| Gross scheduled rent | — |
| Less vacancy | — |
| Less taxes and insurance | — |
| Less maintenance and capital reserve | — |
| Less management | — |
| Net operating income | — |
| Less debt service | — |
| ANNUAL CASH FLOW | — |
| Cash required to close (down + ~3% costs) | — |
The rule this became: a roof, a deadline, and a second offer are three separate facts. Only one of them is about the property. Price the thing you can measure; ignore the two designed to make you hurry.
Positive cash flow after vacancy, maintenance, reserves and management are all real line items — not after you pretend three of them do not exist.
Net income at least 1.25× the note. It is what a lender demands, and it is the cushion that keeps one bad quarter from becoming a sale.
Your money has other places to go. If the deal cannot beat the boring alternative, it has to be doing something else for you — and you should be able to name it.
The fast screen before any math. It kills most listings in about four seconds, which is the point — your time is the scarce input, not your capital.
Every module is a deal that actually closed, with the reasoning and the mistakes intact. Nobody can copy this without having done it — which is the entire moat.
Commission income is lumpy, undocumented in the way lenders like, and arrives in bursts. Every generic course assumes a W-2. This one is built for how you actually get paid.
Most programs end and leave you with notes. This one leaves you with the analyzer — they keep using it on every deal for years, which is what makes the relationship durable and the renewal obvious.