A sponsor I've managed for over four years wants me inside the GP on his next one, a 112 unit two-property portfolio, 9.1M all in, 3.2M equity. My side would be asset management:…
A co-GP agreement came across my desk for a $12M multifamily deal. The offer is 30% of the promote in exchange for introducing investors up to a $4M raise. No asset management dut…
I've been reading tapes for a couple of months and I still can't tell which business I'd be in. Two people described the same $40k purchase on a defaulted first to me in completel…
Started with 62k I'd carved out of the service business over a few years and a plan to put it into deal-level real estate without owning anything. Eleven positions across three pl…
I'd been doing service work around real estate for a while and figured I understood the business well enough to fund someone else doing it. I did not understand the paperwork part…
My balance sheet is done. 11 units across four small deals, all cash flowing, all levered as far as any lender will go on my income. The next deal I want is a 38 unit at 4.2M, 198…
I spend my days on the debt side and I'm now looking at going LP in a deal from a borrower I've financed before, which is a different seat than I'm used to. Numbers: $40M purchase…
I have wanted the boring version of this for a while. Here is what I did, in beginner terms, because I was the beginner nine months ago. I had 61k sitting in a 401k from a job I l…
Four assets in the fund. Two leisure-destination properties in a drive-to market, two select service boxes near a mid-size airport. My check was $75k into a $60m equity raise, so…
Reading a 190-unit value-add LPA this week. The waterfall pays promote on a deal-by-deal distribution basis, meaning the GP takes 20% above an 8% pref as cash flow comes in, and t…
I wanted income without a second job, so 55k went into three REITs picked for yield and sector spread. Residential, net lease retail, and a healthcare name. Blended yield at purch…
Sizing a first allocation and the reserve line is where my model falls apart. Plan is roughly $4M across three or four states, average certificate around $4,400 face, so call it 9…
First real season of systematic deployment. $610k across 214 certificates, three counties in two states, one servicer handling the paperwork. Modeled 8.5% net to me. Actual came i…
Half the fund decks that reach me now are debt funds. Senior bridge, mezz, preferred equity, some mix. The pitch is consistent: current pay in the 9 to 12 range, first position, s…
Reading a subscription package for a 100k check and there are two things I can't line up. The fee schedule has a 1 percent placement fee. Then the operating agreement issues Class…
I'm coming into this from the wrong end. I've been getting a first rental ready and reading everything about screening tenants, and somewhere in that I realized I was about to han…
Paper notes confused me for months, so I bought the smallest thing I could find that still had real collateral behind it. Note balance $27,400, last payment mid 2022, small two be…
I've been circling the investing side of this industry for about a year without a clear idea of where I'd fit, and the amount of money I have available is small enough that most d…
Been reading funder agreements to understand where the protection actually sits, and the same-session ones are straightforward. Money goes out, A leg records or is held, C buyer's…
Working through a 128-unit heavy value-add where the plan is a 24 month reposition, agency refi in month 30, then hold to year 7. Purchase 14.2M, 3.9M of capex, all-in basis aroun…