Nothing to show for this one, which is why I'm posting it. I had a 2 bed cottage in a older part of town under contract at 142k, rehab I scoped at 46k, comps supporting 245k to 25…
Studying for the license and one of the brokers at the office let me sit in on a 180 unit listing. The offering memorandum leads with $172,000 per unit against a "replacement cost…
We manage smaller stuff, mostly 40 to 120 unit properties for local owners. A group that just bought a 320-unit asset in our market wants third-party management and their agreemen…
Reading the LPA and PPM on a $180m storage aggregation vehicle. Stated plan is 22 to 26 facilities across three secondary metros, roughly 60/40 acquisition to development, five ye…
I've got a construction background and I'm working the investing side of a development-vs-buy question that keeps flipping on me depending on which line I touch. Site in a seconda…
A lender near me who does fix and flip paper offered me two ways in and I can't tell which one I'm actually being paid for. Option A: 25 percent of a single note. $400k loan, 11 p…
Reading through a private lender fund's sample note and mortgage before I commit as an LP. The note has a 15 day grace period, then a written notice of default, then a 30 day cure…
My mom's old coworker runs a small investment group and they're buying a 96-key limited service hotel off an interstate exit, two brands within a mile of it. He asked if I wanted…
I look at debt more than equity, so when I see the valuation gap argument I want to know whether it reaches the paper side. The names I follow hold agency MBS and some whole loans…
Building the base layer of a REIT sleeve and I've spent two days on fund documents instead of picking names. Target weights I want to land on: industrial 25, data centers 15, heal…
I've got a set amount I'm willing to put into private lending this year and I keep going back and forth on which seat teaches me more. Option one is small gap pieces behind other…
Two things in front of me and I only want to buy one note this year. Option one is a tape from a note broker. Eleven performing loans, seasoned bank paper, asking 72 to 84 of unpa…
I own four small multifamily buildings, twenty two units total, all within an hour of me. The crowdfunding sleeve I've built alongside it is about 55k across nine positions, and e…
22 units, bought at 2.4M, raised 1.35M of LP equity across six people. Seven year hold in the deck, we're 34 months in. Distributions have run 5.5% annualized on contributed capit…
I spent years running renovation crews, so I thought the one edge I had as a lender was reading a scope. That is exactly the thing that cost me. Deal was a 1930s four bed in a sol…
Running the arithmetic on an agency-heavy name. Asset yield around 5.9%, cost of funds around 4.4%, so 1.5% net interest spread. Equity of 1, borrowings of 7, so the levered piece…
I've been reading through an annual report for an agency focused mortgage REIT and got stuck on a page most summaries skip. The repurchase agreement table shows the borrowings by…
I've been putting $50k a year into LP positions for three years and this is the first time two offerings landed on my desk in the same month with structures I can't compare. Deal…
A sponsor sent me a deck for a 180 unit deal in Huntsville and then asked me to confirm I'm accredited. My W2 income is nowhere near what I've seen quoted, but I own four small mu…
Posting this because I went looking for someone's version of it and couldn't find one. I wanted to try liens directly before deciding anything. Registered in two counties, wired d…