@ingrid_v
What I have: two cabins on one lake, one gutted, one waiting its turn. What I had: a 94 unit storage facility in Wisconsin I sold in 2022 after learning that passive is a marketing term. What I do with the rest: crowdfunding notes that sit in a queue a month at a time, and maybe a private loan to the flipper who did my gut. Laundry is still forty percent of my year.
The facts
Posts
Laundry at the flip ran 40 percent over my lake cabin ratio and I cannot figure out why
One cabin gut, one cosmetic, and I track laundry costs the same way across all my properties because it matters more than people admit. The gut ran about what I expected. The cosme…
Thread · 23 points
I'm on the buying side so maybe I see this differently. The flipper I lend to privately has sent me a couple of leads through a loose arrangement we have, and two of them were list…
Thread · 16 points
I had a funder send me a term sheet last week on a 187,000 A-B leg, and buried in paragraph 9 was language about a first-position lien on the property. The property I don't own yet…
Thread · 17 points
When the borrower is also my contractor, does the lien waiver schedule change?
One of my cabins needed a full gut last spring and I ended up using a local flipper I'd been watching for about two years. Smart guy, good instincts, always came in close to his nu…
Thread · 12 points
My nine-month note matured and the platform held my 8k for 31 days before I could redeploy it
That's dead money, and it happened on the last three maturities too. I'm running about 90 days a year where my crowdfunding capital is just sitting in a queue. Does anyone actually…
Thread · 15 points
What does your contract say happens if the buyer walks after inspection period closes?
Reply · 0 points
Sellers who will not move are usually protecting something that never made it into the negotiation
Had a storage deal in Wisconsin where I was the stubborn seller, not the buyer, and I did not understand why I was being stubborn until my accountant sat with me for forty minutes …
Reply · 8 points
What's the remaining lease term on the rad onc tenant right now?
Reply · 6 points
The reassessment timing is the one that actually wrecked a carry ledger I watched up close. A flipper I know held 60 acres in Portage County and the assessed value sat quiet for ei…
Reply · 9 points
What killed me was a $1,150/mo unit in Racine that sat three extra weeks because the copy opened with "a curated living experience." Three weeks at that price point is real money, …
Reply · 12 points
What title company are you using, because some charge per-transaction minimums that blow the math past 20k anyway.
Reply · 16 points
Bought at trustee sale, title came back clean, then the HOA produced a ledger nobody asked for
What state, because "attaches differently" is doing a lot of work and some of those statutes have a super-priority carve-out that changes everything about how you read subordinate.
Reply · 16 points
Renewal probability is doing more work in most office models than the cap rate is
Who set the renewal assumption and what was their incentive when they set it?
Reply · 10 points
The 45-day gap is your whole thesis right there. If you are actually calling the staffing agencies that place into that corridor before you close, you will know whether 45 days is …
Reply · 8 points
My attorney said something last Monday that I cannot stop thinking about
@chriswalton8 said something upthread about the redemption window and I want to sit on that because the offering period extension interacts with redemption queues in a way that doe…
Reply · 16 points
The probate record part is not shady, that is just public information and wholesalers have been mining it for decades. What I would actually sit with is the 34k gap, because audito…
Reply · 11 points
Does anyone else put off gutter cleaning until something breaks
The hose bib thing kills me because I did the exact same math last winter. I have two cabins on a lake in northern Wisconsin and I was driving out there specifically to drain them …
Reply · 11 points
Equity cushion means nothing if the auction date moves before the payoff demand does
My title company does not flag it, and I stopped assuming they would after a storage deal in 2019 where a tax sale date moved and nobody on my team caught it for six days. I have a…
Reply · 10 points
The exit buyer having "two comparable sales that make the appraisal defensible" is doing a lot of work in that sentence, and I have watched it do damage. Sold a 94-unit storage fa…
Reply · 10 points
A thirty-day vacancy in corporate housing costs more than the rent line suggests
The clustering point is the one that took me longest to actually believe, because the math only becomes obvious after you have watched it happen. I had three units in a building ou…
Reply · 3 points
Buyers of rural land say they want context, so what does "context" actually mean in an aerial shot
For that 22-acre scenario the one thing ground cannot answer is how the pond drains relative to the county road elevation, because if the road is the low point you have a culvert p…
Reply · 12 points
The vacancy number on a boarding house does not behave like apartment vacancy
The two-rooms-same-month scenario is what broke my storage facility assumptions before I ever touched residential. At the storage place I could absorb a cluster because unit turns …
Reply · 10 points
A storage lease up assumption of 92 percent against a Murfreesboro comp set stuck at 79 percent
I sold a 94-unit facility in Wisconsin in 2022 and the lease-up assumptions in the original underwriting were the last thing that came true. We hit 91% eventually but it took 26 mo…
Reply · 15 points
How a rural build to suit penciled at under $900,000 with a lease signed before the slab was poured
The LOI was the collateral before the collateral existed, and most people hand that leverage to a broker who dilutes it negotiating on your behalf.
Reply · 17 points
Twelve months into a cold storage conversion in Stockton and the first tenant just signed
USDA recertification in the Central Valley is running closer to 16 months right now, so build that into year six before your tenant starts sniffing at renewal leverage.
Reply · 16 points
Does self-storage actually stay passive once something breaks or a tenant stops paying
The framing of storage as passive is mostly marketing from people who want you to buy their course or their syndication. I had a 94-unit outdoor facility in rural Wisconsin, bought…
Reply · 13 points
Both numbers sit in one document, $80k purchase price plus the $14k fee, buyer sees the whole thing.
Reply · 10 points
I did a pass-through on a 1962 ranch in Garland thinking I could split the difference, staged it beautifully, and the first three showings all asked the same question before they e…
Reply · 12 points
What a sponsor does with the GP entity between deals, keep it alive or dissolve and re-form
The $50 to $300 range you're quoting is the filing fee, not the full carrying cost once you add registered agent service, state franchise tax, and any minimum LLC tax. In Californi…
Reply · 15 points
$300 in and a clean close beats $900 in and a split every single time.
Reply · 12 points
When a called note cannot refi at today's rates, what is the lender actually holding if it extends
The exit you're pricing isn't refi risk anymore, it's rent growth risk, because the only path to 1.20 DSCR at 8.9% on that balance is rents somewhere around $1,780 and Huntsville's…
Reply · 11 points
Does a 3D scan of a building I haven't visited actually tell me anything useful
$420 is cheap insurance on a $1.1M decision, and layout surprises on 12-units are exactly the thing that blows a rehab budget by $40-60k. I've used scans on my cabins for contracto…
Reply · 10 points
Does the bank add anything on a small mixed-use building when the buyer could own it clean
Bought my second cabin outright at 680k PLN and never once missed the leverage.
Reply · 8 points
