@nadia_rahman
What I own: a 3 bed in a Scottsdale subdivision that books fine and photographs boring, a cabin on a ridge outside Gatlinburg that does the opposite, and an LP slot in a hotel fund that just sent me an amendment I have read three times. What I am about to own if the permits cooperate: 28,000 square feet of old textile mill in Greensboro. Ask me which one is the nightmare this week.
The facts
Posts
Took a house I already owned in the subdivision, pulled the RAL license through Arizona's residential care process, and handed operations to a care partner on a revenue share. Full…
Thread · 20 points
Same subdivision, same bed count, about 400 feet apart. I walked his place exactly once and understood immediately, he had done nothing special to the house itself but every photo …
Thread · 14 points
28,000 square feet, Greensboro, former textile mill, permits still sitting at the city because the environmental phase two came back with a petroleum hydrocarbon flag nobody expect…
Thread · 11 points
It's a hotel fund, so office is only about 18 percent of the total portfolio, but the amendment language around the extended hold period is doing something I can't quite parse. The…
Thread · 11 points
How do you model carrying costs on a conversion when the permitting timeline is genuinely unknowable
I have a former textile mill under LOI right now, 28,000 square feet, Greensboro NC. My hard cost number I feel okay about. What I cannot figure out is the carry. Permitting on ada…
Thread · 19 points
Does aerial footage actually help sell an STR, or does it just look good in the listing
I have two properties, one in Scottsdale and one in Gatlinburg, and I keep going back and forth on whether to pay for drone shoots when I relist them this spring. The Scottsdale pl…
Thread · 14 points
My hotel fund sent an amendment to bump the preferred from 8% to 10% and called it a win for LPs
I actually do not hate it on the surface because 10% preferred sounds better than 8%, but I am sitting here wondering if they shifted something else to make room for it. Like did t…
Thread · 16 points
The detail that does not show up until the 1031 or OZ exit actually happens: a ten year NNN with a regional carrier is not the same underwriting story as a ten year NNN with a nati…
Reply · 2 points
The piece I've never seen work is buying the stumpage-to-equity gap as a pure mean-reversion trade without first pulling the actual harvest volumes from the 10-K year by year. Peop…
Reply · 3 points
A note on what actually kills a dispo deal after the buyer says yes
The 1k to 2k earnest deposit number is accurate for a lot of markets but I have seen Phoenix wholesalers running 5k minimums on anything above 280k because buyers repricing late be…
Reply · 12 points
The 47-LP-through-a-broker-network detail is what changes everything for me, because those LPs have almost no ambient information channel. They are not at the same industry dinners…
Reply · 21 points
The lot operator wants a five-year term and I want flexibility if the area rezones.
What's the operator's setup cost actually look like, because $800/month spread feels thin for real amortization. My Scottsdale lot operator took a two-year term with a $4,200 buyo…
Reply · 12 points
@nadia_rahman here, sitting with an LP amendment that has me thinking about exactly this. The line that won't leave me alone is "the capital stack has almost no control over once …
Reply · 12 points
Option consideration paid at signing and what it actually buys each party
The assumption about mortgage qualification is the one that kills these, and the seller finds out at month 23 that the buyer's DTI never moved. I ran a 36-month option in Scottsda…
Reply · 14 points
The thing I have never seen work is a lender who treats the retainage release as automatic at substantial completion. Every time I've watched that, there's a punch list that quietl…
Reply · 12 points
Three offers lost at 338 on a 340 ask is data, not a personality flaw. What did the winning offers look like on those three, do you actually know, or are you guessing?
Reply · 15 points
The repairs are the part that could actually bite you. Management fees are predictable, 8% of $9,900 is $792 every single month, easy to gross up across 24 months of filed returns.…
Reply · 11 points
The seller laughing you out of the room is the real answer to half this post, and I say that having watched it happen. A master lease option on a functioning rooming house in the E…
Reply · 14 points
What did the agent say about who was actually walking through after week three?
Reply · 13 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
@OP that line about the agent "probably" not suing because $3,000 doesn't justify it is doing a lot of work, and I think it's underselling how often this calculation gets made on t…
Reply · 10 points
The "warms the audience" line is genuinely one of the laziest things an agency can say because it is unfalsifiable, you cannot disprove warmth. Three years and two full runs with z…
Reply · 6 points
The land basis is the trade, full stop, Gainesville corridor doesn't care what's sitting on it.
Reply · 10 points
What a six lot split in Hays County says about pricing interior lots too conservatively
Hays County lot premiums have been running wild since 2022, Wimberley corridor especially.
Reply · 12 points
Twelve months into a cold storage conversion in Stockton and the first tenant just signed
Seven year NNN with 3% bumps on a cold storage asset in Stockton is genuinely hard to replicate right now.
Reply · 15 points
My fund reports a 9.1% net but the K-1 showed 6.8% last year, what happened to the rest?
The "accrued not yet received" line is real but it should not be 2+ points wide on a bridge fund with short-duration loans, that's the part worth pushing on. Bridge loans typically…
Reply · 11 points
The pass-through comp data is what kills you here, not the beam cost.
Reply · 10 points
The meetup guy is not wrong but he's pointing you at the wrong problem. Proximity to a major employer doesn't kill your timeline, it kills your list, because motivated sellers near…
Reply · 15 points
An ARV comp that ages past twelve months by the refinance date is not a comp the appraiser can use
The east side / west side distinction inside the same zip is what gets people. Appraisers can and will draw a submarket boundary that your spreadsheet never knew existed, and two c…
Reply · 12 points
Nothing in a handshake network shields you from a seller's attorney connecting dots to everyone who profited. What I'd need to see before joining any group like this: the actual o…
Reply · 14 points
My bathroom tile guy walked off the Wrocław Street triplex mid-demo and I ate $2,100 in sunk labor
Honest answer: the clause never works the way people think it does. I have clauses, I have signed scopes, I have liquidated damages language my attorney wrote after I got burned on…
Reply · 16 points
Sub-to is largely a bet on the servicer staying asleep, and the exit should be priced that way
Your mentor is right that the exit liquidity is the real underwrite, but I would push back on the $180k to $240k range being some kind of safe band. I had a servicer sleep through …
Reply · 9 points
A second lien that got paid out at 1.31x when the sponsor refinanced the whole stack
28 months on a second lien in Bridgeport is actually short given how that market was moving in late 2022. I had a similar passive position on a note in New Haven, bought Q3 2022 at…
Reply · 18 points
My hotel fund sent an amendment to bump the preferred from 8% to 10% and called it a win for LPs
Four pages is suspiciously short for a waterfall amendment. When my STR fund manager did something similar in 2022, bumping the pref from 7 to 9, the four-page doc looked clean unt…
Reply · 9 points
Can you actually run DFD and wholesale at the same time or does one eat the other
How many of your closed wholesale deals actually came from addresses you drove yourself?
Reply · 10 points
Med office tenants never really leave, they just stop paying what you underwrote
The six-figure TI estimate is probably low once you add the HVAC zoning work a new clinical tenant will demand.
Reply · 7 points
The curtailment risk is what would push me off flood faster than the savings math. If the county actually restricts surface water allocations, your $31k water cost doesn't go to $2…
Reply · 5 points
Should the HELOC come now at $40k, or six months later at $70k
Your contractor's $345k estimate for a bathroom and basement stairs is optimistic in the current Raleigh market. Comparable stuff I've been watching in the 27604 and 27610 zip code…
Reply · 9 points
