All 132 real estate strategies.Every room answered.
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I'm working out what my first deal really costs and pref equity keeps coming up as the thing that fills the gap between what a bank will lend and what a sponsor has. Every explana…
I've now read three JV operating agreements side by side and the only section that meaningfully differs is the major decisions list, the things the operator can't do without my wr…
A friend who runs money for a small family office told me they added hotels last year as part of a "rotation toward yield." Same week, someone else told me hotels are the closest…
Most of my money from a small service business has gone into equipment, so a QOF is new territory for me. What I keep bumping into is a modeling question that seems basic and appa…
An operator I've done business with before wants 65k behind a 480k senior on a 7 unit. Three units are offline, plan is to finish them, season the rents about four months, and ref…
I'm working out what a first deal costs me, and parks keep coming up as the thing with the best numbers. Low expenses, tenants who can't afford to move, demand going up when the e…
The thesis in front of me is straightforward enough that even I follow it. Apartment values reset, supply is falling off, rents firm up somewhere around 2027, and whoever bought a…
I'm getting ready to put money to work on this side rather than owning buildings, and there's a fork in the road I can't reason my way past. One school says the borrower is the lo…
Working through a recap where the sponsor has offered me a choice on where the pref sits and I want to hear the room argue it before I decide. Option one, I come in as a preferred…
Something came up talking to a guy who does maybe a dozen double closes a year. He keeps enough cash to fund the first leg himself and he still uses a funder on almost every deal.…
Been comparing four pref structures for a slot in a fund I'm slowly building, and every one of them has a different idea of what protects the investor. What I keep noticing is tha…
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…
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…
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…
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…