RG 116 – Attract MORE Investors Through Professional Underwriting Services & Systems w/ Noe Perrin
About Noe
- Noe is the founder of Honors Investment
- Noe specialises in underwriting
- Noe does a lot of education on Youtube
Nuts and Bolts
Noe is a real estate consultant who helps real estate firms scale up their underwriting and financial analysis capabilities. Noe made his first dollar at high school selling candy to his school friends, this encouraged his entrepreneurial side which he’s had ever since. Noe got into real estate when he moved to college, he started at a low level but was always interested in full investment. He then got an internship at a brokerage company earning $100 a week.
Noe started at a property management company while he was at college. He found this work especially difficult and the operations really intensive and knew that this side of real estate wasn’t for him. He went back to what he was good at; the numbers. He prefers to help people grow their business through best practices.
Noe recommends that when building your team you need someone knowledgeable in your specialist area. Especially if you’re not a numbers person then you need to get a numbers specialist on your team as sometimes the presentation of numbers can be more important than the content itself. Now recommends that when you start to underwrite a deal you get as much intormaton from the seller as possible. This is all the raw data like rent rolls, operations expenses and annual reports. The next step is to get an idea of the property from this information with a top down approach. This means starting with the biggest macro impact for example the US economy and working all the way down to local market forces and then property changes that could affect value. The next step is to look at the expenses of the property which will tell you a lot about any structural problems in the property and guide you with what to focus on when you do a boots-on-the-ground visit. Finally, look at comparable properties; what have they upgraded, what is possible and where can the rent rise to.
