one click, then see the split
I've been calling industrial brokers to understand the service side of this sector and I keep ending up in the same argument, so I want to put it to the room. The pitch for qualit…
Running numbers on a four unit where three doors would go to vouchers. Payment standard in that submarket lands around 1,240 for a two bed. Market rent on the same unit, from comp…
Take two RV park candidates of similar size and similar price, with income built in opposite directions. Park A has 58 sites near a well trafficked outdoor area, with about 85 per…
I'm working out what a first deal costs me, and parks keep coming up as the thing with the best numbers. Low expenses, tenants who can't afford to move, demand going up when the e…
The same argument shows up in the risk section of industrial deal memos and never gets resolved, so it is worth putting to the room directly. One camp draws a hard line on the bui…
An investor about a month from funding a self-directed IRA purchase typically faces two versions of the same structure. In the first, the custodian takes title directly, the deed…
Running the fee math on two offerings that are close enough in asset quality that the difference in what I take home is mostly structure. Stripping the marketing out, here's what…
A dispo-only operator doesn't find the property, doesn't contract the seller, doesn't take title, and doesn't put up money. They hold a list of cash buyers and get paid a share of…
Written criteria on my first house are 3x monthly rent in gross income, 620 minimum score, no evictions in seven years, two years of verifiable rental history. I wrote them before…
Here is the renewal math, using a case that comes up constantly. A three bedroom leases in that pocket at about 2,040 today. The sitting tenant is at 1,850, twenty-six months in,…
I'm getting ready to put money to work on this side rather than owning buildings, and there's a fork in the road I can't reason my way past. One school says the borrower is the lo…
The thesis behind most large multifamily pitches right now is straightforward. Apartment values reset, supply falls off, rents firm up somewhere around 2027, and whoever bought at…
Fourplex under review, mid seventies build, 585k ask, four two-beds at 1,150. My reserve line is the only number in the model I can't defend to myself. The percent-of-gross approa…
In a recap where a sponsor offers a choice of where preferred equity sits, the decision usually comes down to two structures worth weighing against each other directly. Option one…
Comparing four preferred equity structures for a fund allocation surfaces a real tension: the protections trade against each other, and nobody gets all of them at a price that cle…
A double closer with enough cash to fund the first leg personally, who still uses a transactional funder on almost every deal, illustrates a tradeoff worth laying out rather than…
Marking up an offering package for a passive data center position raises the obvious bubble question, and most answers stop at structural demand drivers without saying what an inv…
A useful way to compare a small facility and small multifamily is to have owners of each log a month and put the comparison side by side. A 118-unit facility, self-managed, comes…
The exit-flexibility argument runs like this: underwrite a full gut so the finished house also works as a rental at all-in basis, and a soft resale market can no longer force a fi…
The office manual I got at orientation has a designated agency addendum in it. The client signs, the managing broker assigns one agent to the seller and one to the buyer, and the…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
