88 unit garden style value-add offering, 1980s build, sponsor plans 62 interior renovations over 30 months at 18k per door all in. Hard cost contingency is 5 percent of the constr…
I've been reading two different pitch decks for park funds and they lead with completely different things. The first one spends four pages on lot rents being $340 in the target ma…
The open-end debt aggregate was up 5.5 percent year to date gross of fees through Q3 2025, against 4 percent for the equity index. Every closed-end bridge fund deck on my desk cit…
I'm going through a JV agreement for the first time as the equity side and the exit section is two sentences long. The operator "shall determine the timing and terms of any sale i…
This was the first time I've been the money rather than the person selling a service, and I nearly talked myself out of it four times. Operator was a contractor I'd worked with on…
24 unit building under contract, needs about $1.8M of equity. I've talked to four capital providers now. Two want three comparable completed deals with audited statements. One off…
Third pass through a 63 page operating agreement for a 6.8M mixed use JV. I'd be 2.1M of a 2.4M equity check, operator brings 300k plus the deal. 8.5% pref, 70/30, standard enough…
Reading a hotel management agreement for a friend's group because I'm the one who reads things, and I keep coming back to the same mismatch. The agreement is ten years, third part…
Portfolio was $290k across 90 certificates, nine counties in four states. The plan was geographic spread. What I actually built was nine separate procedural calendars and I tried…
This is a loss on process more than on money, and the process error is the interesting part. Last year I built a deployment plan around the gap between public REIT valuations and…
Worth writing down because everything I'd read about this strategy assumes you get to the closing. A seller was breaking up a small tape and I bid on three files out of it. To mov…
I'm working through licensing on the service side and looking for something to build around. Three separate conversations in the last month with people buying liens at volume ende…
Working through a hypothetical aggregation of 12 parks, roughly 1,050 pads, mostly 1970s builds in secondary midwest and southeast markets, master metered water, expense ratio com…
Thinking about having the IRA fund a single loan to an investor buying a rental, first position, maybe 60 percent of value. Someone at a meetup told me anyone making a mortgage lo…
I have 340k across a traditional IRA and an old profit sharing plan, both movable. The plan was three lanes: 40 percent first-position private notes, 40 percent unleveraged passiv…
I've closed nine deals as a syndicator over five years, all deal by deal, all with the same 30 or so investors. Two of them have started asking why they have to review a new offer…
I got sent a preferred equity offering on a 300-unit 2019-vintage asset and I'm stuck on one thing, which is whose value I'm supposed to be protected against. Structure as present…
I've now read three apartment fund PPMs and all three describe themselves as value-add. One is buying 2019-vintage lease-ups at a discount and doing essentially nothing to the uni…
Two lenders I've been talking to underwrite the same flip completely differently and I can't decide which one I'd rather be. The first caps every loan at 70 percent of after repai…
I'm looking at a 180-unit garden deal where the senior is sized to a 1.20x coverage on its own and the sponsor needs another 4.5 million to close the refi gap. The old mortgage wa…