About Mastering Multifamily Underwriting: 5 Steps to Confident, Risk-Smart Apartment Investing by Vessi Kapoulian
Feeling overwhelmed by multifamily deal analysis? Worried that a single mistake could cost you thousands—or more?
Mastering Multifamily Underwriting equips you with the knowledge, framework, and confidence to make smart, risk-aware decisions in apartment investing.
Vessi Kapoulian, a former commercial lender and experienced multifamily investor, has underwritten over 1,000 deals and managed a $1BN+ credit portfolio. She distills her expertise into a beginner-friendly, five-step underwriting framework that anyone can follow.
Inside, you’ll discover how to:
– Spot flawed assumptions in pitch decks before you invest
– Analyze markets, submarkets, and deal structures like a pro
– Protect your downside with reserves, the right deal & debt structure, and risk mitigation strategies
– Learn from real-world case studies that turn theory into action
Whether you invest actively or passively, this book transforms hesitation into confidence. Stop risking your capital on guesswork. With Vessi’s proven approach, you’ll know exactly when to say “yes” and when to walk away, making your next multifamily deal a smart, profitable one.
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Author Bio:
Vessi Kapoulian is the Founder of Dream Believe Achieve Capital Group, a real estate investment firm based in Los Angeles, CA.
Vessi’s professional background includes 15+ years of commercial lending and business management experience. Vessi started her real estate journey as an investor in 2017. Today Vessi manages a large portfolio of investor real estate properties. She is also passively invested in a number of deals.
Her commercial lending experience has served her well in developing a conservative and analytical approach in assessing risk and investing prudently in real estate in order to maximize returns. Her business experience has helped develop a solutions-oriented and execution-focused approach, which has served well in asset managing her real estate portfolio.
Drawing on her unique blend of lending expertise and investing experience, Vessi helps new and seasoned investors master the art and science of apartment underwriting. She also consults passive investors to help them navigate through the complexities of the deal numbers and structure, offering documents, or capital call situations. Lastly, Vessi advises family offices and private companies on strategic investment due diligence, risk management, and governance structures – helping them safeguard capital, optimize decision-making, and build sustainable multi-generational wealth.
Vessi is active in various real estate professional networks and a frequent speaker at meet ups, conferences, and podcasts.
Vessi’s mission is to (i) help other high achieving professionals secure their own financial freedom & create more optionality in their lives and (ii) to help create educated and empowered investors through her work.
Vessi has earned a Bachelor degree from the University of Arkansas and an MBA from Northwestern University.