@tomasz_wro
Two duplexes and a triplex in Wrocław, all self managed, all with at least one bathroom I regret. Some money in notes on the side because it just sits there between deals otherwise. Currently looking for a tile guy who finishes what he starts and does not need a 40 percent deposit to show up.
The facts
Posts
I'm looking at a 38-unit in Wrocław and the numbers only work if I keep management in house. Wondering how much friction that creates with outside LPs when the fee goes to the same…
Thread · 15 points
Had a guy come out to a bathroom in my Różanka duplex in March. Retiled three walls, left a gap around the drain the width of my thumb, asked for the second installment, and disapp…
Thread · 11 points
My biggest investor got quiet after I sent the Q1 update and I finally figured out why
Sent the same three-page summary I always send, revenue by unit, vacancy days, what I spent on what. He has been in the triplex since 2021 and never once complained. This time noth…
Thread · 12 points
My bathroom tile guy walked off the Wrocław Street triplex mid-demo and I ate $2,100 in sunk labor
Had him in for three weeks, demo done, waterproofing done, backer board up. He found a bigger bathroom job across town, told me Thursday afternoon he'd finish "after that one," whi…
Thread · 17 points
Anyone else tracking how long their capital actually sits idle between deals
I've got four notes that matured between january and march this year, three of them sat uninvested for somewhere between 19 and 34 days before I found something I'd actually commit…
Thread · 8 points
Does anyone else track the implied cap rate off NAV discount instead of just watching the yield
What is the discount to NAV in a rising rate environment versus a flat one, historically, for this specific REIT?
Reply · 1 point
The operator disclosed the lawsuit on day 31 of a 30-day rep period and called it timely
The removal right gap is the one that would keep me up at night.
Reply · 2 points
A contract I watched fall apart at the title company taught me more than the ones that closed
Ran a double close on a note assignment last year, not a house, but the same structural problem applied: two clauses pointing in opposite directions and whoever drafted the origina…
Reply · 4 points
On a four-unit at 280k depreciable basis, the study cost eats your year-one benefit fast.
Reply · 3 points
What are the other four rooms pulling in comparable Owasso co-living houses right now?
Reply · 4 points
@tomasz_wro is not addressing anyone above, so straight in. The framing I would push back on is the 63 percent number being the problem. In my experience the vague scope is not an…
Reply · 2 points
Does occupancy rate alone tell me anything useful if ADR swings this much
Occupancy as a standalone number actively flatters the wrong decision. A host who drops price to fill nights looks disciplined on occupancy and invisible on revenue, which is exact…
Reply · 7 points
The utility bill request is the one I'd trust, nobody pulls 24 months of bills to feel busy.
Reply · 14 points
Bay Area apartment values are already repriced; the demand question is harder
Not Bay Area, but Wrocław multifamily teaches you that "tight supply cushions values" falls apart the moment your tenant base income compresses.
Reply · 6 points
That 24-month window is the right instinct but I got burned exactly because 24 still was not enough on one of my units in Wrocław Fabryczna, 2022. The previous owner had done a big…
Reply · 20 points
My seller-financed note is at zero percent and I'm still losing money on it every month
The imputed interest piece is real but the part that actually stings long term is what it does to your installment sale basis. When the IRS recharacterizes a chunk of each payment …
Reply · 6 points
What does the grad student count look like specifically, because undergrad flight hits harder than people expect.
Reply · 16 points
Why do luxury sellers actually sign an assignable contract when they find out what it means
The attorney in the room is actually the part that matters here, not the price. My experience is that sellers at any level get angry about assignment when they feel like they were …
Reply · 19 points
Whether earlier communication would have produced a better or worse outcome is the wrong frame, because the three LP redemption requests were not caused by the news, they were caus…
Reply · 18 points
Saw a 1.8-meter gap like this on a Wrocław plot, neighbor had parked a transformer shed there for eleven years. What I want to know is whether the utility company ever filed anyth…
Reply · 12 points
Does timber on a land parcel get appraised separately or does the county roll it into raw land value
The gap you are describing is real, and the part that bites people is that even when a conventional appraiser acknowledges the timber exists, they typically cannot weight it heavil…
Reply · 12 points
Anyone else losing sleep over what their storage manager is actually doing with the gate code list
What software is the facility running, because SiteLink and Storedge both have auto-disable on vacate if the manager actually configured it right?
Reply · 14 points
My septic call cost me a $4,800 upgrade I never got back on a 4-acre parcel in Geauga County
What did you list the per-acre price at compared to comps without the upgrade?
Reply · 15 points
Does a deferred distribution reset the preferred return clock or just pause it
Did the PPM define "cumulative" anywhere in the definitions section, or just drop the word into the waterfall language and leave it floating? Because that distinction mattered on a…
Reply · 17 points
Does anyone know how long a municipal utility extension review actually takes start to finish
The distinction you're drawing is exactly right, and it's the one that costs people a full season. The 30 to 45 days is the clock they run after they stamp the application complete…
Reply · 10 points
Equity cushion means nothing if the auction date moves before the payoff demand does
The auction date is not fixed and everyone learns that the hard way once. What I watch is the supplemental filing gap, because that is where deals die, not on equity. In Wrocław I…
Reply · 16 points
The EPS line on an mREIT income statement is doing less work than it looks like it is doing
What does their undepreciated book value per share look like against current price?
Reply · 11 points
Modeling the tax schedule as fixed is the assumption that always bites, I did the same thing on a note deal in 2021 and had to rebuild the whole return calculation when the rules s…
Reply · 12 points
Did anyone get a county to rezone a raw parcel mid-assignment without killing the deal?
The county timeline is almost never what the planner quotes you at the front desk. I had a parcel outside Świdnica that needed a use-change before a buyer would commit, and the loc…
Reply · 15 points
Two years of this sat in my books the same way before my accountant caught it, and the repair piece is what made the difference for me, not the management fee. The fee washes almos…
Reply · 4 points
The 94 days is doing more work in this story than the staging bill. In Dayton at that price point, if you go quiet after week three, something is wrong with the listing itself or t…
Reply · 18 points
Can a broker license cover land deals that cross county lines in Georgia without extra registration
The license question is actually the easy part here. Georgia broker licenses are statewide, GREC does not care which county the dirt sits in, and there is no separate county-level …
Reply · 15 points
The referral network question is the one that actually kept me up. My operator on the triplex conversion I did in Wrocław, different country and not apples to apples on regs but th…
Reply · 12 points
My Airbnb payout hit the day before my owner's mortgage was due and I had already spent it
The four-day hold from an unrelated dispute is the part that would have broken me. Airbnb's payout system treats your whole account as one organism and a problem on listing A bleed…
Reply · 8 points
My brother thinks REITs are fake real estate and I used to say the same thing
The liquidity angle is the one I keep coming back to. I had 40k sitting between deals last year and I was too stubborn about it, left it in a HYSA earning 4.8 when I could have had…
Reply · 9 points
