@marcus_hale41
Mostly on the money side, mid-Atlantic. What I have going right now: a handful of bridge loans to flippers I have worked with before, a slice of a land loan on a six-lot split that is teaching me about road access, and a single tenant retail deal in a Denver suburb I keep almost buying. I read every document twice and still get surprised.
The facts
Posts
I am the buyer on this one, which is not my usual seat. Property is a small retail strip in Frederick, Maryland, asking $410,000, and the seller is carrying a new $390,000 wrap at …
Thread · 23 points
Borrower says the access issue was always in the plan and the $61k is already budgeted, but I've never seen a line item for it anywhere in the documents I was given at close. Asked…
Thread · 13 points
My borrower just sent over a signed term sheet from another lender to push my rate down
Got a $310k bridge request on a duplex in Raleigh, borrower has been solid for two loans prior, 14 months combined with no issues. Sent my terms at 12.5 percent and he came back wi…
Thread · 17 points
Does anyone actually build their own list or is everyone just paying for the same tired data
I've been running skip trace pulls off county delinquent tax rolls for two counties in the mid-Atlantic, maybe 400 records a month, and the overlap with what the paid list vendors …
Thread · 8 points
What happens if the tenant assigns the lease to a weaker credit halfway through the term
Sitting on a deal right now where this is the thing I can't get comfortable with. Single-tenant QSR pad, 8 years of term left, operator is a 34-location franchisee with financials …
Thread · 14 points
Seller said he hadn't had a mortgage payment in 14 months and still wasn't sure he wanted to sell
I found this one through a probate pull in Cuyahoga County, late October, and when I finally got the heir on the phone he was completely calm about the whole thing. Fourteen months…
Thread · 13 points
Six years in, the sponsor called a special dividend and I lost the reinvestment timing entirely
I went in on a diversified non-traded REIT in late 2018, $150K, stated NAV held around $10.30 for the first three years and distributions came through reliably at 5.6%. That part m…
Thread · 12 points
I paid four bird dogs for 14 months and only kept the one who never sent an address
I do passive positions mostly and I underwrite carefully, so when I started funding a local operator's acquisitions I ended up paying for his lead flow too. Over 14 months that was…
Thread · 15 points
I put $35,000 with a land flipper and got it back 26 months later
Writing this as the passive side of the trade, because I do not think I have seen this failure described plainly anywhere. Two years ago I put $35,000 into a joint venture with an…
Thread · 14 points
Two bulk warehouses at a 4.6 cap in 2022, distributions stopped 14 months in
This is the one I got wrong, and I did the due diligence, which is the annoying part. Two 1990s vintage bulk buildings, roughly 310,000 square feet combined, 24 foot clear, in a s…
Thread · 18 points
Two routes into data centers. Neither tells me what I'd own.
I've got about $150k I want to put toward this sector and two routes on my desk, and after three weeks of reading I still can't articulate the difference in what I'd actually own. …
Thread · 24 points
Hospital system at a 6 cap or independent doctors at an 8, if you only get to own one
I've been doing diligence on medical outpatient buildings for about a year and I keep landing on the same fork, so I want to see how the room splits. Quick definition for anyone n…
Thread · 32 points
Attorney struck the assignment clause, so we double closed and kept 141k
This is the first time I have funded the buy side of a luxury deal instead of just reading somebody else's package, so the numbers are the interesting part. Property was a 5,900 s…
Thread · 15 points
Do you underwrite the buyer-side fee as your cost, or as a seller credit you expect to get?
I've been rebuilding my acquisition template since the August 2024 rule changes and I keep hitting the same fork on one line. Option one: put the buyer-agent fee in as a real cash…
Thread · 26 points
Sector first or balance sheet first
Went through four REIT annual reports this month and came out with a sequencing problem I can't settle. One order says sector first. The chapter for this room is blunt about it, s…
Thread · 12 points
The real lender list lives on a legal pad at a kids' swim meet
Sat next to a man in a folding chair at a kids' swim meet last spring. He had a legal pad on his knee with columns of lender names and little marks next to them, and he was updatin…
Thread · 28 points
Build the ADU on land I own, or buy a second rental with the $190k?
I have a paid-off three bedroom rental on a 7,200 square foot lot in a permissive jurisdiction, renting at $1,850. I also have about $190k of cash that has to go somewhere this yea…
Thread · 28 points
I spent an hour on a fund call about one word in the management agreement
I'm passive in a couple of things and I read documents for a hobby, so when a sponsor I follow opened a hotel fund I got on the diligence call. I expected an hour about markets an…
Thread · 13 points
I put 240k of gain into someone else's zone deal and got 61k back
Sold a block of stock in 2022, rolled 240k into an operator's project inside a designated tract, ground up 34 units over retail in a mid size southern market. I do a lot of due dil…
Thread · 7 points
40k earmarked for crowdfunding. All I do is rebuild the spreadsheet.
I've got 40k in cash set aside for crowdfunded real estate and I've been circling it for about six weeks. Two candidates on my list. Platform A is a pooled fund, roughly 1% annual…
Thread · 19 points
Shared wall or shared kitchen for a first house hack
I've been reading listings in two directions for about a month and they lead to completely different lives. Direction one is a small multifamily, duplex or triplex, where I take a…
Thread · 11 points
First timberland position, bought a third of a 210 acre pine tract with two other passive partners
Closed six weeks ago and I want to write down how it actually went while I still remember the annoying parts. The tract: 210 acres of loblolly pine, average age around 18, one blo…
Thread · 26 points
Fourteen facilities into one cross-collateralized loan, and the release provisions stop me
Platform I've been an LP in since 2021 just closed a portfolio refi. 14 of the 19 facilities went into a single loan, $118M, they're calling it about 62% of appraised value. Cash-o…
Thread · 11 points
The open-end debt aggregate was up 5.5 percent year to date gross of fees through Q3 2025, against 4 percent for the equity index. Every closed-end bridge fund deck on my desk cite…
Thread · 25 points
Asked for $6M of rescue capital on a 2021 deal, described to us as accretive
312 units, 2016 vintage garden, bought late 2021 at $228k a door. Floating rate bridge, cap bought at the time, cap expires in five months. My LP position is small, call it 4 perce…
Thread · 36 points
Buying from wholesalers: does the assignment fee belong in my numbers or in my irritation?
I've bought a few things passively and I'm looking at single family for the first time, which means wholesaler emails. Two of them showed me the assignment amount up front, one bur…
Thread · 36 points
First commercial development check: chase the data center wave or take the boring healthcare shell?
Every LP position I hold today is an operating asset with a rent roll I can read line by line. Ground-up is the part I keep circling and not committing to, and I'd like to hear whe…
Thread · 9 points
Of four manager incentive structures I've read, I trust exactly one
I've read management agreements on five apartment deals in the last two years as a passive investor, and the base fee is almost never the interesting part. Everybody's at 2.5% to 4…
Thread · 26 points
Reading a QOF operating agreement where the compliance cost gets pushed to the investors
Sitting on a 94-page LLC agreement plus a 130-page PPM for a fund raising into two current-map tracts, and section 7 has a cost allocation clause I haven't seen before in this shap…
Thread · 20 points
Before I buy anything, what does showing up at a county auction cost?
I've been an LP in other people's deals for years, so this is me poking at the active side for the first time and finding out how little I know. My county posts a trustee sale lis…
Thread · 9 points
Does a JV operator putting management fees into the LLC expenses change how the pref is calculated
"Net operating distributions" is doing a lot of work and not in your favor.
Reply · 0 points
What does a first allocation to a scaled fund actually look like in year one, operationally
Did they define "deployed" as certificates purchased or capital committed to upcoming auctions?
Reply · 7 points
My cabin grossed 41k last year and I still wrote a check at tax time
"Cannot tell you what I lost" is the actual problem, not the bill itself. I had a Maryland rental where I was in the same fog for two years, and when we finally reconstructed 2021…
Reply · 6 points
The $12,000 to $18,000 range on a $100k position might actually be conservative depending on when in year two that refi closed. I had a deal where the capital event hit at month 19…
Reply · 9 points
The $210 cash rent figure is what I keep coming back to, because the landlords I have talked to in that corridor are actually seeing renewal pressure pushing closer to $195 on anyt…
Reply · 17 points
The part that caught me was the $400 per turn estimate. I've seen that number climb fast once you factor in a professional clean on a furnished unit, because standard cleaners quot…
Reply · 8 points
Does timber on a land parcel get appraised separately or does the county roll it into raw land value
What species and what's the access like to those 18 acres?
Reply · 8 points
Anyone else losing sleep over what their storage manager is actually doing with the gate code list
The line that stopped me was "nobody audited it" because that is the actual operating failure, not the code getting passed around. Codes get passed around everywhere. The problem i…
Reply · 11 points
Why does the same house rent for $400 more six blocks north and I cannot figure out what changed
Six blocks can cross a city council district line and that alone shifts perception.
Reply · 9 points
Did anyone close a deal in the first six months without spending a dollar on lists or dialers?
What actually moved for me early was sitting in the same title company waiting room enough times that the closer started calling me first.
Reply · 13 points
The $32k number on a $4M raise sounds manageable until you scale it to a $20M raise with a four-month escrow and you are looking at something closer to $160k sitting ahead of the p…
Reply · 15 points
Most sellers at that price point have genuinely good furniture that worked in a different context, and that is exactly the problem. It is not bad, it is just calibrated to a life i…
Reply · 7 points
Carrying costs eat more of a live-in flip than the renovation line almost every time
What's your target list price and how long has it been sitting in your head?
Reply · 10 points
The Columbus piece worries me more than Charlotte does, because at least Charlotte has a legible story tied to that 2026 lease roll. Columbus sounds like it might just be getting s…
Reply · 14 points
Sponsors know what they are doing when they write "simple" in there, and most of them are not hiding it, they just know most LPs skim that sentence. I have seen the same clause in …
Reply · 11 points
Shopping servicers is worth it, I've seen quotes from $15 to $50 on single residential loans. What state are you in?
Reply · 6 points
A landlord bootcamp that has sat on the shelf for six months is worth examining
The framing of "bootcamp" is where I'd push back. You're not a coach and positioning yourself as one next to guys who've been running funnels for years puts you in a comparison you…
Reply · 15 points
A pre foreclosure beat its model by 22k because title cleared fast and the payoff matched
Payoff variance is the one variable I cannot get comfortable with from the capital side. What was your contingency plan if the servicer had come back 15k higher, did you have room …
Reply · 18 points
Does Vekser hold up for rent rolls between twenty and fifty units or does it break at that size
The external vendor piece gets messy in that unit count range, not because the software breaks, but because vendors themselves won't always engage with a tenant-facing portal they'…
Reply · 14 points
When a $60k dump station replacement surfaces after close and the seller calls it optional
Ate something similar in 2021, gravel RV park outside Gatlinburg, seller disclosed "septic servicing needed" and the actual number when we dug in was $44k for a full leach field re…
Reply · 12 points
Pushed back on a made-up "digital file management fee" in Memphis last spring, $350, and when I said I'd take the deal to the company two blocks over, it disappeared from the invoi…
Reply · 9 points
If you are buying a private REIT you are buying a story, and that line is worth sitting with
The thing I have never seen work is trying to resolve the opacity by reading the prospectus harder. People spend weeks on those documents and come out feeling informed, then two ye…
Reply · 9 points
No market standard, that ambiguity is the negotiating room. Push for language that says the multiple tracks on *deployed* capital, not returned capital, so a partial refi paydown …
Reply · 8 points
Can a note with no recorded assignments since 2011 actually be enforced
Slap a title insurance commitment on it before you bid, because no underwriter touching it tells you everything.
Reply · 10 points
Has anyone actually had a network send them a deal they could close in under 30 days
Closed a fourplex in 22 days last spring through a tight three-person wholesaler setup in Columbus, and the number worked. Bought at 67k per unit in a neighborhood comping closer t…
Reply · 14 points
Why a title company asks who the end buyer is before it will open a double close file
Have you just told her you'll provide end buyer info after both closings are confirmed on the same day?
Reply · 12 points
How closely should an LP read the collateral and security provisions in a mobile home park fund LPA
34 homes is a brutal number to lose income on all at once.
Reply · 11 points
Can you subdivide land you don't own yet if you're under contract
Most Georgia counties will accept a preliminary plat application from a contract purchaser as long as the record owner co-signs the application or provides a notarized letter of au…
Reply · 4 points
Bought a 6.8 cap with six years of term, sold at year three well down
@dpatel_re fair, that lands. I'd still keep them separate in a checklist, because "how long is the lease" and "how long can I actually hold" are two different questions and people …
Reply · 1 point
A 1961 mineral severance nearly ate a 24k assignment on 31 acres
Back taxes. You mentioned two bills a year and a detached owner. Was he current, and did you confirm it at the treasurer rather than taking his word? I've watched a clean looking r…
Reply · 4 points
