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WinHard Money / Private Lending

A $4,200 plumber's lien nearly held my month 8 payoff hostage

Payoff wired last week on the first loan I funded on my own paper, so the numbers are fresh. Collateral was a 4 unit in an inner ring working class suburb, brick, all four occupie…

sonia_alvarez Get yoursPRO611 replies

DiscussionOff-Market Deal Sourcing

Do you load campaign cost into the deal or keep it as overhead?

I closed the books on a quarter of sourcing spend and realized my cost per contract changes the deal answer depending on where I put it. Say a campaign runs 3,400 in data and post…

24Hhannah_west29 Get yours2 replies

DiscussionNote Buying (Performing)

Servicer from note one, or collect the payments yourself first to learn how it works?

I manage properties, so collecting money from people who live in houses is my whole week. When I started reading about performing notes my first thought was that I'd just take the…

tonyv88SO4CPRO62 replies

From the desk:Hotels (Capital Deployment)

Trying to understand why a hotel needs an operating company at all

I'm getting licensed and doing a lot of reading on the side, and hotels are the one property type where I can't follow the ownership picture. With an apartment building I understa…

24Rryanmck27SC2CAnswered11 replies

DiscussionHotels (Capital Deployment)

I have to defend a 60% leisure resort allocation I did not choose

Reviewing a hospitality fund allocation. 300m target, five to seven year hold, 2% management fee on committed, 8% pref, 60/40 above with a full catch-up. Sponsor's stated strategy…

9Sstephen_ok9CO2CPRO4Answered4 replies

WinGeneral Contracting / Rehab Crews

Sold 60 percent of my crew's year before January, and it held through a lumber jump

Closing out the first full year with three carpenters on payroll instead of me and a helper, and the thing that made it survivable was signing two investors to reserved-hours agre…

mikeoconnell7SP2APRO1710 replies

DiscussionCleaning / Trash-Out Services

The insured cleanout vendor wants $2,850 and the two guys with a truck want $1,400

Vacant three bedroom I closed on last week, previous occupant left about half a house worth of stuff plus a shed. I got two numbers. The first is a real company. Certificate of in…

joe_delgado5AP4CPRO44 replies

DiscussionNNN Leases (Triple-Net)

Do you buy the credit or the box? Two net lease deals, 160 basis points apart

Two things on my desk this week and they point in opposite directions. Deal A. Single tenant pharmacy-format box, roughly 13,000 sf, investment grade parent on the guaranty, 15 ye…

aliyah_bAU2APRO924 replies

DiscussionDriving for Dollars

What do investors actually pay for a list of driven addresses?

Driving for dollars keeps coming up as the task nobody wants to do themselves, and I want to build a service around that side of real estate. So my thought was to drive routes and…

mikeoconnell7SP2APRO174 replies

DiscussionDriving for Dollars

Sixty dollars of gas a week against a purchased list of the same zip

Before I put time into this method I keep trying to price it honestly, and I come at it from the capital side. A pulled list of absentee owners with high equity in one zip runs me…

31Sstephen_ok9CO2CPRO41 reply

LossInvestor Relations (For Syndicators)

Reported 94% occupancy to 22 investors when the real number was 79%

A friend syndicated a small apartment deal, 22 LPs, and asked me to handle the investor emails for $600 a month. I said yes over coffee. Nothing in writing about what I was and wa…

aliyah_bAU2APRO916 replies

LossTimberland / Vineyards / Orchards

Walked from an 88 acre vineyard on day 140. $109k.

Posting this because the failure was procedural, and procedural failures are the cheapest kind to learn from someone else. The asset: 88 acres in a cool-climate wine region, 71 pl…

ehernandez74PO2BPRO717 replies

LossReal Estate Photography / Video / 3D

Fixed price across 22 listings put me $6,800 behind on labor

I priced a three-format package off a spreadsheet last fall and ran it for a quarter before I looked at the actuals properly. Posting the numbers because the failure is boring and…

13Hhannah_west29 Get yoursAnswered5 replies

From the desk:Note Buying (Non-Performing)

A customer wants to sell me the defaulted note he owner-financed. $55k.

I do HVAC and light electrical work, mostly for a handful of small landlords. One of them sold a house on owner financing three years ago and the buyer stopped paying nine months…

mitchell_ray4 Get yoursPRO12Answered24 replies

DiscussionNote Buying (Non-Performing)

Realistic smallest check to buy one non-performing second, or is that a bad idea entirely

Someone in another room mentioned you can pick up non-performing second liens for a couple thousand dollars each, which sounds like an amount I could actually risk while I learn.…

chriswalton8CC1CPRO15Answered4 replies

From the desk:Dispo-Only / Marketplace Model

What does it actually cost to start on the dispo side

Trying to price out a start and the dispo model keeps coming up as the cheap entry because you're not buying anything and not paying for marketing to find sellers. My count so far…

aliyah_bAU2APRO9Answered1 reply

DiscussionDispo-Only / Marketplace Model

Only about 15 of 400 names on this buyer list have ever closed

I'm mostly on the rental and screening side, so treat me as an outsider here, but I've been helping someone sort a dispo buyer list and the numbers are strange enough that I want…

paulgrant17PassivePRO7Answered6 replies

WinIndustrial / Warehouse (Passive Hold)

Rents 28% under market on 14,000 sf, then the appraisal came in $70k light

First deal after a long stretch of research and no purchases, so I'll skip the part where I explain why it took so long. Two tenant shallow bay, 14,000 square feet, built 1996, 22…

jordan_ellis2ActivePRO91 reply

From the desk:Parking Lots / Garages

The redevelopment language in this garage operating agreement does a lot

I'm looking at LP paperwork for a 400-space garage in a mid-size downtown, roughly $18M total capitalization. I don't own anything yet and I'm mostly here for the documents, so tr…

33Ddmitri_v6CapitalPRO7Answered7 replies

DiscussionParking Lots / Garages

Old gas station under the lot, seller has an NFA letter from the 90s, lender still wants a Phase II

45-space corner surface lot, asking $1.1M, trailing NOI around $78,000, so about 7.1% on the income alone. The site was a branded gas station until 1987. Tanks were pulled, and th…

ehernandez74PO2BPRO7Answered6 replies

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