Am I wasting a year for 45 basis points of development spread?
Working through an industrial build to see whether it's even the same sport as the small multifamily I know. Land is $1.2M for about 4.5 acres. Hard cost pencils at $145/sf on 60,…
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Working through an industrial build to see whether it's even the same sport as the small multifamily I know. Land is $1.2M for about 4.5 acres. Hard cost pencils at $145/sf on 60,…
First mail campaign to absentee owners of 5 to 40 acre rural parcels in two adjacent counties. Pulled the list from the county assessor's data, filtered for owners whose mailing a…
I sent 300 letters on 5 to 40 acre parcels in two rural counties. One reply, from a woman in another state who inherited 12 acres from an uncle and has been paying $190 a year in…
This was a 2,900 sf suite in a five-suite medical condo building about a mile from a regional hospital. Bought it at $412k with a solo podiatry practice in place at $26/sf on a mo…
Single tenant off-campus building, cardiology group, seven years left at $34 psf. The practice told me informally they're in talks to be acquired by the regional health system. I…
Townhouse, 3 bed, in a mid-price suburban pocket. Comps say around $268k today. I owe $141k on a fixed loan I will never beat. Rent is $1,725 and the tenant has been in three year…
Structure I inherited when I bought into this position: 36-month lease option on a single family, rent $1,750, of which $350 a month is credited toward a $265,000 strike price, pl…
Buying in a rural county where the houses I want are $38k to $72k. Rents run $675 to $850 and they hold, tenancies here average longer than anything I've seen in a metro. The math…
I've been doing passive positions for a while and I do a lot of due diligence on sponsors, so I'm comfortable with the paperwork side. What I've never done is buy a property direc…
Posting the beginner version because I think people newer than me want to see one where nobody got clever. I sent letters to owners of vacant rural parcels who were behind on taxe…
An agent I know pays someone for "listing content" and pays someone else for "media." When I asked what the difference was she said the media guy shoots and the content person doe…
First rental I'm putting on the market to lease, small two bed in a decent suburban pocket, asking $1,650. The agent handling it sent me the listing draft. Eleven photos, four of…
Been building the cost sheet for a first rental and the line that keeps breaking it is a $7,000 sourcing fee. My actual closing costs on a $150k house pencil around $4,200 in my m…
I don't like development risk. I read this room for a year mostly to understand why I didn't want to be in it. Then a sponsor I'd been introduced to twice offered me something I c…
Trying to build a real predevelopment budget for a small commercial site and I keep guessing at the line items. I know I need a survey and a geotech report and civil drawings. I d…
Went through the paperwork packet for a unit I'm looking at and the tenancy addendum has a line saying that in case of conflict between the addendum and the lease, the addendum co…
The owner whose turnovers and listing photos I handle sent me the payment standard sheet from the housing authority with "1720" circled in pen. Her 3 bed townhouse has been vacant…
Pulled operating statements on a 240-unit facility to practice on. Revenue line grows 6 percent year over year while unit count and occupancy are both flat. The broker said that's…
Working through a term sheet on a small facility and the insurance section lists four things, two of which I understand. Loss of rents endorsement and customer goods legal liabili…
Reading through material on lien funds and the phrase that keeps appearing is government-backed. I've read it maybe a dozen times this week and I still can't tell what it covers.…