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From the desk:Multifamily Property Management

Third-party management agreement on 72 units, the fee is 4% and the fee is not 4%

Family entity ended up holding a 72-unit garden property attached to a parcel we've been sitting on for years. I know land. I do not know this, and I'm the one reading the agreeme…

diane_kowalskiPassivePRO14Answered6 replies

DiscussionMultifamily Property Management

What does the software stack for an apartment community actually cost per unit

I've been asking managers what they pay for software and getting numbers between $2 a unit and $12 a unit with no explanation of what's in either one. One of them told me the AI l…

derekj19SB1BAnswered11 replies

DiscussionAdaptive Reuse (Capital Deployment)

Abatements and conversion incentives: base case, or upside you don't get to count?

Came from the construction side and I'm learning the capital side, and this is the line I can't get comfortable with. Every conversion pro forma I've been handed in the last year…

gregpowell66AG4BPRO120 replies

DiscussionReal Estate Photography / Video / 3D

The two quotes for the same virtual tour are nothing alike

One of our owners wants better marketing on a vacant 2 bed we're re-listing and the agent said get a virtual tour. So I asked two vendors. One quoted $145 for a virtual tour, one…

tonyv88SO4CPRO6Answered2 replies

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

Quoted twelve agents at $225 flat and four said yes. Price or package?

Six weeks into taking paid work. Gear is bought and paid for, about $4,300 all in for a body, two lenses, a flash setup, and a tripod, plus $99 a month for editing software and cl…

bmoreno23AB1BAnswered8 replies

DiscussionSmall Multifamily (2-4 Units)

Commercial insurance quote on a fourplex with a residential loan

Commercial policies are what I deal with every day on my service business, so I didn't blink when the agent came back with a package policy on a fourplex I'm looking at. Then the…

monica_tran3SF4CPRO11Answered1 reply

From the desk:Small Multifamily (2-4 Units)

A fourplex at 620k against a passive position. The occupancy year won't pencil.

I've been putting money into other people's deals for three years and I'm looking at buying something myself for the first time, mostly because I want the residential financing th…

22Sstephen_ok9CO2CPRO4Answered15 replies

DiscussionPublic REITs (Capital Deployment)

Quarterly dividend checks. Reinvest, or steer them somewhere?

My REIT sleeve paid about $1,900 last quarter across five positions, and the brokerage had reinvestment switched on by default for all of them. I turned it off to think and now th…

marcus_hale41CG4A7 replies

DiscussionNote Buying (Non-Performing)

Modification re-default rates are wrecking my exit assumptions

Running numbers on a small pool of nine non-performing firsts, average UPB 118k, average as-is value about 141k, all in judicial states. Seller wants 62 percent of UPB. My model a…

14Bbrandonlee36PassiveAnswered8 replies

From the desk:Note Buying (Non-Performing)

Allonge endorsed in blank, nothing recorded since 2014, bid due Friday

Single note carved out of a five-loan tape. UPB $92,400, last payment October 2022, arrears with fees about $26k on top. Ask is $38k. Broker's BPO says $141k as-is, $163k repaired…

28Ddmitri_v6CapitalPRO7Answered11 replies

DiscussionBRRRR Method (Active Operator)

DSCR came in at 1.08, lender wants 1.20. What actually moves that number?

Trying to get the refinance done on a single family I've been rehabbing. The lender ran it and told me the debt service coverage ratio is 1.08 and their minimum on this product is…

megan_doyle15 Get yoursAnswered3 replies

DiscussionBRRRR Method (Active Operator)

At deal five my constraint stopped being capital and started being my own attention

Four completed cycles, fifth under contract, and the thing that's slowing me down now isn't money. I've got a line of credit and a couple of people who'd fund a rehab tranche if I…

samantha_ruizAU4APRO5Answered10 replies

Story

The guy I spot at the gym owns eleven rentals with no loan in his name

I've been learning how private money moves and mostly that's meant reading fund documents that put me to sleep. Then a guy I've spotted on bench for two years told me he owns elev…

chriswalton8CC1CPRO151 reply

DiscussionPreferred Equity

Am I buying a security when I take a pref position?

The offering document for a pref tranche I'm looking at says accredited investors only. Someone in another forum told me preferred equity is debt-like so it isn't really a securit…

luis_carrera Get yoursAnswered1 reply

LossPreferred Equity

I signed a pref doc that let the sponsor put money in ahead of me and then he did

$900k into a pref position on a suburban office-to-flex conversion, 12% accruing, no current pay for the first eighteen months, 1.35x minimum multiple at redemption. I read the wh…

paulgrant17PassivePRO7Answered4 replies

DiscussionLarge Multifamily (Institutional)

"Buy at the trough" is advice you can only follow backwards

Every institutional apartment piece I read says the same thing, which is that vacancy has peaked around 8.5% and values sit 20 to 30% under the 2022 high, so this is the moment fo…

megan_doyle15 Get yours8 replies

From the desk:Large Multifamily (Institutional)

Asked for $6M of rescue capital on a 2021 deal, described to us as accretive

312 units, 2016 vintage garden, bought late 2021 at $228k a door. Floating rate bridge, cap bought at the time, cap expires in five months. My LP position is small, call it 4 perc…

marcus_hale41CG4A4 replies

DiscussionForeclosure / REO Investing

Auction property had a second lien I didn't catch, what actually happens now

Bidding at a county trustee sale next month and I'm trying to stress test my title work before I put cash down. My understanding is that the foreclosing lien wipes junior liens, s…

omar_haddadActivePRO17Answered2 replies

From the desk:Foreclosure / REO Investing

Auction is Tuesday, my cap says $184k, and I've never seen the back

County trustee sale Tuesday morning, single family, 1,450 sq ft, 1978 build, in a working suburb where the last four closed comps between 255k and 272k. I'm calling ARV 262k becau…

carlos_nunezActiveAnswered6 replies

From the desk:Fix and Flip (Full Gut)

Is there a boring version of a full gut, or is that a contradiction

I'd like to do this in a way that doesn't blow up on me, and everything I read about gut rehabs sounds like drama by design. But I keep landing on the same problem when I look at…

tylerbrooks9PassivePRO4Answered9 replies

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