@rick_santoro8
Sixteen flips in the 200 to 300 band, one contractor who walked mid demo, and 80 acres of cash rented farm ground in central Illinois that was supposed to be the boring part of the portfolio. Drive Polk County when I am in Florida. Lost a chunk on a personal guaranty in 2021 and now I read the guaranty page first and the pretty pictures last.
The facts
Posts
Does the buyer's financing type change which contracts I should be putting properties under
I've been building a list of cash buyers and came across two that operate differently. One pays all cash, closes in ten days, no contingencies. The other uses a private lender and …
Thread · 13 points
My attorney said something last Monday that I cannot stop thinking about
He was reviewing a private REIT subscription for a client of his and he called me because he knows I have looked at a few of these. He said the operating agreement had a clause tha…
Thread · 14 points
My farm ground cash rents hit in March and I rolled most of it into a flip I'm wrapping up in Lakeland, about 260k into that project and I won't see it back until probably late Jun…
Thread · 16 points
Can farmland income actually float a rehab if the deal stalls for six months
I'm sitting on a 240k purchase in central Illinois right now, 80 acres of cash-rented tillable ground. The flip I was counting on to carry me through spring went sideways because t…
Thread · 8 points
Why is every lead I'm finding already in the hands of a wholesaler by the time I get there
Driving two zip codes in Polk County for the last three weeks, specifically 33803 and 33815. I pull up to a boarded window or a tarp on the roof and I write the address down, run t…
Thread · 13 points
What percentage of the fund's LP base came in through the same broker-dealer channel?
Reply · 0 points
The room I thought was a liability turned into the one that justified the whole acquisition price
Sixteen flips taught me that the room nobody wants is almost always a positioning problem, not a room problem, and the number that proves it is how fast it fills once you stop figh…
Reply · 0 points
The structure question and the pricing question are two different problems and you're running them together. On the double close you ate $2,600 in friction that was knowable before…
Reply · 0 points
What cap rate are these buyers using to value NOI, because $2,500 divided by 7% is a $35,000 price haircut.
Reply · 0 points
Laundry at the flip ran 40 percent over my lake cabin ratio and I cannot figure out why
Your painter theory is right but the thing that wrecked my numbers was turpentine and acetone soaking through to the machine drum and then migrating to the next load.
Reply · 5 points
The inspection period is doing more work than most virtual wholesalers treat it as
Polk County I can get a familiar contractor out in 48 hours because I have handed that guy work for three years. A market I entered cold in 2022 outside Memphis, it was six days be…
Reply · 17 points
Ohio dependent administration, the PR can sign but the contract is genuinely executory until the judge bangs the gavel. Your $5k is not at risk of being kept, but it also buys you …
Reply · 21 points
@preferred operator's explanation about "mix shift during Q3" is doing a lot of heavy lifting and I'd want to see the Q1 and Q2 OTA percentages before I bought that story. If it wa…
Reply · 12 points
My Macon County ground is pricing at a spread closer to 80, not 40 to 60.
Reply · 15 points
I built a timber land inquiry page in January and it still has not closed a single deal
The 0.38 to 0.61 append quote is fair for that geography and you should not let sticker shock kill the channel before you know the record count. When I pulled central Illinois parc…
Reply · 8 points
Polk County specifically, I have seen title companies down there call a blanket drainage easement "standard for the county" and they are not wrong, but standard does not mean harml…
Reply · 15 points
Six weeks past a 30-day probationary window is the whole game, and they engineered it that way. What I want to know is whether your original contract defined "placement success" a…
Reply · 13 points
The 9-cap guy is the most useful data point you have and you're treating him like a rejection. That's the market telling you something. At 610k and a 7.2 cap that's about 44k NOI, …
Reply · 11 points
Twelve months of interest paid on time, then the extension fee hit and the math changed
Eighteen percent concentration in one loan is the number I'd have walked out over before the extension conversation even started.
Reply · 13 points
Scope creep killed the budget but the schedule killed the deal
Sixteen flips in and the one that nearly broke me was a 240k bridge note, nine weeks over because I let the tile selection ride until week three. Contractor stopped the bathroom cr…
Reply · 10 points
My tenant's lease runs out in six weeks and I haven't decided if I want to renew at all
What did she say when you raised her the $75? Not in writing, just the actual conversation or lack of one. A tenant who takes a bump with zero pushback in Garfield Heights, keeps t…
Reply · 13 points
Sixteen deals and I still caught myself doing the same thing last year on a Polk County retail strip. Read the pref percentage and my brain filled in the rest. What I started doing…
Reply · 16 points
Your standing lives or dies in the draw condition language, full stop. If the agreement has any clause about material changes to project scope or budget, that $61k appearing from n…
Reply · 12 points
Corporate relocation coordinators will send that exact letter to two or three landlords simultaneously and let the employee pick. You were probably competing without knowing it. I …
Reply · 10 points
My fund reports a 9.1% net but the K-1 showed 6.8% last year, what happened to the rest?
That 2.3-point gap on a $50k ticket is like $1,150 walking out the door, not nothing.
Reply · 12 points
60 cents on the dollar at disposition and I still owe the LP their full pref
Signed a personal guaranty on a slow multifamily deal in 2021 and watched $62k disappear the same way.
Reply · 13 points
A QOF exit that returned 11.4 percent annualized once the tax benefit is stripped out
Eleven percent unlevered or levered? Because that number reads very differently depending on whether the sponsor was running 60-65% LTV on the acquisition, which is pretty standard…
Reply · 12 points
Did the builder just lie to us about the warranty timeline or was that the listing agent
The ten-year structural coverage in Texas almost always runs from CO, not close, so pull that warranty document back out and look specifically for "major structural defects" langua…
Reply · 10 points
What does it actually cost to run a lead platform on top of a full time W2 job
The scraper breaking silently is what will kill you before anything else. You won't notice for two or three weeks, you'll have already sold leads for that period, and now you're th…
Reply · 9 points
I inherited a duplex in Tucson eighteen months ago and I still have not decided what to do with it
The stepped-up basis is the only reason I would even be debating this, but eighteen months of not deciding is its own decision, and it is costing you. At $1,140 combined on a paid-…
Reply · 7 points
Whether a 2.1M contract is real before title confirms the seller owns it free and clear
Disagree that patience is your best move here. At 2.1M you should already have a title commitment ordered, not waiting on it while your survey wraps on something else. I had a 260k…
Reply · 15 points
Are Jacksonville multifamily asking prices underwritten for 2025 or still running on 2022 math
Your 44 percent expense load is actually optimistic on the older Springfield stock. I underwrote a 10-unit on Hubbard last spring, 1978 construction, and once I put in actual insur…
Reply · 13 points
My nine-month note matured and the platform held my 8k for 31 days before I could redeploy it
Sixteen flips and zero crowdfunding in my portfolio specifically because I ran this math once and walked away, so take it for what it's worth. The 31-day hold is bad but four matur…
Reply · 13 points
Yeah the license does not transfer, that part is loose language. What you're buying is the entity, the DBA, whatever client relationships and splits are in place, and whatever syst…
Reply · 15 points
The $40k lift on a $61k spend is actually a rough return when you frame it that way, 65 cents of value for every dollar in while the market handed you $110k for free. 22 months is …
Reply · 2 points
