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Story

A 1978 covenant that never says ADU but kills it anyway

I read the CC&Rs on a lot before my partner made an offer, which is apparently unusual. Recorded 1978, subdivision of about 90 homes, and there's a clause prohibiting any structur…

15Ddmitri_v6CapitalPRO710 replies

LossLarge Multifamily / Apartments (20+ Units)

Debt felt safer, right up until I couldn't get my money out

I put $75k into a private fund that made short term bridge loans on apartment complexes, mostly 100 to 300 unit value-add deals. The pitch was that we sit ahead of the equity, fir…

sonia_alvarez Get yoursPRO6Answered1 reply

DiscussionLarge Multifamily / Apartments (20+ Units)

Do I have to be accredited to put 50k into a 90 unit deal, or is that only certain deals?

I got forwarded a deck for a 90 unit in Greenville from someone in an investing group I lurk in. 50k minimum, 7 percent preferred return, five to seven year hold. When I asked the…

23Ttashaford30PB2APRO4Answered4 replies

LossAdaptive Reuse / Conversion Projects

Six unit conversion of a 1920s bank building. Finished it, sold it, lost $114k of my $210k

Putting this up because I read a lot of conversion threads before I wrote the check and I didn't read enough of these. Two story masonry building from 1926, ground floor was a ban…

29Sstephen_ok9CO2CPRO4Answered9 replies

DiscussionAdaptive Reuse / Conversion Projects

Warehouse to lofts: is that adaptive reuse, or just development with a nicer word?

I mostly do land and zoning and I'm trying to get the vocabulary straight before I embarrass myself in front of a planner. I see "adaptive reuse" used for a warehouse becoming lof…

nicole_adeyemiPassivePRO14Answered3 replies

DiscussionListing Content / Social Media

Two agents want a discount now that our drafts start in AI

We run listing content packages for agents. Three people including me, 42 packages last month, $180 each. A package is the long description, six captions, and one vertical reel cu…

angela_burkeServicePRO12Answered7 replies

From the desk:Listing Content / Social Media

$200 to write and shoot my first rental listing. Does that actually matter on a $1,300 apartment?

First rental, closing in three weeks, two bed one bath in a decent part of town. Asking $1,300. A woman who does listing content for a couple of local agents offered me a package…

paulgrant17PassivePRO7Answered1 reply

LossVirtual Assistant Agency

Prepaid three months of VA hours and used maybe a fifth of them

I signed with a VA agency in February at $9/hr for 20 hours a week, prepaid the quarter at $2,340 because the discount was 10% and I liked the idea of locking it in. The agency wa…

ehernandez74PO2BPRO75 replies

DiscussionJV Capital Provider

When your operating partner can't fund a capital call, is punitive dilution alignment or self harm?

Third JV I've read the documents for this year and the capital call section is where the two philosophies actually show up. Camp one says the non funding partner gets diluted hard…

chriswalton8CC1CPRO157 replies

DiscussionJV Wholesaling

Dispo partner wants to be the assignee and pay me after. That's backwards, right?

Under contract at $142,000, ARV somewhere around $215,000, needs maybe $30k of work by my numbers. Dispo partner says he has a buyer at $158,000, so $16,000 spread, 50/50. Fine. W…

carlos_nunezActive2 replies

From the desk:JV Wholesaling

What would I be if a wholesaler used my landlord contacts as the buyer side?

I own eleven units, mostly small stuff, and over six years I've collected maybe forty local landlords who buy at the price points I do. I'm in group chats with a dozen of them. Th…

36Bbrandonlee36Passive12 replies

DiscussionSeller Financing (As Seller)

Deed at closing or keep title until the last payment, on 40 acres I own free and clear

I've got two live offers on a 40 acre parcel I've held about nine years, no debt on it, listed at 265k. Buyer A puts 20% down, 8.25%, amortized on 25 with a 7 year balloon, and hi…

karen_whitfieldPG4APRO7Answered17 replies

DiscussionSeller Financing (Capital Provider)

Prepayment language: protect the yield or keep the note liquid?

The prepayment section on a note I'm drafting reads that the borrower may prepay in whole or in part at any time without penalty. That single line hands the duration of the asset…

wendy_park48CapitalPRO152 replies

DiscussionSingle-Family Rentals (SFR)

Does a landlord policy cover the rent if the tenant stops paying?

Coming into this from a completely different career, so the insurance vocabulary is where I'm getting tangled. I read that a landlord policy includes "loss of rent" coverage and I…

bmoreno23AB1BAnswered4 replies

From the desk:Single-Family Rentals (SFR)

Rehab is 19k over and I have to pick a finish level today

1958 ranch, 1,240 sq ft, three bed one and a half bath, bought at 152,000 as a keeper rental. Budget was 42,000. I'm at 61,000 with the kitchen not installed. Where it went: cast…

omar_haddadActivePRO17Answered14 replies

DiscussionCleaning / Trash-Out Services

Who pays for the trash-out when a loan goes bad?

I'm working on the lending side rather than owning, and I'm trying to think through the ugly case. Borrower stops paying, I end up taking a property back, and the house is full of…

samantha_ruizAU4APRO5Answered6 replies

From the desk:Cleaning / Trash-Out Services

The personal property clause is the whole problem in this vendor agreement

I'm papering the vendor side for a small group that's about to start taking REO clear-out orders. Two crews, they want to sign with a couple of servicers and a regional property m…

13Ddmitri_v6CapitalPRO7Answered2 replies

LossBird Dogging (As Service)

Built a lead pipeline around pre-foreclosure filings in a county that doesn't publish them the way I assumed

Ran this for seven months and shut it down in March. Posting the whole thing because the failure was at step one and I didn't see it until step four. The plan: serve two investors…

9Llaurenkim53Passive0 replies

From the desk:Hotels (Capital Deployment)

Pricing a hotel renovation without knowing what my number does to their deal

I do construction, mostly multifamily interiors, and a sponsor buying a 90-key limited service asked me to price the room renovation. Soft goods, casegoods, corridors, some bathro…

gregpowell66AG4BPRO122 replies

DiscussionDispo-Only / Marketplace Model

Blast the whole list at once, or work the top five by phone first?

I'm building the dispo side of a small service business and I've got 60 names in a spreadsheet, of which maybe seven have actually closed something in the last year. A contract la…

mikeoconnell7SP2APRO178 replies

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