All 132 real estate strategies.Every room answered.
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every post in the capital rooms
One of my positions suspended the pref in Q2, second year of a five year plan. Occupancy is fine, the problem is the debt, floating rate with a cap that expires next year, and the…
Service business pays the bills, so the investing side is meant to be hands off. Over about two years I put $88k into eight equity positions across three platforms, deliberately s…
A client of mine does interior work for a sponsor and passed me their offering deck because I asked too many questions on site. I am on the service side, so this is me trying to u…
I've been reading through announced office-to-residential projects and the ones that actually reached a closing almost all have some conversion-specific tax program, an abatement,…
I bought one note last year to find out whether I could do this at all. UPB $88,400, arrears $14k, paid $41k. Small three bedroom in an older inner-ring suburb, occupied by the or…
I've been planning a first rental purchase for about a year and the money has been sitting in a savings account earning something embarrassing. A flipper I know through a local me…
Bridge and construction has been the fastest growing corner of private credit for a while now, something above 12 percent a year in what I've read, and the demand side makes sense…
I've got capital to place and no operating experience, so the whole pitch I keep getting handed is timing. National apartment vacancy around 8.5 percent, described as peaked, fore…
First deal money is at 19k and needs to be around 45k. That's another two years at my savings rate, and the whole time I've been reading about buildings I can't buy. So I put 3k i…
I've been reading two mREIT quarterlies side by side and the shareholder letters are pulling in opposite directions on what matters. One of them leads with book value per share ev…
I've read four institutional apartment decks this quarter as a prospective LP, and the return bridge is identical in all of them. Buy 20 to 30 percent under the 2022 peak. Renovat…
I hold land and wait, so this whole strategy is foreign to me, but a friend asked me to look at a funder's one page term sheet and I got stuck on the first paragraph. The pitch is…
This is the question I would have been too embarrassed to ask in 2022, and now I've paid for the answer. $75k into a seven-facility value-add storage deal, single-asset syndicatio…
I spent years pricing buildings by what it costs to put them up, so the valuation side of this is where I'm slowest. I ran one industrial name three ways last week and got three d…
Under contract on 64 units, 1983 vintage, two-story garden walkups in a secondary southeast submarket. Where the numbers sit today: Purchase 6.4M (100k a door) Reno 1.12M (40 clas…
I'm going through a subscription package for a 96-unit deal and the sponsor's own documents use two different words. Page 12 of the PPM describes a "20% promote to the Manager." T…
Been comparing two emerging manager structures side by side and they solve the same problem in opposite directions. Structure one is a real blind pool. Investors sign an LPA, comm…
I've been going through a debt fund's offering documents and I'm stuck on something basic. The fund's schedule of investments lists 41 loans with addresses next to them, and my fi…
The fund is an $900 million open-end bridge lender, mostly first lien, and I've had the loan tape for eight days. Numbers I mostly trust: 148 loans, $2.1 million average balance,…
An operator I've been following wants me on his next deal, after six months of research and nothing to show for it. 84 units, 7.8M, he's raising 2.6M. He's done five deals, two of…