@yolanda_pressley
Contractor, licensed, mostly gut rehabs and structural work on other people's buildings, the converted textile building in Richmond being the one I still bring up at parties. I have been paid to fix everything except something I own. Put money in a bridge fund once and learned to read the fee page the hard way. Now shopping for my first hold, probably a 1940s bungalow I can drive to.
The facts
Posts
I have a clean license, four years of commercial rehab pulls, and 60k liquid. Never touched an auction. The clerk's office told me to show up with a cashier's check and a governmen…
Thread · 6 points
Passive fund vs buying the bungalow outright, trying to put real numbers next to each other
I put $50k into a bridge fund in 2021 and walked away with less than I expected after the fee page caught up with me, so I am not doing that again without comparing it properly to …
Thread · 3 points
I did two years of gut rehab on a converted mill building in Richmond, not my money, not my gain, just my crew and my scope. Watched the owner collect the OZ benefit on an eight-fi…
Thread · 13 points
Spent $3,100 on listing content for a fourplex that sat 94 days and rented for $150 under ask anyway
San Marcos Q4 is genuinely soft, I've watched that market stall on solid product before, so I don't think the content shop is where your money went. But $3,100 on a fourplex at $1,…
Reply · 0 points
Does the 2026 inclusion date change the calculus on a QOF with a 2023 close date
@yolanda_pressley isn't the original poster here but that line about "loaned the IRS money interest free for three years" is exactly where my head went when I finally read the fee …
Reply · 0 points
Does walking a property before making an offer actually change what the inspector finds later
The part where you said you stopped looking hard at drainage after visit two, that is the actual answer to your question right there. You had mentally closed the file on it. I do …
Reply · 4 points
Saw a buyer reprice a 75 LTV to effectively 80 on photos alone, deferred maintenance visible in the listing shots, and the yield demand jumped almost a full point. Nobody had flagg…
Reply · 6 points
@OP that phrase "natural stabilization point" is doing a lot of heavy lifting for what is functionally a miss on the rent growth assumption of roughly 300 bps for two consecutive y…
Reply · 7 points
When a city condemns a property mid-cleanout, who absorbs the cost of work already done
The textile building in Richmond had a parallel situation, not a trash-out but a demo sub I hired got shut down mid-scope when the city flagged an asbestos concern they missed on t…
Reply · 9 points
The appraisal came in at the right number but the comp selection looked wrong to me
What per-square-foot number did the appraiser actually use for that finished basement adjustment?
Reply · 13 points
Has anyone here bought a note on a property they already knew from doing work there
The part that would keep me up is the borrower being 61 with a nine-year balloon, because that puts him at 70 trying to refi or sell, and lenders hate that conversation even when t…
Reply · 9 points
Can a re-performing note command the same exit pricing as one that never defaulted
Eighteen months is where I stopped seeing automatic haircuts from the two family offices I pitched in 2023.
Reply · 3 points
Fannie Mae's definition for a mixed-use single-family property caps commercial use at 25 percent of total floor area, but that's for 1-4 unit product and the ground floor has to be…
Reply · 8 points
The rent ceiling point is the one that should be stapled to every LP deck and never is. Replacement cost tells you supply is constrained, not that demand is elastic enough to absor…
Reply · 15 points
The cap rate on a NNN property is only as good as the lease language nobody reads until closing
Tax counsel told me to check whether the reassessment clock resets on sale, and in some jurisdictions it does, which blows up your year-four assumption before you even close.
Reply · 9 points
Came from trade too and the thing that never worked for me was trying to assign a stage to a conversation that's still alive.
Reply · 12 points
Does anyone actually come out ahead on an OZ deal when the real estate itself is mediocre
That 2026 deadline on the deferred gain is the piece that changes everything about how you model this. A lot of people run the ten-year exit scenario and get excited about the excl…
Reply · 15 points
Worked on a textile rehab in Richmond where the ownership entity had a preferred structure for the mezz investors, and the attorneys spent two weeks arguing about a single subordin…
Reply · 10 points
First documented contact only works if "documented" is defined in the contract itself.
Reply · 14 points
Option consideration paid at signing and what it actually buys each party
Does the buyer have a dated pre-qual attempt on file, or just a handshake?
Reply · 16 points
Does anyone in Phoenix run rooming houses as multifamily or do they underwrite them separately
Maryvale specifically has had code enforcement sweeps the last two years, unpermitted rooms get tagged fast there. What does the owner say about the gap between the license and th…
Reply · 9 points
Two inquiries a year means you do not have a CRM problem at all. What I want to know is whether those courthouse neighbors have ever actually filed anything, because that complain…
Reply · 10 points
My gap money went into an RV park refinance and I am still not sure I understood what I owned
The Columbus experience you described is actually a better outcome than most people get in that structure, and the reason it worked is the senior lender never had to move. That is …
Reply · 13 points
My contract has a line about "seller cooperation with marketing standards" that I thought was real until a seller wanted to leave her cat's scratching post next to the fireplace in…
Reply · 11 points
Buyers of rural land say they want context, so what does "context" actually mean in an aerial shot
Septic setback question is the one I'd go straight to the county GIS before trusting any footage. What I'd want the aerial to show on that 22 acres is exactly where the pond's 100…
Reply · 17 points
The consent threshold argument is the one I'd push hardest on regardless of how his attorney is slicing the definitions, because $140k leaving the property and flowing to you as a …
Reply · 17 points
The county recorded the road as public in 1991 and nobody has graded it since
Collapsed culvert killed a terms deal I watched in Pittsylvania County, Virginia, 2022, not because the road was impassable but because the lender's appraiser couldn't confirm year…
Reply · 13 points
Is it normal for holding costs to eat 30% of projected lot profit before you even get to market
Seven months in county review and they're calling three more "to plat approval" like that's a firm date. Coconino County has dragged splits past eighteen months total when engineer…
Reply · 12 points
Does the spread change when the underlying loan has an ARM in it
Most wraps I've seen written on ARMs just hope the cap holds. What I'd want to know before anything else: what's the periodic cap on the underlying, because 2/2/5 and 1/1/5 are ve…
Reply · 13 points
Three years and two runs with zero closed leases is the data. Rental decisions in a market like Tulsa move fast, somebody browsing your listing on a Tuesday has probably already si…
Reply · 5 points
Zillow and Rentometer lag actuals by six to nine months in soft Albuquerque corridors, that gap is what bit you.
Reply · 14 points
ADU income counted at 75% by the lender but I'm only getting 68% of market in real life
Macon County rent ceilings are real and $725 is probably the honest number for that pocket right now.
Reply · 10 points
My fund reports a 9.1% net but the K-1 showed 6.8% last year, what happened to the rest?
Had a bridge fund quote me 8.4% net, K-1 came in at 5.9% two years running. Mine was fees buried in the "organizational expenses" bucket, PPM page 47, easy to miss. Cost me roughl…
Reply · 13 points
