Broker deal package: what Kallpa looks for

I get this question from brokers constantly: "What exactly do you need from me to move forward on my listing?"

The answer is simpler than most buyers make it. Here is what moves a broker submission to the front of our review stack, why each piece matters for our underwrite, and what happens from the moment you send it to the day we close.

The four documents that move a package to the front of our review

We underwrite 5-to-50-unit multifamily properties using a model we can run in a single session. Four documents give us everything we need for that first pass.

T-12 trailing income and expense statement. This is the most important document in the package. We want trailing 12 months of gross rents collected, vacancy, and all operating expenses by line: property taxes, insurance, utilities, management fees, repairs and maintenance, and any other recurring costs. Seller-prepared is fine. We will recast each line against market benchmarks on our side, so we are not asking you to clean it up first.

Current rent roll. Unit by unit: unit number, bed and bath count, square footage, lease expiration date, current rent, and any concessions. If any units are vacant or month-to-month, flag it. We factor lease rollover and vacancy into our underwrite, so discovering these mid-due-diligence costs everyone time.

Unit mix and square footage. If the rent roll already covers this, we do not need a separate document. If the T-12 blends studio, one-bed, and two-bed units without a breakdown, send the mix separately so we can run comparable rent analysis by unit type.

Property photos. Exterior, parking lot or garage, common areas, and a representative unit interior. We are not looking for professional photography. We are looking for enough visual information to have a real conversation before we visit. Deferred maintenance that is visible in the photos helps us, not hurts us, because we underwrite it in rather than discovering it during the walk.

Optional but helpful: prior-year tax bills, insurance policy declaration page, utility billing history (especially if billed to the property), and any capital improvements with dates and approximate costs.

A full property information memorandum is not required. Send one if you have it. If you do not, the four items above are enough for us to get to work.

How does Kallpa actually underwrite a broker submission?

We run a 30-minute underwrite model on every submission, regardless of how it comes in. The process works like this.

We take the T-12 and recast each operating-expense line to market. Taxes move to the post-sale assessed value for that jurisdiction, not the seller's frozen basis. Insurance moves to a current quote for that property type and vintage. Utilities stay at actual billing where available. Management moves to a market-rate fee even if the seller self-manages, because a buyer has to pay someone. Repairs and maintenance move to a reserve defensible for the building's age and condition.

We apply our target return threshold to the recast NOI and back into the price we can pay. If the recast supports the seller's ask within a range we can close on, we issue an LOI. If there is a gap, we tell you exactly where it comes from, line by line, so you have something concrete to take back to your client.

We underwrote a Wichita 16-unit at a $900,000 purchase price last year, and the LOI moved from underwrite to signed in under 24 hours because the T-12 and rent roll matched on first review. That is the best-case timeline, and it is achievable on almost every submission when the package is complete on arrival.

We do not hide the math. If the deal does not work at the seller's number, you will know why, not just that we passed.

What happens after you send the package?

You send the package. We underwrite it. One of three things follows.

We issue an LOI. If the numbers work, you receive a letter of intent within 24 hours of a complete submission. The LOI sets the price, earnest money amount, due diligence period, and closing date. It is signed by Jose directly, not an analyst or associate. When you call about a package, you are talking to the principal who signs every offer.

We come back with a counter. If the numbers are close but the seller's ask is above our recast, we tell you the number we can get to and the specific line-item gap. Sometimes sellers adjust after seeing the math. Sometimes they do not. Either way, you have a real answer fast, not a vague pass.

We pass and explain why. If the property falls outside our buy criteria (wrong size, wrong market, not a fit for our portfolio this quarter), we say so within the same one-business-day window and explain the reason. We do not ghost broker submissions.

From LOI to close, we target 14 to 30 days on cash deals and 30 to 45 days when seller financing is part of the structure. We closed a 24-unit Tacoma building from first call to recording in 19 days when the broker had estoppel certificates ready before we even requested them. That kind of preparation on the broker's side is exactly what compresses the timeline. For a fuller look at what moves inside a 14-day cash close, the cash close walkthrough covers the day-by-day sequence.

What does the Kallpa LOI actually commit to?

Our letter of intent covers four things explicitly.

Purchase price. The number we will pay, tied to the recast NOI we verified against the package you sent.

Earnest money. Typically non-refundable after the due diligence period expires, which signals to the seller that this is a real offer from a buyer with capital ready.

Due diligence period. Ten to 14 days. During this window we walk the property, verify the rent roll against actual leases, confirm the T-12 against bank statements if there is a material discrepancy, and order the title search.

Closing date. A specific calendar date, not a range. We name a date we can hit and we hold to it.

We do not retrade our offer unless the due diligence surfaces a material defect that was not disclosed or visible in the package. If the LOI says $1.1M, we close at $1.1M. That commitment matters to sellers, and it matters to brokers who need a deal to actually close to get paid.

When is Kallpa the right fit for your seller?

It is a good fit when:

• The seller wants speed and certainty over an extended listing campaign.
• The property has deferred maintenance, tenant issues, or title complications that make a traditional listed sale more difficult.
• The seller is open to seller financing as a structure, which can increase what they net over time compared to a lower all-cash price.
• Your client values a clean close with no inspection renegotiation after the fact.
• The seller wants to deal with the principal directly and have one contact from LOI to recording.

It is the wrong fit when:

• The seller wants to run a full marketing campaign and is willing to wait 90 to 180 days for the highest retail offer.
• The property is 50 units or larger (outside our current buying range).
• The property is in a market we are not actively covering. Right now we are in Kansas and Washington, not elsewhere.

If you are not certain whether the property fits, send us the package. The worst outcome is a clear "not a fit" with a specific reason, which takes one item off your follow-up list and gives you something to report back to your client.

Frequently Asked Questions

Q: What documents do I need to send Kallpa for an initial review? At minimum: the T-12, current rent roll by unit, unit mix with square footage, and exterior photos. A full property information memorandum is helpful but not required. We can get to work with the four core documents.

Q: How fast will I get a response after sending a package? If the package is complete, you will hear back within one business day. Incomplete packages add time because we have to request missing items before we can underwrite. Complete packages on a Monday morning often have an LOI the same day.

Q: Does Kallpa pay full broker commission? Yes, always. Commission is set in the purchase and sale agreement and paid at the closing table. There are no conditions, no clawbacks, and no renegotiation on commission once we are under contract. The Kansas Real Estate Commission governs our obligations as a party to the transaction and we take those obligations seriously.

Q: What property types does Kallpa buy? We buy 5-to-50-unit multifamily properties, B/C class, post-1960s vintage, in Wichita and Kansas City and across Washington State including the Tacoma and greater Seattle area. For the specifics of what we look for in each market, the underwriting walkthrough lays out our criteria in full.

Q: Will Kallpa renegotiate the offer after the inspection? No, unless the inspection surfaces a material defect that was not disclosed or visible in the package. We underwrite conservatively the first time to avoid that situation. If we find something significant during due diligence, we talk directly with the listing broker before adjusting anything.

Q: Does Kallpa work with out-of-state brokers representing Kansas or Washington listings? Yes. The package process is the same regardless of where you are based. We handle the transaction directly with you on the timelines we agree to at the LOI stage.

If you have a multifamily listing in Kansas or Washington and want to know where we would land on price, send us the package. We will underwrite it and get back to you within one business day.

Reach Jose directly to submit a package or ask a question. For a complete picture of the deal process from the seller's perspective, the 14-day cash close walkthrough covers the timeline from accepted offer to recording.