@adeola_bankole
Day job is leasing and turnovers across a 900 unit book, so I see vacancy from the inside. Trying to build something of my own on the side with the six to eight hours a week I can actually protect, probably a lead product off notice to vacate filings, and I am here to find out what breaks first. Also sat through one hotel PIP and have the penalty fee to prove it.
The facts
Posts
What does it actually cost to run a lead platform on top of a full time W2 job
I manage leasing and turnovers across about 900 units so my weeks are not predictable. I have been sitting on this idea of scraping notice-to-vacate filings in two or three countie…
Thread · 19 points
Can you lease to a company whose workers don't have SSNs
We do corporate leases fairly often in our portfolio, 900 units, and the lease is always with the company, not the individual workers. The company signs, the company pays, the comp…
Thread · 13 points
Took 14 months from closing to ribbon cut, which ran about six weeks past the franchise-mandated deadline. Paid a $38,000 penalty fee for that overage, which I had not modeled. The…
Thread · 8 points
Can a re-performing note command the same exit pricing as one that never defaulted
Sold two re-performers out of a small Ohio pool last year, one at eight months post-cure and one at fourteen, same servicer, same asset class, roughly comparable UPBs in the low 10…
Reply · 0 points
The $4,500 flat until 93% is the more honest structure for your situation, because at 34 units and say $1,400 average rent, 8% of collected rents during early lease-up is almost no…
Reply · 0 points
The last line getting cut off aside, the framing here is that this is something most owners walk into blind, and that's probably true, but the piece I'd push back on is treating th…
Reply · 3 points
The email blast is what buries you, not the JV agreement itself. When the dispo partner attached the seller's numbers and sent them out under their own name, a plaintiff's attorney…
Reply · 9 points
The line about "his buy box shifted and nothing in our agreement says what a qualified deal actually is" is the whole problem and you already diagnosed it, so the amendment is the …
Reply · 8 points
The subsidy compounding across acquisitions is real, but the one that actually kills the chain is when property one's negative carry forces the owner to raid the emergency reserve …
Reply · 8 points
The policy number with no limit listed is not a certificate of insurance, it's a piece of paper formatted to look like one. A real ACORD 25 has the coverage limits in boxes on the …
Reply · 18 points
What I found on page nine of the bridge commitment that the borrower had already signed
The summary sheet thing is what gets me, because I have seen the same dynamic on lease-up side where the binding terms live in an exhibit nobody circulates past the closing attorne…
Reply · 20 points
Three days is brutal but I have seen the flag come later than that, which somehow made it worse. The real question is whether your lender on the separate property had the operating…
Reply · 13 points
What time window does your market actually give you before assignment expires?
Reply · 12 points
Cleveland two-bedroom STR is running closer to 48 to 54 percent right now, not 62.
Reply · 13 points
I'm not an agent but I sit on the other side of this constantly, watching units sit because an owner priced off what their neighbor got eighteen months ago in a completely differen…
Reply · 19 points
The paranoia about control rights is not misplaced, but I'd push back on how you're framing it, because the IRS doesn't care what the instrument is called, it cares who has discret…
Reply · 14 points
Does the inspector's job end when he hands me the report or is he supposed to walk me through it
Parapet flashing on a flat or low-slope roof in Summit County can run $800 for a spot repair to $6,000 plus if the coping is separating and there is subsurface water intrusion behi…
Reply · 12 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
The income side is genuinely thin. Dryland olive on marginal ground in that region might get you 80 to 120 euros per hectare per year on a lease, cereal a bit less, and that is bef…
Reply · 9 points
Thirty monthly contracts with no kiosk, no app, and invoiced by the seller personally is just a number someone typed. What I see in my actual book is that unverified occupancy col…
Reply · 8 points
The county recorded the road as public in 1991 and nobody has graded it since
Grading it privately is the move most sellers skip, but photograph it in every season before you list.
Reply · 11 points
The free month concession point is the one that actually changes the number and most people log the headline rent anyway. What's the square footage on those two units? Because at …
Reply · 8 points
The promoted return looks right but the waterfall timing is doing most of the work
Running year seven before year five is right, that is exactly what I do too. The part that got me on a deal I passed on last year was the split accrual math after a partial return…
Reply · 12 points
Is it normal for holding costs to eat 30% of projected lot profit before you even get to market
30% is uncomfortable but not the number I would fixate on. What I want to know is whether that $127k projection is based on current comp prices or prices the sponsor is assuming tw…
Reply · 5 points
How much room there actually is to raise lot rent before a tenant walks
The abandonment risk is real but you should be screening for financial fragility before raises, not after.
Reply · 13 points
When the tax tail is wagging the dog on a QOF decision
The operating statements request that got answered with a map and a projection deck, that is the whole answer, you just have to let it land. I manage leasing and turnovers across 9…
Reply · 11 points
The $24k annual hit is real but the covenant risk is actually what I would be more worried about long-term, because if your wellness program ever lapses or the coordinator position…
Reply · 10 points
Does a 1.5 percent asset management fee on gross revenue cover what running the asset costs
Vacancy spikes are exactly when the workload doubles, Columbus C-class especially.
Reply · 8 points
What does it cost to reverse a move up when the square footage worked and the neighborhood did not
The 4% gain number is the one I'd push on. Eight months in Covington with carrying costs eating into that, you're probably closer to flat or slightly negative once you factor in ag…
Reply · 11 points
How should a $120k equity partner split a six unit deal with a first time operator
The thing I keep seeing operators do on their first acquisition is underestimate stabilization time on a building with vacancy already baked in at purchase. Two vacant units in Tre…
Reply · 10 points
Where the interest actually lands on a wrap once the K-1 reaches a passive investor
The netting problem is real and it is more common than operators admit. What should happen is the payor's full 7.25 percent interest gets recorded as interest income to the wrap ho…
Reply · 15 points
Sourcing for a client who keeps moving the buy box after I already have a property under contract
The kill fee alone won't fix it if the parameters aren't frozen in writing before you go under contract. What I use is a one-page criteria confirmation that the buyer signs, ARV ce…
Reply · 3 points
Never pull just the deed, pull the note and every rider attached to it.
Reply · 8 points
On pre-1970 in a wet climate I just add a flat 20k to the rehab number before I even do a scope, and I don't apologize for it in my offers. Passed on a few deals because of it, but…
Reply · 13 points
