Real Estate Underground
Real Estate Underground
Ed Mathews
The Free Fortune 500 Playbook: Alex Lopez, CPA on Fractional CFOs and the 10-K Nobody Reads
41 minutes Posted Aug 25, 2026 at 4:00 pm.
The big-firm playbook is available to the rest of us
Welcome to Real Estate Underground
Meet Alex Lopez, CPA
Growing up in the South Florida boom
The 2008 crash, and losing everything in his early twenties
Stumbling into accounting: the language of business
Why the global firms only hire you straight out of school
Canvassing commercial property the old-fashioned way
Asking to be put on the real estate clients
First client: a $4 billion hotel REIT
Into the corporate world, then taking a company public
Opening his own shop
What a fractional CFO actually is
More than a decade inside: it is structure, skill and prioritization
Think of yourself as a much larger company
The windshield, not the rear-view mirror
KPIs and plans: where a CFO starts
Reverse-engineering the plan into financials
The metrics that matter: NOI, rent per square foot, CAM, occupancy
Debt versus equity, and what you actually need to raise
Your neighbor's daughter who does the bookkeeping
The skill set changes at every revenue tier
The free playbook: read the 10-Ks of public companies in your field
They share their playbook because legally they have to
Ed's story: running a $1M company like a $100M company
You miss 100% of the targets you don't set
The Final Five
Purpose: the high-rises of Medellin
Best advice: intentional hats, from a mentor named Anatoly
The mistake: selling property
Nobody regrets holding a property too long
This week's book: Get Scalable by Ryan Deiss
The E-Myth, Buy Back Your Time, and who he serves
How he defines success
Where to find Alex
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Show notes
Most small real estate operators manage their finances by looking at what is in the bank. Money in is income, money out is expenses, and the question every Monday is how do I survive the next ninety days. Alex Lopez, CPA calls that looking in the rear-view mirror, and he spent more than a decade learning what the alternative looks like from the inside. Alex started in real estate right out of high school during the South Florida boom, and he was in his early twenties when it all came down. He...