Your model stops at pre-tax. I carry it to the number your LPs keep.
I'm a CPA and former Big 4 auditor who works the numbers side of your deal. Your analyst builds the pro forma; I take it the rest of the way, to the after-tax LP return, the recapture at exit, and a package that holds up when investors start asking questions. Because I don't broker the deal or earn a commission on it, the read stays independent of whether you buy.
Kasing Ng, CPA, former Big 4 auditor
Numbers that hold up because they trace back to the model.
The exit-tax hit modeled up front, not felt at sale.
Every figure easy to point back to when someone asks.
See the actual read, not a description of it
A real projection, anonymized, the same one-pager a client gets. These are the numbers a pre-tax pitch deck never shows.
Illustrative sample on an anonymized deal, not a client's pro forma. Your read is run on your own numbers.
On your deal
Project work, priced per deal. The forward-looking analytics, run through the CREDevSim engine.
Deal Tax Projection & Structure Review
Send me your deal. I run it through the CREDevSim engine and hand you a short written memo you can put in front of your partners or your investment committee.
- Projected after-tax IRR and equity multiple, not just the pre-tax pitch numbers
- Your estimated year-one bonus depreciation benefit, and whether a cost segregation study pays for itself here
- 1031 exchange and recapture exposure at exit
- Promote and waterfall reviewed on an after-tax basis
- Delivered as a short memo, with an LP-shareable after-tax one-pager you can put next to the pro forma
Underwriting & Pro Forma Pressure-Test
Before you commit capital or send a deck to investors, I rebuild your underwriting in the engine and stress it until it either holds or breaks.
- Sources and uses and the full capital stack, senior through common, checked for gaps
- Debt sizing against DSCR, debt yield, and LTV or LTC covenants, so you know your real binding constraint
- Construction, lease-up, refinance, and exit modeled month by month, not on a back-of-envelope stabilized year
- Sensitivity on rate, exit cap, and cost, so you see where the deal actually fails
Waterfall, Promote & Investor Package
The numbers your LPs and your IC actually read, built to trace back to the model line by line.
- Multi-tier waterfall with preferred return, GP catch-up, and clawback modeled the way the deal is actually structured
- Investment Committee memo with capital structure, sensitivity language, and risk factors
- The full raise package your IC and data room expect, one document, not a stack of loose tabs
- Every figure backed by a reconciliation, so a sharp LP question does not catch you flat
On your fund
Ongoing, non-attest back office. The recurring work small sponsors have no one for. This is bookkeeping, controller, and review work, not an audit.
Partnership Return & K-1 Review
I do not file your return. I check the one your preparer produces, before it goes out to your investors, so the tax layer is right. I am your quality-control layer, not the signing preparer; filing stays with your CPA.
- Tax-basis capital accounts, special allocations, and the waterfall checked against how the deal was actually structured
- Bonus depreciation and passive-loss treatment flowed correctly to each partner
- A plain-language summary you can hand investors alongside their K-1
- No preparer yet? I refer you to one and coordinate the whole process
Fund Books, Capital Accounts & Investor Reporting
The back office you would otherwise build in a spreadsheet at midnight, run by a former Big 4 auditor instead. Non-attest bookkeeping and controller work.
- Fund-level books kept and reconciled, so your numbers tie and you can defend them
- Investor capital accounts built and maintained, contributions through distributions
- Quarterly investor statements and distribution schedules produced on a schedule, not scrambled for
- Clean, tie-out-ready records handed to your tax preparer at year end
Fractional Deal-CFO & Advisory
Ongoing support for GPs who are actively acquiring and raising, the deal analytics and the fund finance under one person.
- Capital stack, fund structure, and GP/LP split reviewed before you commit to them
- Waterfall, promote, and fee structures modeled ahead of the raise
- Entity structuring and year-round planning, not just a return in March
- A finance seat on call, without a full-time hire
Pricing at a glance
| Service | What it is | Price |
|---|---|---|
| CREDevSim App | The underwriting and after-tax modeling tool | Free |
| Deal Tax Projection & Review | Model, tax memo, and LP after-tax one-pager on one deal | from $750 |
| Underwriting & Pro Forma Pressure-Test | Rebuild and stress-test your deal model | from $750 |
| Waterfall, Promote & Investor Package | Modeled waterfall plus IC memo and raise package for one deal | quoted |
| Partnership Return & K-1 Review | Review your preparer's 1065 and K-1s before they go out | from $1,500 + $40/K-1 |
| Fund Books, Capital Accounts & Reporting | Ongoing non-attest fund bookkeeping and investor reporting | monthly, quoted |
| Advisory, Hourly | One-off questions and structuring | $275/hr |
| Fractional Deal-CFO | Ongoing monthly retainer | from $2,500/mo |
Final pricing is confirmed in a short call and set in a signed engagement letter before any work begins. Ongoing and complex engagements (fund reporting, tiered waterfalls, contributed property, cost segregation) are quoted individually.
How it works
A short call to scope it: one deal, a model that needs pressure-testing, or a fund with no back office. Your underwriting stays in the CREDevSim app on your machine, so nothing sensitive is uploaded to a shared portal.
I model, review, or reconcile, then hand you the memo, the package, or the reporting in plain language, with figures you can trace.
From there we structure the deal, coordinate a cost segregation study if it pays off, keep the fund books and investor reporting current, and work with your tax preparer so the return and K-1s come out right when the year closes.
Why work with me
Kasing Ng, CPA
California license 139270 · Former Big 4 auditor · Builder of CREDevSim
I am a California-licensed CPA and a former Big 4 auditor, so my instinct is the same one an auditor has: does this number tie, and can I defend it. Most CRE models are built by people who are excellent at the deal and shaky on the numbers behind it, so the after-tax return, the capital accounts, and the reporting, the parts your investors actually live with, are the parts that get guessed. I built CREDevSim to do the modeling for real: a genuine after-tax engine covering 1031 exchanges, §1245 and §1250 recapture, passive-loss limits, opportunity zones, and bonus depreciation, on top of full underwriting, capital stack, and waterfall math. When I advise on your deal, I am reading it off an engine I wrote. When I keep your fund's books, I am doing it with the same standard I was trained to audit against. And because I don't broker your deal or earn a commission on it, the read you get is independent of whether you end up buying.
If you want the background, here is how most models get after-tax LP returns wrong, and why your deal data never leaves your machine when you model it in CREDevSim.