Working through what happens if the thing burns. On a pine tract, most of the value sits in the standing inventory, and a single fire or a hurricane track can take a large share o…
Numbers first. Six unit building, older brick, one market I know well. Gross scheduled rent 78k, actual collections last year 74.2k. Operating expenses ran 30.1k including taxes,…
The subscription docs for a public non-traded REIT are sitting in my inbox and I'm stuck on the tax paperwork before I even fund it. My brother-in-law does private real estate dea…
Under contract-ish on a 42-lot park in a secondary market, asking $1.35M. Lot rent is $285, 38 occupied, 4 vacant lots with pads and hookups. Private well serving the whole park,…
Under contract-ish on a 42-lot community in a secondary market, asking $1.15M. 33 homes are tenant-owned on lot rent of $325. Nine are park-owned and rent all-in at $725. Two vaca…
Broker sent me a 1998 vintage distribution building in a secondary southern market. 62,000 sf, 24 foot clear, 8 dock doors, 110 foot truck court, 4.1 acres so coverage is about 35…
Seller of a 78,000 sf single tenant building is underwriting a full roll to market and I can't make the math sit still. In-place is $4.85 psf NNN with three years left, 26 foot cl…
Working through what actually changes on the compliance side when four unrelated people each hold their own lease in one house. My insurance agent used the phrase rooming house an…
Two years ago an owner put a 24 unit, 96 bed off-campus portfolio out to bid and I won it at 4% of collected rent. Four bedroom units, one lease per bed, 12 month terms, parental…
I own 11 acres outright, no mortgage on it. A buyer offered close to asking but said he can't get a bank to touch raw land, and asked if I'd take payments over 8 years instead. I…
Seller I do listing work for owns a side by side duplex free and clear, both units rented, asking 340k. Two conventional offers fell apart on appraisal and financing, and the thir…
Bought a house with an existing permitted detached ADU, 560 sf, already leased at $1,725. Asking was $612k, closed at $571k, and the discount came out of a document the listing di…
The model I keep circling: a homeowner has the lot and the zoning but no capital and no appetite for permitting. I have the crew and can carry the build. I put up the ADU, I hold…
I do small multifamily. In 2019 I bought 3.5 acres of scrub about a mile from where a new highway interchange was going to go, $28,000, cash, because a broker showed me the county…
I've been circling this business for a while without knowing which side of it I belonged on, and the first thing I actually finished was small enough that I could hold all of it i…
Been running small numbers because that's the size I can actually fund. Ten acres, buy around $38k, split into two fives, comps on 5 acre pieces in that township are maybe $28k. S…
Duplex bought all cash inside a traditional SDIRA back in 2019 for $186,000. Two units, $1,750 gross a month combined, taxes and insurance about $4,900 a year, self-managed by a l…
Seller owes 118,000 at 3.25 percent on a 1960s ranch that needs about 60,000 of work. She'll wrap at 6.5 percent on a 245,000 price with 25,000 down, 30-year amortization, balloon…
I've mostly held land up to now, so the furnished rental side is unfamiliar to me. I'm looking at a two bedroom condo near a hospital and the mid-term math looks better than the l…
Clause 9 of the placement agreement on my desk lets the housing company terminate on seven days' written notice once the carrier closes the claim. Clause 11 lets them substitute o…