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.
Co-invest, promote, and recourse exposure, not just the LP return.
See the actual read, not a description of it
A sample projection on a fictional deal, in the same format a client gets. These are the numbers a pre-tax pitch deck never shows.
Illustrative sample on a fictional deal, not a client's pro forma. Your read is run on your own numbers.
Start here: a Deal Tax Projection
One flat fee, one deal. A new acquisition or a property you already own. I run it through the CREDevSim engine and hand you a short memo you can put in front of your partners or your investment committee.
Deal Tax Projection
Buying, or just closed? I model the after-tax LP return the pre-tax deck never shows, the recapture waiting at exit, and whether a cost segregation study actually pays for itself on this deal.
Already own it, especially a 2020–2022 hold? I check for depreciation left on the table that a Form 3115 §481(a) catch-up can still recover in a single year, with no amended returns. On an older hold that is often real money your annual preparer never went back for.
- Projected after-tax IRR and equity multiple, not just the pre-tax pitch number
- Year-one bonus depreciation benefit, and a straight go/no-go on a cost segregation study
- §481(a) catch-up on aged holds: depreciation recoverable this year, no amending
- 1031 and recapture exposure at exit, §1245 ordinary versus §1250 capped
- Your own exposure, not just your LPs': co-invest taxed on the same recapture, promote hit by §1061's three-year carry hold, and recourse debt that makes a forced sale personal
- Delivered as a short memo, plus an LP-shareable after-tax projection for the pro forma
Before you close: Pre-Close Financial Due Diligence
Under LOI? Before you wire the deposit, know the NOI is real. A seller's packet is a sales document. I take the trailing financials behind it and test whether the income is actually there.
Pre-Close Financial Due Diligence
The broker's T-12 is the pitch, not the proof. I take the seller's trailing income and expenses, rent roll, and bank statements and test whether the numbers tie, then rebuild the pro forma you are underwriting against. You get a findings memo in plain language: what the deal actually earns, where the packet is overstated, and what to renegotiate or walk from, before your earnest money goes hard.
- Trailing-12 income and expenses tested against bank deposits and paid invoices, not just the broker's spreadsheet
- Rent roll tied to signed leases: true in-place rent, concessions, loss-to-lease, and how much of the pitch is "pro forma rent" that does not exist yet
- Expense normalization: property tax reset to your post-sale assessed value, insurance re-quoted, and the deferred maintenance and capex a seller's T-12 quietly leaves out
- Debt terms, reserves, and the real going-in cap rate once the numbers are clean
- A written findings memo you can hand your lender and your equity partners
Independent buyer-side diligence, not an audit. This is a non-attest consulting engagement. I do not audit, review, examine, or issue any assurance or opinion on the seller's financial statements, and this does not replace your legal, title, or physical due diligence.
Once we're working together
Where the read leads. Most sponsors start with one deal, then hand over the parts they have no back office for. Priced when we get there, not a menu to shop up front.
- Underwriting & pro forma pressure-test — I rebuild your model in the engine and stress it on rate, exit cap, and cost until it holds or breaks.
- Waterfall, promote & investor package — multi-tier waterfall, IC memo, and the raise package your data room expects, every figure traceable.
- Partnership return & K-1 review — I check the 1065 and K-1s your preparer produces before they reach investors. I don't file returns.
- Fund books, capital accounts & investor reporting — ongoing non-attest back office, kept to an auditor's standard, not an audit.
- Fractional deal-CFO — the deal analytics and the fund finance under one person, on retainer, for GPs actively acquiring and raising.
Who this is for
GPs and owners raising or holding the deal, where the after-tax number decides the outcome.
Raising capital, where the pre-tax IRR in your deck is not the number your LPs keep.
Ground-up and value-add, where cost-seg, bonus depreciation, and recapture swing the LP outcome more than the cap rate.
You have a CPA who files; you are missing the strategy layer that plans the year before it closes.
An independent read on a sponsor's tax math, from a former fund auditor with no product to upsell.
Pricing at a glance
| Service | What it is | Price |
|---|---|---|
| CREDevSim App | The underwriting and after-tax modeling tool | Free |
| Deal Tax Projection (start here) | Model, tax memo, and LP after-tax projection on one deal, new or held | $750 flat |
| Pre-Close Financial Due Diligence | Buyer-side diligence on a deal under LOI: test the T-12, rent roll, and expenses before you close | from $2,500 |
| 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 |
Flat-fee, no hourly meter. 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. And how the engine itself is checked.