https://larimercap.com/blog Notes on multifamily underwriting, operations, and market conditions. en-us https://larimercap.com/blog/rent-roll https://larimercap.com/blog/rent-roll Sat, 10 Oct 2026 12:00:00 GMT A rent roll is a list of leases. It becomes a story when someone chooses which columns to show you. https://larimercap.com/blog/noi https://larimercap.com/blog/noi Thu, 08 Oct 2026 12:00:00 GMT Net operating income is the number that sets the price. Three real costs sit outside it, and all three are paid out of your money. https://larimercap.com/blog/exit-cap https://larimercap.com/blog/exit-cap Tue, 06 Oct 2026 12:00:00 GMT One number decides most of the projected profit in a five year hold, and it describes a market nobody can see yet. https://larimercap.com/blog/capital-calls https://larimercap.com/blog/capital-calls Sun, 04 Oct 2026 12:00:00 GMT The letter asks for more money. The agreement decides what happens if you say no, and that clause is usually signed years before anyone reads it. https://larimercap.com/blog/preferred-return https://larimercap.com/blog/preferred-return Fri, 02 Oct 2026 12:00:00 GMT An eight percent pref does not mean the investment pays eight percent. It means eight percent is owed before anyone else shares in the profit. https://larimercap.com/blog/deferred-maintenance https://larimercap.com/blog/deferred-maintenance Wed, 30 Sep 2026 12:00:00 GMT Paint is cheap, and it is the first thing a seller buys. The work a building did not get has a date attached — and it rarely appears in the numbers you read first. https://larimercap.com/blog/the-waterfall https://larimercap.com/blog/the-waterfall Mon, 28 Sep 2026 12:00:00 GMT An eighty-twenty split almost never means eighty percent of the profit. It means eighty percent of one tier, and the tiers are where the money moves. https://larimercap.com/blog/lp-and-gp https://larimercap.com/blog/lp-and-gp Sat, 26 Sep 2026 12:00:00 GMT The split of the profit is the part everyone reads. The split of the obligation is the part that decides what happens in a bad year. https://larimercap.com/blog/one-month-of-starts https://larimercap.com/blog/one-month-of-starts Fri, 25 Sep 2026 12:00:00 GMT Apartment starts fell by more than a fifth in August. Averaged over three months, the pace was roughly where it stood a year ago. https://larimercap.com/blog/cost-of-an-empty-unit https://larimercap.com/blog/cost-of-an-empty-unit Thu, 24 Sep 2026 12:00:00 GMT A unit that sits empty for thirty days costs far more than thirty days of rent. The rest of the bill hides in make-ready, leasing and concessions.