From the desk:
How many REIT tickers is too many for 22k?
I have 22k that came out of a car I didn't end up replacing. I want it in real estate exposure without becoming a landlord this year, so public REITs are where I landed. What I ha…
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This entry treats public REITs from the capital-deployment angle: an allocator deploying capital into exchange-traded REITs as a deliberate, liquid real estate strategy to earn returns from REIT dividends and share-price appreciation.
Log in to followI have 22k that came out of a car I didn't end up replacing. I want it in real estate exposure without becoming a landlord this year, so public REITs are where I landed. What I ha…
Reading the management agreement on a smaller externally managed REIT and the incentive structure is pointed the wrong way for what I want to do with it. Base fee is 1.5% of stock…
I have 180k set aside to launch the service business, and the draw schedule I've built has me pulling 8 to 10k a month starting in month four, running about 18 months until the bu…
This is a loss on process more than on money, and the process error is the interesting part. Last year I built a deployment plan around the gap between public REIT valuations and…
Small loss but a clean one, so it's worth writing down. I had about 18k in a broad REIT fund, sitting there as the liquid part of my portfolio. The whole reason I chose a public R…
I look at debt more than equity, so when I see the valuation gap argument I want to know whether it reaches the paper side. The names I follow hold agency MBS and some whole loans…
Building the base layer of a REIT sleeve and I've spent two days on fund documents instead of picking names. Target weights I want to land on: industrial 25, data centers 15, heal…
Got offered an allocation in a private open-ended real estate fund. 100k minimum, quarterly redemption with gate language that let them suspend, marks published quarterly by the m…
I want income without picking up a second job, which is why the exchange-traded version of real estate appeals to me at all. But every thread I read here about REITs turns into se…
I've asked a lot of embarrassing questions in this room and here's what came out of it. I had 9,000 to put somewhere and no idea what I was doing. I spent most of last year readin…
48k had been sitting in a money market since I closed an old business account, and I wanted it in REITs without doing the thing where I dump it all in on the day I feel confident.…
I've been carrying the convergence thesis around for a few months and I realized I've never actually specified how it resolves. There are at least three paths and they are not the…
I manage a bit over 300 units across a handful of owners. I can tell you which of those buildings will have a bad year, roughly when, and why, usually before the owner knows. None…
Small 6 unit came up two blocks from a building I already own. Asking 720k, in-place NOI 41k, so 5.7 percent before I put a dollar into it. It needed roofs on both structures and…
I have been building spreadsheets for months instead of buying anything, and part of it is that I cannot pin down the running cost of doing this properly. What I think I understan…
Opened a brokerage account last month with 9k in it. Two REITs on my shortlist. One shows a 7.4 percent dividend yield and the other 3.4. I assumed the higher one was simply bette…
The thing I liked about public REITs was that I could act. Direct property takes months to buy and months to sell, and a REIT takes a click. So I built a 40k sleeve and used the l…
Working through a supplemental for a mid-cap industrial name and the headline story (REITs implying 6.3% against private appraisals around 5.1%) keeps shrinking as I strip things…
A job payout cleared and 400k of it is sitting in a money market while I argue with my own spreadsheet. I want liquid real estate exposure instead of another ground-up project, so…
I wanted income without a second job, so 55k went into three REITs picked for yield and sector spread. Residential, net lease retail, and a healthcare name. Blended yield at purch…