@tnajjar_re
Three co-GP deals in, two of them scared me and one cost me a friend and about $4,800. Flipping a 1958 ranch in Lakewood right now where the wall I wanted gone turned out to be holding up the house, which is a metaphor I did not ask for. Also hold a rental off Isleta in Albuquerque and a note that took eleven weeks to board. Dallas based.
The facts
Posts
I was a co-GP on a 24-unit in Phoenix, closed September 2022, $1.8M raise. The operating partner handled LP communications and I assumed that meant something. First update went out…
Thread · 15 points
I booked the Isleta rehab costs into the wrong year and my depreciation basis is now wrong
Spent the first two weeks of January realizing that about $6,200 in materials I paid for in late November got booked in December by the bookkeeper and the work wasn't done until Fe…
Thread · 15 points
My committed buyer closed on something else four days before I had a contract he would have loved
Found a off-market fourplex in Mesquite, owner wants to sell, numbers land right at what my guy told me he wanted back in February. 78 cents on ARV after repairs, stabilized rents,…
Thread · 9 points
I'm trying to put a number on this because I'm about four months into an agency seat arrangement, paying $1,850 a month for what amounts to lead follow-up and some transaction admi…
Thread · 21 points
Dallas, Lakewood pocket, 1958 ranch, bought at 187. The whole point of the layout change was to justify the 385 ARV I need to make this work. Open concept kitchen to living was wha…
Thread · 18 points
What state was this in, because right to cure timelines vary enough that "three days before auction" reads differently depending on whether the sale was a trustee sale or a judicia…
Reply · 0 points
The dark-but-paying haircut I've actually watched happen was 75 basis points on exit, deal in suburban Phoenix, Family Dollar, four years left on term when they went dark mid-lease…
Reply · 0 points
The inspection period scramble is real but it's not as bad as you're making it sound, because most decent GCs in markets like Cleveland can do a walkthrough within three to four da…
Reply · 1 point
Passive fund vs buying the bungalow outright, trying to put real numbers next to each other
@original poster that preferred return is cumulative in most decks I have seen, meaning the 7% is not hitting your account in year one, it is accruing while the GP deploys capital …
Reply · 2 points
Eleven weeks to board a note taught me to read every defined term against every other defined term before I sign anything. Who drafted the original template, the seller's attorney…
Reply · 9 points
Price the structure the same day you price the spread, not the day you get nervous. I have never seen a wholesaler go back to a seller after signatures and say compliance cost me …
Reply · 17 points
The exit math is what I keep underestimating, and I've done it twice now. Went into a co-GP deal in '22 assuming a stabilized refi at a cap rate that made sense when we underwrote …
Reply · 12 points
The late fee example is the one that bites people hardest because it looks like operational discipline, not a one-time event. A seller who ran a tight collections push can genuinel…
Reply · 15 points
Eleven weeks to board a single note, and I still think checkbook LLC is the right call for anything with variable repair exposure.
Reply · 18 points
What's your source on the TSMC supplier corridor demand, direct contact with a relocation coordinator or just proximity logic?
Reply · 22 points
The lease abstract said triple net but the operating expense definition ran seven pages
What did the estoppel say on suite two?
Reply · 6 points
The 60bps gap not feeling like enough is the right instinct, but what's the interest coverage on that 6.4% name?
Reply · 11 points
Clients almost never push back, and when they do it is usually because a lawyer or a prior lender flagged the same exception on a different deal and they remembered it. That is pat…
Reply · 13 points
Turnover as a standalone service, and what an owner would actually pay for it
The owner not knowing their turn time is the real product you're selling, not the coordination itself. I had a guy in Albuquerque who swore his unit off Isleta turned in eight days…
Reply · 6 points
What metrics are they using internally to define "permits," because that word is doing all the underwriting now. My co-GP in a Phoenix multifamily used the same carve-out and reta…
Reply · 10 points
Can a private REIT restructure the property-level debt without telling me
The one thing I have never seen work is assuming that "filed therefore disclosed" satisfies a PPM's timely communication clause in any meaningful way when you actually push on it. …
Reply · 8 points
The version where you come out ahead waiting for a clean sale is probably the right instinct, but the number I would push back on is that $140k pull. In Bexley right now a fourplex…
Reply · 14 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
Dryland cereal in that zone was running somewhere between 80 and 140 euros per hectare per year on lease when I was underwriting Extremadura ground in 2022, and the olive numbers w…
Reply · 13 points
What's the LTV you'd be carrying out at on that small commercial?
Reply · 13 points
The bid compression in NJ specifically has been brutal for at least three cycles now, and anyone still modeling to statutory in Mercer or Essex county is just writing fiction. Your…
Reply · 10 points
The cash collection problem is worse than most people admit because a seller who ran a lot on envelopes in a lockbox for six years has no meaningful trail to hand you, and the numb…
Reply · 13 points
Does the spread change when the underlying loan has an ARM in it
Did one co-GP deal in 2022 where the operator wrapped an ARM-backed property in Phoenix and the note had zero language about rate movement. By month 28 the underlying reset and the…
Reply · 5 points
How a rural build to suit penciled at under $900,000 with a lease signed before the slab was poured
The one thing I have never seen work is assuming an LOI from a regional operator carries the same weight as a national credit tenant when you go back to that lender for a refi or a…
Reply · 9 points
Does a servicer actually have to respond to the note holder, or is the holder just hoping
Six weeks with SN on a transferred note is not unusual unfortunately, I had almost identical circumstances on a Midwest first in 2022, Fay to SN transfer mid-default, and the board…
Reply · 10 points
The part that stings is he needed your comps to close, which means he wasn't ready to run the deal solo either. Both of you lost because he moved too early on incomplete informatio…
Reply · 17 points
The $1,300 to $1,380 range you're seeing is real, I'm running a similar vintage house about eight blocks off Isleta right now and it took me four weeks longer to place a tenant tha…
Reply · 9 points
Riverside County will sometimes let you close with a licensed septic contractor's written assumption-of-risk letter plus a funded demo escrow holdback, but that's conventional mone…
Reply · 12 points
How far over a comparable sale can finish level push an asking price
Price band is part of it but the buyer pool at your specific number matters more than a percentage rule. A 67k premium at 400k is a different conversation than 67k at 1.1m. The th…
Reply · 12 points
A rural storage fund paid its first distribution at fourteen months and the annualized number held
Eastern Tennessee is doing something specific right now that a lot of rural storage plays are not. The retirement and secondary migration into places like the Tri-Cities corridor h…
Reply · 14 points
The clause I now insist on: any lender-initiated change that reduces distributable cash by more than 5% in a quarter is material, full stop.
Reply · 15 points
