Fannie small balance cuts off at 9 million and agency cuts off at roughly 7.5 percent LTV flexibility before a supplemental is even on the table
The number that catches people is how much the debt structure changes between a 60 unit and a 120 unit deal even when the dollar amounts look similar. At 60 units a Fannie small ba…
Thread · 3 points
A senior lender called the loan at month 11 and the gap piece had no notice right in the paper
The borrower had a 14-month bridge with a hard money lender, a 60k gap piece behind it in second position, and a refinance lined up for month 12. The senior called the note at mont…
Thread · 15 points
When a county records both deeds the same afternoon, is the spread public before the end buyer's agent even leaves the parking lot?
The question comes up because some counties post recorded instruments online within hours, and a 15k spread that looked private at the table is searchable by the end buyer's agent …
Thread · 14 points
My preferred return clause said "simple interest on unreturned capital" and I read past the word simple for 28 months
Put $30,000 into a multifamily value-add in Columbus, Ohio, 36-month term, 8% pref, 70/30 split above it. I did the math going in on compound and had a number in my head around $37…
Thread · 19 points
How much room there actually is to raise lot rent before a tenant walks
Take a 62 lot park in Rockford, Illinois that moves lot rent from $395 to $440 in January. One tenant threatens to move out. Most operators laugh that threat off, and the arithmeti…
Thread · 13 points
Should a dispo fee change when the contract seller already has a partial buyer list
The fee ought to track how much work the dispo side is actually doing, and in practice it often does not. A wholesaler who brings a contract with three warm buyers who have already…
Thread · 11 points
Does geo-fencing for hyper-local seller leads actually surface motivated sellers
Here is a spend worth examining. A vendor takes $4,800 over six weeks targeting a three-zip area in the outer suburbs of Columbus, Ohio. The pitch is that ads get served to people …
Thread · 10 points
Does a 9 percent preferred equity note on a ground up multifamily beat a 10.5 percent debt note on a stabilized retail strip
Take an investor with 20k to place before the end of q3 and these two offerings in front of them. The equity note is on a 48-unit build in boise, 24 month projected hold, preferred…
Thread · 1 point
Which sponsor treats a new investor better, the one who sends a calendar link or the one who sends a memo
Two sponsors can handle the same new investor in opposite ways in the same week. The first sends a scheduling link within a day and wants 30 minutes on the phone before sending any…
Thread · 37 points
Is there a clear height below which you will not buy, or does location override the spec every time
The same argument shows up in the risk section of industrial deal memos and never gets resolved, so it is worth putting to the room directly. One camp draws a hard line on the buil…
Thread · 16 points
When after-tax math inside a self-directed IRA keeps collapsing a three-lane allocation into one
Take an investor with 340k across a traditional IRA and an old profit sharing plan, both movable, and a plan built in three lanes: 40 percent first-position private notes, 40 perce…
Thread · 29 points
Storage exposure without operating: REIT shares, a single asset LP, or a small facility with third party management
There are three ways to own self storage without running it, and they turn out to be three different bets wearing the same name. Public REIT shares give an investor daily liquidity…
Thread · 15 points
What a real listing photo shoot actually costs, and what goes into it
A full listing photo shoot involves more preparation than most sellers expect. A photographer arriving with two tripods and a 3D scanning rig will typically walk the whole house fi…
Thread · 14 points
In office to housing conversions, is cheap basis the deal or is the housing shortage the deal
Two conversion theses circulate right now and they argue for the same strategy from opposite directions. One rests on basis. Secondary office is distressed, delinquency is elevated…
Thread · 13 points
A listing with nine crooked phone photos still went pending in four days
Take a house that goes up with nine photos, clearly shot on a phone, held vertical. One frame catches a thumb in the corner. The kitchen shot sits at knee height for no obvious rea…
Thread · 14 points
Does a first time investor actually need a specialist agent, or does a generalist do the job
There are two reasonable positions on this and the right answer depends heavily on how much underwriting experience the buyer already has. The case for a specialist is that they ea…
Thread · 28 points
How does anyone underwrite a ten year exit where there are no comps?
A single asset offering in a designated opportunity zone tract is worth pressure testing on the exit assumption alone. If the sponsor's model holds for eleven years and exits at a …
Thread · 25 points
How much cash beyond the down payment it actually takes to open the doors on a short-term rental
Sizing the true cash need for a short-term rental purchase means going past the down payment. Take a two bedroom condo in a tourist market at 320k, 20 percent down at 64k. Beyond t…
Thread · 12 points
How to think about a fund pitching a 9 percent preferred on tax certificates that clear at 5
Say a small fund comes to market at a 14m target, buying tax certificates in three bid-down states and bidding at deed sales in two others. Terms run a 9 percent preferred, 2 perce…
Thread · 31 points
Does a self-directed IRA only make sense unleveraged, or does UBIT still leave room for debt-financed deals
The clean version of self-directed IRA deployment is passive and unleveraged: interest from private lending, note payments, rent from a property the IRA owns free and clear, capita…
Thread · 14 points
What a verbal quote of eighty five dollars a foot all in for a rehab should actually be checked against
A verbal quote like eighty five dollars a square foot, all in, on a 1,600 square foot house works out to 136,000, and the number alone does not say much without knowing what it inc…
Thread · 37 points
A passive second position on a cosmetic flip that ran 74 days against a 60 day plan is a useful reserves case study
Take a passive lender putting 61k into a light rehab as a secured second behind a hard money first, 12 percent with a 6 point exit fee against a 60 day projected hold. Operator buy…
Thread · 13 points
In Opportunity Zone structuring, does the five year deferral or the ten year hold drive the documents
Something worth flagging in how funds get put together under the current rules. The deferral piece for investments after 2026 runs on a rolling five year window. The elimination of…
Thread · 5 points
How to read a sponsor claiming a large multifamily deal sits well below replacement cost
Take a case like this. 180 units, built 2004, secondary Sun Belt market about 40 minutes from a major metro. Purchase price $28.5M, so $158k a unit. The sponsor's deck says replace…
Thread · 27 points
Does a buyer's agent side even exist on bank-owned REO listings
Two questions come up constantly for newly licensed agents looking at REO as a niche. First, when a bank lists a repossessed house, does the listing side pay a buyer's agent the wa…
Thread · 26 points
Weighing UBIT drag against redeployment risk with 214k in a Roth SDIRA
Take 214k moved from an old employer plan into a Roth self-directed IRA, sitting mostly in cash while two paths get compared. Option one: three private notes through a single lende…
Thread · 24 points
What a preferred return actually buys the money side in a JV
Two JV term sheets can split the same way on paper and still get there by different routes. One structure gives the capital an 8% preferred return, meaning the money is paid first …
Thread · 7 points
What a private lender actually prices on a wholesale assignment intake call
A useful way to understand how private capital actually evaluates a wholesale assignment is to look at a typical intake call between a short term lender and a flipper buying an ass…
Thread · 22 points
Funding a pre-foreclosure purchase 34 days from auction with no title work back yet
Consider a bridge lending scenario like this one. Single family, 1,450 square feet, built 1978, second ring suburb of a Sun Belt metro. Notice of default recorded about 11 weeks ea…
Thread · 26 points
Structuring buy side agent pay on a small SFR acquisition program: flat fee versus percentage of purchase price
Take an acquisition program built around single family rentals in one midwest metro, target purchase price $160k to $200k, aiming for eight to twelve closings over a year, funded w…
Thread · 34 points
The inspection period is doing more work than most virtual wholesalers treat it as
The common misconception is that a longer inspection period weakens your offer across the board, when what sellers actually respond to is your ability to perform, and a 21-day peri…
Reply · 7 points
Preferred equity that converts to common on a trigger event looks clean until the trigger is ambiguous
The cure period definition is where this collapses in practice, because "missed" without a cure window means nothing.
Does the agreement specify whether the conversion right lapse…
Reply · 18 points
Bay Area apartment values are already repriced; the demand question is harder
The tech concentration risk cuts both ways only if your lease-up period is short enough that a sector correction lands after stabilization, which in a 2026 delivery it probably is …
Reply · 7 points
How much of a storage facility's stated NOI is actually repeatable when you strip out the one-time items
The piece I would add to the monthly history ask is the unit-level rate card going back at least two years, because self-storage operators who ran aggressive street rate promotions…
Reply · 4 points
Filled a 6-bed in Scottsdale in 11 weeks and I did not expect the number that came out the other side
The modification cost that tends to bite people after the variance is the ongoing compliance spend, not the upfront 14k. Arizona's ADHS inspection cycle means the physical plant re…
Reply · 16 points
What does a self storage developer actually need to see on a piece of raw land before they get interested in it
Zoning category is the first filter, and it decides whether you have a conversation at all.
Most self storage goes into general commercial or light industrial zoning, and the dist…
Reply · 26 points
Does BRRRR even work in SoCal or are we just pretending it does
The appraisal gap your friend hit is the core problem with BRRRR in a high-basis market: the strategy requires forced appreciation to exceed carrying costs, and in SoCal the margin…
Reply · 15 points
Why does the same house rent for $400 more six blocks north and I cannot figure out what changed
Confirm the school district boundary at the parcel level, not the district marketing map.
Six blocks can split two elementary attendance zones even when the district name is ident…
Reply · 10 points
My attorney said something last Monday that I cannot stop thinking about
@chriswalton8 The two structures to separate here are a front-end load tied to gross proceeds and a performance fee tied to net returns, because they create opposite sponsor incent…
Reply · 12 points
Can a co-GP with no deal history actually split the guaranty liability, or does the bank just look through them
Your lender's description of workout behavior is accurate, and the operating agreement language does not bind the bank at all. The loan documents control, and most commercial guara…
Reply · 10 points
Turnover as a standalone service, and what an owner would actually pay for it
The add-on version inside a full-service shop is structurally awkward because the PM already owns the vendor relationships and the coordination, so charging separately for turnover…
Reply · 10 points
Pricing a self-storage offer when the cap rate and the rent roll tell different stories
Confirm the tax reset mechanism with the county assessor before you sign anything.
Reply · 9 points
The staging company walked away from a $4.1M listing because the seller wanted to use her own furniture.
The clause wins when the friction is before signing; the frank conversation wins when the relationship has to survive the listing.
Reply · 15 points
The statutory rate is the ceiling, not the floor, and most fund decks never explain what separates the two.
Underwriting to clearing rate requires county-level auction data for at least four consecutive cycles before you commit capital to that geography.
Reply · 12 points
Carrying costs eat more of a live-in flip than the renovation line almost every time
Renovation sequencing should answer one question: which repairs let you list sooner.
The risk nobody has touched is interest rate exposure on the exit side, not the carry side. If…
Reply · 6 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
The numbers that circulate for dryland cereal in Castilla-La Mancha tend to sit between 80 and 150 euros per hectare per year for cash rent, with the low end reflecting genuinely m…
Reply · 11 points
How long do you actually plan to hold a seller-financed note before you either sell it or collect out
The discount curve steepens sharply past year three because seasoning stops helping and remaining term starts hurting.
What duration does your buyer's business plan actually suppo…
Reply · 15 points
Someone told me this week that consultants who have not lost money on a deal are just selling theory
The distinction worth drawing is between *pattern recognition* and *accountability*, because the broker was really talking about the second one. You can absolutely learn to spot a …
Reply · 17 points
My tenant asked me to take 800 of the 1,150 and catch up next month, and I said yes, and I think I made a mistake
The waiver risk is real, but the clock risk is the one that compounds faster.
Reply · 9 points
When a county records both deeds the same afternoon, is the spread public before the end buyer's agent even leaves the parking lot?
The spread being in the public record after closing is legally inert, the deal is done, but the real exposure is the mid-transaction discovery you named, where an agent runs a same…
Reply · 9 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
The tail clause is the whole case, and the parking clause was just the clock accelerator.
Without a named-tenant protection period, the attorney's maneuver on the parking clause w…
Reply · 13 points
Did anyone here buy into a mixed-use with a co-working or flex-office component on the second floor instead of residential
Co-working on a short term prices like residential but carries office vacancy risk.
What is the current cap rate being used to value that second floor, and does the seller's profo…
Reply · 7 points
My seller has $0 equity and a 3.1% loan and I am trying to figure out what I actually bring to closing
That 3.1% loan is the real value in this deal, well ahead of the price.
Reply · 11 points
Why an ADU permit clears in six weeks in one California city and takes far longer in another
San Jose stood up that dedicated counter in 2022 and it genuinely did collapse timelines. Six weeks on a custom set is plausible there rather than a fluke. Sacramento is a differen…
Reply · 17 points
My note fund is inside a regular brokerage and I keep wondering if moving a slice of it into an SDIRA would actually make sense
Compounding inside the wrapper is real, but it gets neutralized the moment distributions are taxed as ordinary income, so the math only breaks your way if the fund's reinvestment p…
Reply · 8 points
Does the management company's ADR target align with mine if I'm trying to hold this thing for seven years?
Leisure rate compression in Asheville hits fast when a single bad weather weekend lands wrong. Properties of that size in the market dropped 18 points of occupancy in Q1 2023 off o…
Reply · 10 points
A 19,000 sf suburban building at $61 per sf against a 9,400 sf medical office at $148 per sf, and the math will not land the same way twice
The renewal option language is the whole game on the medical deal, agreed, but the number to get before anything else is what that 2021 rent resets to on exercise. If the option is…
Reply · 11 points
A carried note is only as good as the collateral behind it, and that reorders every other question
Your attorney is right, and the 12 percent down is a bigger problem than the rate.
Reply · 12 points
My seller owns the management company that manages his own 18-unit
The disclosure question probably depends on your state, but practically speaking nobody is going to hand that over voluntarily, so it is on you to ask every single time. A pre-unde…
Reply · 11 points
Does a stalled conversion ever sell at a number that covers the senior, or does the second lien get wiped
Dayton multifamily trades thin even when stabilized, and a conversion at 60 percent occupancy is essentially land value.
Reply · 18 points
