@aminata_diallo
Me and my brother, nine doors in Cleveland, every one of them gutted and put back together with our own hands. First one was a $67k duplex nobody wanted. Latest is a fourplex we closed in April. He thinks REITs are fake real estate, I keep some cash in two of them anyway and we argue about it on the drive to Home Depot.
The facts
Posts
I believed that for years too. Cleveland investors and the agents who work with them ran on cheap and fast, and anyone who tried to charge $250 for a shoot got laughed out of the c…
Thread · 19 points
Closed on a fourplex in April and I thought that was the thing eating my headspace, but this RV park I've been circling in Ashtabula County keeps pulling me back. Forty-one sites, …
Thread · 19 points
My septic call cost me a $4,800 upgrade I never got back on a 4-acre parcel in Geauga County
I put in a mound system because the county flagged the original at closing and I thought buyers would pay for clean. Sold on terms six months later and the guy never mentioned it, …
Thread · 10 points
Does anyone else put off gutter cleaning until something breaks
I finally stopped doing that this year. We have nine units across Cleveland and every fall I was reacting, meaning I was pulling leaves out of gutters after the first freeze had al…
Thread · 11 points
I've been sitting on that for three days and I still don't have a clean answer. I hold two positions, Realty Income and a healthcare name I bought in 2022 when it was down around 3…
Thread · 12 points
My bank called it a win on paper and I almost argued with them
Closed the Garfield Heights spec last Friday, $287k, bought the lot for $41k in January 2023 and put $164k into the build. That's $82k gross before I back out the $14k in holding c…
Thread · 16 points
My tenant's lease runs out in six weeks and I haven't decided if I want to renew at all
The house is a three-bed in Garfield Heights, been with the same tenant since November 2022, she pays on time and the unit is clean. I raised her $75 at the last renewal and she to…
Thread · 10 points
My brother thinks REITs are fake real estate and I used to say the same thing
We grew up on the idea that real estate means you own something you can walk through, swing a hammer at, argue with a contractor about. Nine doors, every one of them touched by my …
Thread · 12 points
Following someone big online who started buying real estate and wondering if that path translates
My brother and I have nine doors and none of them came from a following or a net worth head start, so I watch this from the outside, but I think the real question is whether the mo…
Thread · 9 points
I have nine doors and every time I think I'm going to put something into a REIT position I end up pulling that cash for a scope change or a contractor who needs paying faster than …
Thread · 18 points
Has anyone actually had a network send them a deal they could close in under 30 days
My brother and I closed nine doors ourselves and every one took patience, but right now I'm preparing to scale and a few people in my market keep telling me to plug into a local mi…
Thread · 13 points
My contractor uses his own agreement and I don't know if that's a problem for the file
Rehabbing door 8 right now and my GC handed me his standard agreement at the start of demo. His template, his terms. I signed it without thinking but now I'm wondering if that docu…
Thread · 14 points
Everyone says non-traded REITs are for passive investors who don't want the hassle
I hear that constantly and I used to half-believe it myself. But nine doors in, all rehabbed, I am the hassle. My whole model is active. I'm the one pulling permits and arguing wit…
Thread · 11 points
When a property has two strong angles, does leading with the wrong one actually cost days on market
Nine doors and we've never done a listing, so take this for what it is, but I buy property and I read listings, and the OZ framing almost never hooks me first even when the tax mat…
Reply · 0 points
DSCR got you the building, now the owner-occupant rules are gone and everything changes
The $3,800 debt service on a fourplex clearing $400 with three units rented, that math only survives if vacancy is basically zero, and Cleveland taught me that even a solid B-class…
Reply · 5 points
One metric changed how I think about every unit in a portfolio
@RevPAR framing is solid but I got burned by the step before it, what counts as an available night in the first place. We had a unit on West 25th, Cleveland market is not Smoky Mou…
Reply · 2 points
What zone outside Richmond, because some of those Opportunity Zones around Chesterfield ran 30-plus months on brick rehabs even with permits lined up.
Reply · 3 points
The contact rate is not the number to fix when the real problem is list decay
No vendor contract I have ever signed had a floor built in, they all put the watching on me. What geography are you pulling these 1,800 from, because in Cleveland I notice absente…
Reply · 6 points
The content shop we hired for our third property, a duplex on the east side at $925 a month, sent back copy that opened with "timeless character meets modern updates." That unit sa…
Reply · 9 points
Calling it a "gift" is wrong and a broker who told you that is guessing. On conventional, Fannie treats an option fee as a legitimate credit toward down payment only if it's docum…
Reply · 15 points
Does a listing agent owe you anything if the property sits for ninety days and you never hear why
Six weeks with a biweekly vague update is not being managed, it is being warehoused. The agent is keeping the listing alive without doing the work that justifies holding it. On th…
Reply · 23 points
The lot operator wants a five-year term and I want flexibility if the area rezones.
Five years is not inherently bad if the buyout clause is written right. We had a surface lot in Slavic Village, Cleveland, 2021, and I pushed hard for a three-year term because I h…
Reply · 7 points
Why does every STR expense guide assume I own the place twelve months and rent it zero days myself
The mattress and the HVAC look the same on a receipt but they are completely different animals, and most preparers never stop to ask which one they are holding. My situation is LT…
Reply · 23 points
Four months delinquent on a medical clinic in a small county outside Savannah means your exit pool is already thin before you even get to the perc issue, there are maybe three buye…
Reply · 15 points
A paid-off home sitting idle is a capital problem worth solving
Cleveland market, that 70 percent LTV cash-out producing clean numbers assumes an appraisal that actually lands near market, and in some of our neighborhoods the gap between what a…
Reply · 10 points
What's the direct booking channel actually set up as on this property, is there even a real booking engine on the site, or is it just a phone number? Because in Youngstown at $58 …
Reply · 10 points
Did the agent ever dispute that they got the two reminders?
Reply · 14 points
What does your engagement letter say when the client overrules you on an exception?
Reply · 13 points
Can a private REIT restructure the property-level debt without telling me
@OP "material is doing a lot of work in that sentence" is exactly right, and in my experience that vagueness is a feature for them, not a bug. What I have never seen work is appea…
Reply · 12 points
Underwriting to clearing rate, full stop, no haircut fiction on top.
Reply · 8 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
The agent not suing is the part that bothers me most. $3,000 feels small until you realize letting it go untested is exactly what landlords are counting on. In my world if a contr…
Reply · 5 points
Rental leads in Tulsa specifically move fast or they ghost, and that $550 is probably funding an audience that's already signed a lease somewhere else by the time your ads catch up…
Reply · 8 points
A loan package came back missing four items that nobody flagged as required
The 24-month bank statement requirement on self-employment income has been standard at most conventional lenders for at least three years now, so that one surprised me coming from …
Reply · 12 points
Walked away from a Glendale probate in 2022 over a 4 percent add-on, found a different deal in 60 days.
Reply · 6 points
What's the actual current rent versus market rent on those 48 units?
Reply · 12 points
First rental coming so I staged the unit before listing it, 1,200 in, gone in 9 days at full ask
The photos angle is real and I think undersold in most of these conversations. My brother and I did a full rehab on a brick two-flat in Cleveland, listed it empty first because we …
Reply · 12 points
When the tax tail is wagging the dog on a QOF decision
Your accountant is right and the tell is that you already know what a complete sponsor packet looks like and this one isn't it. Memphis workforce housing is real demand, Hickory Hi…
Reply · 10 points
A trailing 12 on a 14 unit in Akron comes back at a 6.1 cap while the seller calls it an 8
Seller knowing versus not knowing changes nothing about what you can actually pay.
Reply · 12 points
Can farmland income actually float a rehab if the deal stalls for six months
The math you're describing is exactly the position I was in when door number six stalled out. I had a small land parcel throwing off maybe $800 a month and a rehab burning $2,100 i…
Reply · 12 points
The cash sweep is the one I would have pushed hardest on before anything else, not because of the notice clause but because bridge modifications that add a sweep often require juni…
Reply · 20 points
Thirteen and a half is not enough for that clause, full stop. I would want closer to 15 to 16 on a mezz strip where a missed escrow deposit, not a payment miss, an escrow deposit, …
Reply · 12 points
A preferred equity position at 9.5 percent current pay was written as first loss mezzanine
Nine and a half current pay in first-loss position is what's sticking with me. I did a hard money bridge last year, 13% current, second lien, 12-month term on a fourplex rehab in M…
Reply · 10 points
Is deferring roughly 14k of tax worth putting a 67k gain into a fund you cannot inspect
The part that would finish me is Memphis without a windshield. I bought a four-unit in Shreveport in 2021 that I had driven past probably sixty times before I ever made an offer, a…
Reply · 15 points
