🔍 Episode Overview:

In this eye-opening episode, Jason Williams and Frank Patalano dive deep into the critical principle of “trust, but verify” in commercial real estate underwriting. What starts as a conversation about mentorship and broker-provided information turns into a masterclass on due diligence. Highlighting real-world experiences with misleading offering memorandums, surprise costs, and costly omissions.

Whether you're buying a 100-unit property or a single-family rental, today’s discussion will give you the tools and mindset needed to avoid costly mistakes and make sound investment decisions. Jason and Frank cover everything from property taxes and insurance hikes to lease audits, metering myths, and Federal Pacific panel hazards.

📌 Topics Covered

✅Why “trust but verify” is a must, not just advice

✅How brokers use best-case assumptions (and why you shouldn’t)

✅Tax reassessments and insurance shockers post-acquisition

✅Hidden liabilities: leases, laundry contracts, and water heaters

✅Due diligence tactics: roof inspections, sewer scopes, lease audits

✅The danger of relying on pro formas and unverified underwriting

✅Building a third-party verification team: tax advisors, insurers, PMs

💬 3 Key Quotes:

✅"They’re showing you the tax of what they were last year, but that’s last year at a purchase price of $5 million, not when they’re selling it now at $14 million." - Jason Williams

✅ "It’s still a pig. Maybe it’s a little prettier, but they just put lipstick on it. And once it’s sold, the broker and seller couldn’t care less”. Jason Williams

✅"Even a $100,000 house can be a nightmare if you skip your due diligence” - Frank Patalano

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn