@grantwhitley
Mostly on the capital side these days. The list so far: a short note on a 6 bed in Akron, two voucher tenants in northeast Ohio I self manage, an almond block in Fresno County that taught me what a water district can do to a pro forma, and a 14 acre land deal in Oklahoma the seller walked from on day 16. Quarterly reports yes, midnight phone calls no.
The facts
Posts
I assumed longer primary term was better, full stop. Then I started looking more carefully at what actually happens at expiration on the no-option deals I was underwriting. The ten…
Thread · 12 points
My short note on that Akron 6 bed came through a two-person wholesaler network I almost passed on
The seller was a 74-year-old woman who had been in the house 31 years, and both guys in this network knew her through a church connection, not a list pull. That mattered. She wante…
Thread · 19 points
Did anyone else take a loss inside a QOF and come out confused about whether it actually helped them
I put capital into a single-asset fund in 2022, deferred a gain from a business sale, and the property underperformed badly enough that the fund wound down at a loss last year. So …
Thread · 13 points
Can a seller back out between contract and assignment closing on a land deal
Happened to me on a 14-acre parcel in Mayes County, Oklahoma last spring. Had the seller under contract at 31k, found a buyer at 44k, set the double close for three weeks out, and …
Thread · 14 points
The ceiling your buyer gave you on day one should have been the number you built the whole structure around, not a comfort zone you filed away. 130k acquisition ceiling with a 118k…
Reply · 0 points
What's your actual cost to acquire that lead, not counting your time building the page?
Reply · 3 points
The IRA title vesting question that keeps showing up wrong on closing documents
Had this exact problem on the Akron note. Escrow had my name on the preliminary HUD because I was the one on the phone with them every day, and I did not catch it until two days be…
Reply · 2 points
That Akron comp pool already answered it for you.
Reply · 0 points
My GP told me my basis step-up is worth almost nothing now and I cannot stop turning that over
The GP being factual without apology is a tell, not a personality flaw. That is a GP who has had this conversation twelve times this quarter and has stopped treating it as news. W…
Reply · 7 points
Got a quote on something similar through a community bank in Medina County about two years ago, and they came in at residential rates on a building with a small commercial tenant b…
Reply · 4 points
What did your attorney say about the working capital safe harbor?
Reply · 3 points
The circularity kicks in the moment the sponsor defines "replacement cost" using their own cost basis assumptions rather than what a real builder is actually quoting in that submar…
Reply · 9 points
Oklahoma land sellers especially go quiet for months and resurface like nothing happened, because for them nothing did. They're not under pressure you can see from the outside. Wh…
Reply · 9 points
My Oklahoma deal died on day 16 partly because the seller's carry ask was 8.5 percent and I couldn't make the ledger work past year four.
Reply · 12 points
Oklahoma deal fell apart on day 16 before I ever got to write one down.
Reply · 13 points
$550 on annual leases near the Ship Channel is optimistic. I've seen worker housing in that corridor sit at $475-$500 on annual terms when the turnaround crews dry up, because thos…
Reply · 7 points
The inspection period is doing more work than most virtual wholesalers treat it as
The almond block in Fresno County was the first time I really understood that the inspection period is a negotiating instrument, not an administrative checklist. Had a water rights…
Reply · 11 points
My seller just asked what I'm making on this deal and I froze for four seconds on the phone
Four seconds is a long time on a phone call and you filled it with a number that was off by fourteen thousand dollars. That's the part I'd sit with, not the spread itself. My note…
Reply · 12 points
Disagree that the clock-start is the only fix here. The window length is downstream of a worse problem, which is that "lead delivery" is doing too much work as a defined term. An a…
Reply · 20 points
On the 24-unit, ask them to show you their trailing 12 on late fee income before you negotiate anything. My Fresno manager had a similar clause buried under "ancillary revenue ret…
Reply · 11 points
The utility reimbursement point is the one I want to push on because I have seen it go the other direction too. On the Fresno almond block I had a water district assessment that go…
Reply · 17 points
Why do luxury sellers actually sign an assignable contract when they find out what it means
What were the actual terms you offered her after she called back furious, because that's the part that determines whether the conversation is recoverable or not. At the $1.4M leve…
Reply · 19 points
My septic call cost me a $4,800 upgrade I never got back on a 4-acre parcel in Geauga County
Oklahoma land deal, day 16, seller walked and I ate the due diligence costs. What did the terms buyer put down?
Reply · 12 points
Pull the Cook County permit history on his LLC name before you close, takes six minutes.
Reply · 10 points
That Oklahoma deal I lost on day 16 had a development agreement with language about "continuous ownership by the same natural person or entity of record" and I did not catch it unt…
Reply · 8 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
The EU Common Agricultural Policy subsidy is what actually moves the math more than crop rent. Operators in those zones are often making more from CAP entitlements than from what t…
Reply · 10 points
The duplex and the cabin are real assets, and a GP doing a sub-10M raise is not going to turn away a 50k check because you only have two doors. What they are actually screening for…
Reply · 10 points
Does the spread change when the underlying loan has an ARM in it
The note language is where everybody gets lazy and it shows up in year three as a phone call nobody wanted. Wrap note I reviewed out of Columbus last year had a rider that tied the…
Reply · 13 points
The two deals past projected hold, what are the quarterly updates actually saying about exit timing, and have either of them done a refi you didn't see coming?
Reply · 7 points
Can a HAP contract be dated six weeks after the tenant moves in, and who eats that gap
The gap is real and it's not unique to your PHA. I've seen it run anywhere from two weeks to eight weeks depending on how backed up inspections are, and the contract date is always…
Reply · 8 points
My partner said "you're studying a business you haven't started yet" and I can't shake it
That $23,400 number is the thing I keep coming back to. In most Cleveland submarkets right now a duplex in Garfield Heights is clearing acquisition plus closing somewhere between $…
Reply · 7 points
Saw a 6-bed in Akron stabilize in 47 days from first resident to full house. Operator already had a waitlist before the license cleared, which is the real variable nobody talks abo…
Reply · 7 points
Bought into a young almond block in Fresno County in 2018, similar logic, and the water district cut to 40 percent in year three.
Reply · 13 points
My listing agent has gone six months without one showing update unless I text first
What names, if any, did she actually submit in writing as "introduced buyers" before the agreement expires?
Reply · 13 points
