Ironclad Underwriting Podcast

🎧 Episode Overview

In this episode of Ironclad Underwriting, host Jason Williams sits down with real estate investor and educator Frank Patalano to unpack the world of real estate syndications and SEC exemptions, specifically, the difference between 506B and 506C offerings. Frank breaks down these regulations with his signature clarity, using easy-to-remember analogies from his teaching background.

🧩 Topics Covered

Overview

In this episode of The Ironclad Underwriting Podcast, host Jason Williams and business partner Frank Patalano break down the essential members every General Partner (GP) team needs for apartment syndication. From sponsors and underwriters to asset managers and capital raisers, they explore what each role contributes to the success of a deal. With firsthand experience and candid insights, Jason and Frank share what makes a strong, balanced team capable of handling everything from due diligence to investor relations, and why having the right mix of people can make or break your syndication.

Topics Covered:<...

Overview:

In this episode of Ironclad Underwriting, host Jason Williams sits down with commercial real estate investor and educator Frank Patalano to unpack two extremes that hold investors back: analysis paralysis and reckless decision-making.

Together, they explore how to find the sweet spot between overanalyzing every deal and leaping into one without proper due diligence.

Topics Covered:

Episode Overview:

In this episode of The Ironclad Underwriting Podcast, host Jason Williams sits down with Frank Patalano to unpack the many layers of risk in real estate investing. From financing challenges and market shifts to tenant turnover and operational missteps, they explore how each factor can influence an investor’s long-term success.

Jason and Frank discuss why financing risk often peaks at refinance rather than at purchase, especially in today’s high interest rate environment, and how smart contract structuring and proper underwriting can make or break a deal. They also talk about the real...

Episode Overview

In this episode, Jason Williams and recurring guest Frank Patalano break down one of the most overlooked truths in real estate: you can’t do it all yourself. From accountants to attorneys, property managers to insurance brokers, your success depends on the strength of your team. Jason and Frank share real stories, costly lessons, and the systems they use to make sure every deal is backed by the right people.

Whether you’re underwriting your first deal or scaling a portfolio, you’ll walk away knowing which professionals are indispensable, how to choose wisely...

Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano dig deep into the concept of stress testing in commercial real estate underwriting. They explore why sensitivity analyses are critical, how assumptions around interest rates, exit cap rates, hold periods, and expense ratios can make or break a deal, and the importance of preparing investors with realistic projections. Through real-world examples, they highlight lessons learned, common pitfalls, and practical ways to build more resilient underwriting models.

Topics Covered

• Why stress testing and sensitivity analyses are essential for conservative underwriting

Episode Overview

In this episode of the Ironclad Underwriting Podcast, host Jason Williams welcomes returning guest Frank Patalano for a deep dive into the current challenges facing commercial real estate investors. From refinancing hurdles and cap rate expansion to rising insurance costs and shifting debt service coverage requirements, Jason and Frank break down how today’s unpredictable market is impacting deals, underwriting strategies, and investor expectations. They share real-world examples, lessons learned, and practical advice on navigating this volatile landscape while keeping long-term goals in sight.

Topics Covered

📌 Episode Overview:

In this episode of The Ironclad Underwriting Podcast, host Jason Williams and recurring guest Frank Patalano take a deep dive into one of the most misunderstood aspects of commercial real estate: the capital stack and waterfall structures. From senior debt to common equity, they unpack how each layer of financing works, who gets paid first, and where the risks and rewards lie. Whether you’re a new investor or a seasoned operator, this episode will give you clarity on structuring deals that stand the test of time.

🗂 Topics Covered:

Episode Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and Frank Patalano dive into one of the most common struggles new investors face: choosing a market. They share why focusing on a single market early on can help you gain an edge, how to spot pitfalls in neighborhoods, and the importance of truly knowing the area beyond just the numbers. With real-world stories, market analysis tips, and lessons learned from decades of experience, this conversation will help you avoid spreading yourself too thin and build a stronger foundation for long-term success.

📌 Topics Cov...

Episode Overview

In this episode of the Ironclad Underwriting Podcast, host Jason Williams is joined by his wife and business partner, Angel Williams, along with fellow partner and former educator, Frank Patalano. Together, they dive into the importance of continuous education, the role of real estate events, and the mindset shifts that separate transactional hustling from transformational growth.

From lessons learned at national conferences to the power of mentorship and mindset, this conversation offers practical takeaways for both new and seasoned investors. Whether you’re looking to expand your knowledge base, connect with like-minded professionals, or...

Overview

In this episode of the Ironclad Underwriting Podcast, Jason Williams and his business partner Frank Patalano tackle one of the biggest red flags in real estate underwriting, blindly plugging numbers into models without understanding what they mean. From overwritten formulas to unrealistic rent projections, Jason and Frank break down common mistakes they see investors and analysts make, and how these errors can cost deals, returns, and credibility. Whether you’re building your first model or reviewing your tenth, this episode will sharpen your eye for detail and help you spot the traps before they derail your un...

🎙️Episode Title

"Mindset Meets Metrics: Underwriting with Certainty, Clarity, and Confidence"

🔍Overview

In this episode of the Ironclad Underwriting Podcast, host Jason Williams sits down with business partner Frank Patalano and master coach Trevor McGregor to explore the deep link between mindset and successful commercial real estate underwriting. They break down why success is 80% psychology and 20% mechanics, how to protect yourself from market swings, and the importance of keeping both your emotions and your deal analysis in check. With real stories, proven frameworks, and practical advice, this episode gives listeners the tools to operate...

🔍 Episode Overview:

In this episode of Ironclad Underwriting, host Jason Williams is joined by business partner Frank Patalano to discuss one of the most common (and costly) red flags in real estate investing: relying on short-term trends for long-term decisions. From unsustainable rent growth projections to unrealistic interest rate assumptions, the duo breaks down the pitfalls of over-aggressive underwriting and emotional investing. This is a must-listen for investors, underwriters, and CRE professionals navigating volatile markets with uncertain futures.

📌 Topics Covered:

✅The trap of using peak rent growth projections (San Antonio & Phoenix case studies)

✅Ho...

🔍 Episode Overview:

In this eye-opening episode, Jason Williams and Frank Patalano dive deep into the critical principle of “trust, but verify” in commercial real estate underwriting. What starts as a conversation about mentorship and broker-provided information turns into a masterclass on due diligence. Highlighting real-world experiences with misleading offering memorandums, surprise costs, and costly omissions.

Whether you're buying a 100-unit property or a single-family rental, today’s discussion will give you the tools and mindset needed to avoid costly mistakes and make sound investment decisions. Jason and Frank cover everything from property taxes and insurance hikes to...

🎙️ Episode Overview

In this episode of Ironclad Underwriting, host Jason Williams is joined by his business partner Frank Patalano to dive deep into the real value of mentorship in commercial real estate. While not strictly a numbers-focused episode, this conversation explores how the right guidance can dramatically shorten your learning curve, accelerate deal-making confidence, and open doors that education alone can’t. From mentorship missteps to multimillion-dollar partnerships, Jason and Frank share honest lessons and strategies from their own journeys.

📌 Topics Covered

✅Why mentorship is the ultimate shortcut in commercial real estate

✅How to ev...

Episode Overview

In this episode, Jason and Frank break down exactly how syndicators in commercial real estate make money, and why it's not only fair, but necessary for investors to want their GP teams to get paid. They discuss common fee structures, risk exposure, and the alignment of interests between general partners (GPs) and limited partners (LPs). If you're investing passively or considering syndicating a deal yourself, this is a must-listen.

📌 Topics Covered

✅The role of syndicators in a real estate deal

✅The importance of transparency around fee structures

✅Breakdown...

Episode Overview:

In this value-packed episode of The Ironclad Underwriting Podcast, host Jason Williams and guest Frank Patalano break down the essential return metrics that every investor and operator must understand. From outdated expectations around IRR to the rise of AAR and the importance of cash-on-cash return, this conversation helps listeners sharpen their analytical toolkit. Whether you're raising capital, analyzing a deal, or preparing your next pitch, this episode gives you a no-fluff foundation on how returns really work, and how to spot misleading projections before it’s too late.

📌Topics Covered:

✅Why IRR is...

Episode Overview

In this episode of Ironclad Underwriting, host Jason Williams is joined by commercial real estate investor Frank Patalano to unpack one of the most essential concepts in commercial underwriting: the Cap Rate. They break down how it’s calculated, what influences it, and how rising interest rates impact valuations. Plus, they dive into forced appreciation strategies and why smart underwriting goes far beyond the cap rate itself.

📌 Topics Covered

✅ Why cap rates rise with interest rates, and the dangers if they don’t

✅ How to calculate a property's value using cap r...

📖 Episode Overview

In this episode, Jason and Frank pull back the curtain on the most manipulated areas of underwriting: revenue assumptions and operating expenses.

They explore how pro formas can be engineered to look too good to be true, and how savvy investors can spot the red flags. From market rent games to unrealistic expense ratios, they break down what ethical underwriting really looks like in today’s market.

📌 Topics Covered

✅ Differences between market rent, in-place rent, and effective rent

✅ Revenue assumptions: Loss to Lease, Economic Vacancy, Other Income

✅ Under...

🔍 Episode Overview:

Welcome to the inaugural episode of Ironclad Underwriting! In this episode, Jason and Frank introduce themselves, share their real estate journeys, and set the stage for what listeners can expect from the podcast.

From underwriting principles to building generational wealth and navigating market risks, this conversation lays the foundation for future deep dives into the world of commercial real estate underwriting.

🗣️ Topics Covered:

✅ The "Get Rich Slow" mindset in real estate

✅ Jason’s background as an R&D engineer turned real estate investor

✅ Transition from single-family to...