Thank you though for your platform. I like your overall style.

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    • Hi Rebecca – thanks for your feedback! Yes, I’m aware of cell C19 on the Scenarios tab, slated for the next version of the SDA. For your other question/comment, please watch this video: http://screencast.com/t/dxSoWAiA

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      • Yes, I am aware of the hot links and all of that. You do a good job of showing that in one of the videos.

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  13. Hi Michael, I think the analyzer is an awesome tool and offered at a great value. I made my own thinking it was comprehensive, until I bought yours. My only confusion is how to utilize the scenarios effectively…In one the videos you walked through a deal, and you utilized each column in a way that you were able to effectively compare the numbers side-by-side, until you got to the offer column. I find that I am either using 1 column or trying too hard to utilize all the columns and I find myself in an analysis-paralysis-type state and get bogged down. It could be me, or maybe some more information around the intent of each column, and more clarification on how to use them effectively in analyzing a deal. That’s all I got. A+ from me sir. Thank you.

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    • Hi Kris – thanks for the feedback, I’ll think about how to improve the videos for this section. In general, I always start in the Scenarios tab, especially when applying the 10-minute offer technique. Thanks!

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  14. Hi Michael this is what Creative Wealth Investors — my web site — will achieve as a capture lead system — create a veritable trust with private investors and showcased are future properties to create multiple sample packages (multifamily 5 unit and more to commercial properties such as malls, specialty shops, etc. )

    Featured on the site with your permission and since I purchased the SDA to promote accuracy is one video that you talk about and the different columns where the investor can “observe” the real estates brokers’ actuals and proformas with the accurate version (SDA) to make a informed decision to invest in the property based on the last column the “offer.”

    I can also do this for your students because it is about marketing and branding you, Inc. Yes? Here is the link http://screencast.com/t/dxSoWAiA

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  15. Michael, the SDA has allowed me to go from clueless to having the confidence to make an offer in about two weeks, just from playing with the spreadsheet. I learned more with the SDA than a half-dozen books taught me. Thanks for that.

    I do have one question. I have a deal that is currently at 60% occupancy and in dire need of rehab. This will cause the first year returns to be lower as it will take time rehab and fill the empty units, but there does not appear to be a clean way to account for that in the yearly P&L. Of course, I can manually make changes on the P&L tab, but that doesn’t backfill the Summary and other tabs. I may be asking for more than the SDA was intended to deal with, but was wondering if you had any thoughts.

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  16. I love the program!Honestly an essential investment that I need for my business.Thank you Michael for investing the time to create a great and purposeful program.

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  17. Hi Michael, really good sheet. One feedback i have for the next version is to have a section for manager to contribute funds i.e. what if manager is also contributing his own money to have skin in the game. This is how we are structuring it. I am putting 25% of the total downpayment needed and 75% of the downpayment needed is raised by the investors. Then we split 50-50 on an LLC for equity and also for cashflow. It wasn’t quick to change your sheet to do this. Thanks!!!

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  18. Hi Michael.. I *love* this spreadsheet! It’s been helping me see much more detail on my deals as well as do them much faster. Just trying to get my head around a couple minor items.

    Questions..

    – What’s the easiest and fastest way to add additional expenses? Often there are additional expenses on Proformas which i prefer not to group together in an ‘other’ line item. I like splitting them all out so I can play with those numbers in the ‘Projected’ column to see what things look like if they’re reduced or increased. It’s easy to add more lines on the ‘Scenario’ sheet, but the tricky thing is getting them duplicated on the ‘P&L’ sheet and filled in properly. Thoughts on best way forward with this?

    – Can you or someone else give me a little more clarification on how the ‘Scenario 1 – 4’ switcher works in relation to the other sheets? Depending on how that’s set, will it fill in the P&L sheet/bottom part of summary? Any more info on its use?

    Thanks agin Michael!

    Best,
    Tony Hoffer

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  19. I don’t have a computer. I been using an outdated computer at the community center so I am waiting for my Microsoft Pro to be delivered to me at the moment

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  20. I’ve found using it to be a great learning experience. It will take a few tries at doing the numbers to get a real good understanding of it, but I’m looking forward to it!! Thanks

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    • Thanks Kevin …!

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  21. Hi Michael! Question for you… If I were to put some of my own money into a deal, how would you account for that in the SDA? Do you normally include that when you’re doing an analysis or do you save that for a separate spreadsheet with investor splits?

    Best,
    Tony

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  22. Hi Michael,
    I love the SDA, it is robust, easy to use and easy to customize.
    One aspect that I am unsure about is in terms of exit strategies. I have some possible investors lined up, but they are all interested in a “never-ending” investment, whereby we would reposition the asset in a couple of years, refi around the 3-4 year mark to get all the investment out and then just hold it for cashflow indefinitely. The SDA seems to only accept a business model that has a sale at some point. Any suggestions?

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    • Hi Pedro … that is correct, the SDA assumes that you sell at least in Year 10. Otherwise it’s impossible to calculate an overall return or IRR. If you never sell and don’t need this, then only measure the cash on cash on return.

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  23. Hello Michael, I’m learning a lot from using the SDA, it’s helps me understand basics of multi-family investing and with more practice I will be able to make offers.

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  24. Hi Michael! Coming from an SFR investing, this tool along with your video lessons provide me a much better understanding on the financials and deal analysis of multi-family investing. Thank you!

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