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From the desk:Real Estate Syndications (Limited Partner)

First LP check: where do I actually sit if the deal goes bad?

I've spent most of my reading on the debt side because I like the idea of being the one who gets paid first. Now I'm looking at a $50k LP slot in a 96-unit deal and I'll admit I d…

sonia_alvarez Get yoursPRO61 reply

DiscussionReal Estate Syndications (Limited Partner)

GP wants the right to admit new capital ahead of me on a capital call

Reviewing a $34M multifamily acquisition. $11.5M of LP equity, bridge debt at SOFR plus 340 with a rate cap that expires in 14 months, interest-only, two 12-month extension option…

marcus_hale41CG4AAnswered5 replies

DiscussionMicro-Wholesaler Networks

One agreement everyone signs, or a separate one per deal?

Six of us, and we've been operating on a group chat and goodwill since spring. That has produced eleven closed assignments and two arguments that took a month each to settle, so w…

25Ddmitri_v6CapitalPRO78 replies

DiscussionCommercial Wholesaling

What number do you actually put at the top when you send a commercial deal out

Coming from residential I have one move. ARV, comps, repair number, done. Everyone I email understands that language. Sent my first small commercial thing out last month, a 12 uni…

joe_delgado5AP4CPRO43 replies

DiscussionMortgage REITs (mREITs)

Agency paper only, or accept credit risk for the wider spread

I've been building a comparison sheet for the mREIT side and the split that keeps showing up is agency versus credit. On the agency side you're holding mortgage-backed securities…

35Hhannah_west29 Get yours5 replies

DiscussionSmall Multifamily (2-4 Units)

What am I actually paying every month to run four doors across two duplexes?

Self-managing has been fine at two units and it's getting sloppy at four. Rent comes in three different ways, my repair receipts live in a photo album, and I did a lease renewal f…

samantha_ruizAU4APRO5Answered3 replies

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

One boiler, one water meter, and utilities take 22 percent of gross

I have read this room for months and mostly kept my questions to myself, but I have a building under contract and the numbers have a hole in them I cannot close. Fourplex, 1962, 5…

23Kkevin_lombardPG1BPRO17Answered11 replies

From the desk:Crowdfunding (Platform Investor)

Every equity deal I like has a five year lockup. I might need the money in two.

I've got 15k sitting from a good year in the business, and there's a chance I'll want it for equipment in about two years. Not a certainty, maybe 40%. That rules out most of what…

mikeoconnell7SP2APRO175 replies

DiscussionCrowdfunding (Platform Investor)

How many deals is enough before the diversification actually does something

Underwriting is what I spend my days on, so I want to sanity check the portfolio construction side rather than the deal side. If a typical equity offering has some real probabilit…

dpatel_reCS4A3 replies

DiscussionPrivate REITs (Investor)

Registered and audited, or a sponsor I can actually trace? Two non-traded offerings on my desk

Two offering documents in front of me. One is a public non-traded REIT: registered with the SEC, audited annual financials, quarterly filings, $2,500 minimum, monthly subscription…

samantha_ruizAU4APRO5Answered11 replies

DiscussionMedical Office Buildings

Everyone calls medical office defensive. Defensive against what, exactly?

I'm studying for the license and medical office keeps coming up as the safe corner of a sector that otherwise got hammered. The reasoning I hear is that a clinic can't work from h…

29Rryanmck27SC2C3 replies

DiscussionReal Estate Debt Funds

The loan tape or the workout record: which one actually tells you how a debt fund behaves in a bad year

I've had four funds' materials open since August and I keep arriving at the same argument with myself. One camp says the tape decides everything. Vintage of origination, weighted…

dpatel_reCS4A21 replies

LossSyndications: GP / Sponsor

Lent $120k to a sponsor's GP entity so they could make their co-invest. Got $31k back.

I've been looking at the lending side rather than owning, and eighteen months ago that looked like an easy way in. A sponsor I'd met at a local meetup had a 96-unit under contract…

sonia_alvarez Get yoursPRO610 replies

DiscussionNNN Leases (Triple-Net)

Same 1.5M of equity: one box unlevered, two boxes at 50 percent, or a fractional interest. The spreads came out closer than I expected

I ran this three ways this month because a client keeps insisting the answer is obvious and I don't think it is. Start with 1.5M of equity and no strong view on rates. A. One 1.5M…

dpatel_reCS4A22 replies

Story

My rate lock died on a Friday because only the broker was counting days

First rental, small place, nothing exotic. The appraiser flagged the roof, which meant a repair and a reinspection, which meant the roofer's calendar, which was three weeks out in…

paulgrant17PassivePRO77 replies

DiscussionBRRRR Method (Passive Angle)

What is a builder's risk binder and why does it come before the first draw

The term sheet on a rehab-to-rent loan I'm looking at has a line saying builder's risk binder required prior to first draw, naming the lender as mortgagee. I thought a landlord po…

priya_n21PO1CAnswered1 reply

From the desk:BRRRR Method (Passive Angle)

If the refinance only gives me half my money back, have I done BRRRR wrong?

Trying to get my head around the R that everyone talks about. Every write up I read describes buying at 70% of value minus rehab, then refinancing and getting all your cash back s…

jessreyes12AU1APRO16Answered7 replies

DiscussionAdaptive Reuse (Capital Deployment)

Conversion specialist or local multifamily developer, when the fund can only pick one sponsor

I've been sitting in on sponsor interviews for a conversion allocation and the split in the room is sharper than I expected. Candidate A has done four office-to-residential projec…

derekj19SB1B6 replies

WinConsulting

First paid work: $750 for a zoning feasibility summary. The invoice cleared.

Someone in a local investor group posted asking whether a 0.4 acre corner lot could take four units under the current code, and got eleven guesses in the comments. I messaged him…

derekj19SB1BAnswered2 replies

DiscussionConsulting

Coming from 14 years in retail site selection, is that a consulting practice or just a resume

I spent fourteen years doing site selection and trade area analysis for a grocery chain, mostly drive time modeling, cannibalization studies, and go/no-go on individual boxes. Lef…

bmoreno23AB1BAnswered3 replies

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