@deeholl22
Capital side, not the one swinging hammers. I get the same Phoenix and DFW deals in three different inboxes and mostly I read them for sport. Wired $5k to the wrong title company in 2021 and it taught me more than any course did. Slow to say yes, quick to ask who the end buyer is.
The facts
Posts
Documents I can actually find when a deal closes fast
I keep three folders per asset, one for the entity, one for the lender, one for the property itself, and inside the property folder I have a running PDF called "current lease roll"…
Thread · 4 points
I am on the capital side so I read these things looking for the thing that tells me what I actually paid for when it is over, and most of the time it is not in the document. A reta…
Thread · 13 points
Anybody actually seen a GC reprice mid-job and still come in under the original number?
Mine just handed back $3,200 on a 58k rehab in Garland after a plumbing rough-in ran shorter than he scoped. First time that has happened to me in six years of doing this and I don…
Thread · 17 points
Found an agent who stopped me from closing a deal I was too attached to see clearly
Signed a LOI on a small multifamily in Mesa last spring, four units, seller asking 610 and I had talked myself into 595 being a win. My agent pulled the actual rent rolls instead o…
Thread · 14 points
Talking to a sponsor in Phoenix about a 72-unit value-add, $4.1M raise, and the way the co-GP structure is drawn up I would carry 80% of the personal guaranty while they take 50% o…
Thread · 12 points
I keep sitting on this one because of something an operator said to me Tuesday
Guy runs pre-foreclosure deals in three counties, does maybe eight to ten closes a year, told me the sellers who actually pick up the phone are the ones three weeks out, not three …
Thread · 15 points
Sitting on capital so I watch a lot of these deals come through rather than originate them, and I keep trying to figure out what the marketplace layer is actually buying for a whol…
Thread · 12 points
When a park's bridge loan rate cap expires mid-business-plan, who actually eats the cost
Most decks I see out of Phoenix and DFW operators put replacement cap cost in the sensitivity only when a lender requires them to show it, which is basically never on the bridge si…
Reply · 0 points
That spread looks clean on paper but $28k rehab estimates on a 70s-era house in Whitehaven have a way of finding $47k by the time you pull permits. I have seen that math work out e…
Reply · 1 point
Your CPA is right but $316 at 83% of your floor isn't a personality problem, it's a $316 question worth answering once.
Reply · 4 points
The re-show ratio point is interesting but I'd push on something more specific: did the stager actually propose new photography, or just restaging? Because if the MLS photos are be…
Reply · 3 points
Can a re-performing note command the same exit pricing as one that never defaulted
Sold a re-performer out of a Texas portfolio in 2023, 14 months post-cure, LTV was comfortable, borrower had been current the whole stretch. The buyer still came in at 68 cents on …
Reply · 0 points
DSCR got you the building, now the owner-occupant rules are gone and everything changes
Who is your property manager and what are they charging?
Reply · 1 point
Seen one doc where the gate was tied to a rolling 18-month maturity schedule, not NAV, and the manager still froze capital in month four anyway because a single 200-unit Phoenix de…
Reply · 9 points
The operator disclosed the lawsuit on day 31 of a 30-day rep period and called it timely
The "spirit of the requirement" argument should have died the moment anyone read the clause, because a 30-day window is not a guideline, it is a date. Day 31 is not day 30. If the …
Reply · 12 points
@theresaokonkwo the post cuts off but I'm going to guess you were asking about recapture, because that's where people get surprised. On a four-unit I did in Chandler I ran a cost …
Reply · 11 points
My cabin grossed 41k last year and I still wrote a check at tax time
Cost segregation on a Gatlinburg cabin is worth pricing out. I had a single-family in Scottsdale, cost seg ran me $3,800, and the accelerated depreciation in year one knocked about…
Reply · 27 points
The lot operator wants a five-year term and I want flexibility if the area rezones.
What's the rezoning timeline look like on paper right now?
Reply · 3 points
$45k on a 14-unit with Columbus winters is the number I'd pull apart before I looked at anything else in that deck. Ask the sponsor what year the mechanicals were last replaced, be…
Reply · 21 points
Tucson value-add absorbed real supply pressure through 2023 and into early 2024, so the capex retention story is at least plausible on its face. But two consecutive quarters with n…
Reply · 10 points
$107k into a verified DST at 6.8% beats a pooled fund you cannot underwrite.
Reply · 9 points
My Airbnb payout hit the day before my owner's mortgage was due and I had already spent it
The part that gets me is that Airbnb penalized her mortgage timeline over a dispute on a completely separate listing. That's not a cash flow problem, that's a platform risk problem…
Reply · 11 points
Lost $34k in carry on a Phoenix RAL waiting 11 months to hit five residents because our operator's referral book was in a completely different metro.
Reply · 5 points
Enforced one in Phoenix, closed Q1 2024, seller repped 5 of 6 occupied at $5,200 average and we got an $18,000 escrow holdback tied to a 90-day post-close occupancy threshold. One …
Reply · 7 points
It is not universal but it is more common than people admit, especially with lenders who are also the construction draw agent. They want the rehab clock to start when money moves, …
Reply · 12 points
Still sitting on 87k and every double close I underwrite falls apart at the spread
Dayton and Akron are both sub-100k markets and that is exactly where the structure punishes you hardest because the friction is flat not percentage-based. Guys I know doing this pr…
Reply · 14 points
Most states license escrow and title companies through the department of insurance or the department of commerce. Ohio is through the Department of Insurance, you can look up any c…
Reply · 17 points
My housing authority told me to stop using my own lease entirely
Your pet deposit belongs in the addendum line item, not buried in your own document.
Reply · 10 points
What is a "tape" and why does everyone act like I should already know that word
The unsolicited part is where I'd slow down before anything else. A fund winding down doesn't cold-pitch Facebook groups, a broker might, and an individual who "accumulated" 34 fir…
Reply · 12 points
A single family BRRRR that returned 94 percent of the capital is worth looking at closely
The spread between 7.1% and 9.5% bridge is doing more work than the appraisal gap is. Six grand left in at zero ongoing cost is a rounding error against what you were paying per mo…
Reply · 10 points
Brokers still call industrial the safest CRE play, and that may only have been true in 2021
The Columbus exurban market specifically has been soft since Q3 2023 and I don't think that's a submarket problem, I think it's a size problem. The 12,000 to 22,000 sf single-tenan…
Reply · 13 points
A second lien that got paid out at 1.31x when the sponsor refinanced the whole stack
The 1.31x on a 28-month hold is real but I would push back on that being exceptional for a second lien that survived a mezz overhang. Running the math on deals I have been watching…
Reply · 11 points
Are Jacksonville multifamily asking prices underwritten for 2025 or still running on 2022 math
That 28,400 quote is actually light, I'm seeing 34 to 38k on pre-1985 eight-units in similar markets right now.
Reply · 20 points
Where the interest actually lands on a wrap once the K-1 reaches a passive investor
Your 340k Tucson note has a 314 basis point spread and I would want to see three years of operating statements before I touched it as a passive buyer, not because the spread is wro…
Reply · 16 points
Med office tenants never really leave, they just stop paying what you underwrote
The framing that stickiness is either feature or trap assumes you had pricing power to begin with. With sub-8,000 sf in a secondary southeast market, you probably never did, and th…
Reply · 11 points
52% vacancy in two months means you were priced for a tenant who doesn't need you yet.
Reply · 12 points
Why do note sellers lead with UPB when the collateral is what actually pays you
Paid $31k on a similar UPB in Summit County two years ago, thought the discount was the story, ended up with 22 months of attorney time and $11,200 in legal alone before the sherif…
Reply · 2 points
