I look at lending because I'd rather hold paper than a roof. Someone described a scaled lien operation to me as a bond ladder where the county does the collecting, and that framin…
I've got a $1.4M long-term gain from a business sale and I'm looking at two QOFs. One is single-asset, ground-up multifamily, and the sponsor is openly modeling a year 6 or year 7…
Sold a 60 acre piece I'd held since 2014, gain came in at $418k. I didn't want the whole thing sitting in one sponsor's hands for a decade, and I didn't love the idea of committin…
I'm trying to get the vocabulary straight before I put money into a first loan. Everyone writes rates like "11 and 2," and I understand the 11 is annual interest. The 2 is points,…
I sold my share of a mechanical outfit last year and have 140k sitting in a money market. A GC I subbed alongside for six years called me about a flip he's got under contract and…
Working through a timing problem and the math isn't clean. I have a gain that would need to go in during 2026 under the current 180 day rules, and the current zone designations ru…
I have a gain coming from a business sale that closes in Q4, so my window runs into 2026, which puts me right on the seam of the transition. I've been through both PPMs twice. Fun…
Wrote a 62k first position loan out of my self-directed IRA to a rehabber I'd worked with twice on the personal side. 11 percent, 9 months, house was a small 3/1 in a working clas…
Platform I've been an LP in since 2021 just closed a portfolio refi. 14 of the 19 facilities went into a single loan, $118M, they're calling it about 62% of appraised value. Cash-…
I've been reading two hospitality fund decks side by side and they disagree about the most basic thing. One buys extended stay only, same brand family, secondary markets, and says…
First full program I've been responsible for placing, and the thing that worked was refusing to fund it all at the first close. Mandate was $22M into multifamily, patient money, n…
A sponsor I've followed for a while is capitalizing a value-add deal and gave me two ways in with the same 150k. Preferred equity at 8 percent current with a share of the upside,…
I've been sketching out how private capital gets allocated across buckets, and mortgage REITs broke my sheet. I had one line for real estate and one line for credit, and I couldn'…
12-unit value-add. Total cost $2.6M, senior bridge $2.1M, sponsor equity $250k, my gap piece $250k. Projected 18 months to stabilization, exit is a sale with a projected profit ar…
I manage this building. Owner bought it as a value add, 6 units in a decent inner ring suburb, and came up 40k short at closing in 2022. I'd been collecting rent for him for two y…
Got an OM for a 110-key limited service hotel. Price is 9.9m, and then near the back there's a line that says "PIP est. 4.2m" with no backup at all. When I asked the broker about…
A friend forwarded me a private placement deck for a hotel fund. Value-add, three assets, all limited service in secondary markets, one of them a repositioning where they're rebra…
Purchase agreement on a performing first came back with two clauses I keep rereading. One, the endorsement is in blank on an allonge, not endorsed specifically to me. Two, the ori…
Been building a small portfolio for six years, 31 units, and along the way I've collected people who ask me every year whether I have anything they can put money into. I've never…
I've got 18 LPs across two deals and I'm running the whole thing on a spreadsheet plus mail merge for distribution notices. It works until it doesn't. Last cycle I sent one invest…