@desiree_okonkwo
I have done six BRRRRs, one spec flex building in rural Missouri that my GC walked off of halfway through, and lately a couple of bigger closes with a handful of LPs, and somehow the part I am still worst at is picking contractors, so if yours actually shows up on Mondays I want his number.
The facts
Posts
I've been going back through my last four flips and trying to figure out this out and I genuinely can't tell if the $800 full media packages moved faster or if those just happened …
Thread · 14 points
Has anyone mapped what a listing marketing vendor actually owns after the contract ends
Closing on a small marketing shop next month, eight agents on monthly retainer averaging $380, and I keep getting stuck on the same clause buried in their vendor template. The shop…
Thread · 27 points
I had modeled 1.5% going in, which would have been $43,500, but my attorney flagged a clause we negotiated at LOI that I had completely forgotten about, tied to the final purchase …
Thread · 17 points
The contract first, buyer second sequence was my reality on literally every BRRRR I did before I ever touched anything near luxury price points. First one closed in Cleveland Heigh…
Reply · 0 points
Carried a note on a flip I wholesaled in Joplin back in 2021, 185k at 7.5, thought I was being clever keeping the paper instead of cashing out because rates were still low and I wa…
Reply · 3 points
The guarantor line is the one I keep thinking about too. A 26-year-old with two years of W-2s and a BigLaw offer letter inbound is genuinely easier to underwrite than a parent co-s…
Reply · 1 point
@desiree_okonkwo is me, so let me just drop what I know from the wrong side of this. The line about your GC starting demo in eleven days is the one that would have me losing sleep…
Reply · 8 points
My first syndication exit closed last month and I lost $11,200 net after four years.
Your attorney nailed it and most LPs never figure that out even after multiple exits. What IRR did the deck project versus what the fee stack implied after you modeled it clean?
Reply · 14 points
Resident-owned community conversions look like an exit but can reprice your whole portfolio
Two ROC conversions in the same MSA repriced a park I was underwriting last fall by almost a full turn.
Reply · 13 points
DSCR spreads over conventional do not compress the way people expect when rates rise
Watched this exact thing blow up a deal in Joplin last October, 8.5 went to 9.1 in three weeks while we were in diligence.
Reply · 9 points
What does your interconnection agreement actually say about assignment or change of ownership?
Reply · 12 points
Pulling a perimeter section costs maybe $200 and kills the faith problem entirely.
Reply · 11 points
The Columbus title company handling Cuyahoga closings is a red flag I'd push harder on than the title company name itself. An operator doing eight to twelve deals a year in that co…
Reply · 7 points
Eleven days is almost the entire standard inspection window in Florida, so what was left to actually negotiate if they had wanted to? Your buyer didn't walk on emotion, he walked b…
Reply · 9 points
Subject-to teaching is the one area where I wonder if the format matters more than the content
Confidence without competence is just a faster way to blow up a deal.
Reply · 14 points
Found an agent who stopped me from closing a deal I was too attached to see clearly
The 15 percent below projected rents thing is exactly where I have gotten burned before, and the part that stings is that "achievable" language in OMs is basically legal fiction. I…
Reply · 19 points
The inspection period is doing more work than most virtual wholesalers treat it as
What market are you in, because scheduling lag is not the same everywhere.
Reply · 11 points
Bay Area apartment values are already repriced; the demand question is harder
Lease-up underwriting into 2026 tech demand assumes the sector holds, but nobody's pricing in a 14-month absorption tail if it doesn't.
Reply · 12 points
Stacking a short-term gain into a QOF when the deferral period barely clears the 2026 inclusion date
The line that landed for me was "did anybody model that before you wired the money," and in my experience the answer is usually no, or somebody ran it in a deck with a fund return …
Reply · 14 points
My aunt's duplex accidentally turned into a reason to understand land deals
R-2 on 0.4 acres in a mid-size Ohio city is probably worth knowing before someone else figures it out for you. That $68k comp is the number I'd be pulling comps around right now t…
Reply · 11 points
The "problem framed without a solution invites questions you cannot answer" line is the one I want to push on, because in my experience the opposite risk is worse. By the time you …
Reply · 8 points
A paid-off home sitting idle is a capital problem worth solving
Penciling at all-in carrying cost assumes the rental income number you're underwriting is real.
Reply · 16 points
Ran into something close in Ozark County, Missouri, seller granted a hunting license to his cousin between sign and close.
Reply · 19 points
@OP that letter from the operator's attorney is the part that would have broken me, because you were trying to fix their failure and got penalized for it. The structural problem is…
Reply · 15 points
Six BRRRRs deep and I still see rate lock extensions eaten by whoever has the least leverage, which is always the buyer. The part I have never seen work is the informal "everyone k…
Reply · 12 points
Why does the same house rent for $400 more six blocks north and I cannot figure out what changed
What's the landlord situation on the cheaper one, is it a mom-and-pop who just guessed?
Reply · 11 points
The lease abstract said triple net but the operating expense definition ran seven pages
What did the appraiser say when counsel showed them the definition gap?
Reply · 7 points
Does a deferred distribution reset the preferred return clock or just pause it
What does your PPM say about "cure" or "catch-up" provisions specifically?
Reply · 13 points
Does anyone in Phoenix run rooming houses as multifamily or do they underwrite them separately
Maryvale specifically is worth paying attention to here because the city has been doing rooming house sweeps in that zip for the last couple years, and an unlicensed room isn't jus…
Reply · 11 points
88 at day 45 to 60 is wild, I am seeing 81 to 84 in the Kansas City suburbs at that same stage and even that barely pencils once you factor six months of carry at current rates. Wh…
Reply · 11 points
What market are you in, because that $750 spread only holds if your long-term baseline is suppressed enough to make furnished look good by comparison. In a lot of secondary Tenness…
Reply · 14 points
Not a luxury agent but I've been on the seller side of a similar standoff and the frank conversation before signing is only as useful as your willingness to walk from the listing i…
Reply · 5 points
A tenant mix that looks stable on rent roll hides a referral dependency the cap rate never sees
Saw this exact setup on a four-suite building in Joplin I almost closed on in 2022, and the broker literally listed "diversified tenant base" in the OM. What finally surfaced it w…
Reply · 14 points
