every post in the forum, newest first
Numbers first. A 1950s duplex bought at 142k on a private loan with 155k of total draw, covering purchase plus the first rehab tranche. Rehab comes in at 48k against a 43k budget,…
Most of what circulates about this category assumes the owner is running the care business. There is a cleaner version worth studying: landlord only, no license, no care operation…
A case worth studying for anyone holding private paper on a small operating asset. Take $180,000 in a private note secured by an 18 unit built in the seventies in a soft secondary…
I hold land and wait, so this whole strategy is foreign to me, but a friend asked me to look at a funder's one page term sheet and I got stuck on the first paragraph. The pitch is…
A scenario that comes up often with owner-users. An operator is selling the shop building the business runs out of and leasing something cheaper across town. The building is free…
Closed three weeks ago on 34 acres of raw land I'd sat on for nine years, no debt against it, taxes about 1,400 a year. Price 168k, buyer put 25% down (42k), I carry 126k at 8.5%,…
Take a 14 unit portfolio, mostly two bedroom units in a working class suburb. In a baseline year, turnovers run on the owner's own phone photos and a description copied forward fr…
Here is a failure worth studying. Say a land seller pays a content contractor $250 per parcel for a 45 second drone reel, a set of captions and the long description. The package c…
Take a purchase at 142k, a 38k rehab budget, and 9k of closing and holding costs, landing all-in around 189k. Comps support an after-repair value near 235k. At a 75 percent refina…
I've been mapping vendors around this strategy because the service side is what interests me. Lead lists, skip tracing, contractor marketplaces, punch list apps, draw tracking. Al…
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…
A useful comparison for short-term rental underwriting: two files that fail in opposite directions. File A is a mature mountain market with three years of comp data, over 40 close…
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…
Work through a rural interstate exit hotel: 78 keys, seller wants $2.1M, which is about $27k a key. Trailing RevPAR $47, occupancy in the high 50s. A 1998 build with six years lef…
A 120-key full-service hotel bought out of a lender-driven sale at roughly $74k a key, well under replacement cost, with trailing twelve RevPAR around $61 on ADR near $99 and occu…
Take a one page co-hosting agreement on a lake cabin that says the fee is 20% of gross booking revenue. That is the whole definition. Say the cabin does about $200 a night and boo…
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…
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…
Consider a land banking case that runs against the usual playbook of fast in-and-out deals with thin margins. Eighteen acres of pasture at the outer edge of a suburban county, bou…
A useful way to picture capital stack questions is three boxes stacked on top of each other. The bottom box is the senior loan. That is the bank, the cheapest money in the stack,…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
