Two office deals landed in my inbox this month and both decks quote the same national numbers. Vacancy near 18 to 19 percent. Office CMBS delinquency at 12.34 percent in early 202…
I have four single-family rentals and I insure them for between 1,300 and 1,650 each, so when I put a triplex under contract I penciled 2,200 for insurance and felt generous about…
I'm looking at a place where the listing says duplex, two units, separate entrances. The county assessor page calls it a single family residence with an accessory apartment. When…
I wanted to find out whether the service side of this was where I fit, so last year I took on management for two out-of-state owners. Four houses total, average rent 1,450, so 5,8…
Small deal, 44 units, age-restricted, secondary market. I underwrote 8 percent economic vacancy because that's what I use for conventional garden apartments in that market and it…
Reading a deck on a 1980s eight story, 140,000 sf, 54 percent leased, and the downside case doesn't end in a loss because of a line that says "residential conversion, $185/sf all…
I'm still preparing, no apartment deal of my own, and I've been trying to work out what people mean when they say twenty units is a different animal. I own nothing at that scale s…
I've been trying to talk myself into a small multi-tenant medical building and I keep running into the same loop. Everything I read says the specialized improvements are the moat.…
Reading through the definitions and it feels like two different things got filed under one name. Buying a fourplex with FHA money and occupying a unit is a financing structure wit…
Closed in the fall on a one unit with a detached studio over the garage, $415k, 5 percent down, owner-occupied conventional. I qualified partly on projected rent from the studio,…
Small multifamily is where I actually want to end up, so the plan was to run the live-in-then-rent chain through 2 to 4 unit buildings instead of houses. One building a year, live…
Two done, going for the third, and this is where the qualification problem stops being theoretical. Property one: bought at 3.5 percent down, PITI 1,640, leased at 1,975 for the l…
Everything I read about timberland is written for people buying 20,000 acres. I'm at the other end. What's the realistic smallest way in, and what are the ongoing costs nobody lis…
This is off my usual path. I run small multifamily, and every unit I own has taught me something, so I know exactly how much I don't know here. But I got shown a 118 acre almond b…
This is my first building over four units. Everything I own now is duplexes and a triplex and I do all of it myself, which mostly means answering my phone at dinner and knowing wh…
I've been trying to decide which shape of data center risk I'd actually be willing to hold for a decade, and I keep flipping. Deal A: single tenant, one of the very large technolo…
Been reading offering documents for a few months now and I can't settle this one, so I'll put it to the room. The pitch for non-traded REITs is that the shares don't swing with da…
Halfway through getting licensed and the boarding house owners I've met keep pushing me in two directions. One path is third party management. Fee is typically higher than convent…
Under contract review on a freestanding 8,200 sf retail box in a midwest town of about 22,000, auto parts type user, national chain on the sign and the corporate entity on the lea…
I'm reading the lease on a 2,400 sf drive-thru restaurant box, 12 years remaining, 10% bumps every five years, asking price puts it around a 6.4% cap. The offering memo says "abso…