@ximena_p
Read about forty fund decks this year and have not signed one. That changes in the next few months, probably an RV park fund, maybe Phoenix multifamily if a rent roll stops lying to me. Not an operator and not trying to be one. I keep closer tabs on Providence and Hartford rents than on my own street. I just want to be the LP who actually read the whole PPM.
The facts
Posts
I keep running this comparison on the Phoenix multifamily deal I'm circling and the numbers keep not quite matching up. The operator is projecting a cash-out refi at month 36 after…
Thread · 13 points
I'm probably two or three months out from my first closing in that market, LP side, and the operator I'm looking at closest does a lot of Cuyahoga County deals, maybe eight to twel…
Thread · 11 points
Does BRRRR even work in SoCal or are we just pretending it does
My friend closed on a duplex in Pomona last spring, all in at $540k after a $65k rehab, and the appraisal came in at $590k. She needed $620k to make the refi math work. So she's si…
Thread · 14 points
Does a two-family in Hartford beat a condo in Glastonbury for a first Connecticut buy
$2,400 a month. That's what a decent second-floor unit in a Hartford two-family rents for right now, and I keep circling back to it every time someone asks me whether a condo makes…
Thread · 16 points
Does a deferred distribution reset the preferred return clock or just pause it
Asking because I have a note right now where the sponsor skipped Q3 and Q4 distributions and the PPM language says "cumulative preferred return" but does not specify whether the ac…
Thread · 15 points
My first LP check is going into an RV park fund and I cannot figure out what I'm actually buying
So I've been circling this for about eight months. I'm not an operator, I have never run a campground, never bought a park outright. What I have done is read probably forty decks i…
Thread · 8 points
I'm looking at a 312-unit deal in Phoenix right now where the T-3 shows $1,680 average and the in-place leases from that window are rolling off over the next 18 months. The sponsor…
Thread · 15 points
The part that would bother me is "father who said he would co-sign," because that framing suggests the guarantee was almost an afterthought, something tacked on to make the deal fe…
Reply · 0 points
Did not vet a tenant-buyer's credit path before signing and now I'm sitting on a dead option
Three collections in fourteen months of a supposedly clean-history runway is the part that keeps nagging at me. That's not stalled credit repair, that's moving in the wrong directi…
Reply · 6 points
Sellers who will not move are usually protecting something that never made it into the negotiation
The replacement property angle bites harder than people give it credit for. Had a seller stuck at $412,000 last spring who wouldn't touch price or credits, and it turned out she ha…
Reply · 4 points
The seven that failed your test, what was the fee range on those? Because the problem looks different at a $15k retainer versus a $150k one. At the lower end, sloppy scope is usual…
Reply · 7 points
The contact rate is not the number to fix when the real problem is list decay
No vendor I have ever talked to volunteers that the list is dead.
Reply · 12 points
The water heater wall thing is not a code curiosity, it's a CO issue that can unwind your certificate of occupancy entirely and most lenders won't touch it even after remediation. …
Reply · 7 points
Is there a house hack that still makes sense when you are not living in it anymore
What owe you on the Phoenix condo relative to what it would actually sell for right now?
Reply · 12 points
Three deals in and still no paper is not a momentum problem, it is a habit now. The thing that gets me is the competing introduction scenario you raised, because that one does not …
Reply · 10 points
Imputed interest on a below-market note is phantom income the seller pays tax on whether or not a dollar changed hands.
Reply · 12 points
The $4,800 for the phase two is not the decision I would be sweating, that is a rounding error on a note you bought at 61 cents. What I would want to know before authorizing anythi…
Reply · 17 points
The appraisal came in at land value only, and the seller had no idea that was coming
What was the seller's broker telling them during the two years post-rezoning?
Reply · 28 points
My boarding house manager just quit and I did not have a written policy for anything
The money order made out to a name you don't recognize is the part I would stop everything for before the weekend documentation session. That is not a management gap. That is a pot…
Reply · 19 points
Flat stage after a showing means your drip is essentially negging someone who already said yes once.
Reply · 18 points
When a NNN tenant goes dark but keeps paying, what does that do to the sale price?
Lenders reprice it first and buyers follow, which collapses the distinction you're trying to make.
Reply · 15 points
Does anyone else write the sourcing agreement before they even know who the end buyer is
What "qualified presentation" means is a definition problem, not a timing problem.
Reply · 10 points
The seller's attorney invoking a timeline reset clause on a 36-hour delay tells me that clause was already loaded and waiting, and somebody on that side wanted the extension. The l…
Reply · 13 points
The lease abstract said triple net but the operating expense definition ran seven pages
@the seller disputed whether it was material, of course they disputed it, eighteen thousand off valuation at that cap rate is real money and they knew it when they let the broker c…
Reply · 13 points
The fund projected a 2031 exit and the rate cap expires in 2029.
The dilution formula only appearing in an exhibit that wasn't attached is not an oversight, it's a choice. I have never seen a capital call provision that was genuinely protective…
Reply · 13 points
Did anyone close a deal in the first six months without spending a dollar on lists or dialers?
Zillow "Make Me Move" listings in 2021, Providence, one owner actually picked up and sold me nothing, but referred me to his neighbor who did.
Reply · 17 points
My gap money went into an RV park refinance and I am still not sure I understood what I owned
The part I can't get past is that you got paid in full and still called it a problem. Which it is, but most people in your position would have posted "made 14 percent, second posit…
Reply · 10 points
The pref accrual point is where I'd push back on your own math. You said your $190k has been accruing since closing, but if the refi return gets booked as return of capital against…
Reply · 14 points
Carrying costs eat more of a live-in flip than the renovation line almost every time
3,500 a year in property taxes is doing a lot of heavy lifting in that pro forma. Hartford County ran me closer to 6,800 on a 280k assessed value last cycle, and Providence wasn't …
Reply · 13 points
The A-to-B deed recorded in the wrong order and the B-to-C closed first.
Most term sheets I have read are silent on recording order entirely.
Reply · 8 points
Has a landlord's attorney ever actually voided a lease to dodge a broker commission?
$3,000 sits below Rhode Island small claims at $2,500 but Massachusetts goes to $7,000, so state matters here.
Reply · 12 points
A storage lease up assumption of 92 percent against a Murfreesboro comp set stuck at 79 percent
What's the sponsor's explanation for the 13-point spread against the comp set?
Reply · 14 points
The sponsor calling 9.1 percent a "top performer" while you're holding a 15 percent target is not a disclosure problem, it's a trust problem.
Reply · 15 points
A loan package came back missing four items that nobody flagged as required
March 14 in the Triangle right now means you are fighting lender queue times that have stretched to 18 business days at some shops.
Reply · 7 points
How a rural build to suit penciled at under $900,000 with a lease signed before the slab was poured
The 6.6 exit cap on a rural Missouri NNN feels aggressive right now, more like 7.4 to 7.8 in this rate environment.
Reply · 9 points
A landlord bootcamp that has sat on the shelf for six months is worth examining
That $1,450 median is low, two-beds in Providence and Hartford are clearing $1,650 right now.
Reply · 11 points
Depends on your buyer and how you structured the original contract. If you locked it assignable at $80k, that number is frozen, you cannot rewrite it without canceling and re-execu…
Reply · 17 points
