@joe_delgado5
Wholesaling, small markets around Tulsa, plus two B class units in south Tucson that I shoot my own listing photos for and a self-directed Roth I use to fund the occasional note when the custodian moves fast enough, which is never, and we just closed on a new build in Conroe so now I have a builder warranty to argue about too. Thin margins, fast deals, every lesson learned the expensive way.
The facts
Posts
I have been turning this over all week because I have never owned industrial, and I did not know this was a hard line for some tenants until someone said it to my face. I bought in…
Thread · 23 points
My Tulsa buyers think syndications are for people with money they don't need to watch
I get that from guys who flip two houses a year and feel like an LP check is giving up control, which I understand because I felt that way too. But then I watched my own Conroe bui…
Thread · 25 points
Someone paid me to source four deals in Tulsa and now wants to renegotiate my fee after close
Closed all four inside 90 days, every one inside his buy box, total fees agreed in writing before I pulled the first address. Now he says the fees felt high once he saw what the nu…
Thread · 15 points
I'm looking at a four-story building in a small Oklahoma city, about 40 minutes from Tulsa, and the second floor is leased to a co-working operator on a three-year term with 14 mon…
Thread · 12 points
Found out when the seller texted me asking why two people were calling him about the same house. My partner's story was that my contract had expired, which it had by four days beca…
Thread · 14 points
Did the builder just lie to us about the warranty timeline or was that the listing agent
Closed on a new build in Conroe six weeks ago, 334k, and the whole time we were under contract the listing agent kept telling us the structural warranty kicked in at close. Thirty …
Thread · 17 points
Does anyone else notice their IRA cash sitting at zero yield while the deal flow actually moves
I parked 112k into a self-directed Roth about eight months ago, Fidelity rollover from a job I left in 2021. First note I tried to fund was a 65k second lien on a single-family in …
Thread · 15 points
Rented two units last fall in the same building, same price point, $1,150 a month. One I paid $275 for a photographer, wide angles, decent light, posted tuesday. One I shot myself …
Thread · 8 points
Bought a list of 214 absentee owners in pinal county back in february, ran them through a seven-touch sms and email sequence over about twelve weeks, got maybe nine conversations, …
Thread · 5 points
Do you tell LPs a service handles their portal, or does that stay behind the curtain?
Onboarding for a raise I'm helping on, and the welcome email drafts split two ways. One says "our investor relations team" and signs from the fund. The other names the outside firm…
Thread · 31 points
Couldn't fund the month 26 capital call. The dilution language did its job.
18k into a value-add multifamily deal on a platform I'd used twice before. 64 units, midwest secondary market, sponsor's plan was interior renovations on turnover, push rents about…
Thread · 22 points
Pre-foreclosure lead under contract at 168k, deciding whether to assign or close it myself
Lead came off a pre-foreclosure pull combined with equity over 55 percent and 19 years of ownership. Owner is behind, wants out before the sale date, and has been clear he does not…
Thread · 32 points
Conversion math is negative 240 at month 14, so rent it anyway or sell
Bought 14 months ago at 5 percent down conventional, 6.875 percent, PITI 2,610 with escrow. Property taxes reassessed on my purchase price in year one and went up 380 a year, which…
Thread · 16 points
What would I actually be buying in a $410k roadside motel?
Small town, two hours from anything, single-story L-shaped motel, 14 units, all with exterior doors onto the parking lot. Seller is 74 and wants out, asking $410k, says he'd take $…
Thread · 11 points
What a flat 2,650 per house staging deal actually took to hold
I stopped taking per-job staging quotes in the spring. Four flips since then on one flat arrangement with one stager, so I'll put the numbers down. Before: three houses in the 240…
Thread · 29 points
The only prospect for a 14 month vacancy wants $60/sf of TI and six months free
Ground floor of a mixed-use building I'm underwriting. The suite is 1,800 sf, dark for fourteen months per the seller's leasing reports. Asking rent is $14/sf NNN. A prospect in th…
Thread · 21 points
My fourplex keeps failing something the lender calls a self-sufficiency test
First time trying this so bear with me. I found a fourplex at 519k, four two-bedroom units, currently rented at 1,100, 1,125, 1,100 and 1,050. I was going to do FHA at 3.5 percent …
Thread · 28 points
The insured cleanout vendor wants $2,850 and the two guys with a truck want $1,400
Vacant three bedroom I closed on last week, previous occupant left about half a house worth of stuff plus a shed. I got two numbers. The first is a real company. Certificate of in…
Thread · 30 points
What number do you actually put at the top when you send a commercial deal out
Coming from residential I have one move. ARV, comps, repair number, done. Everyone I email understands that language. Sent my first small commercial thing out last month, a 12 uni…
Thread · 12 points
Nine of 42 lots are park-owned homes and the seller won't split the price
Under contract-ish on a 42-lot community in a secondary market, asking $1.15M. 33 homes are tenant-owned on lot rent of $325. Nine are park-owned and rent all-in at $725. Two vacan…
Thread · 34 points
15% IRR and a 1.8x equity multiple on the same page. Isn't that the same number twice?
Looking at my first LP deal instead of another flip, and the summary page has three numbers stacked on top of each other. 15% IRR, 1.8x equity multiple, 8% average cash-on-cash. On…
Thread · 26 points
4 bed house, whole-house lease at 2,100 or four rooms at 750
I have a 4 bed 2 bath under contract in a older neighborhood about a mile from a community college. Closing in three weeks and I still haven't decided how to lease it. Whole house…
Thread · 19 points
Bought 5 acres off a photo, and the road closes five months a year
Fast is my whole thing and it cost me here. Saw a parcel come across a list, 5 acres, wooded, $4,300 asking from an owner three states away who had inherited it and never visited.…
Thread · 26 points
One unit, one month of sourcing effort, where does it go?
I've got a furnished 2 bed coming available in three weeks, 30 day minimum, mid-size market with a hospital and a decent amount of corporate traffic from two plants. My margin on t…
Thread · 31 points
My insurance agent says listing on Airbnb voids the landlord policy
I've got a side by side duplex with long-term tenants in both halves. One lease ends soon and the nightly comps in that pocket are strong enough that I want to try it on that unit.…
Thread · 29 points
She'd pay me more if I stopped using AI. Is that a real preference?
I do fast flips, thin margins, and I've been writing my own listing copy forever because paying for it never penciled. An agent I've closed two deals with asked if I'd write copy f…
Thread · 37 points
Finishing to the top of the comps versus stopping at rentable
Two deals in progress, both roughly 1,300 square foot three-beds in the same submarket, and I've deliberately run them differently to see what the appraiser does with it. House A …
Thread · 8 points
Selling my acquisitions process as a course means selling my only edge
Offer on the table is 40 seats at $1,900 for a six week thing, recorded plus live calls, I keep 70% of gross and they handle the selling. Roughly $53k to me if it fills. My margin…
Thread · 32 points
Same day out, or hold it overnight on purpose
Ran a 118k in, 142k out last month and both legs closed within about two hours of each other, which is how I've done every one of these. My funder doesn't care, the fee is flat plu…
Thread · 12 points
Staging extensions turned a 3,150 line into 6,650 on a flip that sat 137 days
Closed this out last month, still annoyed, so writing it down while the invoices are open. The deal: 3/2 ranch, 1,410 sf, bought at 168k off a wholesaler, 61k in renovation, all-i…
Thread · 12 points
Does anyone actually come out ahead on an OZ deal when the real estate itself is mediocre
Paying the tax and waiting for a 6.5 beats a 5.8 that you're trapped in for a decade.
Reply · 5 points
Three new lease-ups in 18 months in Lubbock is the part I'd actually lose sleep over before anything else in this post. What's the current occupancy at the facility you're looking…
Reply · 7 points
My cabin grossed 41k last year and I still wrote a check at tax time
That 12k gap is probably closer to real than you want it to be, because what your CPA couldn't catch wasn't just the amounts, it was the category logic. Cleaning supplies bought of…
Reply · 13 points
The reporting angle is what actually bites you, not the sequencing. I ran a flat stage setup for about eight months in the Tulsa market and could not tell you at the end whether my…
Reply · 13 points
Tulsa assignment deals don't have lenders in the mix the same way, but I ran into the same ownership-versus-logging problem on a double-close last year where the title company flag…
Reply · 8 points
Anyone else losing sleep over what their storage manager is actually doing with the gate code list
The one thing I've never seen work is trusting a third-party manager to self-report audit gaps on any schedule tighter than "when something breaks." What actually happens is you ge…
Reply · 8 points
The investor paid full fee on a lead that never closed and here is why that made sense
Paid a guy $400 on a lead in Broken Arrow two years ago that died because the seller's LLC had a dissolved registered agent and we couldn't get clean chain before my buyer walked. …
Reply · 12 points
I built a timber land inquiry page in January and it still has not closed a single deal
Facebook finds people who want money, not people who have timber rights and know it.
Reply · 11 points
What market is the zone in, because a 7% discount rate in a Phoenix suburb dies fast in a Tulsa or Shreveport zone where rent growth is flat and the buyer pool thins by year eight.
Reply · 11 points
The line "the deal does not care about my learning curve" is doing a lot of work in your post and I think you already know the answer, you are just making yourself earn it. Four mi…
Reply · 7 points
The one I signed two years ago had a cap, $500 flat across all replacements in the first six months, and it held exactly once before the agency folded the product line entirely and…
Reply · 6 points
Your brother's wrong on ownership but right on control, and those aren't the same thing.
Reply · 13 points
Pricing a self-storage offer when the cap rate and the rent roll tell different stories
What's the vacancy rate, and is it stabilized or did someone just lease up fast to juice the T12?
Reply · 14 points
Never seen a frank pre-listing conversation actually change a seller's mind about her own furniture.
Reply · 11 points
Buyers of rural land say they want context, so what does "context" actually mean in an aerial shot
For a 22-acre parcel I need the aerial to tell me where the pond's normal pool sits relative to the county road setback, because that gap is either a driveway and a house site or i…
Reply · 11 points
Can a private REIT restructure the property-level debt without telling me
Filing something in an annual report is not the same as disclosing it, and any IR team worth paying knows the difference between those two things. What state is the REIT domiciled…
Reply · 8 points
The financing vs. capital event argument is one I would have lost too if I had not had someone walk me through my first operating agreement line by line, so do not beat yourself up…
Reply · 10 points
The dangerous word in both those structures is "net" because the seller means their floor and the dispo person sometimes hears it as the full spread they're working from, and nobod…
Reply · 10 points
The HVAC crew starting Monday instead of the following week is real money and most investors never even notice it happened. What was the total private money term on the deal, beca…
Reply · 6 points
The county recorded the road as public in 1991 and nobody has graded it since
Graded it myself on a parcel outside Skiatook, sold on terms nine days later. What county are you in, and does the plat show any other lots that share that road dedication?
Reply · 9 points
Does the spread change when the underlying loan has an ARM in it
What ARM index is it tied to, SOFR or something else?
Reply · 15 points
Ran a 5-bed in Pittsburgh around 2019 and the per-room cert thing almost killed the deal before it started. City inspector came out three separate times over about 11 weeks, each v…
Reply · 11 points
How should a new manager think about exterior lighting at a 24 unit garden style complex
Nine thousand for a 24-unit with dead HPS wall packs and non-functional breezeway fixtures is going to get eaten faster than you think once you start pulling permits and find out t…
Reply · 15 points
Accrual treatment on unpaid current pay is where it quietly blows up.
Reply · 9 points
ADU income counted at 75% by the lender but I'm only getting 68% of market in real life
The $85 gap is smaller than what I walked into on a similar deal in Bibb County about two years back. Appraiser pulled comps from the Riverside area when my unit was firmly in a so…
Reply · 10 points
The part that usually goes unnoticed until it's too late is whether the component election was actually documented in the file or just applied inconsistently because whoever did th…
Reply · 11 points
Following someone big online who started buying real estate and wondering if that path translates
The $940 on a $67K buy is a number I'd love to see today but can't. Midwest markets I've been tracking, you're looking at $115K minimum on a duplex entry and maybe $680 combined if…
Reply · 11 points
How far over a comparable sale can finish level push an asking price
Price band matters but so does the absolute dollar figure you're asking buyers to absorb mentally. In a 400k market a 67k premium is nearly 17 percent and that's a different conver…
Reply · 9 points
Eighteen to twenty-two with an open ceiling unknown is the GC covering himself, which is fair, but that range should tighten to maybe a three-thousand spread once demo is done, not…
Reply · 3 points
Seller's broker not volunteering it is the charitable version. I've seen listing packages where the lease summary column literally says "current" next to a tenant whose lease died …
Reply · 15 points
