someone asked, the room worked it out
Three apartment fund PPMs, all describing themselves as value-add, can turn out to mean three very different things. One buys 2019 vintage lease-ups at a discount and does essenti…
A common point of confusion on FHA financing for small multifamily is whether the 3.5 percent down applies only to the unit the buyer will occupy. It does not. On a 500,000 dollar…
Consider roughly 400k of long term gain coming off the sale of a minority interest in an operating company, with two funds in front of the investor. One is closing on a current zo…
Working through the valuation section of a public non-traded REIT raises a fair question about how much weight the NAV can carry. Monthly NAV, an independent valuation advisor rev…
Parcel is $240k, seller will carry at 6.5% with 20% down, interest only, quarterly payments around $2,600, balloon at year five. He's firm on the five years. My growth thesis on t…
Take a house under contract at $198k where the contract bars assignment without the seller's written consent, a clause easy to miss at signing, and no assigned buyer lined up. A c…
Take a co-hosting model built around eight listings, each generating roughly $55,000 in gross booking revenue a year, about market rate for a two bedroom in a strong short-term re…
Take a three-property, 1,100-unit value-add portfolio an institutional buyer has just taken down, with interior renovation scope going out to bid: LVP, quartz caps over existing b…
Some private placement memoranda name fund administration as a fund level expense and then name an investor portal separately in the same paragraph, while a sponsor's cover letter…
Got told two contradictory things in the same week. One person said buying notes is just buying an asset, no license needed, anyone can do it. Another said if the loan is on a hou…
For anyone looking at self-storage for the first time, most summaries say a frozen housing market is suppressing demand. The same summaries also say storage is defensive because d…
Take a standard lot lease a park seller hands over: lot number, rent, a line about pets, a signature block. That's it. Nothing about who maintains the water line running to the ho…
A subject-to deal has the buyer take the deed and keep paying the seller's existing mortgage rather than getting a new loan, which means using someone else's financing without the…
Take a commercial mortgage REIT with floating rate senior loans, mostly multifamily and office. Loans risk rated 4 and 5 sit near 12 percent of carrying value. Total CECL allowanc…
Numbers on the table from an agency proposal worth picking apart. $6,000 monthly retainer, 15 percent of media spend, $18,000 media spend. That's $26,700 out the door monthly. The…
Running the numbers on what a brokerage needs to clear before the owner takes anything, and it looks like the answer is headcount, not skill. Say fixed overhead of 12k a month, so…
Consider a tract being split into six pieces, where two insurance conversations in one afternoon produce two answers: raw land needs nothing because nothing is built on it, or a v…
Consider a fourplex and a five unit on the same street, similar age, similar rents, where an agent calls the fourplex a residential loan and the five unit a whole different animal…
Consider a small town near a private liberal arts college with roughly 1,800 students, where houses run $140k to $180k for four bedrooms and rents sit around $500 a bed. On paper…
I own land and two rentals I've held a long time, and with anything new I like to start absurdly small and see what breaks. Somebody told me a single studio near a hospital counts…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
