@teresa_iglesias
Broker for fifteen years, Inland Empire mostly, which means I have watched a lot of other people's small multifamily closings and finally started doing my own. Fourplex in Riverside last March, a 4 bed I am still trying to figure out the laundry on, a 12 room in Cleveland I bought in 2019 that keeps me humble. I ask a lot of questions about hours logged. Occupational hazard.
The facts
Posts
I am sitting on a deal in Fontana right now, seller carry at 4.1 percent, $218,000 remaining, and I had assumed I could wrap at 7.5 and pocket the spread on the full $265,000 sale …
Thread · 18 points
Mine wants a signed purchase agreement from the end buyer before they'll even send me a term sheet, which puts me in a position of needing the buyer locked before I know what the f…
Thread · 12 points
My storage fund GP rolled three assets into a continuation vehicle and called it a liquidity event
I've been in this business fifteen years and I know what a liquidity event is. This was not one. The GP took the three best-performing facilities out of the main fund, put them int…
Thread · 15 points
Does a $450 inspection make sense when the problem it finds costs $200 to fix
Closed on a fourplex in Riverside last March and paid $575 for the full inspection. Inspector flagged a bathroom exhaust fan that wasn't venting to the exterior, just dumping into …
Thread · 16 points
How do I price the laundry situation before I buy
I'm looking at a 4 bed in Riverside County, washer and dryer hookups in the garage, no machine. Do I buy the machines, charge per load somehow, or just bake a flat $40 a month per …
Thread · 10 points
Paid for a drone shoot on a duplex that went under contract before the footage was even edited
Eight phone photos. I want to know what those photos were of, because in my experience the listings that move fast on Riverside duplexes are priced right and show a clean exterior …
Reply · 0 points
My county recorder went digital eight months ago and it broke how I was doing this
The Cleveland bird dog thing I mentioned, I paid $800 on a $300 lead and I did it without him asking, because what he handed me was not an address, it was a person. He told me the …
Reply · 5 points
@Weyerhaeuser and PotlatchDeltic both carry carbon credit value that has no settled accounting treatment, and I want to push on that a little because the problem is not just the di…
Reply · 5 points
Subject-to teaching is the one area where I wonder if the format matters more than the content
The one thing I have never seen work is the video walkthrough where someone pulls up a "sample agreement" that was clearly drafted to teach, not to close. Every clause is clean, ev…
Reply · 8 points
Anybody actually seen a GC reprice mid-job and still come in under the original number?
What percentage of that $58k was held in contingency before he handed it back?
Reply · 11 points
The first investor update after a deal goes sideways is the one that decides whether you raise again
Fifteen years brokering other people's deals before I started doing my own, and the sponsors who kept getting funded were almost always the ones whose investors called *them* first…
Reply · 9 points
Gifted interest on my Cleveland note would cost me more in phantom income than the goodwill was worth.
Reply · 8 points
The lot operator wants a five-year term and I want flexibility if the area rezones.
What does your municipality's comp plan say about that parcel specifically?
Reply · 24 points
The agent who read the note caught something the inspector never would
The call option thing happened to a client of mine on a commercial deal in San Bernardino, 2021. Seller called it "standard balloon language" and the agent never flagged the 36-mon…
Reply · 11 points
Did anyone else take a loss inside a QOF and come out confused about whether it actually helped them
@OP the line that caught me was "paying tax on a gain from money you no longer have" because that is exactly the situation and most of the QOF pitch decks I saw in 2022 did not mod…
Reply · 14 points
The repair amounts bouncing $0 to $400 per unit is exactly where the wash breaks down, because depreciation basis, passive loss calculations, and any cost seg work you ever want to…
Reply · 16 points
The Sacramento comparison is the one that got me, because that is exactly the category of error: the document technically works, the sponsor is technically right, and you are the o…
Reply · 13 points
Can a private REIT restructure the property-level debt without telling me
The SOFR plus 285 float on an extended office mortgage is not a neutral refinance, it's the sponsor buying time on an asset they could not sell or stabilize, and that context is wh…
Reply · 8 points
The vacancy number on a boarding house does not behave like apartment vacancy
My Cleveland 12-room showed 9 percent vacancy on paper in 2022 and I still had two months where I was short on debt service, which is exactly the math you are describing. The annua…
Reply · 11 points
Booked a drone crew for $480 and almost rented a helicopter for $1,100 instead
The parcel feeling like it "deserved" the fancier option is exactly how I've burned money before. Spent $900 on twilight drone plus matterport on a Riverside fourplex that sat 47 d…
Reply · 9 points
That 2026 deferral date was the whole trade, and they blew it for you.
Reply · 12 points
Does a 1.5 percent asset management fee on gross revenue cover what running the asset costs
What's your actual hours per month logged, not estimated?
Reply · 11 points
The lender angle is where most people spin their wheels too long. In my experience with FHA and conventional on small multifamily out here, the underwriter is not going to budge on…
Reply · 15 points
Do dispo services touch a buyer who is still working toward a first deal, or is that backwards
Wholesalers in that bracket are quietly co-wholesaling to each other, so one solid relationship beats any formal network.
Reply · 6 points
My housing authority told me to stop using my own lease entirely
Your own lease clauses survive when they fill genuine gaps, things like parking assignments or storage rules or late fee amounts the addendum never touches. I have had those hold u…
Reply · 14 points
Bought a 12-room in Cleveland 2019, license showed active on the MLS, lapsed 19 months prior per the city portal I checked the day after we closed.
Reply · 12 points
That spread on a 1.47M Scottsdale estate tracks, and honestly I have seen fees push past that on vacant estate properties when the condition discount is deep enough. What I want to…
Reply · 10 points
Is it normal for a stager to require a signed minimum term before the listing is even priced
She's protecting herself, yes, but that's also just standard practice. Stagers front the cost of furniture and can't pull it mid-project without losing money. What I'd push back on…
Reply · 7 points
When repeat note investors ask to come in as equity on the next deal
The thing I've never seen work is treating a sophisticated insider like a passive LP just because the docs say he is. Every time I've watched a sponsor try to paper over the famili…
Reply · 7 points
A 12 unit in Akron tied up at a 9.1 cap and assigned for $38k in 22 days is worth taking apart
Akron multi has been moving faster than people outside Ohio realize, and that vacancy-to-89k spread is the exact number a cash buyer needs to see written down before they will move…
Reply · 11 points
Sourcing for a client who keeps moving the buy box after I already have a property under contract
Yes, written it in, had it hold up once and had a client walk anyway once. The clause matters less than the deposit. What I have never seen work is the kill fee without a non-refu…
Reply · 15 points
Got my first co-hosting inquiry last week and I have no idea what to charge for the setup phase
Setup fee is not a favor you're doing her, it's a filter. I charge $750 for a cold start on a one-bed in a market like scottsdale, non-refundable, and it has nothing to do with the…
Reply · 2 points
Does a local wholesaler with ground access beat my remote spread on the same deal
That $38k repair number from photos is almost always low by 15-20% in 38114 specifically.
Reply · 1 point
