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Here is a term sheet structure worth working through, because the cash requirement it implies is larger than it looks. Take the construction side of a heavy rehab: 240k purchase m…
The advice everywhere is to underwrite a gut flip so you can pivot to a rental hold if resale softens. I tried to actually do it and it doesn't work on my deal. Numbers: purchase…
I put out six short videos on how a small service business around real estate actually gets its first ten clients. Nothing fancy, phone camera, maybe 300 views total. Two people e…
I went into a small bank branch to ask about a loan on a piece of land, which is my whole interest here. The officer was working from a script and kept using words I didn't know,…
A scenario that comes up constantly in reverse wholesaling. A buyer hands over a written box: 3/2 minimum, 1,100 square feet and up, ARV band of 220 to 340, offers at 70 percent o…
Worth walking through as a case, because it shows what a properly built file looks like when it actually gets tested. Say a sub-to closes in early one year, and twenty months late…
Here is a scenario worth walking through before funding any subject-to operator. Say the operator holds title on three houses where the underlying loans are all in the original se…
Pre-listing a luxury flip before completion keeps coming up and the room seems genuinely split. The argument for going live at drywall is that you start the days-on-market clock w…
It happens more often than people expect: someone mentions casually that they're raising for a bridge position on a small mixed use building and can pay 14 percent, said the way y…
Got a term sheet back for a single spec house, first one for me. Lot's already mine, bought it last year for 62k with cash. Build budget from the contractor is 288k for 1,850 squa…
Work through a spec build with these numbers. Lot at 180k, a 2,400 square foot plan, best hard cost number at 165/sf so call it 396k. Soft costs penciled at 55k. That is 631k all-…
A structural pitfall worth understanding in tax lien fund investing is the difference between fees charged on committed capital versus invested capital, and how disciplined biddin…
In houses leased to care operators, the maintenance split is where nearly every one of these relationships goes sour eventually. Option one, the operator carries it. The lease say…
I'm setting up sourcing around a job and I keep going back and forth on where the ten hours go. The narrow argument: you can only have so many real conversations a week, so the co…
First time I've looked seriously at office and I'm out of my depth on the lease structure, so going slow. 14,000 sf two story, six suites, built 1991, asking $1.05M. Rent roll sho…
Take a small-town deal: 6,200 sf single story office built in 1978, four tenants, asking $650k. The local bank will look at it but wants a Phase I, a property condition assessment…
Two claims about self storage get made constantly and seem to contradict each other. The first is that storage is defensive, because demand comes from life events, death, divorce,…
I scope renovations for a living, which means I can look at a bid and tell you which line is padded. Inside an IRA I can't touch the property, can't swing a hammer on it, can't sp…
I've done six assignments. The way it works for me now is I get a house under contract, I market it, whoever pays the most gets the assignment, I collect the fee at closing. Simpl…
Here is a structure that gets pitched to acquisitions teams regularly. A buy-and-hold client wants the team on a per-house fee, where he signs the purchase contract with the selle…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
