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From the desk:Office Buildings (Passive Hold)

The re-tenant cost on a 9.2 cap office is bigger than my equity

Broker sent me a 22,000 sf single tenant suburban office, two story, built 1998, roof replaced 2019. Regional insurance back office occupies all of it at $14.50/sf NNN with 4.5 ye…

priya_n21PO1CAnswered5 replies

DiscussionOffice Buildings (Passive Hold)

Pitched a $50k LP unit in an office to apartment conversion, is that the normal minimum?

Guy at a local meetup runs a sponsor group doing office-to-apartment conversions and offered me a $50k LP unit. 8 percent pref, 70/30 split after, three to five year hold, and he…

gregpowell66AG4BPRO12Answered7 replies

WinWholesaling

First assignment closed for $9,400. My own contract nearly killed it.

Still a little stunned so I'm writing it down while I remember the order things happened in. Seller was an out of state owner who inherited a 3/1 from an aunt, had been paying the…

jessreyes12AU1APRO16Answered13 replies

DiscussionWholesaling

What does "equitable interest" actually mean when I never own the house?

I've watched maybe ten videos on wholesaling now and every single one says you sell your "equitable interest" instead of the property. Nobody explains what that is. If I never tak…

priya_n21PO1CAnswered5 replies

LossCrowdfunding (Platform Investor)

Couldn't fund the month 26 capital call. The dilution language did its job.

18k into a value-add multifamily deal on a platform I'd used twice before. 64 units, midwest secondary market, sponsor's plan was interior renovations on turnover, push rents abou…

joe_delgado5AP4CPRO47 replies

DiscussionLand Banking (Buy and Hold)

Does taking a hunting lease on land you're holding break the strategy?

Land banking in its pure version is buy raw land, make no improvements, collect nothing, wait. Then almost every person I talk to who actually owns acreage mentions some small inc…

jessreyes12AU1APRO160 replies

DiscussionBoarding Houses

Trying to build the real startup budget for a six-room house, what am I missing

I'm assembling a line-item budget before I make an offer on anything, and I want to pressure test it against people who've actually stood one of these up. Six rooms, existing sing…

ehernandez74PO2BPRO7Answered8 replies

From the desk:Boarding Houses

An owner I clean for just offered to sell me his house

Five years of doing turns and common area cleaning for a small operator with three licensed rooming houses. He's 71, wants out of two of them, and last week he asked whether I'd t…

monica_tran3SF4CPRO11Answered24 replies

WinTransaction Coordination

Took 11 overflow files from a team mid-transition and got all 11 closed

A small team lost their in-house coordinator with two weeks' notice in the middle of their busiest stretch. I picked up 11 active files at $325 each, flat, invoiced at close, on a…

derekj19SB1B1 reply

DiscussionTransaction Coordination

Is the transaction coordinator the same as the closer at the title company?

Building out a list of who I'd need if I actually start buying, and I've got two names for what looks like one job. The title company has a closer who handles the settlement state…

jordan_ellis2ActivePRO9Answered2 replies

LossEducation / Coaching

Paid $9,800 for a year of one on one, on a strategy my capital never fit

Cancelled in month eight. Writing it up because the tuition was the smallest number in the whole thing. The pitch that got me was a "strategy fit" call in week two. I had $41k liq…

aaron_fitz10 Get yoursPRO1518 replies

LossOpportunity Zone Fund Investing

I bought the tax benefit and ignored the deal. Fund is at 0.71x on my $600k.

Gain came from selling a portfolio of three rentals in 2021, $612k. I put $600k into a QOF because I'd spent about nine months talking to my CPA about deferral and roughly nine ho…

carlos_nunezActiveAnswered6 replies

DiscussionOpportunity Zone Fund Investing

Is the rural version of a QOF really the better deal?

I look at small rural markets, so the line in the new law about extra benefits for rural zones caught my eye. Someone at a local investor meetup told me the rural funds get a 30%…

39Llaurenkim53PassiveAnswered1 reply

DiscussionInvestor Relations (For Syndicators)

Monthly updates are making me more nervous than quarterly ones

I've been reading two sponsors' updates side by side while I work out what I'd be signing up to owe investors on a first deal. One sends about 300 words every month. Most months a…

aliyah_bAU2APRO9Answered4 replies

From the desk:Investor Relations (For Syndicators)

Fee offer for a $14M fund is part retainer, part bonus on reinvested equity

Sponsor runs one closed fund at about $14M of committed equity, 96 LPs, and is drafting a second. He wants to hand off all the investor-facing work: quarterly reports, portal upke…

38Rryanmck27SC2C0 replies

Story

The second allonge is signed by a bank that had already stopped existing

A scanned collateral file landed on my desk at eleven at night for a performing note somebody wanted me to take a piece of, and I actually read it. Borrower was fine. Forty-one pa…

wendy_park48CapitalPRO151 reply

Story

I sat in on a webinar for a deal I wasn't even in

A friend is an investor in a mid size apartment deal and forwarded me the link to their quarterly investor webinar, mostly as a joke because I've been asking him a hundred questio…

aaron_fitz10 Get yoursPRO153 replies

DiscussionHome Staging

3,000 into staging or 3,000 off the asking price on the same house

I'm finally selling a 1,450 square foot ranch on an infill lot I bought eight years ago for an assemblage that never came together. Vacant, clean, 1968 kitchen, nothing wrong with…

nicole_adeyemiPassivePRO14Answered3 replies

From the desk:JV Capital Provider

He wants $720k from me on 18 units and is putting in $60k

I've done nine passive LP checks over six years and never once negotiated a term. This one is different because the operator came to me directly and there's no PPM, just a draft o…

marcus_hale41CG4A4 replies

From the desk:Hotels (Capital Deployment)

I keep talking myself out of the hotel fund and back into land

I've got about $40k that's been sitting since I sold a small parcel last spring. A hotel fund came across my desk through someone I trust, value-add, buying select service propert…

diane_kowalskiPassivePRO143 replies

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