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LossAdaptive Reuse (Capital Deployment)

There are two sentences in the documents that took my $50k to nothing

This closed out last month so I can finally write it up. Early 2023 I put $50k into a single-asset deal, a 1970s eight story office building in a mid-size southeast downtown, goin…

derekj19SB1BAnswered13 replies

DiscussionAdaptive Reuse (Capital Deployment)

how much contingency on a conversion before it's just a construction bet

Underwriting a 300,000 gsf 1970s tower being marketed for conversion. Sponsor's numbers, roughly: acquisition $60/gsf so $18M, hard costs $230/gsf so $69M, soft at 18 percent of h…

dpatel_reCS4AAnswered8 replies

LossBird Dogging / Lead Finding

Got licensed mid-course. Now the investor I scouted for won't pay.

I've been working through the pre-licensing hours and doing some scouting on the side to have something going on. Found a duplex with a boarded window and a code violation posted,…

26Rryanmck27SC2C5 replies

DiscussionBird Dogging / Lead Finding

Rural county, maybe 40 vacant houses I could name off the top of my head. Is that a business?

I've been reading this room for a while and I think I understand the basic idea. I find a house, I tell an investor about it, they do the deal, I get a fee. What I'm stuck on is s…

35Llaurenkim53Passive5 replies

DiscussionGround-Up Residential Development (Spec Home Building)

Contractor license to build a spec house on my own lot?

I've got a list of four lots I'm watching and I've been reading about the owner-builder permit. The way I understood it, if I own the land I can pull the permit myself and hire su…

devon_pierce Get yoursPRO14Answered4 replies

Happening NowGround-Up Residential Development (Spec Home Building)

My lumber package repriced 9 percent between two spec houses

Numbers first because otherwise this is just complaining. House A: 2,100 sf, framed and dried in as of three weeks ago. Lot cost 95k, hard cost budget 312k, spent 218k to date. Co…

carlos_nunezActiveAnswered11 replies

Happening NowLand Wholesaling

Frontage rule says one split, not three, and I'm at day 11 of inspection

Parcel is 9.6 acres, contract at 61,000, and I had it penciled at 84,000 to a small builder who wanted three lots out of it. Then I read the zoning table properly. Zone allows 3 a…

luis_carrera Get yoursAnswered6 replies

DiscussionLand Wholesaling

What does month one of land wholesaling actually cost me?

Nobody will give me a straight number on startup cost, and I've been at this half a year with nothing closed. The videos say almost nothing, which I don't believe, and then the sa…

jordan_ellis2ActivePRO9Answered3 replies

LossSelf-Directed IRA (Capital Deployment)

Paid an LLC insurance premium with my personal card. 6,800 to unwind.

Checkbook IRA structure, single member LLC owned by the IRA, me as non-compensated manager. Held two performing seconds and a small unleveraged participation in a rented duplex th…

mitchell_ray4 Get yoursPRO125 replies

DiscussionReal Estate Attorney

Heirs gap from 1978 and a neighbor's gravel drive across the corner

40 acres, contract price $128,000, mostly wooded with about 6 tillable acres. Title commitment came back with two things I don't like. First, a deed out of an estate in 1978 with…

joe_delgado5AP4CPRO44 replies

LossReal Estate Attorney

$4,800 for an LP agreement review and I still got diluted out of $61k

A 96-unit value-add deal in a southeast secondary market, $150k in for 4.1% of the LP class. I did what I tell everyone to do and sent the PPM, the LP agreement and the subscripti…

marcus_hale41CG4A9 replies

LossReal Estate Agent (Buyer's Agent)

Paid 7,400 to an agent who wrote one contract on a house I found myself

Signed an exclusive right to represent in January. Six months, area described as "the metro area and surrounding counties," 2% of purchase price. I read it, understood the words,…

35Kkevin_lombardPG1BPRO17Answered3 replies

DiscussionReal Estate Agent (Buyer's Agent)

Running a small team, need to know what tools buyer agents actually pay for

We've been going back and forth on whether to add a licensed buyer-side person to our small service team rather than referring everything out. What I don't have a handle on is the…

angela_burkeServicePRO12Answered4 replies

WinRaising Capital / Investor Relations

Wrote the investor one pager for a deal I hadn't found yet

I don't have money to raise and I don't have a deal. What I did have was a nagging feeling that I couldn't explain what I was looking for to another person. So I wrote the page I'…

aaron_fitz10 Get yoursPRO151 reply

PollSelf-Storage (Capital Scale)

Two storage funds on my desk: one builds, one buys. Which risk would you rather hold?

I got decks from two storage sponsors within a week of each other and they're aiming at the same defensive story from opposite ends. The first one develops. They buy dirt in marke…

chriswalton8CC1CPRO155 replies

DiscussionSubject-To Financing

Two of my sellers want off the loan so they can buy again

I have four of these running. Two sellers have now come back asking to be released from the mortgage because their lender is counting the payment against their DTI and it's blocki…

karen_whitfieldPG4APRO74 replies

WinSubject-To Financing

The servicer confirmed me as successor in interest without calling the loan

Closed this one in the spring and it has run seven months, so I'll write it up now while I still remember what scared me. The property. 1974 fourplex, four twos, tired but not dis…

32Rrenee_dubois Get yours14 replies

PollHotels (Capital Deployment)

Where do you put the downside in a hotel model: the operating case or the exit?

Working through a five-year hold on a repositioning, upper-midscale, 160 keys, secondary market with one anchor demand driver. The sponsor's base case has RevPAR growing every yea…

jordan_ellis2ActivePRO93 replies

DiscussionSyndications: LP (Capital Provider)

Sponsor offered me a fee for bringing investors to his deal. Do I need a license for that?

I've been talking with a sponsor about his next acquisition and he mentioned that if I bring other investors in he'd pay me 2 percent of whatever they commit. I know a fair number…

12NnataliehsuSO1BPRO10Answered4 replies

WinSyndications: LP (Capital Provider)

Read the subscription agreement start to finish and it changed my check size

First LP position, $35k into a small industrial deal. I'd already decided to invest before I read the documents, which I now think is backwards. I printed the whole thing, 94 page…

angela_burkeServicePRO12Answered3 replies

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