@claudia_reyna
What I have: a handful of turnkey rentals in Kansas City, one short term rental in Dayton that used to run 68 percent occupancy and now does not, a property manager I have trusted for two years, and a REIT position I should have sold sooner. What I do not have: time to swing a hammer, and apparently a signed agreement with anyone I do a deal with. Working on that second part.
The facts
Posts
Everyone says specialty tree crops pencil because demand is climbing and domestic supply is thin. That was a real thing for a few years and I believed it enough to wire a deposit o…
Thread · 3 points
Closed out in February on a 7-story office building in Columbus that came in at 147 units. Original underwrite was 152 but the floor plate math changed after the structural report.…
Thread · 4 points
Did not vet a tenant-buyer's credit path before signing and now I'm sitting on a dead option
Signed a two-year lease option on a house in Independence, Missouri, $228,000 strike price, $1,450 a month with $200 of that going toward the purchase. Tenant-buyer came in with a …
Thread · 7 points
Closed 34 days later, so financially fine, but I had nothing on paper between the handshake and the wire. No written terms, no scope of what counted as a qualifying lead, no fee st…
Thread · 9 points
My servicer charged me $1,200 in "file review fees" on a note I sold four months ago
I sold the note in September. Confirmed transfer with the new holder, sent the servicer written notice, got back a form acknowledgment. Then in January I see a $1,200 charge split …
Thread · 22 points
My property manager said REITs are not real investing and now I cannot let it go
She said it offhand, not as a fight, just while we were talking about the Dayton STR and what I should do with cash if I decide to wind it down. I mentioned I had been putting some…
Thread · 19 points
The statement she sends shows gross rent, then her 8 percent fee, then repairs she authorized, and I get a number at the end. That net hits my checking account and I have been reco…
Thread · 17 points
Listed at 229k, staged vacant for eight weeks at 3,200 total, had decent traffic the first three weeks and then nothing. Property sat 94 days before I dropped to 221k and closed. I…
Thread · 14 points
Are mid-tier markets actually softening or did I just pick a bad property
I've been watching my one STR in Dayton, Ohio and trying to figure out if what I'm seeing is specific to that unit or something broader. Occupancy last quarter came in at 54%, down…
Thread · 12 points
Spent $600 on a videographer for three properties in Q1, posted the walkthroughs to Facebook Marketplace and a local rentals group, two inquiries came in within five days and I tho…
Thread · 20 points
My JV partner closed without me and said it was a miscommunication
Found out Tuesday. We had a verbal on splitting a motivated seller I brought him in Dayton, nothing signed because I kept saying I'd get to it. He put the property under contract s…
Thread · 13 points
Something I believed about mREIT yields that turned out to be wrong in a specific way
I held NLY into that same window and had the same mental model, which is part of why I sold my REIT position later than I should have. What I did not account for was that 60 percen…
Reply · 1 point
Sellers who will not move are usually protecting something that never made it into the negotiation
The divorce net proceeds piece is the one that burned me. I had a seller in late 2022 who would not budge off $412,000 and I could not figure out why until week three, when the tit…
Reply · 9 points
18-month comps aren't just stale, they're pre-rate-adjustment in most markets, which means the ARV he's showing you could be pricing in buyer demand that no longer exists at those …
Reply · 14 points
@tomasz_wro said "billing for proximity to a decision" and I want to sit with that framing because it is exactly what I have been handing money to without a word for it. My Dayton …
Reply · 14 points
The carry math on a BRRRR deal is where most people discover the rehab budget was wrong
The Dayton STR ate my lunch the same way this model gets eaten, and the number that looked fine on paper was built on an assumption that stopped being true about four months before…
Reply · 7 points
The line that stuck with me is "fourteen days from a forwarded address is a fee structure that exists to avoid paying," and I think that's exactly right, though I'd go further and …
Reply · 14 points
Percentage rent clauses in retail leases and how buyers price the breakpoint math at acquisition
My PM tried to walk me through a similar clause on a small strip I was looking at in Independence last year and the number that stopped me was not the breakpoint itself, it was the…
Reply · 21 points
My cabin grossed 41k last year and I still wrote a check at tax time
The $41k gross figure is doing a lot of heavy lifting in how painful this reads, but the number that actually matters is what your net looked like before your CPA even touched it. …
Reply · 15 points
A paid-off home sitting idle is a capital problem worth solving
My Dayton STR is exactly the situation this post is describing as a failure mode, and I walked into it anyway. Gross income looked fine at the time I underwrote it, but once occupa…
Reply · 15 points
The 45-day cutoff on a post-showing bucket is roughly what I landed on too, though I got there the wrong way first. I had my property manager handling some seller outreach on the D…
Reply · 13 points
Does anyone else write the sourcing agreement before they even know who the end buyer is
Lost $4,200 with no paper is the exact sequence that finally got me to stop treating agreements as something you write after trust is established. I have a Kansas City PM I've work…
Reply · 9 points
The $380 number is low for what you're describing. Kansas City market I'm in, a flyover plus approach on a 14-unit runs closer to $550-600 if you want 4K and a pilot who actually k…
Reply · 12 points
My attorney said something last Monday that I cannot stop thinking about
What's the redemption window look like relative to that 18-month extension?
Reply · 18 points
The installment sale angle is real and underused, but the piece that got me was about confirming eligibility with a tax advisor before structuring. I learned that the hard way not …
Reply · 18 points
Is it normal for holding costs to eat 30% of projected lot profit before you even get to market
What does the $127k assume per lot, and is that pre or post commission?
Reply · 11 points
Does anyone actually read the insurance file before they bid on a tax deed property
What carriers do when they see three water claims in five years on a parcel is just decline to write it, full stop.
Reply · 14 points
How much room there actually is to raise lot rent before a tenant walks
$480 is still so far below market that the real risk is moving too slow, not too fast.
Reply · 5 points
Wholesalers skip the county recorder check constantly and it costs them. Before I wire anything out of state I call the county recorder's office where the property sits and ask if …
Reply · 15 points
Did losing negotiating leverage in a dual agency deal actually cost me the deal
The thing that would bother me is not the no, it's that you only asked for $12k on an $18k inspection report. In Kansas City I would have opened at the full $18k and expected to la…
Reply · 15 points
Does a low payout ratio on a REIT actually mean anything if FFO is shrinking?
Bought into a REIT in 2021 on a "safe" 60% payout, ignored that FFO had slipped four straight quarters, and watched the cut come anyway, cost me about $4,200 in dividend income tha…
Reply · 8 points
60 cents on the dollar at disposition and I still owe the LP their full pref
Was your LP agreement capped on the compounding or did it just run open-ended the whole time?
Reply · 9 points
My investor said she wasn't evaluating the deal, she was evaluating whether I understood it
Honestly I'd flip this around a little. The 60k answer worked, but what she was actually filtering for is whether you'd blow her money on a learning experience. Your deck being 22 …
Reply · 16 points
Can a seller back out between contract and assignment closing on a land deal
Thirteen-grand spread on vacant Oklahoma ground wasn't worth the legal bill anyway.
Reply · 13 points
Tenant paid on time for 26 straight months and I cleared $1,100 net last quarter for the first time
The counterfactual math is exactly what I got wrong for about two years before my first purchase in 2019. I kept comparing the number to zero instead of comparing it to the rent ch…
Reply · 11 points
What does a legitimate consulting engagement produce that a fund comparison would not
A legitimate one looks at YOUR tax situation, your existing basis, depreciation carryforwards if you have them, and tells you whether direct ownership actually pencils after your b…
Reply · 8 points
