Renovated 3/2, 1,450 square feet, in a first ring suburb of a mid size market. All in at 205k including holding. Listed at 269k, best offer 265k from a buyer who has been denied t…
Been circling strategies for about a year and keep landing in the same place. I'm not good with a hammer, I don't have 200k sitting around, and the thing I'm actually good at is t…
I manage rentals for an investor who buys from wholesalers, and his last purchase came apart over seasoning. His lender wouldn't lend unless the seller had held title for a stretc…
Term sheet in front of me from a transactional funder and I keep circling the same three paragraphs. Facts. Funded amount 214,000. Flat fee 4,200. Advance wires morning of, repaid…
$228k out at 11 percent and 2 points on a full gut in a decent inner ring suburb. Interest has come in on time every month, which is the part making this hard. Borrower has burned…
This one is closed now, or at least my money came back, and it came back at 0.94x after three and a half years. So I lost about $2,400 and three and a half years of anything else…
$30k into an apartment deal in 2022 because I wanted income without a second job. Sold my position back to the sponsor last year at 0.88x, which I understand was generous of them…
I've been running service calls for years and half of what I do is water and sewer under old properties. Two of the bigger park operators in my region have started calling around…
Small position, 50k, but it's the first one I did where the paper worked the way I wanted, so I'm writing it down. Deal was a single family flip in a first ring suburb, purchase 1…
Deal in front of me: $420k purchase, $180k rehab budget, senior hard money at $480k funded in draws, and I'd be putting in $120k as a recorded second. ARV pencils around $780k, bo…
Been building this model for a month and I want to write down where it landed before I talk myself out of it. Direct path. Two existing facilities in the same secondary market, 62…
Short-listing six deals for $300,000 total, $50,000 a position. Two of the LPAs say a limited partner who doesn't fund a call gets diluted at 1.5x the shortfall amount, and a thir…
Long hold person by temperament and I got into LP deals because I wanted institutional-scale exposure without operating anything. Nine positions since 2018, checks between $50k an…
I manage a bit over 300 units across a handful of owners. I can tell you which of those buildings will have a bad year, roughly when, and why, usually before the owner knows. None…
Sponsor I've co-invested with twice is recapitalizing a 190 unit garden complex and asked if I'd take the pref piece. My money is usually in land and long holds, so this is new te…
A sponsor's mailing list sent me a preferred equity tranche at 12 percent and I've been staring at it for two days. I've been looking mostly at the lending side, and everything I…
I've read the deal-by-deal syndication material and I follow it. Sponsor finds a building, raises money for that building, buys it, runs it, sells it, splits the profit. The fund…
I have a deck from a lien buying operation quoting "up to 18% statutory" for one state, and then I went and pulled the actual results page from a county in that same state and the…
I have about 400k sitting in short term paper that I want moved into something secured by the end of the year. Tax liens keep coming back on my list because the return is set by s…
I've read four value-add memos in the last six weeks and the structure of the rent assumption is the same in all of them. Year one flat to slightly negative, concessions burning o…