@shane_dougherty
General contractor out of Dallas. Spent a career building other people's projects and watching them keep the margin, so now I keep nine doors of my own, none of them photogenic, plus a small land habit in Oklahoma I picked up when the build side slowed down. Current argument with myself is whether to build the next 12 units or just buy them.
The facts
Posts
Mid-term platforms I've actually used and what each one is worth
Furnished Finder gets the most traction for me, specifically with traveling healthcare workers. I put a three-bedroom in Garland on there in February and had an inquiry within six …
Thread · 5 points
That number came out of a 9-room house in Garland, all shared baths, no meals, no services, just rooms. I track it per door because the square footage comparison is meaningless on …
Thread · 18 points
Is a 30-year deed restriction on park-owned homes protecting me or just killing my exit?
Picked up a 14-pad community outside Ardmore two years ago as part of the Oklahoma land habit bleeding into something more operational. Eleven of those pads have park-owned homes o…
Thread · 11 points
The buy side pencils cleaner on day one because the income is already there, 13,200 a month collected, and my lender will size against that. Build side I'm staring at 18 months of …
Thread · 16 points
So the story in this room is that you find unmaintained rural parcels, absentee owners, tax stress, and you can buy at 30 to 40 cents on the dollar all day. That held up in the cou…
Thread · 2 points
The contact rate is not the number to fix when the real problem is list decay
Nine doors is a small enough portfolio that I am not running a serious cold call operation, but I have bought two of my Oklahoma parcels off SMS campaigns I ran myself through a li…
Reply · 0 points
Did anyone actually price out the holding cost as a monthly rent equivalent before they bought
West Roxbury capes at 70 percent ARV not penciling is almost certainly a comp problem before it's a math-and-cost problem. That market runs ARVs that feel solid until the buyer's a…
Reply · -1 point
@the poster, the "administrative processing fee" label is the tell. That is not accidental wording, that is drafted language designed to keep the fee off your income line and out o…
Reply · 14 points
The personal guarantee flag from your attorney is the only part of this I'd slow down on before anything else. On a stabilized storage deal in a secondary Texas market with institu…
Reply · 6 points
Sold a note in 2021, 78 LTV on a $185,000 house in Mesquite, borrower had eight months of clean payment history, standard SFR nothing weird. Best bid I got was 84 cents and I thoug…
Reply · 13 points
The six-month gap tells you exactly where the ball dropped. Lenders should be pulling entity docs at the loan application stage, not seventy-two hours before you sign. What does t…
Reply · 18 points
Does the buyer's financing type change which contracts I should be putting properties under
Your right of first refusal story is the actual lesson here, because the contract you sign upstream has to have room for surprises you haven't found yet, not just the buyer you hav…
Reply · 16 points
The appraisal came in at land value only, and the seller had no idea that was coming
Seen this from the build side more than once. The tell is usually when you pull permits on neighboring lots and half of them are demo permits. That neighborhood is already telling …
Reply · 12 points
Negative cash flow makes a subject-to deal harder to price, not impossible
Eight months of absorbed losses tells me the seller's pain threshold is basically gone, which is real pressure on the equity ask. What's the current rent relative to the submarket…
Reply · 11 points
Spent three years building tenant improvements for strip centers in the DFW suburbs, so I watched the lease-expiration problem from the construction side before I ever underwrote o…
Reply · 13 points
@OP the line that caught me was "six percent, which is well inside what a comp selection argument can move," and that is true but it cuts both ways. I have watched three reconsider…
Reply · 12 points
Pricing a self-storage offer when the cap rate and the rent roll tell different stories
What's the occupancy on those 120 units, and how long have the below-market tenants been in place? In Dallas I've watched facilities sit at 95% on stale rates for three or four yea…
Reply · 11 points
My gap money went into an RV park refinance and I am still not sure I understood what I owned
The part that gets me is operator went quiet through May when summer should have been printing money. That is the tell. An RV park that cannot cash-flow in peak season has a fundam…
Reply · 14 points
The catch-up agreement has to have a default clause with teeth, not just dates and amounts. Mine from a Garland property in 2021 had the dates, had the signatures, but when she mis…
Reply · 3 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
What state was this, because protection period enforceability varies a lot by jurisdiction.
Reply · 9 points
Lenders will haircut live-work to residential comp rents every time, so $1,450 gross beats your NNN numbers anyway.
Reply · 11 points
The Lakewood pocket specifically is brutal for this because those 1958 ranches have almost identical framing plans and that wall almost always runs to a center girder that was neve…
Reply · 12 points
Following someone big online who started buying real estate and wondering if that path translates
Nine doors, none of them photogenic, zero regrets.
Reply · 12 points
The part I've never seen work is an operator promising year-two rate pops in a leisure market without a concrete compression event calendar backing it up. What actually happens is …
Reply · 17 points
Does aerial footage actually help sell an STR, or does it just look good in the listing
Gatlinburg yes, but I'd pull the drone clip into the first three seconds of your listing video or guests skip it.
Reply · 9 points
The funder knows they can't enforce it in a six-hour window and they don't care, because that language isn't about enforcement it's about their position if you end up in bankruptcy…
Reply · 11 points
The thing that saved me on a similar deal in central PA was figuring out whether the university had any graduate or professional programs that ran year-round, because that's what h…
Reply · 10 points
Does anyone else notice their IRA cash sitting at zero yield while the deal flow actually moves
The custodian processing window is the real tax on private lending inside a SDIRA and most people just absorb it until they've lost enough deals to get angry. I moved the bulk of m…
Reply · 11 points
That $400 "remote transaction coordination fee" is completely fabricated, and yes they absolutely do that more to out-of-state people. I'm a GC in the midwest and I've been poking …
Reply · 10 points
Sub-to is largely a bet on the servicer staying asleep, and the exit should be priced that way
The part people skip is that servicers are not monolithic. Same loan, sold twice, and you can go from a servicer who has not looked at anything since origination to one who treats …
Reply · 11 points
What happens when the anchor buyer in a reverse wholesale is already committed elsewhere
Capital availability in May means nothing by July without a written timeline. What did your buyer agreement actually say about exclusivity and response windows?
Reply · 14 points
Has any LP in a long hold QOF position gotten a written opinion on the basis step-up to FMV
Get a second opinion from a QOZ-specialist tax attorney, not a CPA. What I'd need to know: has your fund actually filed Form 8996 correctly every year since inception?
Reply · 14 points
My skip trace vendor pulled my API access and called what I built a competing product
That vendor clause about "competitive use" is buried in every TOS I've ever read and nobody flags it until you're already profitable enough to matter to them. The 4,200 records yo…
Reply · 8 points
Why a title company asks who the end buyer is before it will open a double close file
The one nobody says out loud: some Columbus title companies have cut wholesalers out and called the end buyer directly.
Reply · 5 points
