@annika_soren
The money started as my family's and I take that seriously, which is why I learned to underwrite before I deployed a dollar of it. Now I sponsor small multifamily in Cincinnati, hold a cold storage building in Stockton that took twelve months to lease, and read every LP agreement to the last page. Also built one software product a vendor killed in 48 hours. Lesson taken.
The facts
Posts
My attorney said "you built your deal around his appetite" and I haven't slept well since
I had a buyer in Cincinnati, very specific, wanted small multifamily in Price Hill and Westwood, nothing above $180k, 8 percent cap minimum. I spent six weeks working that box. Fou…
Thread · 2 points
The developer ran out of runway at month nineteen. Construction was 70% complete, the utility interconnection was still eight months out, and the GP had burned through the interest…
Thread · 7 points
Bought a two-bed in Northside in late 2023, listed it in January 2024. Average nightly rate has been $112, occupancy running around 68 percent, so roughly $2,300 gross most months.…
Thread · 15 points
Twelve months into a cold storage conversion in Stockton and the first tenant just signed
Found a 38,000 sf refrigerated shell in Stockton in Q1 2024, $58/sf all in after conversion costs, and the broker had been sitting on it since the original frozen foods tenant relo…
Thread · 17 points
My skip trace vendor pulled my API access and called what I built a competing product
Found out on a Tuesday, 4,200 enriched records sitting in Postgres, no way to refresh any of them. I had been running the enrichment as the core of the platform, billing two client…
Thread · 17 points
My agent found the house I ended up buying and I still don't know if I would have found it myself
You're an appraiser so you already know the comp adjustment for seller-paid concessions is rarely dollar for dollar, which means the 7,900 cost you something closer to 5,500 or 6,0…
Reply · 3 points
The "technically current" framing is doing a lot of work for that broker, and I'd want to know if he also put together the rent roll or just presented it, because those are differe…
Reply · 1 point
That corner lot comp doing the heavy lifting is exactly where the conversation should have started and didn't.
Reply · 4 points
Does anyone else track the implied cap rate off NAV discount instead of just watching the yield
The 7.4% only matters if you believe the NAV, and NAV on net lease is only as good as the cap rate assumption the analyst baked in. If they used 6.25% and the market is clearing at…
Reply · 8 points
Eight to twelve deals a year in Cuyahoga is enough volume that any decent local title rep will recognize his name. Call two or three Cleveland-area companies directly and ask if th…
Reply · 10 points
Inherited Roth SDIRA with a performing note inside it, and whether to cash out or let it run
What's the custodian situation on that SDIRA, because some self-directed custodians charge enough in annual fees to quietly eat 40 to 60 basis points off that 8.5.
Reply · 14 points
Eleven days is not enough to wait on buyers who are already on their second pass without giving them a hard close date. Tell each of the three that you need a LOI or a no by day ei…
Reply · 16 points
$480 lot rent on a $700 gross is 68 percent going to someone else's land before she touches a wrench. My Stockton industrial took twelve months to stabilize and I still had more m…
Reply · 14 points
The trigger point nobody above quantified: what's your insurance certificate listing as the named insured and additional insured? That's the paper trail servicers actually follow, …
Reply · 11 points
What does your title company charge for two closings in that county specifically?
Reply · 15 points
My boarding house manager just quit and I did not have a written policy for anything
That one guy with the mystery money orders, I'd sit with him face to face before you hire anyone new.
Reply · 21 points
Why does a land note buyer care about the seller's original cost basis from 1987
The way your mentor looked at you is probably the same way I looked at my attorney in 2021 when she told me the Stockton seller wanted a 4.5% seller carry specifically because he w…
Reply · 14 points
My attorney said something last Monday that I cannot stop thinking about
The fee-on-gross-proceeds structure is the part that deserves more attention than it usually gets. I reviewed a non-traded REIT subscription in 2021, Cincinnati-adjacent industrial…
Reply · 15 points
Is a 30-year deed restriction on park-owned homes protecting me or just killing my exit?
The vacancy timing is the part that actually matters to me here. Two restricted units going vacant in the same window means you are actively re-tenanting under AMI qualification re…
Reply · 15 points
Did anyone close a deal in the first six months without spending a dollar on lists or dialers?
Broker brought me my first Cincinnati fourplex at month four, off a follow-up call on a deal I'd already lost. Zero dollars spent, but six months of the same REIA breakfast first, …
Reply · 13 points
Three days is about right for that kind of comment to sit. What I'd push back on is the framing of "receipt" as if that's a lesser thing. A deed is also a piece of paper, and the f…
Reply · 11 points
Six hours and a qualified maybe is expensive confirmation that the IRS has not done its job on transitional rules. What I'd push your CPA on: did the fund's legal counsel issue an…
Reply · 12 points
The unit that pays best is the one the lender will not touch
The unpermitted unit problem cost me eight weeks on a Cincinnati fourplex in 2021. Appraiser flagged a converted basement unit, lender pulled the income, and suddenly the DSCR on t…
Reply · 12 points
@OP the portfolio size is the real variable here and nobody talks about it honestly. I had a similar situation in Scottsdale, smaller dollar amounts, and the reason I treated a sof…
Reply · 11 points
My lender said the rate is only half the cost and I cannot stop turning that over
The profit split trigger is the clause nobody reads until they're in default on timeline.
Reply · 13 points
Comparing a defined assignment fee against a co-principal split on two luxury deals
The thing I have never seen work is the "motivated seller, no contract yet, but come in on the front end" structure when the person asking you in is a wholesaler who needs your cap…
Reply · 9 points
Does a 1.5 percent asset management fee on gross revenue cover what running the asset costs
The math you're doing is right but the framing is still operator-math, not sponsor-math, and that distinction cost me real money on my first deal. I was running a 34-unit in Cincin…
Reply · 9 points
Does AI editing actually speed up turnaround or just move the work around
The 30-second sky swap is the easy win, that part genuinely scaled. The interior white balance problem you hit is the real bottleneck and it has not been solved at volume yet. Mixe…
Reply · 13 points
Should a sourcing fee attach to the deal type and market or to the client relationship
The lesson I keep learning late is that informal pivots kill more deals than bad sourcing does. When a client changes the buy box mid-engagement without a formal reset, both sides …
Reply · 13 points
The Cleveland overage is actually the argument *for* putting the 18k in, not against it. If it had been in a REIT in February you'd have sold at a bad time, sure, but that tells yo…
Reply · 13 points
Had a deal in Denver multifamily, 2022, same structure basically, 6% pref, 80/20, projected 36-month exit at a cap rate that looked slightly conservative at signing. It ran to 54 m…
Reply · 6 points
Is deferring roughly 14k of tax worth putting a 67k gain into a fund you cannot inspect
Your duplex lady is right and the math she ran is the only math that matters here. $13,800 in deferred tax, not eliminated, just deferred until 2026, against a $250k minimum you do…
Reply · 9 points
The inconsistency you're describing is almost certainly a demand problem dressed up as a marketing problem. Q1 in KC the rental market is tighter, people relocating for spring star…
Reply · 12 points
Can a note with no recorded assignments since 2011 actually be enforced
Ohio courts have generally sided with note holders on the possession-plus-blank-endorsement question since *Fed. Home Loan Mtg. Corp. V. Schwartzwald* (2012) clarified standing req…
Reply · 16 points
Huntsville's rent growth has been running hot but the exit cap assumption is doing most of the heavy lifting in that 1.55x.
Reply · 12 points
