one click, then see the split
I've been running rehab scopes for years and land is new to me, so I'm looking at fee structure from the outside. Two operators I talk to price assignments completely differently.…
A landlord with a four unit and an eight unit who has spent almost nothing on legal work is a common starting point. Closings often go through a title company where the state does…
A question about underwriting practice. A lot of heavy rehab models now carry a second tab, and it is worth asking whether that is standard or added work for nothing. Tab one is t…
This is a useful comparison to work through carefully, because both sides have a real argument. Take two parcels in the same region, both about 80 acres. The first is what most wo…
Two sets of office numbers are circulating right now and both are apparently true at once. Vacancy sits near 18 to 19 percent nationally. Office CMBS delinquency hit 12.34 percent…
Here is a question worth working through. A small 4 unit goes on the market in spring. Three units stay occupied through the sale, one tenant is out in March and that unit will be…
A recurring underwriting question in office is how much weight a residential conversion scenario deserves when it shows up in a downside case. Take a 1980s eight story, 140,000 sf…
I've been reading two hospitality fund decks side by side and they disagree about the most basic thing. One buys extended stay only, same brand family, secondary markets, and says…
A recurring tension in small multi-tenant medical buildings deserves more than a sector overview. Everything written on the asset class says the specialized improvements are the m…
For someone with no apartment experience trying to work out what people mean when they say twenty units is a different animal, the honest answer is that both financing and operati…
Anyone weighing how to pay for lead gen runs into the same three structures, and each one breaks in a different place. Flat retainer plus ad spend is the standard. The agency gets…
Say a sponsor capitalizing a value-add deal offers two ways in for the same $150k inside a self-directed IRA. Preferred equity at 8 percent current with a share of the upside, or…
Anyone sketching how private capital gets allocated across buckets eventually hits mortgage REITs, and they break the sheet. One line for real estate and one line for credit, and…
An investor moving from duplexes and a triplex, all self-managed, into an eleven unit building for the first time typically hits a real decision point. Rents on the new building r…
In counties where the median sale sits under $120k and a good rental buys at $65k, the pricing conversation on outside advice tends to break down in the same place every time. The…
Been reading offering documents for a few months now and I can't settle this one, so I'll put it to the room. The pitch for non-traded REITs is that the shares don't swing with da…
There are two very different shapes of data center risk worth weighing against each other for a long hold. One shape: a single tenant, one of the very large technology companies,…
Roughly a third of probate leads arrive with no interior access at the offer stage. The heir has one key, lives out of state, and wants a number over the phone before spending a w…
Reading two inspection agreements side by side for a property with a fair amount of connected equipment. Thermostats, four cameras, a leak sensor setup tied to a valve, a video do…
Purchase agreements on performing notes sometimes come back with two clauses worth rereading closely. One, the endorsement is in blank on an allonge, not endorsed specifically to…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
