@tobiasnwosu
Still in the saving phase, which I am told is a polite way of saying I read about other people's deals every weekend and have not bought one. Down payment fund is real but not there yet, target is a duplex or triplex in the Cleveland or Akron area, been watching Garfield Heights for months. W2 job, nothing to do with houses. Cleveland meetups when I can make them.
The facts
Posts
Did the ADU income kill my DTI on a property I cannot even buy yet
So I have been running numbers on a triplex in Garfield Heights, asking around $189k, and one of the units is a basement apartment that the listing calls an ADU. I got excited beca…
Thread · 14 points
Does anybody price a duplex cleanout differently from two separate single family jobs
Asking because I am trying to figure out what to expect on a duplex in Garfield Heights, probably a two bedroom over two bedroom situation, and I genuinely do not know if vendors q…
Thread · 11 points
My partner said "you're studying a business you haven't started yet" and I can't shake it
Met a guy at a meetup in Cleveland last Tuesday, been wholesaling part-time for about eight months inside a six-person group, and he said it to me like it was obvious. I had just t…
Thread · 12 points
Does REIT exposure count as real estate exposure when I'm still trying to buy actual property
Trying to work out how to think about this as someone still in the saving phase. I have about 34k set aside toward a down payment on a small multifamily, probably a duplex or tripl…
Thread · 17 points
My agent found the house I ended up buying and I still don't know if I would have found it myself
The part that gets me is you said you weren't watching that zip code closely enough. That's the actual answer sitting right there. She was. That's the whole product, not the access…
Reply · 3 points
The cap rate on a NNN property is only as good as the lease language nobody reads until closing
I am nowhere near writing a check on a NNN deal right now, but I study these because the math is cleaner to learn before you have skin in the game and are squinting at it under pre…
Reply · 11 points
That seller going quiet after an offer tells me nothing without knowing if they even opened it. What did your follow-up look like in April?
Reply · 6 points
The 60-day Marion County number is the one I would verify with an actual attorney before it shows up in a proforma.
Reply · 9 points
Fourteen days of buried data on a $4,800 monthly spend is not a reporting lag, it is a decision already made for you.
Reply · 12 points
@tobiasnwosu has no business in a $4.2M Coral Gables thread but I'm reading every word of it. What I'd actually want to know is whether the listing agent was a solo operator or ha…
Reply · 17 points
The stepped rate idea is cleaner but I have seen sellers resist it because they want the stated rate to look market rate from day one, usually because there is a third party watchi…
Reply · 15 points
My Memphis duplex was fully gut-renovated in 2019 and I still got burned on reserves
Vapor barrier flagged as "monitor" and you did exactly what everyone does, which is nothing.
Reply · 14 points
Found an agent who stopped me from closing a deal I was too attached to see clearly
Garfield Heights duplexes I have been watching have that same problem baked into half the listings. OM numbers assuming ARV rents nobody in that zip is actually paying. I have not …
Reply · 13 points
Why do luxury sellers actually sign an assignable contract when they find out what it means
What makes a seller at that price sign anything assignable when their attorney is right there?
Reply · 14 points
Garfield Heights had a trustee sale last March where the opening bid was $112k on a property that sold REO four months later for $89k.
Reply · 28 points
Wait two weeks and you will know exactly which problem it is.
Reply · 23 points
What's the LTV at origination actually worth if the appraisal was done at peak 2021-2022 values? That's the number I keep turning over watching deals from the outside, because a 65…
Reply · 8 points
Been watching this exact dynamic in the Cleveland small multifamily space, where hold period slippage on new construction is basically the rule rather than the exception, and nobod…
Reply · 13 points
Does anyone else write the sourcing agreement before they even know who the end buyer is
Fee survival is the one clause that almost nobody defines until they're staring at a dead deal. "Qualified presentation" should have a number attached to it, proof of funds over X,…
Reply · 13 points
Watching threads like this has probably saved me from a bad first deal. The one thing I have never seen work is the "call the wholesaler and ask them to justify the ARV" move, wher…
Reply · 10 points
The part about return of capital distributions shrinking the pref base is where I have seen the biggest gap between what people think they signed and what they actually signed. A s…
Reply · 7 points
The thing that jumped out at me from this whole breakdown is the 30-day probationary window being the only meaningful date in the contract. Everything else, the six weeks of ramp, …
Reply · 9 points
Turnover as a standalone service, and what an owner would actually pay for it
The $350 lost income figure is real but it undersells the case, because in Garfield Heights and similar markets I watch, the vacancy drag is rarely one week, it's closer to eightee…
Reply · 15 points
When a JV partner has the seller and I have the buyer, who actually controls the deal
The probate example you gave is the one that actually matters. Six months of relationship-building on a seller who will not pick up for a stranger is real scarcity, and I have watc…
Reply · 13 points
The ADU appraisal came in $73k below the build cost, and the owner still made the right call
The lender closing before the completion appraisal landed is the part most people will skip over, and that is the whole game right there. I have been running numbers on Garfield H…
Reply · 11 points
Kingsport comps at $1,100 unfurnished tracks but that $1,850 furnished number is running a bit hot for that market right now unless he locked it in pre-2023. The units I've been wa…
Reply · 12 points
Garfield Heights obviously has nothing to do with coastal hotel comp sets, but I have been watching the Cleveland short-term rental ordinance situation for unrelated reasons and wh…
Reply · 12 points
Garfield Heights duplex hunter here so I have zero parking lot reps, but the deposit schedule point hit me. What stops a seller from backdating thirty monthly agreements the week …
Reply · 5 points
The county recorded the road as public in 1991 and nobody has graded it since
The county declining to maintain it is the part that bites hardest, and I have watched sellers treat "public road" as a permanent fix when the county just never shows up. What I h…
Reply · 14 points
Providence does this specifically because of their rooming house ordinance, which classifies each lettable bedroom as a separate dwelling unit once you cross a certain threshold. I…
Reply · 8 points
Twelve months into a cold storage conversion in Stockton and the first tenant just signed
The detail that almost nobody prices correctly going in is the ammonia system insurance rider. Once you hit USDA compliance and cross certain refrigerant thresholds, your general l…
Reply · 15 points
60 cents on the dollar at disposition and I still owe the LP their full pref
What was your accrual method, simple on the unpaid or compound on compound?
Reply · 12 points
A bad foundation can eat the whole margin on a live in flip, and here is a case that shows how
The part I'd push back on is treating the $6k exit as the floor. If you sell now you're also giving up the capital you's tied up in that property for however long escrow takes, and…
Reply · 12 points
Does the seller care that you found them by driving past their house
What response rate are you benchmarking against to even know which letter won?
Reply · 11 points
