I got sent a preferred equity offering on a 300-unit 2019-vintage asset and I'm stuck on one thing, which is whose value I'm supposed to be protected against. Structure as present…
I've now read three apartment fund PPMs and all three describe themselves as value-add. One is buying 2019-vintage lease-ups at a discount and doing essentially nothing to the uni…
I'm going to lay this out simply because I understood almost none of it at the time and I suspect other people reading are where I was. A friend I've known 15 years owns a 210-uni…
Bought a triplex two years ago at 412k, 3.5 percent down, owner-occupying the small back unit. PITI including the mortgage insurance is 3,205. The two units I rent are at 1,340 an…
My lender walked me through FHA on a small multifamily and I came away confused about one thing. I had it in my head that since I'd only be living in one of the four units, the 3.…
I've got roughly $400k of long-term gain coming off the sale of a minority interest in an operating company. Two funds in front of me. One is closing on a current-zone development…
Closed out a seasoned performing note portfolio in late September. Gain is roughly $610k, mostly long term. My 180-day window runs out in the third week of March, so this decision…
Something I've been chewing on while building my buyer list, and I'd rather argue it out here than guess. Two schools I keep running into. One says decide the exit up front. You w…
Two lenders I've been talking to underwrite the same flip completely differently and I can't decide which one I'd rather be. The first caps every loan at 70 percent of after repai…
110-key select service hotel near a regional airport, $23M capitalization, $8.1M equity raise. I was in for $400k, which was big enough that they'd talk and small enough that I ha…
Working through the valuation section of a public non-traded REIT and I want to know how much weight the NAV can carry. Monthly NAV, independent valuation advisor reviewing apprai…
Building a comparison sheet and I want somebody to break it. Non-traded NAV REIT, quoted distribution rate 5.5% on NAV, sponsor's own materials suggest low single digit NAV apprec…
Five years running content for agents and a couple of small investment shops. Standard package is 16 posts, 4 short videos, and two listing writeups a month at $1,450. Since sprin…
I do most of my work on the due diligence side and I was tired of competing on listings with people who move faster than I want to. So last spring I did the opposite of shopping.…
I'm looking at a 180-unit garden deal where the senior is sized to a 1.20x coverage on its own and the sponsor needs another 4.5 million to close the refi gap. The old mortgage wa…
I hold two land parcels that produce nothing but tax bills. The house was supposed to be the thing that paid those bills, so last year I bought a 4 bed 2.5 bath in a 1990s subdivi…
Small position in a 1990s suburban office, 48,000 sf, three tenants, parking at 5.1 spaces per 1,000 sf. The thing I did before investing that I hadn't seen anyone else do: I aske…
Not buying yet was the plan for most of last year, so I built a screen and ran everything through it. Posting the screen and the deal that finally cleared it, because the eleven p…
Three deals in, and the ceiling I keep hitting is how many I can run at once. So I've been looking at a live-in flip as a way to get one project working for me on a different cloc…
I have spent 2,410 dollars this year and I do not own anything. House one, 179k, 3/2. Inspection came back with an active roof leak and a panel the inspector wanted an electrician…