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WinReverse Wholesaling

Traded exclusivity for a 48 hour first look, and the non-circumvention clause saved deal three

Buyer is a rental operator running around 40 doors who adds two a month when the price is right. He wanted exclusivity. I wanted repeat volume without being his unpaid acquisition…

31Ddmitri_v6CapitalPRO710 replies

DiscussionHotels (Capital Deployment)

Hotel term sheets lead with debt yield now, and that's the whole conversation

Been reading hospitality term sheets from the credit side rather than the equity side and something has hardened. Nobody sizes off cap rate or even off DSCR as the binding test an…

sonia_alvarez Get yoursPRO6Answered7 replies

From the desk:Hotels (Capital Deployment)

What happens to a $50k hotel fund position if travel softens?

A friend from my old job runs finance at a small hospitality sponsor and offered me a $50k slot in their next fund. Three assets, all select service, two secondary markets and one…

tylerbrooks9PassivePRO4Answered11 replies

DiscussionBoarding Houses

Buy the licensed house at a premium, or license a cheap one yourself

Two houses in the same submarket right now. One is a 10 room licensed rooming house asking about 90k more than comparable single family stock, license current, inspection file cle…

jordan_ellis2ActivePRO91 reply

LossOpportunity Zone Investing

I put 240k of gain into someone else's zone deal and got 61k back

Sold a block of stock in 2022, rolled 240k into an operator's project inside a designated tract, ground up 34 units over retail in a mid size southern market. I do a lot of due di…

marcus_hale41CG4A14 replies

From the desk:Wholesaling (As Service)

A wholesaler wants $8,000 to hand me a rental. Is that a normal thing to pay?

I've been getting emails from someone who says he finds houses for out of town buyers. He sent me one this week. $150,000 house, he says it rents for $1,450, and his fee is $8,000…

priya_n21PO1C13 replies

DiscussionWholesaling (As Service)

Charging an acquisition fee and keeping the assignment spread on the same house

Trying to get the terms straight before I underwrite anything for a client. Say I put a house under contract at 150, assign it to my buyer at 165, and I also have a sourcing agree…

dpatel_reCS4A2 replies

DiscussionIndustrial / Warehouse (Passive Hold)

Tenant will do 10 years at $9.25 or 5 at $9.85. Which term do you sign into a market everyone says tightens in 2027?

31,000 sf rear-load box, 28 foot clear, infill submarket about 20 minutes from the port road. I bought it two years ago with 14 months of term left and I've been carrying it half…

joe_delgado5AP4CPRO410 replies

DiscussionReal Estate Photography / Video / 3D

Can I shoot the kitchen before it exists and virtually stage it in

Full gut on a 1950s ranch, cabinets are 3 weeks out, and the agent wants photos now to start building interest. Her suggestion was shoot the empty kitchen and have the photographe…

omar_haddadActivePRO17Answered3 replies

From the desk:Real Estate Photography / Video / 3D

$4,500 a month for unlimited shoots. Three days trying to make it not a trap.

Been doing photo work part time for about eight months while I figure out whether the investing side or the service side is where I actually belong. Current numbers: 11 to 14 shoo…

aaron_fitz10 Get yoursPRO15Answered17 replies

From the desk:Corporate / Furnished Housing

A client wants me to master lease three units. I've never been the tenant.

My crew has been doing turns and light maintenance for a couple of small landlords for three years. One of those landlords also owns a 12 unit near a regional headquarters, and a…

angela_burkeServicePRO122 replies

DiscussionCorporate / Furnished Housing

What do people actually pay for on the software side here

On furnished corporate units I keep leaving a blank line in the operating expenses for software and services, because I don't know what the real stack is. On long-term rentals it'…

dpatel_reCS4A3 replies

From the desk:Opportunity Zone Investing

Found a duplex in a zone and I have no gains to put into it

Been looking at a 1970s duplex, $198k asking, both sides rented at $875, taxes $2,400, insurance quoted at $1,900. Roof is maybe six years old. It sits inside a designated opportu…

jordan_ellis2ActivePRO9Answered4 replies

DiscussionOpportunity Zone Investing

What does it actually cost to set up my own fund for one small deal?

Construction is my background, the investing side is new. Everything I read about opportunity zones talks about funds like they're big institutional things with a whole back offic…

gregpowell66AG4BPRO12Answered5 replies

DiscussionAdaptive Reuse (Capital Deployment)

For a small check, is a conversion fund with ten buildings safer than one building you can actually go look at?

The two doors I keep getting shown for conversions are pretty different, and I'm not sure conversions are somewhere I belong at all with a small portfolio of ordinary rentals. Doo…

26Bbrandonlee36Passive10 replies

From the desk:Raising Capital / Investor Relations

6.4% of equity comes off before the property does anything. Normal?

Reading my way through an offering document for the third time and writing down every place money leaves before an LP sees a dollar. 8.4m equity raise, 22m purchase, industrial fl…

9Kkevin_lombardPG1BPRO170 replies

DiscussionRaising Capital / Investor Relations

Sponsor's equity has come from the same family office three deals running

Doing diligence on a sponsor's fourth offering, 12m equity target. Their prior three deals list one family office as the largest investor, and from the capital account detail they…

marcus_hale41CG4A0 replies

From the desk:Adaptive Reuse (Capital Deployment)

Do I tell them to spend $85k finding out, or pass on the floor plate now?

A small group I have done GC work for wants to buy an 8 story office building and convert it. They asked me to do a first pass because I know how buildings go together, and I am l…

gregpowell66AG4BPRO12Answered15 replies

DiscussionAdaptive Reuse (Capital Deployment)

buying the office loan instead of the office

Working through an offering memo where the sponsor isn't buying the building at all. They're buying the mortgage at roughly 55 cents on the dollar and describing the conversion as…

raj_mehta14CapitalPRO13Answered5 replies

WinAppraisal

A hard appraisal rule cost me two deals and saved one provable loss

I buy small second liens, mostly $30k to $90k balances, and through last year I was taking whatever value the seller had in the file. Usually an automated value, occasionally a tw…

sonia_alvarez Get yoursPRO63 replies

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