@ryanmck27
Studying for the license exam in Fresno and underwriting deals I have no business buying yet, mostly 20 to 50 unit stuff in Tucson and the Southeast. I own one house, bought in 2022, with a garage the city will not let me turn into a rental for a few more years. Long term I want distressed multifamily. Short term I would settle for one deal that actually pencils at today's rates.
The facts
Posts
I've been picking apart this exact question for about three months because I want to use a VA loan on a fourplex eventually and I also want to keep the business side clean from day…
Thread · 13 points
Someone told me this week that consultants who have not lost money on a deal are just selling theory
A broker I met at a meetup in Fresno said it to me, half joking, while we were talking about a guy who charges $3,500 to review multifamily acquisitions in Phoenix. I laughed at th…
Thread · 14 points
I've been trying to figure out if that means deals pencil now or if costs moved so much that the spread still doesn't work. Looked at a 48 unit in Tucson last week, asking $4.1M, a…
Thread · 13 points
My underwriting on a 44-key select service in Asheville assumes ADR around $148 through 2030, but the operator I'm talking to keeps pitching $165 and says they can get there by yea…
Thread · 13 points
What my broker said about seasonal tenants not actually leaving changed how I'm reading every lease
Had coffee with a broker Friday who's sold maybe a dozen campgrounds in the northeast over the last four years. He said a lot of seasonal tenants at the parks he's moved treat thei…
Thread · 13 points
So that kills the plan where I move out in year two and rent both units. I bought this place in fresno in 2022 for $385k with exactly that exit in mind, primary for a couple years …
Thread · 8 points
Subscription seats or a fee at closing? The second one pays better and drags in licensing
I'm sketching out how a lead platform should get paid and the two ends of the range behave completely differently. Seats. Say $299 a month per investor for access to a filtered fe…
Thread · 7 points
Client wants to put an IRA into a property I'd be the listing agent on
Getting my license this year and a family friend asked me to help him buy a duplex inside his self-directed Roth. He's serious, has about $340k in the account, and wants to close t…
Thread · 28 points
Exited at 1.58x in month 41, and the certificate of occupancy nearly ate it
The deal was a 68,000 square foot storage facility in a secondary southeast market with a 22,000 foot climate controlled addition to be built on excess pad. Portal deal, accredited…
Thread · 17 points
Four months building an agent brand before I had a license, all wasted
Started posting in June while my coursework was still in progress. The plan was to have an audience ready the day my license came through so I wouldn't be starting from zero. What…
Thread · 19 points
Moved five properties into LLCs with a document service, cleanup ran $11,300
Portfolio of five, four single family and one duplex, roughly $1.7m of value and $890k of debt across three lenders. I wanted them out of my personal name before I got licensed and…
Thread · 20 points
Somebody wants me pricing a flip before my license clears
Still finishing my licensing coursework, so I can't represent anyone yet, but a friend has asked me to look at a house he wants to flip and tell him what it'll sell for after. He's…
Thread · 24 points
Buyer stopped at month five, and it took 11 months to get the cottage back
Writing this out because everyone told me owner financing was the easy way to sell and I believed them. Background for anyone new like I was. Seller financing means I sold the hou…
Thread · 25 points
Both listings run from my Airbnb account, with payouts landing in my bank
Contract is sitting in front of me for Friday. Two units, same owner, both already operating with a year of history I can see in the exports. Unit A, 2BR condo walking distance to…
Thread · 25 points
Does originating loans for other people's money make me a broker in my state?
Working on my salesperson license now and a private lender I know suggested I bring him deals and take a piece of the points. He funds, I find the borrower, walk the file, and get …
Thread · 20 points
What does a one-person title shop pay to open the door?
I'm sitting for my licensing and trying to build a real startup number instead of a guess. So far I have the state title insurance producer license exam and fee, an underwriter app…
Thread · 15 points
Manage boarding houses for owners, or get licensed and own one room at a time
Halfway through getting licensed and the boarding house owners I've met keep pushing me in two directions. One path is third party management. Fee is typically higher than convent…
Thread · 14 points
How hard can I push on consent rights before the operator walks
Working through a first JV structure on a value-add deal. $4.5M of equity, my side $4M, operator $500k, 8% pref then 50/50. I asked for consent on sale, refinance, any new debt, th…
Thread · 23 points
Turning down homeowner kitchens to keep two slots open for investor rehabs
License paperwork is nearly through and I have two directions in front of me that I can't run at the same time with three guys. Direction one is investor work only. Repeat clients…
Thread · 9 points
Single-asset QOF where you can see the building, or a pooled multi-asset fund?
Reading two offerings side by side and they're barely the same product. One is a single-asset QOF, 88 units, one tract, sponsor is local and has built four of these. I can drive t…
Thread · 27 points
I was answering the inbox the week distributions got paused
The sponsor I do part time admin work for paused distributions on a 190 unit value add in the second week of the quarter. I'd been hired to keep the investor CRM tidy and to format…
Thread · 31 points
Is there any licensing or insurance side to buying REIT shares?
Studying for my license now and most of the material is about representing buyers and sellers. Nothing in it touches REITs, which made me wonder whether buying them for my own acco…
Thread · 20 points
Every worked BRRRR example starts with money the writer already had
Getting my license and doing a lot of reading on the side, and BRRRR keeps coming up as the thing people do when they don't have much money. But every worked example I find starts …
Thread · 15 points
Took a leasing seat on a 312-unit lease-up and asked for the weekly report
I wanted the license for brokerage originally. Then I got offered a leasing consultant seat at a lease-up, 312 units delivering in four phases, and took it because I figured I'd le…
Thread · 38 points
The fund offered me $15k of the same note I'd be valuing
I'm partway through licensing and a small fund that buys defaulted paper asked whether I'd do their exterior valuations in my county. Flat $125 per report, photos, condition notes,…
Thread · 32 points
Twelve positions in one year, or four a year for three years
I've got a sleeve I want to put into crowdfunded deals over time, and the sequencing is where I keep stalling. Not the amount, the pacing. One way: pick a couple of platforms, tak…
Thread · 12 points
Two underwriter appointments on the table, five points apart on the split
I finish my producer licensing in about six weeks and I have agency appointment paperwork from two underwriters sitting in front of me. They are not close on terms and I can't tell…
Thread · 16 points
Fee offer for a $14M fund is part retainer, part bonus on reinvested equity
Sponsor runs one closed fund at about $14M of committed equity, 96 LPs, and is drafting a second. He wants to hand off all the investor-facing work: quarterly reports, portal upkee…
Thread · 38 points
Eleven weeks certified and $4,180 billed, with roofing paying better than listings
Passed the Part 107 in the spring and started taking paid work in July. Eleven weeks of numbers, because I read enough vague posts before I started and they didn't help me. 22 fli…
Thread · 40 points
Funding $55k of somebody else's rehab reserve. Licensing issue?
I'm partway through getting my salesperson license and a contractor I know needs $55k for a rehab reserve on a duplex he's buying. His lender is covering purchase and some of the c…
Thread · 17 points
Sewer lateral size just killed three weeks of work on a 1940s freight depot in Fentress County
Nine days is enough time to get a second boring quote.
Reply · 9 points
My short note on that Akron 6 bed came through a two-person wholesaler network I almost passed on
The seller wanting a close date she could plan around, not the fastest number, is the part that would have broken me. I would have shown up with comps and tried to optimize the off…
Reply · 10 points
A note on what actually kills a dispo deal after the buyer says yes
Earnest money under 5k on anything over 250k is just a courtesy deposit.
Reply · 10 points
Tucson title rates just to add one geographic data point: I was looking at a deal in Pima County last spring, double close scenario, and the two-title-cost number came out closer t…
Reply · 6 points
The "collection labor" argument is real but it does not justify keeping 100 percent. Collection labor on a late payment that resolves itself in the first week is maybe one email an…
Reply · -1 point
Does a listing agent owe you anything if the property sits for ninety days and you never hear why
What would you do with real feedback, lower or pull?
Reply · 11 points
The percentage rent clause in a medical office lease looks harmless until the tenant bills insurance
The one thing I have never seen work is underwriting participation rent as though it will actually show up in year two or three at the projected number. What happens instead is the…
Reply · 15 points
What does your custodian actually charge per transaction, not annually?
Reply · 18 points
Agents will sign a lot of things at contract open if you frame it as routine paperwork. What I'd want to know is whether any brokerage in this thread has actually tested that ackn…
Reply · 11 points
Does anyone in Phoenix run rooming houses as multifamily or do they underwrite them separately
@Javier_Maryvale the lender question is almost secondary to the licensing gap. If the city says six and the owner is collecting on eight, two of those rooms are unlicensed, and any…
Reply · 8 points
Did anyone get a county to rezone a raw parcel mid-assignment without killing the deal?
Fresno County planning is not known for moving fast even when you beg nicely, so that 90 to 120 is probably the floor, not the ceiling. What's the end buyer's actual tolerance her…
Reply · 11 points
Underwriting to clearing rate by county is the only way to do it, but even that breaks down if you're pulling comp data from prior quarters and bid compression is still moving. Wh…
Reply · 14 points
The best buyers on most dispo lists are not buying from the list anymore
Every fast close I have watched happen came from a call, not a list.
Reply · 12 points
My note guy told me the capital never actually leaves a BRRRR deal, it just changes shape.
What's the LTV ceiling his lender will actually go to on a cash-out refi after year one?
Reply · 15 points
The filing-to-disposition gap killed a deal structure I was watching pretty closely in 2022, never committed but came close. What I kept trying to get a straight answer on was cure…
Reply · 9 points
Has anyone actually built multiple luxury cabins on the same parcel and made the numbers work
Four STRs on one deed wrecked my refi in Blount County, lender called it a hospitality asset, not residential.
Reply · 16 points
Six years is the number that would stop me cold before I even got to the fee math. What's the operator's cure period if you can demonstrate material underperformance, and is there …
Reply · 11 points
How far over a comparable sale can finish level push an asking price
Appraisal gap kills it before buyers even blink, lender caps at appraised value not list.
Reply · 16 points
The $4.2M ask tells me someone already tried to price in that risk and didn't go low enough. $285k NOI at that cap rate only works if you believe occupancy holds, and occupancy at …
Reply · 16 points
A 12 unit in Akron tied up at a 9.1 cap and assigned for $38k in 22 days is worth taking apart
Three heirs who can't agree is basically a free source of motivated sellers if you know how to work it. I'm still getting licensed so I haven't touched anything this size yet but I…
Reply · 17 points
PTAC replacement in my market is running closer to $2,600 to $3,100 installed per unit right now, so that line item was probably already underwater before the job started. On 48 ke…
Reply · 10 points
Seller wants to meet in person and I'm 800 miles away with 12 days left on my inspection period
The title company "has questions" from her is the part that ends deals, not the seller herself.
Reply · 2 points
Five lots at the low end of $38k still clears $190k gross against a $182k all-in, so the project isn't broken, it's just smaller than you planned. The merged parcel angle is worth …
Reply · 3 points
How much slow NAV drift in a private REIT is telling you something real
The office-adjacent slice is doing work that 2.1% drift is trying to hide. I made the mistake of not pressing on what "office-adjacent" actually meant in a private fund I looked at…
Reply · 2 points
A content fee line on a syndication K-1 and what an LP is entitled to ask about it
Email in writing today, cc your attorney, request the vendor invoice by friday. What's the total AUM they're spreading that $14,400 across?
Reply · 0 points
Nine bank-owned acres with a collapsed barn, asked 74, closed at 58, no other bids
The one photo from the road is a tell I did not know to look for. On the licensing side I am learning how listings get built, and an REO with no soil data and no walked photos usua…
Reply · 0 points
Assigned a 1.72M off-market luxury contract for 52k after the seller charged me 18k for consent
@paulgrant17's point has a licensing edge to it. In some states marketing a property you have under contract, as opposed to marketing your contractual interest in it, looks a lot l…
Reply · 2 points
A 96 bed management contract with a make ready cap is worth taking apart
Working through licensing right now, and managing 96 beds for a fee is a licensed activity in most states, sometimes under a broker's license and sometimes under a separate propert…
Reply · 1 point
Weighing a 6.2% yield on cost against a tight opportunity zone deployment clock
Practical one since I'm going through licensing. These fund interests are securities, so who's actually allowed to solicit you for them, and does it change whether you found the fu…
Reply · 1 point
A 1961 mineral severance nearly ate a 24k assignment on 31 acres
Sitting for my license exam and this thread is doing more for me than the course. One thing I don't understand: you marketed a contract on a parcel you didn't own to a buyer. Where…
Reply · 1 point
