The PIP lands inside the hold on a DST hotel
A DST offering came across my desk with two documents that don't agree with each other. Single asset, 96-key limited service hotel, upper-midscale flag, secondary sunbelt market o…
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A DST offering came across my desk with two documents that don't agree with each other. Single asset, 96-key limited service hotel, upper-midscale flag, secondary sunbelt market o…
A broker sent me a 48-key select service property in a smaller city, and the expense list on the pro forma has a line for management fee at 3% of gross revenue. I read that as the…
Short version: the IRA owns a small rental, the tax bill came addressed to the custodian, the custodian forwarded it to me as they do, and I paid it online from my personal accoun…
I run a couple of small multifamily buildings in my own name and I'm thinking about a single-family rental for the IRA side. What I can't pin down is the cost of the wrapper itsel…
I have 40 acres of raw ag-adjacent land under contract at $88k, all cash from a traditional self-directed IRA. Low price point rural market, the kind of thing I look at all day. C…
A sponsor holding fully entitled land asked me to come in with $1.5m of preferred equity at 13 percent, all accruing, since the land produces nothing until it's sold or a construc…
We put $2.4m of pref into a 78-unit value-add through a small group, 11% total return, 4% current pay and the rest accruing, three year redemption. The docs looked fine to me at t…
Notice came Friday. The sponsor on a 78-key leisure-destination hotel wants $1.1M of new money across the LP class, $780k of it for working capital through shoulder season and $32…
Land is my usual thing and the appeal there is that nothing needs doing. Hotels seem like the opposite of that in every way, and yet this room is filed under passive hold, which c…
Small win, beginner-sized, but it's the first time in a year of poking at this that I did something deliberate and it worked. I was looking at two storage funds because everyone k…
I'm working out what my first deal really costs and pref equity keeps coming up as the thing that fills the gap between what a bank will lend and what a sponsor has. Every explana…
I've got capital I'd rather put into something I can grow than into another rental, and lead generation keeps coming up because every investor I talk to complains about it. What I…
I've now read three JV operating agreements side by side and the only section that meaningfully differs is the major decisions list, the things the operator can't do without my wr…
My first long-term rental closes in six weeks and I've been reading about screening nonstop, but a family friend asked whether I'd run her two-bedroom short-term unit for a cut on…
No deals yet after six months of looking, and I managed to lose money anyway, so I'll write it down. I was under contract on a 2 bed townhouse near a business park, $189,000, plan…
I have a defined amount to place into tax certificates over the next two auction seasons and I keep going back and forth on the shape of it rather than the size. Case for concentr…
Ground floor of a mixed-use building I'm underwriting. The suite is 1,800 sf, dark for fourteen months per the seller's leasing reports. Asking rent is $14/sf NNN. A prospect in t…
My first rental closes in six weeks so I'm not buying this, but my agent sent me a listing to look at as a comparison and I can't make sense of it. Small two story, a hair salon o…
I was doing this to build the down payment for the first rental, and I wanted the practice of looking at houses without the risk of owning one. It didn't work, and the reason is s…
Bought 1,200 shares of a mortgage REIT's fixed-to-floating preferred at $26.30. Par is $25. Fixed coupon 7.75 percent on par, so $1.9375 a year, $0.4844 a quarter. My thinking was…
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