The buyer on my carry wants to do the garage himself
Closed last week on a carry I've been building for two months and I already have a problem I didn't write into the note. The deal: 3/2, 1,450 square feet, full gut, sold at 312k.…
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Closed last week on a carry I've been building for two months and I already have a problem I didn't write into the note. The deal: 3/2, 1,450 square feet, full gut, sold at 312k.…
I'm three chapters into the pre-license material and the dual agency section reads like it was written by two people arguing. One page says the agent owes undivided loyalty to the…
I'm not buying my first rental through this, I'm reading their paperwork because a friend asked me to and now I can't stop. The service pitches out-of-area buyers. Terms: $2,500 o…
The clause I got stuck on last night says the tenant operating company "shall maintain all licenses and approvals required for the permitted use," and then five pages later says t…
I've spent most of my time on dirt, so this is me stepping sideways into something I only half understand. Seller owns two adjoining buildings on two separate tax parcels. The 9-u…
I've got two rehabs finishing inside three weeks and I'm renegotiating my listing agreement with the brokerage I've used for the last five. They want 2.5 on the listing side plus…
A client of mine does interior work for a sponsor and passed me their offering deck because I asked too many questions on site. I am on the service side, so this is me trying to u…
PPM landed Friday and I have until the 19th to fund or pass. 184 units, 1986 vintage, secondary southeast market, $23.4m purchase plus $2.1m capex and closing, $6.9m equity raise,…
County seat town, population about 6,800, one stoplight downtown that still has traffic. Two-story brick corner building, ground floor 3,600 sf split into a 1,200 sf insurance age…
Small town, two hours from anything, single-story L-shaped motel, 14 units, all with exterior doors onto the parking lot. Seller is 74 and wants out, asking $410k, says he'd take…
Site is entitled for 62 units, seller has held it three years and is done. They want it listed and they want a broker who understands development, which I am learning to be rather…
Owner group asked me to review a management agreement before they sign. 480 units, roughly 52,000 net rentable square feet, small metro on the edge of a bigger one. Occupancy 86 p…
I've been asked to put money into a drone media operation as a minority position and I built the model myself rather than take theirs. Their deck assumes things I can't support, s…
I have 34 acres under contract at $2.35M, zoned for detached single family by right, so there's no rezone in front of me. Engineer's yield study says 96 lots at 55 foot widths aft…
Numbers first. Duplex, 1950s, bought at 142k with a private loan at 155k total draw (purchase plus first rehab tranche). Rehab came in at 48k against a 43k budget, mostly because…
14 units, mostly two bed, working class suburb. Last year I ran turnovers with my own phone photos and a description I'd copy forward from the last tenant's listing. Average days…
Numbers on the one I keep re-running. Purchase 142k, rehab budget 38k, closing and holding call it 9k, so all in around 189k. My comps put the after-repair value near 235k. If the…
A sponsor I've co-invested debt with twice is buying a 120-key full-service hotel out of a lender-driven sale. Purchase $8.9M, so about $74k a key on a property that was built for…
I ended up with a 3 bedroom cabin about ten minutes from a small lake town, inherited last fall, no mortgage on it. My plan was always to sit on land and hold things, so short-ter…
Under contract on 64 units, 1983 vintage, two-story garden walkups in a secondary southeast submarket. Where the numbers sit today: Purchase 6.4M (100k a door) Reno 1.12M (40 clas…