Underwriter - Multifamily Housing

BH Management Services, LLC•Remote - Texas, TX

About The Position

BH Management, LLC is hiring an Underwriter to analyze and evaluate multifamily investments. The role builds and audits acquisition models; assesses property operations, business plans, markets, financing, and diligence findings; and communicates investment theses, assumptions, risks, and recommendations to decision-makers. The Underwriter partners with teams across acquisitions, capital markets, asset management, property operations, construction, accounting, legal, and risk, and uses approved AI and automation tools to support analytical workflows while validating results against source data and company standards. The role also compares underwriting assumptions with post-close performance, incorporates lessons learned into future investment analysis, and maintains organized deal records, assumptions, comparable data, and repeatable workflows. BH describes itself as a people-first multifamily owner and operator founded in 1993. It manages over 100,000 units and employs over 2,800 people.

Requirements

Bachelor’s degree in finance, real estate, economics, accounting, business, data analytics, or a related field, or equivalent relevant experience in lieu of education.
2–5 years of experience in multifamily underwriting, acquisitions, commercial real estate, real estate private equity, lending, valuation, asset management, or investment analysis.
Advanced Excel and financial modeling skills, including cash-flow modeling, sensitivity analysis, data validation, model auditing, and documentation of assumptions.
Strong command of multifamily operating statements, rent rolls, property valuation, investment return metrics, debt sizing, and capital structure analysis.
Ability to evaluate incomplete or inconsistent information, ask effective diligence questions, and distinguish facts, estimates, assumptions, and judgment.
Ability to use AI-assisted tools responsibly and validate outputs against source data, approved methodologies, and investment standards.
Strong written and verbal communication skills, including presenting complex analysis concisely and in a decision-oriented format.
High attention to detail, intellectual curiosity, sound judgment, and ability to manage multiple transactions and deadlines.

Nice To Haves

Institutional multifamily acquisition, lending, valuation, or investment-management experience.
Experience with value-add underwriting, renovation programs, property-level operating models, and post-acquisition variance analysis.
Exposure to Fannie Mae, Freddie Mac, HUD/FHA, bank, life company, CMBS, bridge, or debt-fund financing.
Experience with CoStar, Yardi, RealPage, ARGUS Enterprise, Power BI, Tableau, or comparable real estate and analytics platforms.
Experience improving underwriting workflows through AI, data extraction, automation, standardized templates, or low-code tools.
CCIM, CFA, CPA, MAI, graduate real estate or finance degree, or other relevant designation.

Responsibilities

Build, maintain, and audit acquisition models for multifamily investments and analyze investment returns, valuation measures, debt coverage, occupancy, and exit scenarios.
Normalize operating statements and evaluate property revenue, expenses, occupancy, delinquency, concessions, and reserves.
Assess business plans, including renovation scope, rent premiums, timing, operating efficiencies, capital needs, and execution constraints; translate plans into phased cash flows and underwriting assumptions.
Develop base, upside, and downside cases; stress test key operating, financing, and exit assumptions; identify risks to returns and liquidity.
Research market and competitive conditions, including supply and demand, rents, occupancy, comparable properties, employment, demographics, taxes, insurance, and regulatory or physical risks.
Evaluate financing alternatives and capital structures, including loan proceeds, pricing, terms, covenants, reserves, and refinancing risks.
Support financial, operational, physical, environmental, legal, tax, insurance, and third-party due diligence; track issues, resolve discrepancies, quantify risks, and update underwriting.
Prepare investment memoranda, approval materials, model outputs, and presentations; explain assumptions, sensitivities, risks, mitigants, and recommendations and respond to questions.
Partner with internal stakeholders to align underwriting assumptions with executable operating plans and current financing conditions.
Compare original underwriting with actual post-close performance, document variances, and apply lessons to future assumptions, templates, and investment decisions.
Maintain deal files, version control, comparable databases, assumption libraries, and pipeline records; improve templates, controls, and workflows.
Use approved AI and automation tools for analytical tasks, validate AI-assisted outputs against source documents and approved models, and develop reusable workflow instructions and quality checks.
Follow company requirements for confidential and proprietary data, use reporting and visualization tools to identify insights, and stay current on AI, data sources, modeling practices, and underwriting risks.