Beyond IRR
Beyond IRR is a real estate investing podcast focused on what actually drives performance — not just the headline returns.
Hosted by the team behind BHPA, this show breaks down the metrics, structures, and assumptions behind real estate deals. Each episode goes deeper into topics like IRR, cash flow durability, leverage risk, volatility, capital structure, and exit sensitivity — helping investors think more critically about how returns are generated.
If you want to move beyond surface-level analysis and understand the mechanics behind the numbers, this podcast is for you.
Episodes
15 episodes
The Supply Constraint Is Now: What Tariffs, Construction Costs, and a Contracting Pipeline Mean for Your Portfolio
The multifamily pipeline is contracting. Starts have dropped. Construction costs have moved sharply higher. And tariffs on steel, lumber, and imported building materials are adding cost pressure that most developers did not underwrite for — and...
Expense Ratio Drift: The Silent NOI Killer Most Operators Don't See Coming 2
Operating expenses are up. Most operators know this. What most operators don't know is exactly how much their expense growth is outpacing their revenue — and what that gap is costing them in NOI, asset value, and refinance proceeds. That gap is...
Yield on Equity: The Metric Nobody Tracks (But Should)
Cash-on-Cash Return may tell you how a deal performed when you bought it — but Yield on Equity tells you how your capital is performing today.In this episode of Beyond IRR, we examine why many real estate investors unknowingly a...
Break-Even Occupancy: The Number That Tells You How Far You Can Fall
Most real estate investors track occupancy. Very few track the number that actually matters: the occupancy rate at which their property stops covering its costs. That number — break-even occupancy — is one of the clearest indicators of whether ...
Refi-Ready: How to Prepare Your Property and Financials Before You Go to a Lender
Getting refinanced in today's environment is not difficult if you are prepared. It is nearly impossible if you are not. The operators closing permanent loans right now started preparing twelve months before their bridge maturity — and the ...
Underwriting Without a Net: How to Stress-Test a Real Estate Deal in a Flat-Rate Environment
The rate cut thesis has been wrong — repeatedly and expensively — for longer than most investors budgeted for. In this episode, Louis walks through how to underwrite a deal in two scenarios: one where rates stay flat for the duration of your ho...
Cap Rates Don’t Tell You Risk — Variability Does
Two properties can have identical cap rates—and completely different risk profiles. In this episode, we unpack why cap rate is simply a snapshot of performance, not a measure of stability or safety. By looking beyond the headline number and int...
The Recovery Isn't Evenly Distributed: How to Know If Your Portfolio Is Actually Winning
CRE lending is projected to hit $805 billion in 2026 — a 38 percent increase from last year. Multifamily supply is contracting. Capital is moving again. By most headline measures, the recovery is here. But national recovery data is an average. ...
Q1 2026, The DSCR Refinance Window: Opportunity or Illusion?
The DSCR refinance window is quietly opening—but it’s not a rising tide lifting all boats. In this episode, we break down the emerging divide between operators who can access sub-7% DSCR debt and those still stuck in 2021–2022 vintage loans. Fr...
The Hidden Risk in “Stabilized” Pro Formas
Most real estate deals look their best in “stabilized” Year-3 projections—but those numbers often rely on multiple assumptions all going right at the same time. In this episode, we break down the hidden risk inside pro formas, why small misses ...
Return On Capital vs. Return Of Capital
In this episode, we explore the critical difference between return on capital and return of capital, and why confusing the two can lead investors to misjudge a deal’s true performance. We break down how distributions can create the illusion of ...
DSCR Is for Lenders — But Investors Should Love It Too
DSCR is one of the most talked-about metrics in real estate — and for good reason. It answers the most basic question every leveraged investor feels: can this property pay the mortgage?In this episode, Louis Hiza breaks down why...
The Metric Hierarchy — How Investment Outcomes Are Actually Created
Not all metrics are equal — and not all metrics should guide decisions.In this episode, we introduce the BHPA Metric Hierarchy, a framework that organizes real estate metrics based on causality rather than popularity. We break down the f...
The Path of Cash Flow Matters More than the Average
Average cash flow is one of the most commonly cited metrics in real estate — and one of the most misleading.In this episode, we examine why averages hide volatility, obscure downside risk, and fail to reflect the real investor experience...
