@trentmiles44
Two flips a year, both with my own hands on the drywall, plus a small multi I bought without reading the leases hard enough. Tulsa and Durham mostly, with a habit of finding tired landlords on Facebook Marketplace in rust belt towns nobody else is looking at. My knees are the limiting factor, not the deal flow.
The facts
Posts
I've got a 34 unit new construction in a Durham submarket where I've never dealt with a lease-up from scratch before, just acquisitions of stabilized product. My contractor thinks …
Thread · 14 points
Got a 1.4M estate in Scottsdale under contract in November, seller was a trust with four beneficiaries spread across three states, and I had the assignment clause, the buyer lined …
Thread · 13 points
I have a Bradford, Pennsylvania duplex under contract at 52k, ARV around 85k, and I locked it up myself off a Facebook Marketplace post from a landlord who'd been trying to sell it…
Thread · 23 points
Not 3, not 8, not even the 15 I was bracing for after the last deal. Twenty-two. And this is a property that was doing $58 average daily rate, so there was almost no margin left af…
Thread · 16 points
This was Durham, March of last year. Single family I had moved out of 18 months prior, converted clean, tenant had been there eight months without a hiccup. She lost a week of hour…
Thread · 13 points
Pull the NRCS soil data and the last ten years of April frost frequency for that exact township.
Reply · 2 points
What was his reaction when the numbers just sat there unanswered?
Reply · 4 points
My buyer's lender appraised a $4.7M Scottsdale property at $4.1M and the deal still closed
What loan-to-value did the lender actually book this at?
Reply · 6 points
Ran into this exact wall in Muskogee County a couple years back on a 14-acre piece I had under contract for $61k. They would not open the file without recorded ownership, full stop…
Reply · 0 points
Can you see the floor in any photo, and does the smell come through the walls on the walkthrough? Those two things are my line, not the cubic yardage estimate. When I can't see su…
Reply · 10 points
A DSCR loan on a fix and flip project is usually the wrong tool and the loss case shows exactly why.
What's your actual liquidity on the 30k scope, because that's the whole question.
Reply · 15 points
Eight to twelve a year means he has a closer he likes, full stop. Ask for the individual's name, not just the firm, because in Cuyahoga the relationship is with the person not the…
Reply · 15 points
The subsidy compounding across the chain is the part that finally broke one of my setups in Durham. I had three properties floating $300-500 a month each because rents in that subm…
Reply · 14 points
Anybody actually seen a GC reprice mid-job and still come in under the original number?
The one thing I have never seen work is the "shared savings" clause people write into contracts expecting it to create this behavior automatically. Every time I have tried it, the …
Reply · 12 points
The 3-day clock on a Florida deposit forfeiture nearly bit my deal and I did not see it coming
What title company is holding the deposit and did they confirm receipt in writing?
Reply · 14 points
Sold a house in Muskogee to my cousin's business partner on a note a few years back and the attorney flagged exactly this before we signed anything. We ended up just dropping the r…
Reply · 15 points
The survived tax lien point is real and I got burned on something adjacent in Ohio, a prior municipal assessment that predated the foreclosure, showed up two weeks before close, an…
Reply · 14 points
The post frames this as a rate-for-access trade and that's true as far as it goes, but the piece it skips is what kind of borrower actually gets access and at what real all-in numb…
Reply · 12 points
My first full-cycle equity deal just closed and the IRR came in at 11.2 percent net over 38 months.
What was the actual exit, sale or refi?
Reply · 10 points
What market is this in, because $289k for a 650-square-foot one-bed with highway noise reads very differently in a Sunbelt metro versus somewhere like Cleveland or Akron where you …
Reply · 17 points
Anyone else losing sleep over what their storage manager is actually doing with the gate code list
The margins look clean because operators don't price in this kind of overhead, and that gap is exactly where the slippage lives. I ran the numbers on a 180-unit climate facility ou…
Reply · 13 points
What I want to know is whether your scope even has a draw schedule written into the contract or if it's just a number on a page.
Reply · 12 points
The March disappearance after pickup two is so common it is basically a business model for a certain tier of tradesperson, and the part that gets me is the one Tuesday call. That i…
Reply · 12 points
What does your OA say happens to accrued but unpaid pref if the deal sells before it's fully caught up?
Reply · 10 points
Nine doors at that volume, the repair variance is the part that actually matters for whether you amend. If maintenance pulled out a combined $4,000 or $5,000 across 2022 and 2023 t…
Reply · 15 points
Six weeks at $4M plus carrying costs is probably $40-60k in mortgage, taxes, and opportunity cost depending on the market, so the seller saved maybe $15k on staging and lost three …
Reply · 11 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
The numbers I've seen quoted by a Salamanca-based gestor I talked to last year were 80 to 120 euros per hectare annually on dryland cereal, and olive on marginal ground can sit bel…
Reply · 7 points
The A-to-B deed recorded in the wrong order and the B-to-C closed first.
Ran into this exact sequence problem in Durham two years ago, not on the recording side but close enough that it woke me up. The closer submitted both deeds same afternoon, county …
Reply · 13 points
Sixty to ninety days is conservative for what I'm seeing in Tulsa right now. Tired landlord leads I'm pulling off Facebook Marketplace are running closer to four to six months from…
Reply · 15 points
Booked a drone crew for $480 and almost rented a helicopter for $1,100 instead
Eighteen days on a 12-acre waterfront parcel with an access quirk is genuinely fast, and that peninsula framing probably did the heavy lifting. The $620 gap matters less to me than…
Reply · 14 points
Depends on what her actual pain is. If she's current and has no hardship, she has zero reason to hand a 3.1% loan to a stranger unless you sweeten it somehow. I'd find out why she'…
Reply · 13 points
A loan package came back missing four items that nobody flagged as required
The addenda gap kills more deals than people admit, and my lender in Durham voided the rate lock over two missing initialed pages.
Reply · 17 points
Demand a flat hourly cap with a hard ceiling, maybe $3,500 max.
Reply · 16 points
What is the best social media to help investors find property to buy?
Facebook Marketplace gets written off as garage sales and junk but I pulled two deals off it last year, both in smaller rust belt markets where the sellers were just tired landlord…
Reply · 10 points
My agent got the accepted offer and then said "congrats, now the work starts
Lease audit tripped me up on my first multi too. Tenant told me verbally his rent was $850, lease said $775, and he had been paying $775 for three years while convincing himself th…
Reply · 13 points
