Due Diligence

Our Commitment to Due Diligence

At JRW, we are convinced that exceptional due diligence is key to successfully protecting and growing our clients’ wealth. Only those investments that meet or exceed our highest due diligence standards earn our recommendation. Over the past 15 years, we have reviewed investment offerings with an aggregate valuation in excess of $20 billion. Less than 10% of those offerings met our standards and earned our recommendation on behalf of our clients.

A worthwhile investment isn’t just one with attractive cash flow projections; it must also base those projections on sound underwriting assumptions. We have one of the largest due diligence teams in the industry so that we can dedicate ourselves to analyzing the underwriting of all of the available offerings we or our clients can find in order to uncover those select few opportunities that are worthy of our recommendation. This review process is overseen by Warren Thomas, JRW's Founder and President, and Joshua Ungerecht, JRW’s CEO and Chief Investment Officer. Warren and Joshua leverage significant backgrounds in tax, underwriting, acquisitions, asset management, and macroeconomic research on behalf of clients in providing the final assessment of each investment that the due diligence team evaluates.

Our Search for Real Value

We actively search throughout the United States for compelling commercial real estate investments. For each offering our due diligence team reviews, we collect research that goes far beyond the documents and reports provided by the sponsor. Using this research along with our proprietary financial analysis platform, we consolidate and stress test all quantitative and qualitative data about the offering. If we suspect that an offering will be unable to protect our clients’ capital or will be unable to yield strong, durable cash flows, we reject it. Click the link below to see a summary of many of the factors we analyze when evaluating real estate investments on behalf of our clients.

What We Analyze

Our Findings

After we have vetted an offering, we summarize our findings and make them available to accredited investors online in a standardized format.

We provide full access to the supporting analysis and source material underlying each property summary.

What We Analyze

To identify investments that we can confidently recommend, our due diligence officers analyze each offering with the aid of our proprietary due diligence program and industry-leading methodology, which incorporates extensive quantitative and qualitative criteria. This is a multi-layered process of evaluation. This investigation of investment opportunities requires a substantial dedication of our time, talent, and resources, and is the cornerstone to our investing strategy. Our due diligence process includes a comprehensive review of the factors listed below.


Acquisition Costs
Environmental Reports
Ownership Structures
Property Condition Reports


Conditions of Leases
Balance Sheets
Durations of Leases
Other Financials
Lease Rollover Dates
Historical Performances
Business Plans
Credit Scores


REIS Reports
Other Third-Party Reports
Local Infrastructure
Market Trends
Current Demand Generators
Traffic Conditions
Political Situation
Future Demand Generators
Police Statistics
Tax Environment
Legal Conditions

Offering Model

Levels of Diversification
Contingency Plans
Bankruptcy Remoteness
Asset Management Structure
Limits on Investor Liability
Asset Management Fees
Exit Strategy
Tax Opinions


Costs, Risks
Coverage Ratio
Recourse to Investors
and More


Overall Success
Investor Testimonials
Current Performance
Assets Under Management
Quality of Available Offerings
Industry Reputation
Historical Performance
Management’s Background

If you've read this far, then you may be starting to realize why we need a whole team of professionals to to conduct proper due diligence! We dig deep into everything we review because that's what it takes to find investments of real value for our clients. And the details we have highlighted above only scratch the surface. For clients who want an even deeper dive, we would be happy to provide a call or webinar with one of our due diligence officers to provide a detailed overview of our due diligence process.