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DiscussionMedium Multifamily (5-20 Units)

Eleven units at 9,200 a month. Do I manage it myself?

This is my first building over four units. Everything I own now is duplexes and a triplex and I do all of it myself, which mostly means answering my phone at dinner and knowing wh…

3Bbrandonlee36PassiveAnswered5 replies

LossGap Funding / Bridge Lending

Put 40k behind a senior on a 6 unit, got 24k back after 19 months

I manage this building. Owner bought it as a value add, 6 units in a decent inner ring suburb, and came up 40k short at closing in 2022. I'd been collecting rent for him for two y…

tonyv88SO4CPRO621 replies

DiscussionGap Funding / Bridge Lending

Straight 14% or 10% plus a fifth of the profit on a $250k gap piece?

12-unit value-add. Total cost $2.6M, senior bridge $2.1M, sponsor equity $250k, my gap piece $250k. Projected 18 months to stabilization, exit is a sale with a projected profit ar…

dpatel_reCS4A4 replies

DiscussionPrivate REITs (Investor)

Appraisal-based NAV: does the smoother line actually reduce risk, or does it just delay the information?

Been reading offering documents for a few months now and I can't settle this one, so I'll put it to the room. The pitch for non-traded REITs is that the shares don't swing with da…

12NnataliehsuSO1BPRO109 replies

DiscussionData Centers (Passive Hold)

One hyperscaler at fifteen years, or forty colo tenants rolling every three

I've been trying to decide which shape of data center risk I'd actually be willing to hold for a decade, and I keep flipping. Deal A: single tenant, one of the very large technolo…

aaron_fitz10 Get yoursPRO1519 replies

Story

A woman at the end of an open house asked me to rent her house for two years

I was at an open house on a Sunday, mostly for comps, and the seller was there instead of staying away like sellers are told to. Everyone left, I was writing notes in the driveway…

dpatel_reCS4A3 replies

DiscussionConsulting

Same work, one tenth the stake: what a fee should look like on a $90k deal

I do most of my looking in counties where the median sale is under $120k and a good rental buys at $65k. I've hired advice twice and both times the pricing conversation broke down…

35Llaurenkim53Passive3 replies

From the desk:Hotels (Capital Deployment)

Half the income statement in this hotel fund deck is new to me

A friend forwarded me a private placement deck for a hotel fund. Value-add, three assets, all limited service in secondary markets, one of them a repositioning where they're rebra…

chriswalton8CC1CPRO15Answered3 replies

DiscussionHotels (Capital Deployment)

Broker keeps calling the PIP "the real price" of the hotel

Got an OM for a 110-key limited service hotel. Price is 9.9m, and then near the back there's a line that says "PIP est. 4.2m" with no backup at all. When I asked the broker about…

omar_haddadActivePRO17Answered12 replies

DiscussionBuyer's Agent (Investor-Focused)

If Zillow and a calculator get me most of the way, what's the agent for?

Trying to figure out where the money goes in a deal and I keep landing on the buyer's agent line. If the buyer already knows the market, already has a rehab number from a contract…

raj_mehta14CapitalPRO13Answered8 replies

From the desk:Buyer's Agent (Investor-Focused)

Agent wants 2.5% buy side on $180k houses, I offered flat $4k plus a dead deal fee. Stuck.

I'm putting money behind a small acquisition program, single family rentals in one midwest metro, target purchase price $160k to $200k, aiming for eight to twelve closings over th…

chriswalton8CC1CPRO15Answered18 replies

WinHome Staging

what a flat 2,650 per house staging deal actually took to hold

I stopped taking per-job staging quotes in the spring. Four flips since then on one flat arrangement with one stager, so I'll put the numbers down. Before: three houses in the 240…

joe_delgado5AP4CPRO411 replies

DiscussionProbate Real Estate Investing

Pricing a probate house before anyone lets you inside

New enough at this that I'm still surprised by it, but roughly a third of the probate leads I've looked at came with no interior access at the offer stage. The heir has one key, l…

dpatel_reCS4A6 replies

Story

The tenant who fixed my house for nine years left the list on the counter

Nine years in the same three bedroom ranch, and the rent went from 950 to 1,150 across the whole stretch. That number tells you exactly how much attention I was giving that house.…

27Bbrandonlee36Passive16 replies

DiscussionHome Inspection

Smart systems aren't in the standards, so the inspector either tests them for a fee or writes them out

Reading two inspection agreements side by side for a property with a fair amount of connected equipment. Thermostats, four cameras, a leak sensor setup tied to a valve, a video do…

30Sstephen_ok9CO2CPRO46 replies

DiscussionNote Buying (Performing)

Seller wants to endorse in blank and leave the original note at his custodian

Purchase agreement on a performing first came back with two clauses I keep rereading. One, the endorsement is in blank on an allonge, not endorsed specifically to me. Two, the ori…

8Ddmitri_v6CapitalPRO76 replies

DiscussionBoarding Houses

Manage boarding houses for owners, or get licensed and own one room at a time

Halfway through getting licensed and the boarding house owners I've met keep pushing me in two directions. One path is third party management. Fee is typically higher than convent…

14Rryanmck27SC2C8 replies

DiscussionReal Estate Agent (Buyer's Agent)

A year on, average buyer-side commissions are still near 2.4 percent. Did the settlement actually do anything?

I'd rather know what actually happened than what people predicted, so I've been reading the follow-up data. The case that nothing changed: NAR paid $418 million and rewrote the ru…

tylerbrooks9PassivePRO4Answered4 replies

DiscussionReal Estate Agent (Buyer's Agent)

Interviewing three buyer's agents. What am I supposed to actually ask them?

First purchase, probably a small rental rather than a house to live in. I've got calls booked with three agents and I realized I have no idea what separates a good one from a bad…

aliyah_bAU2APRO9Answered9 replies

DiscussionRetail Centers / Strip Malls

Landlord keeps roof and structure but the broker keeps saying NNN

I'm reading the lease on a 2,400 sf drive-thru restaurant box, 12 years remaining, 10% bumps every five years, asking price puts it around a 6.4% cap. The offering memo says "abso…

11Ddmitri_v6CapitalPRO7Answered2 replies

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