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DiscussionShort-Term Rentals / Airbnb

Framed a fourth bedroom, then found the occupancy cap

Scope creep, my own fault. The cabin was a 3/2 sleeping 8. During the reno I framed out a basement room with an egress window, so it's now a legitimate 4th bedroom on the plans, a…

omar_haddadActivePRO171 reply

PollShort-Term Rentals / Airbnb

$58k gross in a saturated market with real comps, or an emerging one where I'm guessing

Two underwriting files open and they fail in opposite directions, so I want to see how the room splits. File A is a mature mountain market. I have three years of comp data, 40-plu…

19Ttashaford30PB2APRO410 replies

LossSelf-Storage (Capital Scale)

An extension test cost me two years of distributions and 9 points of dilution

This is the question I would have been too embarrassed to ask in 2022, and now I've paid for the answer. $75k into a seven-facility value-add storage deal, single-asset syndicatio…

jessreyes12AU1APRO1617 replies

DiscussionHotels / Short-Term Lodging (Passive Hold)

The brand won't commit to a PIP scope on a 1998 build I'm buying at $2.1M

Rural market, interstate exit, 78 keys, seller wants $2.1M which is about $27k a key. Trailing RevPAR $47, occupancy in the high 50s. The property is a 1998 build and the franchis…

34Llaurenkim53Passive2 replies

Happening NowHotels / Short-Term Lodging (Passive Hold)

The extension test on this $6.2M hotel bridge looks unfinishable

A sponsor I've co-invested debt with twice is buying a 120-key full-service hotel out of a lender-driven sale. Purchase $8.9M, so about $74k a key on a property that was built for…

sonia_alvarez Get yoursPRO6Answered16 replies

Happening NowShort-Term Rental Co-Hosting

A co-host wants 20% of my inherited lake cabin. Does that number work?

I ended up with a 3 bedroom cabin about ten minutes from a small lake town, inherited last fall, no mortgage on it. My plan was always to sit on land and hold things, so short-ter…

diane_kowalskiPassivePRO1412 replies

DiscussionShort-Term Rental Co-Hosting

20% of gross, but gross of what exactly?

An owner with a lake cabin sent me a one page co-hosting agreement and it says my fee is "20% of gross booking revenue." That's the whole definition. The cabin does about $200 a n…

dpatel_reCS4A10 replies

DiscussionLand Banking (Buy and Hold)

Where does the value actually arrive after ten years of taxes on an empty field?

I get the mechanics. Buy raw land, don't improve it, wait, sell for more. What I can't picture is the moment the value arrives. Nobody wakes up and decides the field is worth trip…

jessreyes12AU1APRO16Answered1 reply

WinLand Banking (Buy and Hold)

Held 18 acres nine years, and the exit was decided in year two

I do fast deals normally. Sixty to ninety days in and out, thin margins, everything I own is either under contract or under construction. So a nine year hold is the strangest thin…

carlos_nunezActiveAnswered13 replies

PollPublic REITs (Capital Deployment)

Three ways to call a REIT cheap and they disagree about the same name

I spent years pricing buildings by what it costs to put them up, so the valuation side of this is where I'm slowest. I ran one industrial name three ways last week and got three d…

gregpowell66AG4BPRO125 replies

PollLand Development / Subdivisions

Option payments you never get back, or a purchase contract with a rezoning contingency

I've got two tracts on my list that need the same thing, a rezoning from ag to single family at around 3 units an acre. The sellers want completely different structures and I can'…

devon_pierce Get yoursPRO142 replies

Story

A napkin with three boxes on it finally made the stack make sense

Meetup, back table, guy I'd never met. I said something about not understanding where all the money in a big deal comes from and he flipped over a napkin and drew three boxes stac…

aaron_fitz10 Get yoursPRO152 replies

LossCold Calling / SMS Lead Generation

Delivery collapsed in nine days because my numbers weren't registered

Writing this for anyone at the start, because the mistake was basic and it cost me $1,150 plus the list. I wanted to test SMS for my own acquisitions instead of paying a vendor. B…

monica_tran3SF4CPRO110 replies

DiscussionCold Calling / SMS Lead Generation

Sample agreement defines "contracted contact" at 90 seconds but never defines "qualified lead"

Going through a calling vendor's service agreement before I commit to anything. Section 3 defines a contracted contact as a live conversation of at least 90 seconds with a person…

32Ddmitri_v6CapitalPRO7Answered1 reply

DiscussionDrone Videography

Photographer wants $150 extra for the drone on a small lot, is that just for one shot?

Getting my first rental listed and the photographer's quote is $325 for the interior and exterior package, then a $150 line for drone. The house is a 1950s three bedroom on about…

paulgrant17PassivePRO7Answered4 replies

WinDrone Videography

Six months of drone work: $12,400 and one very close call

Left a job in logistics last year and needed something that produced income while I learned the property side. Picked drone work because it had a defined thing to learn rather tha…

bmoreno23AB1BAnswered11 replies

DiscussionSyndications: GP / Sponsor

PPM says "promote" on page 12 and "carried interest" in the waterfall exhibit

I'm going through a subscription package for a 96-unit deal and the sponsor's own documents use two different words. Page 12 of the PPM describes a "20% promote to the Manager." T…

wendy_park48CapitalPRO15Answered4 replies

Happening NowSyndications: GP / Sponsor

First deal as GP, and I can't make the promote worth the guaranty

Under contract on 64 units, 1983 vintage, two-story garden walkups in a secondary southeast submarket. Where the numbers sit today: Purchase 6.4M (100k a door) Reno 1.12M (40 clas…

omar_haddadActivePRO17Answered18 replies

WinMortgage Brokerage

Bank said no on a rental because I did the work myself, broker placed it in nine days

Bought a two bedroom cottage for $132,000 last spring, put about $28,000 of my own labor and materials into it, rented it at $1,450. Went to my bank for a refinance and got turned…

mitchell_ray4 Get yoursPRO120 replies

PollVirtual Assistant Agency

Do you tell a seller the person calling them is a VA overseas?

Been building scripts for the first dialing seat I'm renting and I got stuck on the opening line. The agency gave me a script where the caller uses an American first name and says…

jordan_ellis2ActivePRO916 replies

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