Tim Woodbridge

With people at so many different stages of their journey in this group, I’m curious… how have you all seen your underwriting change over time? I feel like I’m getting better at what @Ryan Narus calls “visionary underwriting,” seeing a path to value 5 to 10 years from now, rather than underwriting for the 10 cap today. But I’m definitely still way more conservative than some of the people I’m losing deals to. Is this just because I’m a timid and inexperienced newbie? How have you all seen your underwriting change over time? @Michael Pansolini @Ferdinand Niemann @Judah Aderet @Caleb Hogan @John Evans @Giancarlo Andriano @Michael FitzGerald @Rob Myers @Kyle Grimm @Lu Nina @Matthias Gruenwald @Tim Woodbridge

New comment Mar '25

Tim Woodbridge

6 likes • Mar '25

Definitely has changed. It's no longer "is this a good deal or not?" as much as it's "can we get our investors our target return minimum if 2x equity multiple in 5 years with a reasonably conservative model". It's not just about buying at the right price; it's about what we can do in 5 years to improve the value of the asset to get our investors our minimum return profile. What has also changed for me is now I operate in the "I want to get every seller the price they are looking for and when I can't it's because i won't be able to get our investors their returns". It's very collaborative now instead of combative.