All 132 real estate strategies.Every room answered.
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every post in the capital rooms
We put $2.4m of pref into a 78-unit value-add through a small group, 11% total return, 4% current pay and the rest accruing, three year redemption. The docs looked fine to me at t…
A sponsor holding fully entitled land asked me to come in with $1.5m of preferred equity at 13 percent, all accruing, since the land produces nothing until it's sold or a construc…
I'm working out what my first deal really costs and pref equity keeps coming up as the thing that fills the gap between what a bank will lend and what a sponsor has. Every explana…
Small win, beginner-sized, but it's the first time in a year of poking at this that I did something deliberate and it worked. I was looking at two storage funds because everyone k…
I've now read three JV operating agreements side by side and the only section that meaningfully differs is the major decisions list, the things the operator can't do without my wr…
Bought 1,200 shares of a mortgage REIT's fixed-to-floating preferred at $26.30. Par is $25. Fixed coupon 7.75 percent on par, so $1.9375 a year, $0.4844 a quarter. My thinking was…
I have 22k that came out of a car I didn't end up replacing. I want it in real estate exposure without becoming a landlord this year, so public REITs are where I landed. What I ha…
I'm 30 pages into a participation agreement for a $75k slice of a $310k bridge loan and I've stopped at two sentences. First: "Participant acquires an undivided beneficial interes…
I have a repeat borrower asking for a fourth loan. Existing three are separate notes, separate mortgages, 68 to 72 LTV on as-is, all in the same metro. Total exposure to him would…
I wanted the pipeline before I wanted the yield, so I sized this to be survivable rather than meaningful. $92k, 38 certificates, two counties in one state, one servicer. Average c…
A friend who runs money for a small family office told me they added hotels last year as part of a "rotation toward yield." Same week, someone else told me hotels are the closest…
Most of my money from a small service business has gone into equipment, so a QOF is new territory for me. What I keep bumping into is a modeling question that seems basic and appa…
I pulled $92k out of a refi on one of my small buildings and I don't want it sitting in savings for another year. A guy I know locally does 4 or 5 flips a year, mostly 1950s three…
Working on my salesperson license now and a private lender I know suggested I bring him deals and take a piece of the points. He funds, I find the borrower, walk the file, and get…
Sponsor's investor page: 14 acquisitions, 4 realized, average IRR 24% on the realized ones. All four of those were acquired between 2014 and 2017 and sold before 2020. The other t…
This one closed in Q3 and I've been sitting on the numbers for a month before writing it up. Structure: $85k into a 214-unit garden multifamily deal in a mid-size southeast market…
Running a bid on a first lien and I can't make the math survive the calendar. UPB 180k, last payment 31 months ago, borrower still in the house and not responding to the current s…
Rural note, seller wants $19k, UPB $58,300, no payments since late 2024. Property is 3.1 acres with a 1998 double-wide on it. Tax record shows land and improvement together, asses…
I wanted income without becoming a landlord and I wanted to start small enough that a mistake wouldn't matter. So I put 2k each into three pooled offerings on two platforms, rough…
An operator I've done business with before wants 65k behind a 480k senior on a 7 unit. Three units are offline, plan is to finish them, season the rents about four months, and ref…