every post in the forum, newest first
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…
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,…
A question that comes up for small service teams is whether to add a licensed buyer-side person rather than referring everything out, and the part that usually goes unexamined is…
An operator without capital to raise and without a deal in hand can still benefit from writing the page they would send an investor if they found something. Purchase price, rehab,…
Two self storage sponsors can pursue the same defensive thesis from opposite ends, and it's worth laying out both approaches side by side. A development-focused fund buys land in…
This one is worth laying out in full because it shows what actually scares people on a subject to deal and how each scare gets handled. The property. A 1974 fourplex, four twos, t…
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…
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…
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…
A common mistake in a first LP position is deciding to invest before reading the documents rather than after. Take a small industrial deal with a $35k commitment. Printing the who…
Finishing a full gut on a three bed in an older neighborhood and I'm arguing with myself about spending $500 before it goes on the market. The case for ordering one: my comps are…
A useful cautionary case on blanket refinances: an owner of five single family rentals, four owned free and clear and one with a small note, combined value around $1.09 million, s…
Take a $540k fourplex, three 2/1s and one 1/1, with market rents on the three rented units totaling about $4,050 combined at current lease comps. One path is FHA at 3.5 percent do…
Here is a scenario worth working through. A buyer is closing on a two-unit property with an owner-occupied loan and the loan officer keeps using the phrase principal residence. Th…
$142,000 bridge on a gut rehab the borrower already owned. He'd bought it a year earlier with cash, torn out most of the interior, and run dry. My money went in as a refinance, $9…
A case worth studying for anyone holding a dark bay. Take a former furniture showroom sitting dark in an 18,400 sf six-bay strip. Fourteen months vacant at $14 psf NNN asking, thr…
Take a 285k first position note against a 31 site RV park, sized at 62% of appraised value, 24 month term, monthly interest only. Structures like this are common and often perform…
Coming from a totally different career so forgive me. I read somewhere that a flip is cosmetic as long as you don't touch plumbing or electrical, and that if you don't open a wall…
Under contract on a 1,480 square foot three bed two bath in a 1978 tract subdivision, midwest, inspection cleared with nothing structural. Original kitchen, carpet over slab in th…
For an investor whose interest is lending rather than owning, REITs come up as a way to get exposure to real estate credit without originating anything. The standard definition sa…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
