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DiscussionInvestor-Friendly Real Estate Agent

43 deals sent, 3 passed my screen. Broken buy box or wrong agent?

Six months into a relationship with an agent who bills himself as investor-focused. I gave him a written screen: max purchase 180k, 8.5% cap on trailing actuals, 1.25 DSCR at 7.25…

15Hhannah_west29 Get yoursAnswered13 replies

DiscussionMicro-Wholesaler Networks

Getting licensed while sitting in a wholesaler group chat feels like a conflict waiting to happen

I'm midway through licensing and I've been in a micro-wholesaler group chat for a while, mostly listening. Roughly 14 members, informal, deals get passed around with a one-page JV…

18Rryanmck27SC2CAnswered2 replies

From the desk:Micro-Wholesaler Networks

Five-person group wants me to fund earnest money at $2,500 a contract for $500 a deal

A group of part-time wholesalers I met through a local meetup asked me to be their earnest money source. Five members, they say they put roughly four contracts a month under agree…

chriswalton8CC1CPRO15Answered10 replies

DiscussionNote Buying (Performing)

Contractor here, someone offered me a note on a house I renovated

A private lender I know is selling a note on a house I did the kitchen and bath on a couple of years back. Owner-occupied, borrower has apparently paid every month since. He wants…

omar_haddadActivePRO17Answered4 replies

LossNote Buying (Performing)

Lost about 17k on a performing second whose pay history told me nothing

Closed this one out last month after 19 months, so the numbers are final. What I bought: performing second lien, UPB 41,000, coupon 10.5%, P&I 402, 27 consecutive on-time payments…

angela_burkeServicePRO12Answered8 replies

From the desk:Office Buildings (Passive Hold)

The sponsor's TI number is a placeholder on a mezz piece I'd fund

A group I've looked at before sent me a mezzanine slot behind a senior loan on a five story office in a second tier downtown. Building is 1998, about 110,000 sf, 71 percent leased…

sonia_alvarez Get yoursPRO63 replies

DiscussionOffice Buildings (Passive Hold)

How do you stress test a bridge loan extension test on a prime office LP?

Looking at an LP position in a prime CBD asset and the debt is what I can't get comfortable with. Details as presented: $78m purchase, 91 percent leased, in-place NOI $5.65m, so a…

ehernandez74PO2BPRO72 replies

From the desk:Office Buildings (Passive Hold)

The pref in this conversion fund doesn't pay cash for three years

Been through the PPM twice on a fund buying obsolete office for residential conversion, and I want other eyes before the next closing. The seed asset is a 1974 tower, 180,000 sf g…

marcus_hale41CG4AAnswered7 replies

DiscussionSeller Financing (As Seller)

Balloon in five years, or amortize the whole thing and just collect checks?

I've got two parcels I'll probably sell in the next couple of years, both held free and clear, and I've been reading sample notes to figure out what I'd actually want in one. The…

diane_kowalskiPassivePRO149 replies

WinSmall Multifamily (2-4 Units)

County said three units, the building had four, and a zoning letter closed it

Fourplex, two up two down, 585k, in a first ring suburb where the current zoning only permits two units per lot. The building predates the zoning by about forty years. County prop…

nicole_adeyemiPassivePRO14Answered4 replies

DiscussionSmall Multifamily (2-4 Units)

One water meter for both sides of a duplex, how do people split it?

The duplex I'm looking at has a single water meter for both units, and the seller's statement shows water and sewer around $180 a month, paid by the owner. My agent said just add…

karen_whitfieldPG4APRO7Answered2 replies

DiscussionWholesaling (As Service)

Line by line, what does a sourcing operation cost me every month before I ever get paid

If I'm going to find houses for other people's money, I want to know what the overhead actually is before I quote anyone a fee. What I think I need: some kind of list pulling soft…

mitchell_ray4 Get yoursPRO126 replies

From the desk:Wholesaling (As Service)

Per-deal fee or retainer on 20 doors? My spreadsheet won't settle.

I've been assigning on my own account for three years and the spread is getting squeezed, so I'm moving toward getting paid for the sourcing itself. One client, a small fund buyin…

carlos_nunezActive7 replies

DiscussionReal Estate Crowdfunding (Investor)

If the platform shuts down, who sends my distributions?

Went through a subscription agreement last night and found the sentence that made me stop. The platform describes itself as the portal and the technology provider. The issuer is a…

carlos_nunezActive2 replies

DiscussionParking Lots / Garages

Every garage owner I talk to says the same thing about their operator's numbers

I've been sitting down with owners to figure out where a service business could actually be useful, and parking keeps producing the same complaint. One owner with two garages, bot…

37NnataliehsuSO1BPRO107 replies

From the desk:Parking Lots / Garages

12 spaces behind a downtown strip, $88k, tell me what's wrong with these numbers

Small one. Striped lot, 12 spaces, sits behind a row of five storefronts in a town of about 30,000. Seller is one of the storefront owners and he's leaving town. Current: nine spa…

41Hhannah_west29 Get yours1 reply

DiscussionFund Management

Fees are 2 on committed stepping to 1.5, on a fund that closed $18M of $60M

Diligencing a first-time value-add multifamily fund. Terms are 2% on committed capital during a three-year investment period, stepping to 1.5% on invested capital after, 8% pref,…

34Sstephen_ok9CO2CPRO4Answered2 replies

From the desk:Fund Management

The 2 percent on committed capital is bugging me on a sponsor I like

I've been an LP in five deals with the same sponsor, all one-off syndications, all fine. They're now raising a $40M value-add multifamily fund and sent me the PPM. I've read it tw…

marcus_hale41CG4AAnswered6 replies

DiscussionSelf-Storage (Passive Hold)

Storage while home sales are frozen: entry point or reason to sit out?

I've spent most of my time on raw land, so storage is new to me. What pulled me in is that the sector seems to be arguing with itself right now and both sides sound reasonable. Th…

diane_kowalskiPassivePRO1430 replies

WinReal Estate Debt Funds

Fourteen months of distributions from 25k, and one loan that scared me

I came into this from a completely different line of work and had no chance of buying a property with what I had saved. 25k, no local market knowledge, no time to renovate anythin…

bmoreno23AB1B9 replies

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