Everything I read puts pref equity returns in roughly the 10 to 15 percent band. That's a wide band for a single asset class and I don't yet have a feel for what moves you across…
Been reading operating statements for a 190-unit 2018 build I may take a small position in, and the renewal policy is where I keep getting stuck. Current in-place average is $1,58…
I've got two units lined up for spring, a downtown one-bedroom and a small house that sleeps six. Both owners want hands-off. Both are in a market where guests fly in late and che…
I've been reading two fund decks side by side and they describe the same asset class in ways that barely overlap. One says the money comes from the rent. Facilities collect monthl…
Reading a state's tax foreclosure chapter next to the county treasurer's own procedure sheet and they don't line up on who gets served. The statute lists record owner, mortgagees…
I've been pulling apart the three ways to own storage without running it, and they turn out to be three different bets wearing the same name. Public REIT shares give me daily liqu…
I'm writing positioning for a management arm and I've got two versions of the same page. Version one leads with compliance. Local registration and inspection regimes, notice requi…
I'm still in the reading stage on this, no house yet, and the lease term question keeps stopping me. Every room-rental owner I've talked to splits into two camps. One camp does tw…
A framer I've worked with for years called me about his aunt's house. She's in assisted living now, the house is empty, and the family wants it gone without listing it. I've swung…
First time I've been asked to write JV equity and the argument is stuck on one line. The operator wants a 1.5% asset management fee on invested equity, paid monthly out of operati…
Chasing a question I can't settle. A facility built around 2014 for something like 6 to 8 kW per rack, air cooled, decent connectivity, on a feed with modest headroom. Fully lease…
Second offer accepted this month and the loan officer came back with a waiver from the automated underwriting run, so no appraisal ordered, no fee, and the file moves faster. She…
Family friend inherited a 20 site campground and I've been helping read the numbers, which is how I ended up with an opinion I can't defend. There's about 25k available for improv…
Something like $1.5 trillion of commercial mortgage debt comes due through the end of 2026 and a heavy share of it sits on office. Office delinquency on securitized loans hit an a…
Five bedroom, two bath, about 1,900 square feet, bought in a college-adjacent submarket and run room by room since. Rooms are 690 to 780, gross sits around 3,650 a month. A whole-…
Everything in a land deal hangs off one number, what the finished lots sell for. And that number lands two to four years after you sign, which is the part I can't get comfortable…
I'm on a live-in flip where the scope has grown from a kitchen and two baths into moving a load-bearing wall and redoing the whole panel. Original plan was to pull everything as o…
Setting this up honestly because I'm on both sides of it and I genuinely don't know where I land. We run management for about 400 doors and the brokerage side does buyer work for…
I have been underwriting an 11-unit for three weeks and the whole deal comes down to one decision I keep changing my mind on. In place: eleven units, average 810, comps support 1,…
I own a four unit and an eight unit and I've spent almost nothing on legal work. My closings were both handled by a title company because my state doesn't require an attorney at c…