Broker sends:
Gross Income = $5,000,000
Expenses = $2,000,000
Step 1: Find NOI
5,000,000 − 2,000,000 = 3,000,000 NOI
Step 2: If cap rate is 6%
Cap rate formula:
NOI ÷ Cap = Value
3,000,000 ÷ 0.06 = 50,000,000 value
That’s it.
We now know the property is worth about $50M at 6%.
No OM needed.
Broker sends:
Gross Revenue = $8,000,000
Expenses = $5,000,000
Step 1: NOI
8,000,000 − 5,000,000 = 3,000,000 NOI
If market cap is 8%:
3,000,000 ÷ 0.08 = 37,500,000 value
If seller wants $45M, it’s overpriced.
If seller wants $35M, it’s interesting.
We know in seconds.
Broker sends:
Gross = $1,800,000
Expenses = $600,000
Step 1: NOI
1,800,000 − 600,000 = 1,200,000 NOI
Cap rate 7%:
1,200,000 ÷ 0.07 = 17,142,857 value
Round it: about $17M
Done.
Broker sends:
Gross = $2,500,000
Expenses = $1,000,000
Step 1: NOI
2,500,000 − 1,000,000 = 1,500,000 NOI
Cap rate 8%:
1,500,000 ÷ 0.08 = 18,750,000 value
That’s the range.
Broker sends:
Gross = $4,000,000
Expenses = $2,500,000
Step 1: NOI
4,000,000 − 2,500,000 = 1,500,000 NOI
Cap rate 9%:
1,500,000 ÷ 0.09 = 16,666,666 value
About $16.6M
Income pays the bills.
Expenses reduce income.
What’s left is NOI.
Cap rate converts NOI into value.
Value = NOI ÷ Cap Rate
That formula works for:
Multifamily
Hotels
Mobile home parks
RV parks
Corporate housing
Almost every income property
We don’t need:
40-page OM
Pretty pictures
Projections
Storytelling
We need real income numbers.
If Gross and Expenses are missing →
Request them.
If NOI is projected →
Request T12 actual.
If Cap rate is missing →
Ask for broker’s guidance or use market estimate internally.
Everything starts with:
Gross → Expenses → NOI → Cap → Value.
Subject: Send Numbers – No OM
Appreciate it.
We deploy $13–18M per quarter and close in 23 days with escrow-directed capital.
We don’t review OMs on whisper deals.
Send:
T12 Gross
T12 Expenses
T12 NOI
Occupancy
Debt details
Cap rate guidance
Seller timeline
That’s all we need to decide.
The faster the numbers, the faster we write the check.
Jai Thompson
Subject: Quick Underwrite – Income Only
Appreciate the opportunity.
We are an execution buyer closing in 23 days, deploying $13–18M quarterly.
No OM required.
Income drives value.
Send:
Gross (T12 actual)
Expenses (T12 actual)
NOI
Debt (if any)
Cap rate
Close timeline
We analyze in minutes once numbers are in.
If it works, we move immediately.
Jai Thompson
Subject: Numbers First – Decision Fast
Appreciate it.
We move quickly.
Capital is ready.
Escrow-controlled.
23-day close.
For whisper deals, send:
T12 income
T12 expenses
NOI
Occupancy
Debt
Timeline
No OM needed.
The faster the data hits my desk, the faster funds move to escrow.
Jai Thompson
Subject: Luxury Estate – Income & Timeline Only
Appreciate you sending it over.
For luxury estates, we focus on performance and execution.
We deploy $13–18M per quarter and close in 23 days through escrow-directed structure.
Please send:
Current revenue (if income-producing)
Operating expenses
Net income
Occupancy or usage history
Any existing debt
Seller timeline
No OM required.
The faster we receive clean numbers, the faster we can structure and fund.
Jai Thompson
Subject: Estate Review – Numbers Only
Appreciate the opportunity.
For resort-style estates, income and risk determine value.
We deploy $13–18M quarterly and close in 23 days with escrow-directed capital.
Send:
Annual gross revenue
Annual expenses
Net income
Event or rental history
Any liens or debt
Seller’s target timeline
No deck needed.
Numbers first. Structure second. Close fast.
Jai Thompson
Subject: Private Estate – Quick Review
Appreciate it.
We acquire luxury estates with certainty and discretion.
Capital deployed: $13–18M per quarter.
Close: 23 days.
Funds controlled through escrow.
For review, send:
Gross income (if applicable)
Carrying costs
Net position
Debt (if any)
Required close date
We do not require marketing materials.
The faster the numbers, the faster we can execute.
Jai Thompson
Subject: Whisper Deal – Numbers Only
Appreciate you sending it over.
We deploy $13–18 million per quarter and close in 23 days with escrow-directed capital and clean title flow.
For whisper opportunities, we underwrite strictly from income and debt.
No OM needed.
Please send numbers only:
T12 Gross Income
T12 Operating Expenses
T12 NOI
Current Occupancy %
Existing Debt (balance, rate, maturity)
Indicated Cap Rate
Seller Close Timeline
The faster we receive numbers, the faster we can write the check.
Best,
Jai Thompson
Subject: Quick Underwrite – Send Numbers
Appreciate it.
We acquire across multiple asset classes, deploying $13–18M quarterly, and close in 23 days through escrow-directed execution.
To move quickly, we only need core numbers.
No OM, no deck.
Please send:
T12 Gross
T12 Expenses
T12 NOI
Occupancy %
Debt details
Cap rate guidance
Timeline to close
We underwrite in minutes once income is verified.
The faster the numbers come in, the faster funds are wired.
Jai Thompson
Subject: Income First – Whisper Review
Appreciate you thinking of us.
We are an execution-driven buyer closing in 23 days, deploying $13–18M per quarter, with escrow-controlled capital and clean title flow.
For whisper deals, we analyze strictly from income.
Please provide numbers only:
Gross Income (T12 actual)
Operating Expenses (T12 actual)
NOI (actual)
Occupancy
Debt (if any)
Cap rate expectation
Desired closing date
We do not require an OM.
Once numbers are received, we respond with structure and timing immediately.
The faster the data, the faster the decision.
Jai Thompson