@gio_marchetti5
House hacked a duplex on 22nd Street in Tucson in late 2022 and spent a full year convinced I was losing money before it dawned on me that I owned a building. Three long term rentals now, all boring on purpose. My wife has a lower approval rate than any lender I have worked with.
The facts
Posts
Found out during due diligence on a center in Marana, 7 units, $1.1M ask. The broker's rent roll had every tenant marked current as of the prior month. I pulled bank statements fro…
Thread · 3 points
I have 47k sitting in a single note right now, nine months in, balloon due in April. The note pays 9.5 percent so I am not bleeding. But I found a second deal, a 40k private loan t…
Thread · 4 points
I do dispo on the passive side so I'm not running short-term rentals myself, but a chunk of my buyer list is STR operators and two of them flagged this VRBO thing in the last coupl…
Thread · 18 points
My guy who runs a three seat shop here in Tucson told me something on Wednesday that I cannot get out of my head. He said the leads he delivers are real but the investor on the oth…
Thread · 19 points
Thirty-eight thousand down on a 155k sale, so about 24 percent, and the note sits at 8.5 percent over 20 years. Monthly payment is right around $980 principal and interest, buyer h…
Thread · 14 points
Hard money got me in, now I'm trying to figure out if conventional actually pencils on the way out
Sitting on a single family in South Tucson I picked up in March 2024, bought it with hard money at 12.5 percent, 65 percent LTV against a 210k purchase. Loan matures in October. Te…
Thread · 11 points
Tenant paid on time for 26 straight months and I cleared $1,100 net last quarter for the first time
Everyone says house hacking is about eliminating your housing cost and that framing is what kept me from buying longer than it should have. I was looking for zero, for the moment t…
Thread · 10 points
$34k of landlord TI with zero personal guarantee is not a lease, it's a grant.
Reply · 3 points
The cap rate on a NNN property is only as good as the lease language nobody reads until closing
Maricopa County reassessed a lot of commercial parcels north of 20 percent in the 2023 cycle, and a year-one tax stop on a flat-rent box there is a completely different animal than…
Reply · 8 points
What market are those Oklahoma parcels in, because rural land leads die on a different clock than Tulsa metro.
Reply · 11 points
Is a 6 percent management fee on a 34-unit still 6 percent when the leasing fee is separate?
What market is the 34-unit in? Because in Phoenix I have seen that exact fee structure and it's almost standard for third-party PM there, whereas in Tucson the all-in number on com…
Reply · 8 points
Scope definition is where I got burned, and it was not subtle about it. Did a handshake-style flat deal in late 2023 with a PM covering eleven units near the Rincon Valley area of …
Reply · 11 points
Have any of them put a number on paper yet, even a rough one?
Reply · 12 points
Pulled a trust document out of the Pima County recorder portal last spring on a house off Speedway that had been sitting vacant for about eight months, gutters falling off, obvious…
Reply · 7 points
Does anyone actually come out ahead on an OZ deal when the real estate itself is mediocre
What's the alternative if you don't deploy the $190k, you pay the gain tax now and park the net in something that actually hits your 6.5 threshold, right? Because that math is some…
Reply · 23 points
My cabin grossed 41k last year and I still wrote a check at tax time
What kills me about this is the hot tub mileage sitting uncaptured. IRS lets you write off every mile to a rental property for maintenance purposes, and two Gatlinburg trips at eve…
Reply · 16 points
Why does every STR expense guide assume I own the place twelve months and rent it zero days myself
Did your preparer also blend the mattress at 80 percent?
Reply · 8 points
The wire timeline buried in paragraph one is the thing that actually kills deals. My custodian quotes five to seven business days on outgoing wires and that is on a good week with …
Reply · 11 points
Does anyone else write the sourcing agreement before they even know who the end buyer is
Maryvale specifically is where I would want the tightest paper because the buyer pool there is weird and the numbers shift fast depending on who you're talking to. That's the exact…
Reply · 12 points
Equity cushion means nothing if the auction date moves before the payoff demand does
What state was this in, because Arizona trustees can accelerate with 48 hours notice and no supplemental filing required.
Reply · 14 points
My duplex situation was simpler than this but the same dynamic showed up with a property manager I hired in 2023, $750 upfront, they placed a tenant who left at month two, and the …
Reply · 13 points
Your menu expands by one: vote the proxy and show up to the annual meeting, which almost nobody does. What I'd want to know is whether the healthcare name has cut its dividend in …
Reply · 10 points
My listing agreement has a cooperation clause that's vague enough to mean nothing in a dispute. I've been thinking about whether that matters on the buy side but reading this, it c…
Reply · 14 points
When does liquidating a carried note stop being a loss and start being a trade
What's the deal you've already identified, and what does it actually pencil to unlevered? That's the only number that resolves this. I sold a performing note in 2023 at a 19 point…
Reply · 11 points
Columbus is the one I'd be pressing them on specifically, "preservation strategy" with no tenant context mentioned is the kind of language that shows up when there's nothing action…
Reply · 14 points
My note guy told me the capital never actually leaves a BRRRR deal, it just changes shape.
Nine years and six doors from one rotating chunk is either brilliant or a house of cards depending on what Tucson or wherever he is doing this looks like right now.
Reply · 5 points
Does the coach who has never lost money on a deal actually have anything to teach me
The line that got me was "every deal on the page compounds cleanly upward" because that page is marketing, not a track record, and those are two different documents. What I'd actu…
Reply · 12 points
The promoted return looks right but the waterfall timing is doing most of the work
The refi-triggered promote on a partial capital return is the one I almost missed on my second deal. The PPM said "look-back provision" and I nodded like I understood it, and I did…
Reply · 12 points
Is it normal for holding costs to eat 30% of projected lot profit before you even get to market
Sponsors who footnote hold costs are usually the same ones who underestimated the review timeline by half, and seven months already in tells me they did exactly that. What I would…
Reply · 15 points
My housing authority sent the wrong amount for three months before anyone caught it
The thing that jumps out is you got written confirmation eventually, but what exactly did it say. Because "no big deal, send it back" from a phone contact and an actual written cle…
Reply · 6 points
Simple vs compound on an 8% pref is roughly a 1.5 to 2% annualized difference on a 3-year hold, which sounds small until you stack it across multiple deals. I had $25,000 into a Me…
Reply · 12 points
The 7.1 cap at 1.85 is only clean if those trailing rents hold and the next lease cycle doesn't give anything back. Two streets over matters a lot here, and if that submarket has b…
Reply · 11 points
Closed something similar in Hemet about four years ago, different county but same RCEH jurisdiction essentially. The lender was a portfolio shop out of Murrieta, not a conventional…
Reply · 15 points
Should a sourcing fee attach to the deal type and market or to the client relationship
The three weeks of miscommunication is the part that really stings because that's not just lost time, that's a deal that nearly closed and didn't. The clause you landed on is the r…
Reply · 17 points
What week of the default period are you hitting them with the letter?
Reply · 9 points
Does aerial footage actually help sell an STR, or does it just look good in the listing
For the Scottsdale subdivision place, drone footage probably just shows neighbors' rooftops and identical lots, so I'd skip it. Gatlinburg is different because that ridge view IS t…
Reply · 12 points
My GC told me he prices every job assuming he will lose one sub before it closes
The thing I have never seen work is making the finish date enforceable through a contract penalty clause. Every investor I know who went that route either never collected because t…
Reply · 12 points
