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Here is a case worth studying, because it is an expensive lesson in what a rent roll actually is. Sixty lots on paper. The broker's package shows 54 occupied at $315, so about $20…
Take a 60-lot park, in-place lot rent $265, the broker's market rent at $425, and a model that walks it there over 24 months in two steps. Everything else in the deck is flat. Par…
I've got a file shape I want to understand before it's in front of me: buyer is a Delaware LLC, all cash, no institutional lender anywhere in the deal. Because there's no bank wit…
Take a $2.35M purchase, $1.65M loan, on a 14 unit walk-up in a second tier market, with two title agency quotes coming back far enough apart to suggest they're pricing different t…
Four rentals I own directly plus a handful of LP positions in syndications where all I get is a K-1 once a year. I'm currently running the rentals in a spreadsheet and it works un…
First rental, a small three-bed in a working-class part of town, bought early last year. I wanted to do this properly so I hired a bookkeeper off a marketplace at $180 a month. Sh…
Take a 240 unit in a submarket with two lease-ups within a mile. Asking rents on the rent roll average 1,650. Effective is closer to 1,512 once concessions come out, with the T-3…
Take a six person renovation crew whose biggest prior job was an 18 unit building done over eight months. Scaling from that baseline to a 312 unit contract is a case worth studyin…
Consider a 1031 investor with roughly the same check sized for two industrial deals in the same metro. Deal A: a 40,000 square foot light manufacturing building from the 1980s, 22…
Many people come to industrial looking for the version of commercial real estate where the owner collects a check and does not get a call. Most of what is written about it says in…
Take a 64 bed value add at a regional public school in a rural county. Enrollment roughly flat over five years, first year headcount actually up last fall, and the school pulling…
A 40 page student housing offering can give enrollment exactly one chart. Total headcount at the university, ten years, going up and to the right, with no source note attached. Ev…
Take a multi-tenant medical outpatient building, 44,000 sf, twelve suites. An operator coming from conventional suburban office work, priced at $1.60 to $1.90 per sf per year, mig…
Consider a two tenant medical outpatient building under LOI at 18,400 sf, $6.8m, and a 6.9 percent going-in cap. The larger tenant is a system-affiliated cardiology practice in 11…
Take 160 acres of planted pine bought on the theory that it is cheap land with a crop that can be harvested on its own schedule, at $2,150 an acre, $344,000, all cash. A typical c…
Consider a first purchase coming from a wholesaler two states away from the house, a 1960s 3 bed slab ranch in a stable blue collar neighborhood with a tenant in place at $1,050.…
Terms of sale language that limits a certificate holder's sole remedy, if a sale is later set aside or a certificate voided for a defect in the county's own process, to a refund o…
I took the job because I wanted to learn the business from inside and I had no production of my own to protect. Comp was $2,400 a month plus 3% of the company vesting over four ye…
A useful case for passive investors evaluating a value-add multifamily sponsor. Take a 176 unit, 1998 vintage property in a mid-size Sun Belt market, bought at $21.5M, or $122k a…
I've got about 25,000 set aside and I've been looking at 20 to 80 unit apartment properties because the guide says the scale carries professional management, which sounds better t…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
