Writing this for people at my level, which is the level where you read the deck and think you understand it. Two and a half years ago I put $75k into a 60 unit ground-up apartment…
Signed a JV on 11 acres about 20 minutes out from a growing secondary market. Seller was an out of state heir who wanted it gone by year end. I got it at 88k on a 60 day contract…
Setup: I do 6 to 9 flips a year, thin margins, and I was drowning in bookkeeping labor. Last January I built out rules in my accounting software plus an AI categorization tool sit…
28,000 sf suburban office, three stories, 61% leased, built 1987. Seller was a family LLC that had owned it free and clear since the 90s and had stopped answering the leasing brok…
I don't move fast on anything, so I did this in the order that felt safest. I asked one buyer what he wanted before I looked at a single house. He's a local guy with maybe 30 rent…
I care more about documents than properties, and on my first BRRRR that turned out to be the useful trait. Small two bed house, bought at 96k, rehab budget 34k. Before I signed an…
I've had 15 acres on a county road since 2016. Taxes are $310 a year, I do nothing to it, I drive out twice a year to walk the lines. The 5 acres behind me is landlocked. No road…
There's a 1950s three bedroom on my walking route that I'd been looking at for about twenty months. Gutter hanging off the back corner, mail wedged in the slot so hard the flap wo…
The coupon on this fund was 10.25 percent net. I put 35k in because of one loan on the tape, and that loan is the reason I'm writing this. The fund is residential and small commer…
The collateral line in the offering read "first priority security interest in 100% of the membership interests of the borrower." I read secured and stopped reading. Nobody was sec…
I've been hunting a specific kind of parcel for about two years, 40 to 80 acres, road frontage, within an hour of a growing secondary market. That money has to be liquid because w…
Dead deal, 84 units, and the money is gone. Writing it down while the sequence is still clear. Purchase price $9.4m. First quote from the senior lender was 65% of cost, so $6.1m,…
Ran dispo for a wholesaler on a 3/2 in a working class suburb, contract at 148k, comps supporting 215k, moderate rehab. Fee to be split was 14k, my half 7k. Best deal I'd touched.…
Small farm town, population under 4,000, roughly 50 minutes from anything with a hospital. I've been mailing owners of low price point houses out there for a while because nobody…
Contract on a 6 unit brick walk-up in a second ring suburb, 610k, 21 day close. My own buyer list is 340 names and I have closed with maybe nine of them. Sent it Thursday, nothing…
The insurance binder came back at 17,400 nine days before closing against the 9,600 I had in the model, and for about 48 hours I thought four months of work was gone. Shape of it.…
Five months, $9,300 total, 31 form fills, 4 conversations, zero notes bought. Writing it out because the failure was visible before I spent a dollar and I didn't look. The idea wa…
This is the loss I didn't see coming because everything about it went according to plan. Bid-down state, online sale, I did the work. Pulled 11 improved parcels with owner-occupie…
I ran a probate campaign from February to July and closed zero deals out of it. Not one. I want to write down where the money went while it's still fresh, because everything I rea…
I put $60k into a 220 unit apartment deal in 2022. I picked it because a friend I trust was already in it and because apartments felt like the least exciting thing available, and…