Massive Multifamily Whisper Deals
How I Underwrite 150+ Unit Assets With the Same Core Math, the 85/45/24 Model, and a 23-Day Close Path
Written by Jai Thompson
I manage a private equity platform deploying 13–18 million per quarter across multiple real estate asset classes.
Our model is asset-based, escrow-directed, and execution-driven, allowing us to close in 23 days or less with certainty and clean title flow.
We acquire and operate across:
Luxury estates
Single-family residential portfolios
Multifamily communities
Hospitality and hotels
Mixed-use properties
RV parks and mobile home communities
Golf resorts and destination assets
Specialized housing and income portfolios
Capital is structured, operators are paid, reserves are built in, and all disbursements are controlled through escrow.
We deploy with discipline, transparency, and speed—while tithing back to the communities we serve.
Contact Mr. Jai Thompson
Call or Text: 980-353-2408
Structure over sacrifice. Stewardship over struggle. Every deal builds legacy.
1. Is the process the same on 150+ unit deals?
Yes, the core math is the same.
That part Marco is right about.
A 12-unit, a 48-unit, a 180-unit, and a 300-unit all still come down to:
Income
Expenses
NOI
Debt
DSCR
Debt yield
Exit safety
Closing certainty
What changes on bigger deals is not the math.
What changes is:
Seller sophistication
Broker sophistication
Document volume
Lender process
Title complexity
Inspection complexity
Speed of decision-makers
So the answer is:
Same math. Bigger coordination.
2. Can I still close in 23 days on 150+ units?
Yes, but only when the file is clean.
A 23-day close is most realistic when:
The deal is a whisper or off-market
The broker has direct seller access
The seller is motivated by certainty
The rent roll and T12 are ready
Title issues are light
The lender already knows your structure
You send the engagement letter first, then the offer memo, then move straight to close
It gets harder when:
The seller is institutional
There are multiple decision makers
The OM is sloppy
The lender is slow
The title work is messy
There are environmental or major deferred maintenance issues
So for a 150+ unit deal, my rule is:
23 days is possible when the people are aligned.
3. The core math on massive multifamily
For these examples I am using your structure:
Offer = 85% of FMV
Recorded Price = 45% of FMV
Lender = 24% of FMV
Interest only = 10%
Seller Legacy Payoff Total = Offer 85% − Lender 24%
Simple formulas
NOI = Income − Expenses
Debt service = Loan × Interest rate
DSCR = NOI ÷ Debt service
Debt yield = NOI ÷ Loan
Important shortcut with your model
Since loan is only 24% of FMV, and IO is 10%:
Debt service = FMV × 24% × 10%
Debt service = FMV × 2.4%
So DSCR becomes:
DSCR = NOI ÷ (FMV × 2.4%)
If cap rate is strong, DSCR gets strong fast.
That is why your low-leverage lender position creates so much safety.
4. What NOI is and why it matters
NOI means Net Operating Income.
That is the property’s income after operating expenses, before debt.
Simple:
Gross income = all rent and other income
Expenses = payroll, repairs, insurance, taxes, utilities, management
NOI = what is left
Lenders care because NOI tells them if the asset can carry debt.
You care because NOI tells you if the asset is alive or dead.
5. What debt yield is and why it matters
Debt yield means:
How much NOI the lender gets compared to the loan amount.
Formula:
Debt yield = NOI ÷ Loan
If NOI is 1,000,000 and loan is 3,000,000:
1,000,000 ÷ 3,000,000 = 33.3%
That is very strong.
Lenders love debt yield because it ignores market fluff and goes straight to collateral strength.
6. What I am looking for in location and why
On 150+ units, location matters because big buildings need consistent demand.
I want:
Population growth
Job growth
Multiple employers
Good transportation access
Working-class and white-collar renter demand
No single-employer dependence
Rent growth without crazy oversupply
Landlord-friendly or balanced laws
Clean submarket story
Red flags
One major employer runs the city
Massive new supply hitting at once
Crime story dominates the submarket
Rents already peaked and are falling
Employer base is weak
Collections are soft
Insurance market is ugly
Taxes are rising too fast
What I ask first
How many jobs are within 15 minutes?
What are the top 5 employers?
How much new supply is coming?
What is occupancy trend?
What are in-place rents vs market rents?
What is the real story, not the broker story?
7. Whisper clues to look for
Whisper deals do not usually come packaged clean.
You have to listen for clues.
Clue 1
“We’re not officially on market yet.”
That means move fast.
Clue 2
“Seller wants certainty more than a big process.”
That means structure and speed matter.
Clue 3
“There may be some deferred maintenance.”
That means price gap or term opportunity.
Clue 4
“Broker can get numbers over if you’re serious.”
That means you need to answer with credibility, not curiosity.
Clue 5
“Seller is tired / wants out / partnership issue / estate issue.”
That means motivation.
Clue 6
“Pro forma upside is strong.”
That means verify actuals hard.
What I need quickly
Rent roll
T12
Trailing collections
Occupancy
Current bad debt
Payroll
Repairs and maintenance
Insurance
Taxes
Seller motivation
Timeline
Asking or whisper range
8. Four massive multifamily use cases
All stress-tested and all over 3.00x base DSCR
I am using simple round math so you can follow on your phone.
Use Case 1 — 160 Units
FMV = 18,000,000
Cap rate = 8.0%
Step 1: NOI
18,000,000 × 8.0% = 1,440,000 NOI
Step 2: Offer
18,000,000 × 85% = 15,300,000
Step 3: Recorded
18,000,000 × 45% = 8,100,000
Step 4: Lender
18,000,000 × 24% = 4,320,000
Step 5: Seller Legacy Payoff Total
15,300,000 − 4,320,000 = 10,980,000
Step 6: Interest-only debt service at 10%
4,320,000 × 10% = 432,000
Step 7: DSCR
1,440,000 ÷ 432,000 = 3.33x
Step 8: Debt yield
1,440,000 ÷ 4,320,000 = 33.3%
Stress test
Reduce NOI by 10%
1,440,000 × 90% = 1,296,000
Stress DSCR
1,296,000 ÷ 432,000 = 3.00x
Still strong.
Use Case 2 — 180 Units
FMV = 24,000,000
Cap rate = 8.25%
NOI
24,000,000 × 8.25% = 1,980,000
Offer
24,000,000 × 85% = 20,400,000
Recorded
24,000,000 × 45% = 10,800,000
Lender
24,000,000 × 24% = 5,760,000
Seller Legacy Payoff Total
20,400,000 − 5,760,000 = 14,640,000
IO debt service
5,760,000 × 10% = 576,000
DSCR
1,980,000 ÷ 576,000 = 3.44x
Debt yield
1,980,000 ÷ 5,760,000 = 34.4%
Stress test
NOI down 12%
1,980,000 × 88% = 1,742,400
Stress DSCR
1,742,400 ÷ 576,000 = 3.03x
Still acceptable.
Use Case 3 — 220 Units
FMV = 31,000,000
Cap rate = 7.75%
NOI
31,000,000 × 7.75% = 2,402,500
Offer
31,000,000 × 85% = 26,350,000
Recorded
31,000,000 × 45% = 13,950,000
Lender
31,000,000 × 24% = 7,440,000
Seller Legacy Payoff Total
26,350,000 − 7,440,000 = 18,910,000
IO debt service
7,440,000 × 10% = 744,000
DSCR
2,402,500 ÷ 744,000 = 3.23x
Debt yield
2,402,500 ÷ 7,440,000 = 32.3%
Stress test
NOI down 10%
2,402,500 × 90% = 2,162,250
Stress DSCR
2,162,250 ÷ 744,000 = 2.91x
Still above your minimum.
Use Case 4 — 300 Units
With acquisition partner fee and travel fee
FMV = 42,000,000
Cap rate = 8.10%
NOI
42,000,000 × 8.10% = 3,402,000
Offer
42,000,000 × 85% = 35,700,000
Recorded
42,000,000 × 45% = 18,900,000
Lender
42,000,000 × 24% = 10,080,000
Seller Legacy Payoff Total
35,700,000 − 10,080,000 = 25,620,000
IO debt service
10,080,000 × 10% = 1,008,000
DSCR
3,402,000 ÷ 1,008,000 = 3.38x
Debt yield
3,402,000 ÷ 10,080,000 = 33.8%
Stress test
NOI down 10%
3,402,000 × 90% = 3,061,800
Stress DSCR
3,061,800 ÷ 1,008,000 = 3.04x
Still strong.
9. Recorded-pool disbursements
All title-directed
You asked if the stack can stay under 38%.
Yes, if you mean the cash disbursement stack at close as a percent of FMV, that can stay below 38% because your lender is only 24% of FMV and the seller payoff balance is structured, not fully cash-paid at close.
For the 300-unit example:
Recorded pool = 18,900,000
Lender cash in = 10,080,000
Now let’s show a title-directed disbursement example from that lender/recorded side.
Example recorded-pool disbursements
Seller cash at close = 7.00% of FMV = 2,940,000
Closing costs = 1.50% of FMV = 630,000
Travel fee = 0.25% of FMV = 105,000
Acquisition partner fee = 1.00% of FMV = 420,000
Finder fee = 1.00% of FMV = 420,000
Kayan Trust = 1.00% of FMV = 420,000
Lender reserve = 5.00% of FMV = 2,100,000
Cash back = 3.00% of FMV = 1,260,000
Total title-directed disbursement stack
2,940,000
630,000
105,000
420,000
420,000
420,000
2,100,000
1,260,000
= 8,295,000
As a percent of FMV
8,295,000 ÷ 42,000,000 = 19.75%
That is under 38%.
As a percent of lender cash-in
8,295,000 ÷ 10,080,000 = 82.3%
That is still fundable inside lender-side cash if structured right.
Acquisition partner fee percentage
Use 1.00% to 2.00% of FMV depending on role.
For a big whisper where the partner brought access and real movement, 1.00% is a clean conservative number.
Travel fee percentage
Use 0.25% to 0.50% of FMV conservatively, or a flat amount if you want cleaner optics.
10. What documents I need on a 150+ unit whisper
I want these first:
Engagement email
Confidentiality / NDA if required
Rent roll
T12
Collections report
Current occupancy
Capex list
Utility responsibility
Payroll summary
Tax bill
Insurance if available
Whisper price or guidance
Offer memo
LOI
Entity docs
Proof of capital / certainty kit
Title and escrow intro
Lender summary
23-day closing roadmap
11. Crexi / LoopNet intro message
Short intro message
Hi [Broker Name], Jai Thompson here. I am actively acquiring income-producing multifamily and larger unit-count opportunities. Our model is asset-based, escrow-directed, and built for speed. If the numbers and structure align, we can move quickly. Please send rent roll, T12, occupancy, and guidance.
Slightly stronger version
Hi [Broker Name], I am reviewing 150+ unit multifamily and other income-producing assets right now. We underwrite fast, focus on certainty, and can move cleanly where the actuals support the structure. Happy to review the file if you can send the real numbers.
12. Intro email to broker
Subject
Active Buyer for 150+ Unit Multifamily
Hi Michael,
Jai Thompson here.
We are actively reviewing 150+ unit multifamily and larger income-producing assets. Our process is asset-based, escrow-directed, and execution-driven. If the actuals and structure line up, we can move quickly and cleanly.
To review first pass, please send:
Rent roll
T12
Current occupancy
Collections
Capex summary
Whisper or guidance range
If the file works, I will respond with an engagement letter and offer memo quickly.
Best,
Jai Thompson
980-353-2408
13. Certainty kit text and email
Text
Hi Michael, if helpful I can send our certainty kit so you can see how we organize underwriting, title flow, and closing. We move fast when the asset and income support it.
Email
Subject: Certainty Kit
Hi Michael,
Attached is our certainty kit. It gives a quick view of how we approach underwriting, title-directed disbursements, and 23-day execution.
If the seller is looking for certainty, structure, and a clean path, this should help.
Best,
Jai Thompson
14. Lender intro email with DSCR and debt yield
Subject
Low-Leverage Multifamily Request
Hi John,
We are reviewing a large multifamily opportunity and may need a low-leverage IO lender.
Preliminary structure:
FMV approximately 24,000,000
Lender position 24% = 5,760,000
NOI = 1,980,000
Interest-only at 10% = 576,000 annual debt service
DSCR = 3.44x
Debt yield = 34.4%
We are targeting speed, clean title flow, and a straightforward close path.
If this fits your box, I can send the offer memo, asset summary, and closing roadmap.
Best,
Jai Thompson
15. Title company intro email
Subject
Structured Multifamily Closing Opportunity
Hi [Title Officer Name],
We are reviewing a large multifamily acquisition and may need a title partner comfortable with a fast, structured, escrow-controlled closing.
Our process emphasizes:
clear title flow
defined disbursements
document discipline
speed of execution
If your team handles larger multifamily and complex disbursement coordination well, I would like to connect.
Best,
Jai Thompson
16. Role play — Jai and broker Michael Reynolds
10 back-and-forths
1
Jai: Hi Michael, Jai Thompson here. I am actively reviewing larger multifamily and other income-producing assets. Do you have anything in the 150-plus unit range that is not fully blasted yet?
2
Michael: I may have a 180-unit deal coming up. Not fully on market yet.
3
Jai: Good. What are the current actuals? I need rent roll, T12, occupancy, collections, and whisper range.
4
Michael: Occupancy is around 93%. NOI is about 1.98 million. Whisper is 24 million.
5
Jai: That is enough for me to underwrite first pass. If the file confirms, I can move quickly. Is the seller more focused on price or certainty?
6
Michael: Honestly, certainty and speed. They are tired of the long process.
7
Jai: That helps. Our process is built for clean execution. I can send an engagement letter and offer memo once I confirm actuals.
8
Michael: Good. Seller will want to know you can really perform.
9
Jai: I understand. I will send our certainty kit, platform summary, and structure memo. If the seller wants a clean path, we can keep this simple.
10
Michael: Send it over. I’ll get the file to you today.
17. Text message back-and-forth
6 messages
1
Jai: Hi Michael, Jai Thompson here. Reviewing 150+ unit multifamily right now. Anything whisper or pre-market?
2
Michael: Possibly. 180 units. Seller not ready to fully market yet.
3
Jai: Good. Send rent roll, T12, occupancy, collections, and guidance. I can underwrite same day.
4
Michael: Whisper is 24M. Occupancy 93. I’ll send the file.
5
Jai: Perfect. If actuals support it, I’ll send an engagement letter and structure memo quickly.
6
Michael: Sounds good.
18. Email back-and-forth
6 messages
1 — Jai
Subject: 180-Unit Opportunity
Michael,
Thanks for the heads up. Please send rent roll, T12, collections, occupancy, capex summary, and guidance.
Best,
Jai
2 — Broker
Jai,
Sending now. Whisper is 24M.
3 — Jai
Michael,
Received. First pass looks interesting. Before I respond formally, confirm whether the seller is driven more by certainty or by a long open market process.
Jai
4 — Broker
Seller wants certainty. They are tired of retrades.
5 — Jai
That works for us. I’m attaching our certainty kit and will follow with an engagement letter and offer memo.
Jai
6 — Broker
Great. I’ll review with seller.
19. How I use this right now
Use Case 1
Whisper 180-unit deal
You need to move before OM blast
Use short broker text, then certainty kit, then offer memo
Use Case 2
Overpriced 220-unit
Actuals are weaker than pro forma
Use AI and your 85/45/24 math to show where it really pencils
Use Case 3
Good asset, slow lender
Use your lender summary with DSCR and debt yield front-loaded
Use Case 4
Broker unsure if you are serious
Use platform summary, certainty kit, and 23-day roadmap
20. Final answer
Yes, the same core process works on massive multifamily.
The math is still:
Income
Expenses
NOI
Debt
DSCR
Debt yield
structure
certainty
What gets harder is not the formula.
What gets harder is:
coordination
document quality
seller sophistication
lender speed
title cleanup
So if you stay disciplined and only chase whisper files where the people are aligned, your 23-day model is still real.
And on your structure, these 150+ unit deals can actually look safer than conventional deals because the lender sits at only 24% of FMV, which drives DSCR and debt yield much higher.