Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano continue their deep dive into the real cost of vacancy by unpacking lease up assumptions. They explore what lease up really means in acquisitions and ground up development, why many investors get it wrong, and how competition, concessions, seasonality, and management execution directly impact underwriting accuracy and returns.

Topics Covered

• What lease up means in real world underwriting scenarios
• The difference between physical occupancy and economic occupancy
• Why 90% occupancy is not the same as being stabilized
• How agency lenders define stabilization with the 90 for 90 rule
• Lease up challenges in acquisitions versus ground up development
• The impact of competition, concessions, and nearby properties
• Absorption rates and how to interpret them without overcomplicating models
• Seasonality and why lease expirations matter more than timelines
• The hidden cost of concessions and how they affect long term value
• Operational realities like staffing, marketing channels, and leasing execution

Quotes

• “Nobody is living in a vacuum so you have to figure out what exactly is going to affect your lease up projections”

🎧Connect with Jason

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✅ https://IroncladUnderwriting.com

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🎧 Connect with Frank:

✅LinkedIn

Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano examine the true financial impact of vacancy beyond simple underwriting assumptions. They unpack how turnover costs, deferred maintenance, resident behavior, and property class dramatically affect cash flow, timelines, and overall asset performance. This first installment sets the foundation for understanding why vacancy is often far more expensive than it appears on a spreadsheet.

Topics Covered

• Why vacancy assumptions often underestimate real financial exposure
• The true components of turnover costs in multifamily assets
• Differences in turnover risk across Class A, B, and C properties
• How deferred maintenance compounds vacancy duration and expense
• The operational timeline from move out to re lease
• The impact of staffing limitations on vacancy length
• Pest infestations, pet damage, and extreme unit conditions
• When turnover costs shift from operating expenses to capital expenditures
• Why units you cannot access during due diligence often carry the highest risk

Quotes

• “Vacancy is not just lost rent. It is time, labor, capital, and momentum quietly draining from the asset.”
• “The units you cannot get into are usually the ones with the biggest problems, and the biggest costs.”

🎧Connect with Jason

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

Overview

In the first episode of 2026, Jason Williams sits down with Frank Patalano and Angel Williams for a wide ranging and honest conversation about the realities of investing, rising costs, and what it actually feels like to operate in today’s economy. From grocery store sticker shock to refinancing stress, personal health goals, travel plans, and long term strategy, this episode blends economics with lived experience. It’s a grounded discussion about cash flow versus equity, patience in investing, and setting intentional goals for the year ahead.

Topics Covered

• How everyday price increases reveal the real state of the economy

• Why feelings at the checkout line matter more than headlines

• Cash flow versus equity and why both matter at different stages

• Refinancing challenges and navigating lender conversations

• Liquidity stress and feast or famine cycles in real estate

• Setting realistic business and personal goals for 2026

• Travel, conferences, and building relationships in the industry

• The long timelines and hidden costs of development projects

• Balancing ambition with patience in a shifting market

Quotes

• “You can’t eat equity. You can feed yourself with cash flow, but equity only works if you can actually access it.”

• “If you don’t feel like you’re paying a fair price when you’re shopping, you probably aren’t, and that tells you more about the economy than any report.”

🎧 Connect with Jason

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

🎧 Connect with Angel

✅ LinkedIn