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From the desk:Senior Housing (Independent Living)

The age verification file on a 168 unit 55-plus stops in 2021

Deal on my desk is a 2016-built active adult community, 168 units, one and two bedrooms averaging 940 square feet. In-place average rent $2,190, occupancy 95.7 percent, T12 expens…

wendy_park48CapitalPRO156 replies

DiscussionSenior Housing (Independent Living)

Lender says my 32% expense ratio on the active adult deal is fantasy

148 units, purpose-built 55-plus, no dining room, no care of any kind. In-place rents average $2,150 and my model runs total operating expenses at 32% of EGI, call it $7,900 a uni…

34Hhannah_west29 Get yours6 replies

DiscussionCorporate / Furnished Housing

Budgeted 8k to furnish a 2 bed, I'm at 14,200 and not done

I renovate for a living so I thought furnishing would be the easy part. Budgeted 8k for a 2 bed 1000 sq ft unit aimed at relocation placements. I'm at 14,200 and still need a seco…

omar_haddadActivePRO177 replies

From the desk:Corporate / Furnished Housing

I want income without a second job and this looks like a second job

I've been going through the passive-ish options and furnished corporate keeps showing the best spread on paper. In my market a decent 1 bed unfurnished is around $1,250. The furni…

priya_n21PO1C0 replies

From the desk:Senior Housing (Independent Living)

The after-hours clause is the one I keep rewriting on this 55-plus bid

RFP came in for two age-restricted communities under the same ownership, 240 units combined, about nine acres between them. Current vendor is at $11,400 a month and the owner says…

angela_burkeServicePRO121 reply

WinGround-Up Residential Development (Spec Home Building)

A rock ledge under the driveway nearly ate the margin on my first build

The lot cost me 62,000 cash and the finished house closed at 452,000, eleven months from the first excavator to the closing table. I own a couple of small buildings and I'd never…

35Rrenee_dubois Get yoursAnswered30 replies

From the desk:Syndications: GP / Sponsor

Fee stack in a 240-unit PPM: asset management is 2% of gross revenue, not equity. Is that the tell?

I asked to see documents on a deal a friend's family is in, mostly to practice reading them. 240 units, $34M purchase, $12M equity, five to seven year hold, $4.8M of hard costs in…

16Kkevin_lombardPG1BPRO179 replies

DiscussionSeller Financing (Capital Provider)

Servicing my own note versus paying someone $30 a month to do it

Sold a small duplex last spring and carried $148,000 of the price. Since June the payments have landed in my personal account by transfer, and I track them in a spreadsheet with c…

gregpowell66AG4BPRO1214 replies

LossTransaction Coordination

Priced 14 files at $300 flat. Effective rate came out under $22 an hour.

I ran the experiment I'd been talking about for months. Two agents, one small investor, 14 files over about five months, flat $300 per file, paid at close. Nine closed, three fell…

derekj19SB1BAnswered1 reply

Story

Every Friday for eleven months, on a note that was supposed to run six

I put 55 thousand behind a hard money loan on a small duplex conversion. The borrower was a contractor I'd known for about four years through a neighbor. Six month term, interest…

ehernandez74PO2BPRO74 replies

From the desk:Opportunity Zone Fund Investing

If I lend to a project inside a zone, do I get any of the tax treatment?

I'm working out where I fit on a deal a local sponsor brought me. They're building 22 townhomes inside a designated tract and they want a $400k second position piece at 12% with a…

sonia_alvarez Get yoursPRO6Answered1 reply

DiscussionOpportunity Zone Fund Investing

Reporting requirements landed on funds, not on me, but I'm not sure that holds

Reading through the new QOF reporting obligations that came in with the permanence legislation, and the framing everywhere is that this is a fund-level compliance burden. Fine. Ex…

bmoreno23AB1BAnswered1 reply

DiscussionTransactional Funding

One funder for every double close, or a bid per deal?

Two funders quoted the same deal for me last month. One at a flat 1,750, one at 1.25% of the A leg with a 1,500 floor. On a 96k purchase that's close enough to the same money that…

aaron_fitz10 Get yoursPRO157 replies

From the desk:Syndications: GP / Sponsor

152 units, 8% pref, 50/50 back end. The promote nearly doubles at year 7 and the LP IRR falls.

Purchase $18.2M, 152 units built in 1984, $3.1M of capex over about 30 months. Total equity $6.9M with $500k of that mine. Waterfall is 8% pref, 70/30 to a 13% LP IRR, then 50/50…

dpatel_reCS4A6 replies

DiscussionMobile Home Parks / Manufactured Housing

Does infill ever pencil at $52k a single-wide?

44-lot park, 32 occupied, 12 vacant pads with what the seller says are live water, sewer and electric stubs. Lot rent is $340 and collections look decent on the 32. Dealer quoted…

joe_delgado5AP4CPRO4Answered6 replies

WinMobile Home Parks / Manufactured Housing

I don't own a park. I brokered my first one and learned more in that 90 days than a year of coursework

Getting licensed at the moment, and my first real listing was a 36-lot park a family had owned since 1978. Not my money, so this isn't my win exactly, but I sat inside the whole t…

26Rryanmck27SC2C4 replies

DiscussionLuxury Wholesaling

how does anybody find an "off-market estate" in the first place

I've been in the analysis stage for months and I want to stop. The luxury wholesaling material all says the deals are "off-market distressed estates" and I think I'm nodding along…

luis_carrera Get yoursAnswered9 replies

From the desk:Luxury Wholesaling

Only eleven of 400 names on the high-end buyer list actually answer

I'm building a disposition service for operators who put distressed high-value houses under contract and then discover they have nobody to sell them to. Two wholesalers have alrea…

mikeoconnell7SP2APRO17Answered4 replies

DiscussionBRRRR Method (Passive Angle)

Season for twelve months at a better rate, or refinance at six and take the smaller cash-out

Working through a decision that seems to split people every time it comes up, and I want to see where this room actually lands. Setup, roughly. Rehab is done, tenant is in, and yo…

jordan_ellis2ActivePRO92 replies

DiscussionPre-Foreclosure Outreach

Contract on the kitchen table, or come back once title's back?

Sat with an owner at 27 days to the sale, motivated, no hostility, and I had a one page purchase agreement in the folder with a ten day diligence out. I didn't pull it out. Went h…

jessreyes12AU1APRO166 replies

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