I am underwriting a 10-bed conversion and the exit assumption is doing more work than anything else in the model, so I want to see how this room handles it. Version A, real estate…
I've got a sleeve I want to put into crowdfunded deals over time, and the sequencing is where I keep stalling. Not the amount, the pacing. One way: pick a couple of platforms, tak…
Numbers first. I've got a small seller lead product running in four metros. Right now every lead goes to three buyers at once for $95 each, so $285 a lead. Two of those buyers hav…
Eleven units across four small buildings, all self managed, all bought under 2021. I have $75k that isn't earmarked and for the first time I'm looking at LP positions instead of a…
I have two student deals on my list that I cannot rank, and the disagreement is real enough that I want to see how this room splits. First is 240 beds, walking distance to a flags…
A broker I know in a small land and rural market is sitting on a decision I find genuinely hard to call. He has nine agents. Four of them close, five don't. Over the last year he'…
I've been reading tapes for a couple of months and I still can't tell which business I'd be in. Two people described the same $40k purchase on a defaulted first to me in completel…
I've spent about a year reading about this and watching two subdivisions go in near me, and I still can't tell whether I'm supposed to start small or start adjacent. The two paths…
Two equity offerings in front of me, same asset type, both targeting low teens IRR on a five year hold. First one: sponsor puts in 10% of the equity alongside investors, 2% acquis…
Sitting on a signed deal where the personal representative wants to close in three weeks. The claim period for creditors in that state hasn't run out, and the title company came b…
I read the reporting rule text again this week because our closers keep asking what happens when a buyer entity won't hand over beneficial owner information. The rule is effective…
Reading a 190-unit value-add LPA this week. The waterfall pays promote on a deal-by-deal distribution basis, meaning the GP takes 20% above an 8% pref as cash flow comes in, and t…
I've been running a service business for five years and the retirement side has been on autopilot in index funds the whole time. Now I'm looking at moving part of it into a self-d…
Coming off a 1950s three bed I bought at $186k from a seller she found through a property manager she knows. Nothing on MLS, no competing offers, and she took a reduced buy-side f…
I've spent the last few months reading conversion pitches from the capital side and the split between them is sharper than I expected. One group underwrites the building on its ow…
I've been reading two write ups on the same kind of asset and the valuation gap is doing my head in. Write up one treats an RV park as hospitality. Revenue per available site nigh…
I walked four open houses in my area on Sunday as a nosy visitor. Two had maybe six people through in two hours. One had a line at the door and the agent working the room hard. On…
Half the fund decks that reach me now are debt funds. Senior bridge, mezz, preferred equity, some mix. The pitch is consistent: current pay in the 9 to 12 range, first position, s…
41 addresses on my list, mostly bank-owned and pre-foreclosure single family across two counties, and I'm putting numbers on all of them before I get inside any of them. Cleanout…
Working through pricing on a 180-unit active adult plan, three-story walkups plus fourteen cottages. Amenity package as drawn is a 12,000 square foot clubhouse with a fitness room…