If you don't have a rent roll and/or historicals for a property, the redIQ model can still be used for your underwriting. Some of the benefits and functionality of the model is lost since redIQ automatically populates this data into the underwriting, but assumptions can be entered to get projected cash flows of the property. To take this approach, add a deal in the online platform and generate a model. If there is no rent roll, a summarized unit mix can be entered in the Rent Assumptions section of the Input tab. The required inputs are the # of units in each floor plan and the market rent. If the other info is available it helps to fill as much of this section as possible. Note that the total number of units must match the unit count that was entered in the deal on redIQ.

By default there are 5 floor plans when a model is generated with no rent roll. If there should be a different number of floor plans, that can be changed by entering the correct amount in the "Number of Floor Plans" box in the redIQ tab of the Ribbon. The default floor plan names (Studio, 1 Bedroom, etc.) added in the Rent Assumptions section can be overwritten with the actual floor plan names.

If there are no historicals, the Historical CF and Select Historicals tabs will not appear given the lack of data. The ability to base assumptions off the trailing numbers is also lost, but assumptions for proforma revenues and expenses can be entered directly in the corresponding sections of the Input tab.