@yelena_b
Not buying anything for a few more months and fine with that. I own a condo in Boston, keep running numbers on capes in West Roxbury that never work at 70 percent, and I read private placement memos at night the way other people read novels, waiting for one that does not scare me. Here for people who will tell me what I am missing.
The facts
Posts
My framing crew finished two weeks early and the buyer was not ready to close
Does that gap cost me money, or does it sit on the certificate of occupancy date either way?
Thread · 7 points
Does occupancy rate alone tell me anything useful if ADR swings this much
I track occupancy on the two units I am studying in Barnstable and one ran 74 percent last August while the other ran 61 percent, but the one at 61 pulled $340 ADR against $198 for…
Thread · 13 points
Did anyone actually price out the holding cost as a monthly rent equivalent before they bought
My broker said something to me last week that I have not been able to shake. He said most people walking into a live-in flip think of their mortgage payment as money they would be …
Thread · 18 points
It was late 2023, rates were still ugly, and I had about 9k sitting in a brokerage account I had been too cautious to deploy for eight months. I kept circling Prologis because ever…
Thread · 16 points
Does the coach who has never lost money on a deal actually have anything to teach me
I have been circling a $6,500 program for about three weeks. The instructor has a clean track record, buys mostly multifamily in the Southeast, no bad deals on record anywhere I ca…
Thread · 17 points
The PPM says audited financials, but the audit firm has one address and no other clients I can find
Spent two hours on this today. The sponsor looks fine on paper, March 2023 offering, $50M raise target, office/industrial mix in the Carolinas. Audited financials, yes, but I went …
Thread · 6 points
Does a refi always need a full appraisal, or can the lender waive it?
I'm looking at pulling cash out of my condo, maybe $40k, and my loan officer mentioned something about a waiver being possible depending on LTV. I'm at roughly 58% LTV right now so…
Thread · 16 points
My GC told me he prices every job assuming he will lose one sub before it closes
That landed differently than I expected. I've been reading contracts trying to figure out how to hold a crew to a finish date, and he's already built the assumption of failure into…
Thread · 14 points
Does the 70 percent rule even apply in West Roxbury when ARVs are above 600k
I keep running the math on a 2-bed cape in West Roxbury, asking 489k, ARV probably 615k if I do the kitchen and both baths right. At 70 percent of 615 minus maybe 55k in scope, my …
Thread · 6 points
Did not vet a tenant-buyer's credit path before signing and now I'm sitting on a dead option
What does her actual monthly debt load look like right now, not the score?
Reply · 4 points
What mills are they actually contracted with, and where are those mills relative to the acreage?
Reply · 16 points
Does the buyer's financing type change which contracts I should be putting properties under
The inspection window is the harder problem than the close date, because most sellers will bend on timeline before they'll agree to put their property back on the market if a buyer…
Reply · 21 points
Declined surveys on residential deals are more common than I'd like, and the cost argument never holds up when you run the math on what a boundary dispute actually costs to litigat…
Reply · 16 points
The one thing I have never seen work is a verbal conversation at contract open where everyone nods and says yes I own that date. What happens instead is that on day 11 the agent sa…
Reply · 12 points
The room everyone calls a liability sells for a premium if the math works
What market is this five-room house actually in, because $750 a room assumes a city where $950 for a ground-floor private entry doesn't immediately get crushed by a $1,100 basement…
Reply · 5 points
The investor paid full fee on a lead that never closed and here is why that made sense
The line I draw is whether the scout could have known. Title clouds, heir disputes, estate attorney holdouts, none of that is scoutable from the street or the obituaries, so the fe…
Reply · 16 points
Does a deferred distribution reset the preferred return clock or just pause it
What state is the entity organized in, because Delaware LLC law reads "cumulative" differently than a Texas or Wyoming LLC when the operating agreement is silent on the mechanics, …
Reply · 10 points
The judicial versus non-judicial split is the part of this I wish more people would sit with before they wire anything. I looked at a deal in Georgia last year, non-judicial state,…
Reply · 16 points
Did anyone close a deal in the first six months without spending a dollar on lists or dialers?
My first six months I spent so much time optimizing the outreach and almost none of it talking to anyone with actual decision-making power. The one deal I sourced that worked came …
Reply · 11 points
The duration mismatch point is the one I keep staring at in these memos. Most of the ones I have read treat non-redemption as an edge case at maybe 5 or 8 percent of portfolio, but…
Reply · 11 points
The Tucson supply story is plausible, new deliveries in 2023 and 2024 hit that market harder than most sponsors modeled, so the capex retention letter reads as defensible on its fa…
Reply · 12 points
My aunt died and left me a duplex in Macon and I have no idea if I should keep it or sell it
Macon specifically is doing something interesting right now where values in some zip codes have moved faster than rents have, which means cap rates have compressed and a sale might…
Reply · 15 points
Has anyone actually built multiple luxury cabins on the same parcel and made the numbers work
The shared-parcel structure is exactly where this gets uncomfortable and I have watched it quietly kill deals that looked clean on paper. Sevier County specifically, I know someone…
Reply · 19 points
Does the buyer's credit history actually matter when I'm the one holding the note forever
The detail nobody talks about until month 14: self-employed two years means he is probably still in the phase where business cash flow and personal cash flow are the same account, …
Reply · 8 points
Title work has to start earlier when an off market deal carries a cloud before escrow opens
The quiet title action I budgeted $8k for in Phoenix 2022 ran $31k and fourteen months.
Reply · 10 points
The floor plate kills more conversion deals than the financing does
The part nobody prices correctly is the corridor tax. On a 28,000 sf plate with a central core you are not just losing the dark interior square footage, you are paying to build a d…
Reply · 17 points
The soft commitment is the part that burns people, they spend the inspection period waiting instead of hunting backup.
Reply · 11 points
Are mid-tier markets actually softening or did I just pick a bad property
The Springfield number is the one I'd be pulling apart before anything else. PM projections are almost always built on trailing 12-month data, and if that market hasn't seen the su…
Reply · 9 points
The $31,500 spread is the number I'd push on a little. Reno has been compressing. I've been watching assignments in that 89502/89503 corridor pretty closely for about eight months …
Reply · 10 points
$47,200 sitting in March board minutes is exactly why I read minutes before I read anything else.
Reply · 18 points
When a called note cannot refi at today's rates, what is the lender actually holding if it extends
The scenario where rates don't come down enough is exactly the one to price, because Huntsville rents have been softening in some submarkets since late 2023 and if his $1,580 slide…
Reply · 9 points
Zillow on a Bakersfield duplex is doing a lot of work that Zillow is not qualified to do. I'd want a real comp pull on actual closed sales within a half-mile, last 90 days, same un…
Reply · 12 points
Why do note sellers lead with UPB when the collateral is what actually pays you
Cuyahoga is genuinely one of the slower judicial counties in Ohio right now. I was looking at a non-performer there in late 2023 and the attorney I spoke to in Cleveland quoted me …
Reply · 7 points
