Frequently asked questions about RVP Underwriter

Any one of these works: the offering memorandum (PDF), the listing text pasted in, or a Crexi/LoopNet link. For the sharpest underwriting, add the T-12 and a rent roll, that combination verifies income and occupancy against actuals. Your first look is free, no account needed.

Yes, two cuts. The 2-minute demo shows the whole flow at speed; the full 8-minute walkthrough covers every feature, documents in through the report suite. Both players have chapters so you can jump to any section.

There's a free 39-minute training and workshop, "How to Underwrite an RV Park Deal": why most investors get it wrong, underwriting your own deals, five quick screening hacks, structuring the offer, and a complete tool demo. Watch it on YouTube (opens in a new tab; chapters included).

The instant check runs the seller's numbers exactly as presented, five key metrics and a red-flag count. The full underwriting (free account) is where the real work happens: expenses normalized, occupancy verified, risks researched for your county, three offer structures, and a verdict.

About two minutes, documents to done. The instant check on the seller's numbers comes back first, then the full underwriting finishes while it researches your market's cap rate, taxes, and insurance live. Reports generate in seconds after that, except the negotiation playbook, which reasons through your deal for a minute or two.

Click + Start a New Deal (it appears once a deal is on screen). It clears the whole workspace so nothing from the last deal carries over. If you want to keep the current deal, hit "Save this deal to my pipeline" first, you can reload it anytime.

Yes. Pages with little selectable text are detected automatically and sent for AI reading, table by table, cell by cell. When a picture and the text disagree on a figure, the picture wins, it's the pasted source table, and the conflict is noted in your Analysis Log.

Some listing sites block automated readers or hide details behind a login. Paste the listing text into the paste box instead, that always works. If the property's street address still isn't in the documents, a highlighted box asks for it before the underwriting runs; enter it and the location research targets the exact neighborhood instead of the metro.

Click the sun/moon icon in the header, next to the navigation. The app opens in light mode by default; your choice is remembered on that device and wins from then on.

Because we count the costs the seller's books leave out: a management fee even if they self-manage, a capital reserve, realistic repairs, trailing occupancy instead of the peak-season figure, and the property-tax bill you'd actually pay. Every adjusted line is shown in gold with a plain-English reason, that's the value-add, not a bug.

They're the bounds of the financing spectrum. Offer 1 is fully conventional: bank loan, cash down, seller paid in full at closing. Offer 3 is the opposite bound: the seller acts as the only lender. Offer 2 blends the two, a bank first lien plus a seller-carried second. Each is a suggested offer, priced at the highest number that structure supports while clearing your DSCR and cash-on-cash targets (that's the "MAO", maximum allowable offer). If you describe your own offer in the structure box before analyzing, that exact offer is underwritten as given, at your price, even if it doesn't clear, and it opens your negotiation playbook.

Tell the underwriter chat, "use the actual R&M of $18,000 from last year's P&L", and it recalculates. Or use Adjust & re-run for price, rate, and occupancy overrides. In the Excel model, just type over any yellow cell; everything recomputes live.

The highest-quality source available: a rent roll beats everything (we annualize it and compute revenue-based occupancy), then trailing actuals, then the stated figure. We keep the seller's claim and the verified number, the gap between them is negotiation evidence.

Because reassessment alone doesn't mean an increase. We check three things: whether the county reassesses on sale, whether your state even discloses sale prices (many don't, the assessor can't chase a price they never see), and what the current bill implies about assessed value. The rationale cites the county rule either way.

By expected value, not a flat jump to the sale-price bill. We start from the current bill, research how your county behaves at a sale (does it reassess, does the state disclose prices, how strong is the protest culture), and carry the current bill plus that probability's share of the step-up to the projected post-sale bill. The line's rationale shows the arithmetic so you can audit it, and the stress panel always shows the full reassessed bill as the worst case. If the financials have no tax line, we research the actual current bill from county records; when it can't be found, the full at-price estimate is carried, the conservative direction.

When research says an increase is likely in your region (hail, coastal, wildfire, carrier exits), the likely increase is carried into the base numbers, because premiums reset at your first renewal, inside year one of ownership. The stress panel then shows only what could go beyond that, so the risk is never counted twice.

From what the property physically is, not a one-size percentage, wear tracks the asset, not the rent level. RV parks price per site, stepped up for amenities, cabins, and private well/septic systems. Mobile home parks price per lot plus a real figure for every park-owned home. Apartments and houses price per unit by age band, plus named big-ticket systems like flat roofs and boilers. The line's rationale lists the drivers and the math. It is capped at 10% of income so reserves never unrealistically crush NOI; when the justified schedule runs past the cap, the underwriting says so and suggests asking the seller for a CapEx credit at closing. If the documents don't reveal the drivers, a percentage of income is used as the fallback, and you can set your own figure in the underwriter chat.

Yes, they're your bar, not ours. The defaults are 1.35x DSCR and 10% cash-on-cash. Set your own in the Defaults panel, or just tell the underwriter chat ("use a 1.25 DSCR target", "lower my CoC target to 9%") and every offer's pass/fail and the verdict re-grade to your numbers on the spot. Say "revert to the original underwriting" any time to undo chat changes.

Yes, for single-family and small residential deals the engine estimates income from researched market rent for that location and size, and it is loudly labeled as an estimate with a flag, since no seller financials back it. Treat the result as a screening read and verify with actual leases before you offer.

Yes, anything you type in "Adjust these inputs" wins everywhere: the math, every report, the Excel model. A rate quoted by your lender always beats the researched market rate.

Maximum Allowable Offer, the highest price at which that structure still clears your DSCR and cash-on-cash targets. Offers 1 and 2 are MAO-priced; Offer 3 runs at the full ask with the seller as the bank. When a structure can't clear at any price, the card says "No MAO" instead of pretending, and tells you exactly what would fix it, usually how much less debt the deal needs.

Because the listing shows a seller-financing signal, "owner will carry," "flexible terms," long days on market. When terms are on the table, the carry structure usually gets you a better deal at the same price. No signal, and Offer 1 leads; if both miss the targets, Offer 3.

Yes. Take the big down payment the seller is demanding and finance it as a first lien; the seller-financed portion moves to second position. Roll the closing costs into the seller note and you're into the deal with zero out of pocket. Two musts: the first-lien lender has to know about and permit the junior lien, disclose the stack, and get your attorney's eyes on it. Model it here with the Excel model's levers: 1st Loan LTV for the financed down payment, 2nd Loan LTV for the carry, and the Cost of Capital row prices any borrowed cash at interest-only.

A two-piece government structure for owner-operated properties (RV parks and campgrounds qualify): a bank loan at up to ~50% of value, plus a CDC/SBA piece behind it at up to ~40%, you bring roughly 10% down. The CDC portion carries a fixed, below-market rate. For underwriting, treat the bank piece as your first lien and the CDC piece as the second, the Excel model's two-lien levers map onto it directly.

A 7(a) can reach ~85-90% of the project for an owner-operator, needing ~10% equity injection, and the SBA allows a seller note on full standby (no payments for a period) to cover part of that injection. Done right, your cash in the deal can shrink to ~5%. The trade-off: personal guarantees and a slower close.

Describe it in the offer structure box in the seller's own terms, for example "First lien is assumable at 5.5% with a $3,670,000 balance, seller will finance $600,000 in second position at 5%, the rest is down payment." Offer 2 holds those dollar amounts fixed while it walks the price, your down payment absorbs every price move, and the card speaks in dollars: what you assume, what the seller carries, and the true maximum offer under that exact financing. If the fixed debt can't clear your DSCR at any price, the card says No MAO and quantifies how much debt reduction would clear it, which is your negotiating number.

You take the deed and simply keep paying the seller's existing mortgage, the loan stays in their name. It shines when their rate is far below today's market. The risk to respect: most loans carry a due-on-sale clause the lender could invoke, so structure it with an attorney who's done these.

The seller keeps their existing loan and carries one bigger note that "wraps" it. You make one payment to the seller; they keep paying their bank and pocket the spread. It's seller financing that works even when the seller still owes money, same due-on-sale caution as sub-to.

Control without buying yet: you lease the entire property with the right to operate and sublease it, plus an option to purchase at a set price. Perfect when the current financials can't support the debt, you run your value-add plan, season the income, then buy or refinance at the stronger numbers.

When a seller says "you could add pads, you could raise rates" and wants to be paid for it up front, don't argue, restructure. Pay most of the price now for the property that exists, and reserve the balance as an earn-out: it gets added to the seller note's principal only when the promised value-add is actually achieved (occupancy hits the target, the pads get permitted, the rate increase sticks). Underwrite at the lower as-is price, that's the only deal that exists today; the earn-out is tomorrow's deal, priced when it's real. The seller gets full credit for their vision; you only pay for it when it shows up in the income.

Right in the offer engine, Offer 2 is the stack slot: down payment + bank first lien + seller second always total 100%, so a Morby is simply Offer 2 at 0% down (financed first lien, carry in second) and an SBA 504 is Offer 2 at 10% down / 50% bank / 40% CDC-as-second. Describe the structure in "Enter your recommended offer structure" (e.g. "0% down stack method, seller carries 70% in second at 6%") and the underwriting builds Offer 2 to that exact spec, it gets the star when it clears your targets. Don't have one in mind? The underwriting reads the deal's facts and the negotiation playbook recommends the structure that fits. Fine-tune afterward in the Excel model's levers (down %, both lien LTVs, both rates, cost of capital) or ask the underwriter chat for variations.

The shareable one-pager is free on every plan. The full underwriting report is Investor and up. The Dealmaker Suite, lender memo, investor deck, live Excel model with pro-forma tabs, and the private negotiation playbook, comes with Dealmaker. All of them are generated from the same confirmed numbers.

Yes. Drop your PowerPoint template, brand guide, letterhead, website file, or logo into the Defaults panel brand kit, imports stack, so add files anytime. Every document that reaches a lender or investor carries your identity, never ours.

Never. The lender memo presents a clean first-lien request only, mentioning carry, side agreements, or your offer ladder is hard-blocked and every memo is scanned before delivery. Your negotiation playbook stays private to you, and the investor deck discloses the full capital stack, because your investors must see it.

The math is deterministic, same inputs, same NOI, same DSCR, same offers, every time. The narrative prose (memo paragraphs, playbook wording) is written by AI and varies like an analyst's drafting: same facts, different sentences. That's expected, not an error.

That's the point of it. Yellow cells are inputs, type over them and the whole workbook recomputes, colors included. Blue cells are linked across tabs; overtype one to decouple it. Gold rows mark the lines we normalized.

In the Excel model, it's fully customizable. Add rehab budgets, upfront CapEx or operating reserves to the closing costs or the capital raise in the Sources & Uses, and the workbook recomputes cash-at-close, returns, and the pro-forma around them. The LOI can also roll closing costs and reserves into the seller-carry note, check "Include closing costs in seller carry" when drafting it. The underwriting's own CapEx line is different: that's an annual reserve inside NOI, not your one-time budget at close.

Everything needed to reload the deal on any device and pick up where you left off: the analysis, the full underwriting, your inputs and targets, chat conversation and its applied changes, property photos, and the exact text of the documents that were read, so re-analyzing later needs nothing re-attached. The one exception is scanned or photo-only pages, which can't be stored as text; their file names are kept so you know what to re-attach.

Each new property you underwrite. Re-analyzing the same property, including with added or updated documents, never uses a second deal. Adjust & re-run, the underwriter chat, and generating documents don't touch the meter either.

Your documents are processed to produce your analysis and are never shared or used for anything else. Saved deals live in your account. We retain anonymized metadata about analyses, the asset type, location at the state and county level, pricing figures, and the tool's results, to understand usage and improve the product; that metadata is not linked to your name or email, and your uploaded documents are never used for analytics. Separately, for general website traffic we use Google Analytics, which sets cookies to measure page visits; you can opt out through your browser or Google's opt-out add-on. Full details are in our Privacy Policy.

Yes. Whatever you use during the 7-day trial never counts against your first paid month: the moment your trial converts to a paid subscription, your deal counter resets to the full allowance for your plan. After that it refreshes on the 1st of every month.

Save the deal to your pipeline. When you load it later, on any device, the text of your original documents comes back with it, so there's nothing to re-attach: drop in the new documents (the rent roll the seller finally sent, an updated T-12) and hit Re-analyze. The engine reads everything together, old and new, and the same property never uses a second deal. One exception: scanned or photo-only pages can't be stored as text, so if a document was images of financials, re-attach that file for the fresh read.