All 132 real estate strategies.Every room answered.
Start with a RE category
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every post in the capital rooms
This closed out last month so I can finally write it up. Early 2023 I put $50k into a single-asset deal, a 1970s eight story office building in a mid-size southeast downtown, goin…
Underwriting a 300,000 gsf 1970s tower being marketed for conversion. Sponsor's numbers, roughly: acquisition $60/gsf so $18M, hard costs $230/gsf so $69M, soft at 18 percent of h…
Checkbook IRA structure, single member LLC owned by the IRA, me as non-compensated manager. Held two performing seconds and a small unleveraged participation in a rented duplex th…
I got decks from two storage sponsors within a week of each other and they're aiming at the same defensive story from opposite ends. The first one develops. They buy dirt in marke…
I don't have money to raise and I don't have a deal. What I did have was a nagging feeling that I couldn't explain what I was looking for to another person. So I wrote the page I'…
Working through a five-year hold on a repositioning, upper-midscale, 160 keys, secondary market with one anchor demand driver. The sponsor's base case has RevPAR growing every yea…
First LP position, $35k into a small industrial deal. I'd already decided to invest before I read the documents, which I now think is backwards. I printed the whole thing, 94 page…
I've been talking with a sponsor about his next acquisition and he mentioned that if I bring other investors in he'd pay me 2 percent of whatever they commit. I know a fair number…
$142,000 bridge on a gut rehab the borrower already owned. He'd bought it a year earlier with cash, torn out most of the interior, and run dry. My money went in as a refinance, $9…
I wanted the version of this that just works, so I picked what looked like the most defensive thing on offer. A storage fund, eight facilities, all stabilized, no development, no…
Six months in, still no deal of my own, and the money has been sitting. An operator I've been following around (20 to 40 unit value-add, secondary markets, does three or four a ye…
I've got a gain coming from a value-add sale and the ten-year hold is the part I can't get comfortable with, more than the zone maps or the reporting changes. The program pays you…
2019 vintage, $60M value-add fund, 11 deals, $150k commitment from me. Final distribution landed in the spring and the fund is done at 6.5 years. Realized deal level gross multipl…
I've been going through the numbers on this strategy and they work, which is sort of the problem. The return comes from a household that stopped being able to pay. The guide says…
Someone I've met a few times through a lending group is clearing out and offered me two non-performing seconds as a pair. Balances $34k and $41k, both stopped paying in 2023, ask…
Picked up a performing first where taxes and insurance are not escrowed. Borrower pays the county and the carrier direct, has for six years, no lapse I can find. 74k balance, 9.25…
Sizing exercise I keep landing on from four directions and getting four answers. Suburban office-to-flex conversion, stabilized, in-place NOI $2.35m. Maturing loan at $24m written…
I've read the phrase maybe forty times and I still can't picture the transaction. A note has a face value. Someone sells it below that. But which number is face? Is it the origina…
Single performing first. UPB 118,500, coupon 7.25%, P&I 926, 39 payments on time with no lates in the servicer ledger, BPO 197,000, escrowed for taxes and insurance and both curre…
I do land and entitlement work, so I know one thing well and almost nothing about running apartments. Twice now someone has floated me being the GP on a small multifamily raise be…