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DiscussionFix and Flip (Cosmetic)

So what's actually left out of 65k gross on a 260k buy?

The number I keep tripping over is the reported typical flip: buy near 260,000, resell near 325,000, gross profit around 65,000, gross return roughly 25 percent, described as the…

diane_kowalskiPassivePRO14Answered14 replies

DiscussionListing Content (Agent / Broker Marketing)

Is an 11 month median retainer a product problem or a segment problem?

Looking at a small provider doing agent marketing, 34 retainer clients, average $740 a month, gross margin around 55% after contractor costs. Median client life is 11 months, whic…

jessreyes12AU1APRO16Answered2 replies

From the desk:Listing Content (Agent / Broker Marketing)

$2,400 land marketing package on a 62 acre listing, or the two road photos the agent does for free

Listing 62 acres this spring. Mixed pasture and timber, county road frontage on one side, a seasonal creek, no utilities run to it. List price I'm working toward is $410k. Taxes o…

nicole_adeyemiPassivePRO14Answered3 replies

LossTitle Company / Title Services

Declined the owner's policy to save $410. Cost me $3,100 three months later.

First rental, a $168k three bedroom in a modest inner-ring suburb. At the closing table the settlement statement had the lender's policy on it, which the bank required, and then a…

paulgrant17PassivePRO77 replies

WinTransaction Coordination

Moved 22 LP-side closings onto one coordinator. Sixty hours back.

The paperwork I own as a passive investor isn't the same as an agent's. Subscription docs, entity formation confirmations, insurance certs, lender condition lists that the sponsor…

marcus_hale41CG4A8 replies

LossMobile Home Parks / Manufactured Housing

Paid $148k over ask for a 60-lot park because I trusted a rent roll that counted eleven homes that didn't exist

I wanted the boring version and I got an expensive lesson in what a rent roll actually is. 60 lots on paper. The broker's package showed 54 occupied at $315, so about $204k of gro…

tylerbrooks9PassivePRO4Answered3 replies

DiscussionMobile Home Parks / Manufactured Housing

Deck says lot rent goes from $265 to $425 in 24 months. What breaks first?

60-lot park, in-place lot rent $265, the broker's "market rent" is $425, and the model walks it there over 24 months in two steps. Everything else in the deck is flat. I'm buildin…

mikeoconnell7SP2APRO17Answered13 replies

From the desk:Title Company / Title Services

Two title quotes $6,400 apart on the same purchase. Which part is rate?

Purchase price $2.35M, loan $1.65M, 14 unit walk-up in a second tier market. I asked two agencies for a full quote and got numbers far enough apart that I assume I'm comparing dif…

15Hhannah_west29 Get yoursAnswered9 replies

DiscussionTitle Company / Title Services

Cash LLC purchase, no lender, so who is actually the reporting person under the FinCEN rule?

I've got a file shape I want to understand before it's in front of me: buyer is a Delaware LLC, all cash, no institutional lender anywhere in the deal. Because there's no bank wit…

derekj19SB1BAnswered5 replies

LossBookkeeping (Real Estate)

A year at $180 a month for books my tax preparer redid anyway

First rental, a small three-bed in a working-class part of town, bought early last year. I wanted to do this properly so I hired a bookkeeper off a marketplace at $180 a month. Sh…

aliyah_bAU2APRO9Answered11 replies

DiscussionBookkeeping (Real Estate)

Stessa, QuickBooks, or a bookkeeper: where does the money actually go?

Four rentals I own directly plus a handful of LP positions in syndications where all I get is a K-1 once a year. I'm currently running the rentals in a spreadsheet and it works un…

marcus_hale41CG4AAnswered5 replies

DiscussionLarge Multifamily / Apartments (20+ Units)

Concessions on a 240 unit are eating the whole rent bump I underwrote

Working a 240 unit in a submarket with two lease-ups within a mile. Asking rents on the rent roll average 1,650. Effective is closer to 1,512 once I back out concessions, which th…

dpatel_reCS4AAnswered8 replies

WinLarge Multifamily / Apartments (20+ Units)

The pricing model is what saved us on a 312 unit turn contract

We're a six person crew doing interior renovations. Until last year the biggest thing we'd touched was an 18 unit where we did all of them over eight months. This one was differen…

angela_burkeServicePRO12Answered6 replies

From the desk:Industrial / Warehouse (Passive Hold)

Same money, two industrial deals: 12 year absolute net at a 6.25 or a five unit shallow bay park at 8.1

I've been sitting on 1031 proceeds and the clock is doing what clocks do. Two industrial deals in the same metro, roughly the same check. Deal A. 40,000 sf light manufacturing bui…

ehernandez74PO2BPRO77 replies

DiscussionIndustrial / Warehouse (Passive Hold)

Triple net apparently still leaves the roof with me

I went into this looking for the version of commercial real estate where I collect a check and don't get a call. Everything I read said industrial leases are net, meaning the tena…

tylerbrooks9PassivePRO41 reply

DiscussionStudent Housing

Underwriting a 2032 exit on a campus that has flat enrollment today

I've got a 64 bed value-add under review at a regional public school in a rural county. Current enrollment is roughly flat over five years, first-year headcount actually ticked up…

9Llaurenkim53Passive9 replies

DiscussionStudent Housing

The enrollment page of this student housing deck is one chart

I've been going through notes and paper mostly, so this is my first look at a student housing offering, and the sponsor sent a 40 page deck where enrollment gets exactly one chart…

raj_mehta14CapitalPRO135 replies

DiscussionMedical Office Buildings

Hospital system tenant wants a termination right tied to losing its outpatient designation

Under LOI on a two tenant medical outpatient building, 18,400 sf, $6.8m, 6.9% going-in cap. Bigger tenant is a system-affiliated cardiology practice, 11,200 sf, 9 years left, $32…

15Ttashaford30PB2APRO4Answered2 replies

LossMedical Office Buildings

Priced medical janitorial like regular office and lost $27k in ten months

Multi-tenant medical outpatient building, 44,000 sf, twelve suites. I'd been cleaning conventional suburban office for years at $1.60 to $1.90 per sf per year and won this one at…

monica_tran3SF4CPRO111 reply

LossAgricultural Land / Farmland

The thinning on my 160 acres of pine netted $14,000 against a $60,000 model

I bought 160 acres of planted pine three years ago on the theory that it was cheap land with a crop I could harvest on my own schedule. Paid $2,150 an acre, $344,000, all cash, no…

monica_tran3SF4CPRO1111 replies

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