Run My Numbers. Send Sebastian Lopez any building in Los Angeles and he will rebuild the numbers and send them back within one business day, free and in English or Spanish.
Send me any building in LA.
I rebuild the numbers from scratch and send them back to you inside one business day, with the expenses sellers quietly leave off the pro forma and the property tax bill that resets the day you close. You will know exactly what the building does before you fall in love with it.
No obligation, and I only take five per week because I run every one of these myself. Gratis y sin compromiso. Acepto solo cinco por semana porque cada análisis lo hago yo mismo.
One page. Every number that matters.
The pro forma a seller hands you usually assumes 4% vacancy, no management fee and nothing set aside for the roof, which makes the building look a lot better on paper than it lives in real life. What lands in your inbox is the version I would want in front of me if I were the one writing the check.
| Listed cap rate Tasa según el listado | 5.8% |
| Cap rate on real expenses Con gastos reales | 4.1% |
| Cash on cash Retorno sobre efectivo | 3.4% |
| DSCR at today's rate Cobertura de deuda | 1.14x |
| Property tax after reset Impuesto recalculado | +$18,400/yr |
| Rent cap ceiling this year Tope de renta | 8.7% |
| Loss to lease Renta por debajo del mercado | $4,800/mo |
| Upside play La jugada | Garage conversion |
Solid building, honestly. The price just assumes an owner who never pays for vacancy, management or repairs, so here is the number where it actually works.
What I go through on every one
- The rent roll against the actual deposits. A rent roll is what the seller says people pay, and the bank statements are what they really paid, so I put the two side by side and see if the story holds. Comparo el rent roll contra los depósitos reales del banco, porque una cosa es lo que dice el vendedor y otra es lo que entró a la cuenta.
- Twelve months of expenses, rebuilt from zero. Vacancy, management and reserves go back in even when the seller took them out, because you are the one who ends up paying for all three. Reconstruyo doce meses de gastos desde cero, incluyendo vacancia, administración y reservas, aunque el vendedor los haya quitado.
- Your property tax, not the seller's. The county reassesses to whatever you pay for the building, and that one line ends more deals than anything else that crosses my desk. Tu impuesto predial, no el del vendedor. El condado lo recalcula sobre lo que tú pagas, y esa línea tumba más tratos que cualquier otra.
- The rent cap that applies to that exact address. Jurisdiction and exemption status get looked up per property, because guessing on this one gets expensive in a hurry. El tope de renta de esa dirección exacta, verificado por ciudad y por exención, no adivinado.
- Permit history and the legal unit count. A building marketed as seven units with only five of them on permit turns into a lending problem at the exact moment you least want one. Historial de permisos y cuántas unidades son legales, porque siete unidades con cinco permisos es un problema con el banco.
- One upside play, priced out. I pick the single move most likely to clear the city and pay for itself, then show you what it costs and what it brings back. Una sola jugada de plusvalía, con números: lo que cuesta y lo que te regresa.
Three lines move the number most.
These are the mechanics behind almost every file I underwrite, and they are the reason a deal can look great on the flyer and then thin out the second somebody runs it properly.
The expense rebuild
Once you add back 5% vacancy, 5 to 8% management and $250 to $400 per unit per year in reserves, a listed cap rate can give up more than a full point, and that is before anybody touches the rents.
The tax reset
Prop 13 builds your tax bill on your purchase price, so a seller sitting on a 1987 basis has been paying a number you will never see again. On an older building that swing runs into five figures a year and it never shows up on the listing.
The rent ceiling
Your whole rent growth model depends on jurisdiction. Downey has no local rent control, so state law sets the ceiling and the exemption window keeps rolling forward instead of sitting on a fixed year. I check both against the specific address every time.
Five a week. Make it count.
Send it if
- You have an address, or even just a zip code and a budget you are working with
- You are buying, selling or trading up somewhere in the next twelve months
- You want the real number even on the days it kills the deal
- You would rather hear no from me this week than find out in escrow
Do not send it if
- You want a list of everything for sale under a price point, which is really a job for a search alert
- You are already under a written agreement with another agent, in which case stay with them
- You are hoping for a number that backs up a decision you have already made
- You need a mortgage quote, since I do not lend, though I am happy to point you to people who do
Three steps. No sales sequence.
You send the address
Takes about thirty seconds. Address, budget, timeline and whether you have talked to a lender yet, which is honestly how I decide who gets a call first.
You get the one-page read
One business day, usually sooner. Rebuilt numbers, the tax reset, the rent ceiling, one upside play and a straight verdict, and the page is yours to keep whichever way it lands.
We go deeper only if you want to
Give me fifteen minutes on the phone and I will walk the full underwrite with you line by line. If you would rather not, that is completely fine and I will not chase you.
What are we running?
Five a week, because I run every one myself. One business day turnaround and you keep the analysis either way. Cinco por semana, porque cada uno lo hago yo. Respuesta en un día hábil y el análisis es tuyo de todas formas.
Rather text it over? Send it on WhatsApp or call (562) 396-6243. Want to talk it through first? Book fifteen minutes.