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From the desk:Syndications: GP / Sponsor

Offered 20% of the promote to be the asset management leg of a co-GP. Trying to price my own labor.

A sponsor I've managed for over four years wants me inside the GP on his next one, a 112 unit two-property portfolio, 9.1M all in, 3.2M equity. My side would be asset management:…

tonyv88SO4CPRO64 replies

DiscussionSyndications: GP / Sponsor

Co-GP slice for making introductions, is that a real role or a wrapper

A co-GP agreement came across my desk for a $12M multifamily deal. The offer is 30% of the promote in exchange for introducing investors up to a $4M raise. No asset management dut…

34NnataliehsuSO1BPRO103 replies

From the desk:Luxury Flips

Eight months at 4.35M, two insulting offers, and my lender wants an answer

Finished a 5,900 sq ft luxury flip in late spring. Bought at 2.6M, all in at 3.68M including a scope overrun I'd rather not relitigate. Listed at 4.45M on comps that supported 4.3…

carlos_nunezActive2 replies

DiscussionLuxury Flips

Sponsor's model says 3 months to contract, their own appendix says 14 months DOM

Looking at a luxury flip as a passive investor. Deck says $2.6M acquisition, $700k renovation budget, $4.2M target resale. Debt at 65 percent of cost, 12 month term with one 6 mon…

marcus_hale41CG4A2 replies

LossDispo / Marketplace Services

Four months as the dispo half of someone else's wholesale operation, 900 dollars total

Finished this in March and I've had time to look at it properly. Deal. A wholesaler in my market was drowning on the sell side. He gets contracts, he cannot move them. I took disp…

devon_pierce Get yoursPRO144 replies

From the desk:Timberland / Vineyards / Orchards

The appraiser split land and trees. My lender will only lend on the dirt.

Under contract on 70 acres in a cheap rural county, 46 acres of it in an old navel citrus block, remainder pasture and a shed. Contract price 392k, which is 5,600 an acre and rich…

18Llaurenkim53Passive4 replies

DiscussionLead Generation Platforms (Building)

Cap the buyers per market or sell to everyone who shows up

Numbers first. I've got a small seller lead product running in four metros. Right now every lead goes to three buyers at once for $95 each, so $285 a lead. Two of those buyers hav…

15Hhannah_west29 Get yours9 replies

DiscussionReal Estate Syndications (Limited Partner)

$75k: a fifth building of my own, or a passive slot in someone else's 180 units

Eleven units across four small buildings, all self managed, all bought under 2021. I have $75k that isn't earmarked and for the first time I'm looking at LP positions instead of a…

27Rrenee_dubois Get yours3 replies

From the desk:Data Centers (Passive Hold)

The whole promoted return sits in the 40 acres, not the colo

The deck reached me through someone from my old industry and I have until the 19th to fund or pass. LP minimum is 75k, which is most of what I have set aside, so I would rather be…

bmoreno23AB1BAnswered25 replies

DiscussionData Centers (Passive Hold)

Residual value on a 32MW box after the lease rolls in year 15

I'm reading a fund deck for a stabilized 32MW facility in a secondary market. Going-in cap 6.1%, 15 year triple net lease to an investment grade cloud tenant, 2.5% fixed escalator…

megan_doyle15 Get yours6 replies

DiscussionNote Buying (Non-Performing)

Buying to reperform or buying to own the house: which one am I actually doing?

I've been reading tapes for a couple of months and I still can't tell which business I'd be in. Two people described the same $40k purchase on a defaulted first to me in completel…

raj_mehta14CapitalPRO1312 replies

DiscussionStudent Housing

5.2 cap at a flagship versus 7.3 at a growing regional, which risk do you actually want

I have two student deals on my list that I cannot rank, and the disagreement is real enough that I want to see how this room splits. First is 240 beds, walking distance to a flags…

devon_pierce Get yoursPRO143 replies

DiscussionBroker Owner

Recruiting into a consolidating market: does adding bodies still buy you anything?

A broker I know in a small land and rural market is sitting on a decision I find genuinely hard to call. He has nine agents. Four of them close, five don't. Over the last year he'…

nicole_adeyemiPassivePRO146 replies

Story

Where did the servers go when our server room became a broom closet?

Day job moved offices in the fall. Old place had a server room with a glass door, a rack, its own little wall mounted air conditioner that dripped, and a sign nobody obeyed about…

jordan_ellis2ActivePRO95 replies

DiscussionLand Development / Subdivisions

How do you get real exposure to land development if you don't own any dirt yet

I've spent about a year reading about this and watching two subdivisions go in near me, and I still can't tell whether I'm supposed to start small or start adjacent. The two paths…

diane_kowalskiPassivePRO147 replies

DiscussionReal Estate Crowdfunding (Investor)

Sponsor co-invest of 10% versus a fee load half as heavy

Two equity offerings in front of me, same asset type, both targeting low teens IRR on a five year hold. First one: sponsor puts in 10% of the equity alongside investors, 2% acquis…

diane_kowalskiPassivePRO143 replies

DiscussionNNN Leases (Triple-Net)

How am I supposed to think about year 13 on a small-town dollar store?

Rural deal, asking $1,340,000, rent $112,500, so roughly 8.4%. Town population about 1,800, the store is the only general merchandise within 20 miles. Lease has 11 years left of a…

21Llaurenkim53PassiveAnswered3 replies

From the desk:NNN Leases (Triple-Net)

My tenant wants to pay the taxes directly. Does that make it a net lease?

This is a small thing next to what usually gets posted here, but it's sitting on my desk this week and I'd rather ask than guess. I own a four unit and a two unit, both ordinary r…

16Rrenee_dubois Get yoursAnswered3 replies

DiscussionLive-In Flip

what actually counts as a live-in flip vs just fixing up my house

I manage rentals for other people so I see a lot of renovation work, but I've never done this one myself. Everyone in my building's owner group says they're doing a live-in flip a…

tonyv88SO4CPRO6Answered1 reply

From the desk:Live-In Flip

Crew downtime is subsidizing my own live-in flip. Cheap labor or a leak?

Small punch-out and finish crew is what I've got, mostly working other people's projects. Eighteen months ago I bought a 1958 ranch, 1,750 square feet, in a decent school district…

angela_burkeServicePRO12Answered2 replies

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