Wrote the investor one pager for a deal I hadn't found yet

I don't have money to raise and I don't have a deal. What I did have was a nagging feeling that I couldn't explain what I was looking for to another person.

So I wrote the page I'd send an investor if I found something. Purchase price, rehab, rents, the loan, what each person puts in, what each person gets back and when. All made up numbers on a made up building, but a specific building shape, an older four unit in a market I actually drive.

I showed it to a friend who has nothing to do with real estate. He read it for about a minute and asked what happens if it doesn't rent for what I wrote down. I didn't have an answer. Not a bad answer, none at all.

So I added two lines to the bottom. What the numbers look like at rents 10% under, and how many months of payments the reserve covers. Once those two lines existed, half the deals on my shortlist stopped clearing. The ones that survived were cheaper and more boring than what I'd been chasing.

I'm keeping the page as a filter. If I can't fill it in honestly, I don't want the deal.