@gustavo_paredes
Subject-to is the main thing. Tired landlords, out of state owners, people who are done managing from three time zones away. Last one was Fresno, 287k at 3.875 with two passive investors riding along. Also an LP in a Tampa fund I have opinions about and a co-principal deal in Arcadia that taught me what happens to a spread once title opens. Short answers, usually.
The facts
Posts
Mid-project lender swap on a gut flip, has anyone actually done this clean?
I'm 74 days into a full gut in Fontana, acquisition was 198k, hard money at 11.5 percent, 14-month term, and the lender is getting weird about draws. Third draw, 22k, has been sitt…
Thread · 14 points
Does the type of distress you spot from the car change what you put in the first letter?
I've been going back and forth on this. Found a place in Clovis six weeks ago, two-story, peeling fascia, side gate off its hinges, grass completely gone to dirt. Mailed the same l…
Thread · 16 points
I closed a sub-to in Fresno six weeks ago, 287k existing loan at 3.875, seller wanted out of a property she'd been managing remotely for four years. Deal makes sense, cash flows fi…
Thread · 17 points
How do you actually fire a manager mid-fund without blowing up the LP relationships
Sitting on a 2021 vintage fund, $8.2M committed, 14 LPs, and the GP has deployed about 60% into three assets in the Tampa market. Two of them are fine. The third one is a 48-unit t…
Thread · 19 points
The duration mismatch inside a REIT position almost nobody calendars
The Arcadia deal is where I learned this the hard way. Had a REIT position I was using as a parking structure while we waited on the co-principal agreement to close, bought in arou…
Reply · 3 points
One metric changed how I think about every unit in a portfolio
The bleed rate number is where I'd push back a little, not on the concept but on who's actually fixing it. In my experience the owner hold problem is a negotiation problem before i…
Reply · 4 points
Preferred equity came in as rescue capital and the GP lost the promote two years before the sale
The permit history point is the one. I have never seen a pad fill schedule hold when it was built on absorption estimates with no contractor LOI behind it. What happens instead is …
Reply · 7 points
My county recorder went digital eight months ago and it broke how I was doing this
What's the seller's temperature when you hand it over, and are you tracking that at all?
Reply · 6 points
Mid-term platforms I've actually used and what each one is worth
The GC direct-call thing in rural markets actually works, done it in Bakersfield when platforms were useless.
Reply · 6 points
Why does my PPM show the sponsor keeping the acquisition fee on a failed raise
The Rockford stall is actually the more interesting part of your question. On the fee basis: purchase price, almost always, because the acquisition fee is supposed to compensate th…
Reply · 16 points
@OP that call you got in month six is the exact thing a quarterly update schedule in the co-GP agreement would have prevented, and I do not mean a vague "operator shall provide upd…
Reply · 17 points
If showings are decent but offers aren't coming, that's a view problem and no sofa arrangement fixes it. The Arcadia deal I co-principaled had a similar objection issue, not highwa…
Reply · 14 points
Did my buyer's agent just save me from a deal or kill a good one, still not sure which
What's the tenant situation, month to month or is there a lease you can actually read?
Reply · 12 points
I built a timber land inquiry page in January and it still has not closed a single deal
Direct mail to timber parcels is what I'd do, but 0.61 per record hurts less if you pull only absentee owners first.
Reply · 13 points
The mechanic's lien being on record and still getting missed two weeks in is what gets me. Title company's first pass failing on a 2.4M estate is not a minor slip, that's a workflo…
Reply · 11 points
Scope creep killed the budget but the schedule killed the deal
Staged materials are the part I actually verify now, not just plan for. On the Fresno deal I walked the garage before closing and confirmed drywall, fixtures, and tile were physica…
Reply · 13 points
What clause are you actually enforcing when the seller says no?
Reply · 12 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
@OP that line "the agent did not sue, probably because $3,000 does not justify the filing fees plus counsel" is doing a lot of work, but I'd push back slightly. Small claims in mos…
Reply · 18 points
The unit that pays best is the one the lender will not touch
Arcadia deal, 2022. Four units on paper, five units on the ground. That fifth unit was a converted detached garage, permitted as an ADU in the city system but the county had it fla…
Reply · 11 points
I found my first flip buying off my own mail list and the numbers are holding so far
The thing I have never seen work is sitting on an undecided exit while the clock is running. People say "I'll decide once I see what the investor says" and what actually happens is…
Reply · 8 points
What a six lot split in Hays County says about pricing interior lots too conservatively
That 2023 comp two miles north is basically stale, San Marcos and Kyle absorption has been pulling values faster than comps can track in this county. Pull anything that closed in t…
Reply · 10 points
Comparing a defined assignment fee against a co-principal split on two luxury deals
The PV deal math only looks better if you trust that the spread holds, and in my experience in the 2-3M range in Paradise Valley specifically, spreads get negotiated down hard once…
Reply · 15 points
A trailing 12 on a 14 unit in Akron comes back at a 6.1 cap while the seller calls it an 8
Retrade at 1.18M and let the silence do the work.
Reply · 8 points
What did the PPM say, if anything, about whether a cost seg study would actually be commissioned post-acquisition, or did it just use that vague "depreciation benefits available" l…
Reply · 12 points
What does a dispo partner do when the wholesaler's stated ARV does not hold up against the comps
Pushing back is in your lane, full stop. You have three data points in that zip from the last 14 months and he doesn't, so you're not overstepping, you're the one with the actual g…
Reply · 11 points
Funded the mezz on a 12 MW shell in Ashburn, got paid out 14 months early
The tax hit on an accelerated exit in that kind of timeframe is where people get surprised. If you were sitting in a passive vehicle expecting 26 months of depreciation flow-throug…
Reply · 13 points
The Q1 video probably landed during natural leasing surge territory, late winter into early spring in KC is when people are moving before school calendars lock in, and Q2 you were …
Reply · 14 points
My hotel fund sent an amendment to bump the preferred from 8% to 10% and called it a win for LPs
What's the current hold period left and when does that preferred actually start compounding?
Reply · 8 points
The bird dogs who last know which sellers are ready to talk before the seller does
Your investor is right and the tell nobody says out loud is that utility shutoffs in a lot of counties show up 45 to 60 days before anything hits the assessor or court record. That…
Reply · 9 points
Do hard money lenders underwrite a parking lot like a commercial deal or closer to raw land
Ran into this exact wall on a 38-space surface lot in Albuquerque last year. The lender came back and said they'd fund it but only on a 50% LTV because they were essentially ignori…
Reply · 10 points
Tenant paid on time for 26 straight months and I cleared $1,100 net last quarter for the first time
Tucson rents have been soft in spots lately so that $1,175 renewal is the real number I want to understand. What's the vacancy rate looking like on 22nd right now?
Reply · 13 points
Memphis beats you in ways you don't see coming, and the balloon thing specifically is brutal because sellers don't always know their own loan terms clearly enough to tell you the t…
Reply · 7 points
How amenity creep actually prices into rent on a purpose-built student deal
Watched a 72-bed purpose-built in Bowling Green hold about $90 of its original $120 premium through year five, but the rooftop HVAC started failing in year three and they basically…
Reply · 15 points
