1,600 miles from the only houses I can afford
I left a warehouse job in March and I have 34k saved. Nothing near me trades under 400k, so every house I can actually buy is in two midwest metros I've never been to, where 3/2 h…
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I left a warehouse job in March and I have 34k saved. Nothing near me trades under 400k, so every house I can actually buy is in two midwest metros I've never been to, where 3/2 h…
We run 410 units across three properties for two owners, fee is 3.5% of collected revenue plus a turn coordination fee. Owner on the bigger asset has been on me about controllable…
Six prospects out of a landlord meetup, all of them complaining about the same thing, none of them yet quoted. I've been building the offer for three weeks and the pricing is wher…
Been building a texting and skip trace list for about seven months. Spending $640 a month on data and sending, and I'm getting around 9 real seller conversations a week out of it.…
An operator with a 22 room house reached out about contracting out what he calls resident services. Right now that means daily common area cleaning, weekly room linen, a hot break…
The fund is an $900 million open-end bridge lender, mostly first lien, and I've had the loan tape for eight days. Numbers I mostly trust: 148 loans, $2.1 million average balance,…
I'm working toward the lending side rather than owning, and a few people told me I should have some kind of presence before I start asking anyone for money to place. Someone reach…
I've been building a spreadsheet for months and I want somebody to tell me what line is missing. Target is a 285k three bed in a working neighborhood about 25 minutes from where I…
An operator I've been following wants me on his next deal, after six months of research and nothing to show for it. 84 units, 7.8M, he's raising 2.6M. He's done five deals, two of…
Reading a term sheet for the construction side of a heavy rehab and I've got questions that are probably obvious to people who've done this. Structure as I understand it: 240k pur…
I put out six short videos on how a small service business around real estate actually gets its first ten clients. Nothing fancy, phone camera, maybe 300 views total. Two people e…
Got a term sheet back for a single spec house, first one for me. Lot's already mine, bought it last year for 62k with cash. Build budget from the contractor is 288k for 1,850 squa…
First time I've looked seriously at office and I'm out of my depth on the lease structure, so going slow. 14,000 sf two story, six suites, built 1991, asking $1.05M. Rent roll sho…
I've done six assignments. The way it works for me now is I get a house under contract, I market it, whoever pays the most gets the assignment, I collect the fee at closing. Simpl…
Contract with the seller is 182,000, cash, 21 day close. End buyer is a local flipper doing three or four a year, signed at 214,000. So 32,000 of spread. Why I'm not assigning: th…
Two open-end debt funds on my desk and I've been going back and forth for three weeks. Fund A. $740m loan book, 118 loans, weighted coupon 10.4%, weighted LTV at origination 63%,…
Small rural market, maybe 900 people in the town. Two houses on the market that fit what I'm after, a 3/1 at 94k and a 2/1 with a decent outbuilding at 78k. Same agent on both. Sh…
Small syndication, one facility, 310 units plus 22 outdoor RV/boat spaces. Sponsor owns it already and is selling down 40 percent of the equity to fund a canopy build and a gate/a…
This line item has beaten me, which is a little embarrassing given what I do all day. We hold 31 doors across two small markets plus a rotating three or four flips a year. Nine mo…
I have two drafts in front of me for the same building and I have to pick one this month. The asset: 210 units, independent living with a light service package, meals and housekee…