@kvolkova
Cleveland small multi, a 44 lot park in central Indiana, and a gain parked in someone else's fund that is teaching me patience the hard way. I do not do warm up questions. Ask the real one.
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@kvolkova
Cleveland small multi, a 44 lot park in central Indiana, and a gain parked in someone else's fund that is teaching me patience the hard way. I do not do warm up questions. Ask the real one.
The facts
Posts
Bought into a non-traded REIT in 2019, parked about $80k there, thought nothing of it. Then in 2022 I was mid-application on a cash-out refi on my Cleveland fourplex and the lender…
Thread · 24 points
I had a buyer ready, guy who moves fast on anything under a $35k spread, and I had to call the contract seller back before I sent it out. He said the $210k came from a Zillow estim…
Thread · 12 points
We're under contract on a licensed home, four residents in, two beds open. Seller says it hit six residents within three months of opening two years ago. My operator is experienced…
Thread · 9 points
I have a gain sitting in a fund right now, subscribed in March, and the manager keeps saying "Q3 deployment" without giving me anything more specific than that. I get that they can…
Thread · 13 points
Called one in 2019 on a Columbus property, guarantor was a mother, and the language we had was loose enough that she hired her own attorney and dragged it four months before paying…
Reply · 0 points
Sellers who will not move are usually protecting something that never made it into the negotiation
The $418k debt example you wrote is clean but the timeline tells you faster than the payoff does. If a listing went active, pulled, relisted inside six months, the seller already t…
Reply · 8 points
The $980k ask is the tell. Seller is pricing it like he's got a going concern worth underwriting, but the two comps you pulled just showed you the market disagrees and prices the d…
Reply · 10 points
The wardrobe move is real but $80 IKEA furniture reads as cheap to anyone who sees it on day one, so if you go that route get a decent secondhand armoire off Facebook Marketplace f…
Reply · 13 points
$2,600 is not what that decision cost you, it is what you found out it costs after the fact, which is different and fixable. The number I want before I'm under contract is the tran…
Reply · 11 points
What does a first allocation to a scaled fund actually look like in year one, operationally
61% with no state breakdown is the part that would bother me, not the pace. My fund position is in something totally different but I've looked at enough lien fund decks to know sta…
Reply · 16 points
Borrower equity versus lender equity in a gap piece, and where the split should sit
Twelve flat on a junior lien behind a 280k senior is thin if the borrower runs 30k over. My Indiana deal in 2021 had a gap piece at 11 percent plus 25 percent above a 12 percent p…
Reply · 22 points
Negative cash flow makes a subject-to deal harder to price, not impossible
Month-to-month actually helps the buyer here more than the post gives it credit for, that tenant can be moved on 30 days notice in most states, which means the value-add path is no…
Reply · 15 points
Why does a land note buyer care about the seller's original cost basis from 1987
The part that clicked it for me was realizing the seller's motivation isn't just price, it's timing of recognition. She paid $8k in 1987 and if she takes $62k cash at closing, the …
Reply · 7 points
@kvolkova stepping in here because the "who absorbs it" framing in the original post is where I actually live. I had a 44-lot acquisition in Kokomo two years ago where the inspect…
Reply · 14 points
Hard money got me in, now I'm trying to figure out if conventional actually pencils on the way out
What nobody mentions: applying conventional mid-hard-money never fails on the property, it fails on the borrower's schedule versus the lender's.
Reply · 9 points
The park had a blanket drainage easement in Schedule B-II, no recorded plat, no centerline, nothing. Seller's rep called it standard, my attorney called it standard, I closed anywa…
Reply · 11 points
The 47-day listing with a soft seller is doing more work than most off-market leads I've ever gotten cold, and I say that having bought in a market where off-market was basically a…
Reply · 11 points
A thirty-day vacancy in corporate housing costs more than the rent line suggests
My furnished units run closer to 1,100 in monthly fixed drag once you add wifi, platform fees, and what cleaning actually costs at turnover, not 900. Two weeks on a 30-day notice …
Reply · 16 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
Olive cash rent in that corridor runs 80 to 120 euros per hectare per year, cereal lower, sometimes 40 to 60.
Reply · 11 points
The thing about the North Valley is that $229k on an FHA in today's Albuquerque market is a real number, and you already know how to operate the model, which most people don't have…
Reply · 14 points
Self-management works until the 20th unit, and then something structural has to change
Shifted at 14 units for me, not 20.
Reply · 13 points
Title company flagged a deed restriction from 1987 and called it "informational only
Had exactly this on a fourplex in Lakewood, Ohio, 2021. Restriction from 1974 said no more than one dwelling unit per parcel, which was obviously dead on arrival against a property…
Reply · 11 points
The line about no building meaning simpler diligence is exactly the trap. I almost bought a 28-space lot in Akron where the "monthly contracts" turned out to be the seller texting …
Reply · 13 points
How much room there actually is to raise lot rent before a tenant walks
The $4,000 to $8,000 move cost is real but it is not evenly distributed across your tenant base, and that asymmetry is what actually sets your ceiling. The tenants who own a 1987 u…
Reply · 14 points
Detroit hit me with the same setup on a 5-bed I was looking at in 2022, individual room certs, separate inspection scheduling, the whole thing. I walked away from that one because …
Reply · 20 points
My partner said "you're studying a business you haven't started yet" and I can't shake it
Your guy was right and I'll go further, the network research is probably making it worse, not neutral. When I was sitting on my first deal I told myself I was being thorough, but w…
Reply · 9 points
$260 out of pocket while you're building toward property two is not that bad if your income can absorb it without stress. The garage is real differentiation in South Valley, I'd pr…
Reply · 9 points
Write the policy tonight, not when volume justifies it.
Reply · 10 points
Can farmland income actually float a rehab if the deal stalls for six months
The farmland is not your buffer, your credit line is your buffer, and the farmland is what makes the bank comfortable giving you one. That's the actual relationship and it sounds l…
Reply · 9 points
The part that matters is whether his closing was on a property you ever touched. If it was something you sourced and he bought it through a different wholesaler, that's a list prob…
Reply · 11 points
Are mid-tier markets actually softening or did I just pick a bad property
The thing I've never seen work is buying into an unfamiliar STR market on PM projections alone without at least two full calendar years of verifiable listing history for that speci…
Reply · 15 points
A preferred equity position at 9.5 percent current pay was written as first loss mezzanine
That first-loss mezz placement is doing more work than the 9.5% reflects. I'm sitting in a similar position on a 36-unit in Phoenix right now and the mezz we picked up is priced at…
Reply · 6 points
Hookup costs hit different if those pads are on a septic and well system vs. municipal.
Reply · 9 points
Does preferred equity work on a boarding house acquisition or does the year one coupon break it
The thin year-one cash is real but it's also market-specific. In markets like Baltimore or certain Philly zip codes where the license is tied to the operator not the property, your…
Reply · 9 points