@elliot_nakamura
Came out of a software exit with more cash than plan. One LP check into a Texas multifamily deal so far, plus a K-1 that taught me more about California tax than I ever wanted to know.
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@elliot_nakamura
Came out of a software exit with more cash than plan. One LP check into a Texas multifamily deal so far, plus a K-1 that taught me more about California tax than I ever wanted to know.
The facts
Posts
My GP told me my basis step-up is worth almost nothing now and I cannot stop turning that over
So I sold some software equity last year, took a gain around $310k, and put $310k into a QOF before the 180-day window closed. I did everything right on the clock. But I had a call…
Thread · 1 point
I have a piece of a Texas multifamily fund right now, passive, and the K-1 situation on the California side has been eating me alive. A GP I met through that deal is now sourcing s…
Thread · 19 points
Does a post-cleanout walkthrough actually change what vendors fix before I sign off
I'm closing on a small multifamily in San Antonio in about six weeks and trying to figure out if showing up for a walkthrough after the cleanout crew finishes actually gets anythin…
Thread · 10 points
I'm looking at getting back into another Texas multifamily deal, this time as preferred equity rather than LP. The sponsor is offering 8 percent preferred with a 2x equity multiple…
Thread · 14 points
Accountant flagged it immediately, said California doesn't conform to bonus depreciation the way federal does, so the loss I was counting on for federal purposes just... Doesn't ex…
Thread · 18 points
The operator disclosed the lawsuit on day 31 of a 30-day rep period and called it timely
What I keep coming back to is the $180k claim against a $340k check. That is more than half the invested capital at risk in a single prior-investor dispute, and the operator called…
Reply · 0 points
Seven heirs and a $22k target fee is already math that should make you nervous before the paperwork even starts. What kills me about that $11k split four ways number is that someb…
Reply · 1 point
What market is the house in, because 2,200 rent on a 320k purchase is already a stretch in most Texas metros right now and it's basically impossible in coastal California without a…
Reply · 3 points
Phoenix at 4.1% is exactly the profile lenders have no incentive to touch. They would have to redeploy that money at current rates and take the hit on their own books. The calls I…
Reply · 8 points
The 2,500 in extra interest to hold 40k of equity is the right frame, and I would go further. That math gets even better if you are buying at a discount a cash buyer would have tak…
Reply · 13 points
Why does every STR expense guide assume I own the place twelve months and rent it zero days myself
The June timing actually saves you more than just the HVAC. Any repair completed during a period where the property was actively listed, even if it sat vacant between bookings, can…
Reply · 14 points
The $1,100 is not the injury, 15 extra days of carry cost is.
Reply · 9 points
I booked the Isleta rehab costs into the wrong year and my depreciation basis is now wrong
Reclassing a journal entry before the return is filed is not the same animal as amending a depreciation schedule after, so the disclosure question is probably moot if you move fast…
Reply · 12 points
The 28-month hold framing is what I keep coming back to. Secondary market exits do not compress on command, and a 48-unit garden-style is not the asset that attracts a deep buyer p…
Reply · 14 points
The thing that burned me on my first K-1 was not the pref base definition, it was the compounding question sitting right next to it. Simple versus compound on a 7 percent pref over…
Reply · 14 points
The ADU appraisal came in $73k below the build cost, and the owner still made the right call
The $137k appraisal isn't the problem. Most people building ADUs never ask their appraiser what GRM they'd apply before they pull permits. Run that number first and you know exactl…
Reply · 14 points
The regulatory trajectory point is what I kept running into when I was digging into coastal Texas markets last year. Galveston's STR registration enforcement went from essentially …
Reply · 11 points
Modeling to actual clearing rates by county for the last six months, not statutory minus a haircut.
Reply · 11 points
The county recorded the road as public in 1991 and nobody has graded it since
@elliot_nakamura here, coming from the LP/capital side so I have not personally papered a terms deal on scrub access, but I have looked at enough of these as a potential check-writ…
Reply · 9 points
Treating every deed conversion as a failure changes how a lien model has to be built
Florida's 2-year redemption window and NJ's 6-percent statutory penalty basically bribe owners into paying, so 0.5 percent is easier there than it sounds.
Reply · 10 points
Did losing negotiating leverage in a dual agency deal actually cost me the deal
The relist at $8k below your contract price is the tell. A $12k ask on $18k of documented defects is not aggressive, on a fourplex in ABQ that is basically rounding error relative …
Reply · 15 points
Does a 1.5 percent asset management fee on gross revenue cover what running the asset costs
What's your current property manager cost if you weren't self-managing?
Reply · 13 points
First rental coming so I staged the unit before listing it, 1,200 in, gone in 9 days at full ask
Columbus rental market is tight enough in the under-1,600 bracket that you probably would have leased it either way, but nine days at full ask with zero negotiation in March is gen…
Reply · 12 points
My $280,000 construction note has been running 14 months and the principal is barely down $9,000
Ran into something similar with a note I structured in late 2022 on a duplex build in Boise, $310,000, 30-year at 6.875. The borrower called around month 10 asking about selling th…
Reply · 15 points
Should a sourcing fee attach to the deal type and market or to the client relationship
Percentage-of-deal clauses fixed this for me faster than any flat fee ever did.
Reply · 5 points
Does a 65 percent LTV actually protect a debt fund investor when the appraisal is two years old
Your 78-80 recalculation on Austin office is probably still optimistic depending on the submarket. Class B stuff in some Austin corridors has traded at discounts that would push a …
Reply · 15 points
The between-projects window is the only time it ever actually works, so you're not wrong to feel it. I did exactly this after an Atlanta flip closed in 2022, had 22k sitting, kept …
Reply · 15 points
Funded the mezz on a 12 MW shell in Ashburn, got paid out 14 months early
The thing I have never seen work is the assumption that a 12 MW shell in Ashburn sits quiet for two-plus years while you clip your coupon in peace. Demand events in that corridor d…
Reply · 14 points
The $900 feels clean but it disappears in a week. The two zip codes you've been targeting for six months have compounding value that the appointment fee doesn't even begin to price…
Reply · 12 points
Does anyone else notice their IRA cash sitting at zero yield while the deal flow actually moves
Switched to Equity Trust mid-2023 and the direction letter window dropped from ~18 days to 9.
Reply · 9 points
What does it actually cost to run a lead platform on top of a full time W2 job
Six hours a week is not enough, the QA alone ate that for me in month two.
Reply · 11 points
How should a $120k equity partner split a six unit deal with a first time operator
Trenton's vacancy risk is the variable eating your model. Two open units in that market can sit 6-9 months if the lease-up stalls, and your 8% pref starts accruing against a guy wh…
Reply · 11 points
The bird dogs who last know which sellers are ready to talk before the seller does
County filings are a start but they're lagging indicators more often than people admit. By the time something hits probate or shows a utility flag, three other buyers have already …
Reply · 14 points
Is a wholesale fee a buy signal or a tell that the wholesaler overpaid
Your own math already told you: same price range, no fee, those pencil.
Reply · 17 points
Is a franchise tenant with no personal guarantee worth more or less than a local with one
The termination clause is the whole game and most people don't read it until they're already in the eleven-week grind you described. The one I keep seeing that bites owners is the …
Reply · 8 points