it finished, here is how it went
Take a single family rental renting around $1,650 a month. An owner gets quotes at 10%, 10%, 9% and 6%. The 6% shop is newer, growing, pricing aggressively to win doors. The savin…
Take a hotel repositioning fund holding four assets. Reading the LPA and the quarterlies before committing is more diligence than most investors do, and it can still miss a struct…
Still finishing my license, so I've been picking up shoots on weekends to have some cash coming in while I study. Saturday was the first one someone actually paid me for. A 1,600…
Contract at 212k on a 1970s three bed with a bad roof and a tenant on month to month. Comps supported 305k fixed. I'd sourced it off a stacked list, pre-foreclosure filing plus lo…
This was supposed to be the easy version. I had a small two bedroom I had fixed up, market value around 122k, and a buyer who could not get a mortgage because of a short work hist…
This one is worth studying because everything about it looks reasonable until the match rate gets measured. The idea: wholesalers a marketing operator already serves keep complain…
A case worth studying for anyone pricing manufactured home paper. Take a note with 51 clean payments, 8.9% note rate, $498 a month, UPB $56,200. Small southeast town, 1.1 acres, d…
1,720 square feet, three bed two bath, single story, small city in the middle of the country where the median is around 350. Sold at 392 with a 26 day marketing period. Numbers as…
I mailed 300 letters to a list of notices of default in two zip codes, got six calls back, and one of them was an owner four payments behind on a 1970s three bed I comped at 289.…
The O&E report came back with one unpaid tax installment, $1,840, on a loan with no escrow account. That's the part I want to talk about, because everything else about this note w…
This is a loss worth studying closely, so here is the arithmetic. Take 168 beds off campus at a mid-tier private university, $18.9m purchase, about $112k a bed. The raise is $6.2m…
This one is worth laying out because the failure sits in the research step, and that is the cheapest step to do properly. Take a 2-unit property bought in 2019, each unit 3 bed 1…
Consider a case where an owner sells a duplex and carries the paper instead of taking cash, which is a common way sellers end up on the lending side without planning to be there.…
Long holds are my usual thing so this was out of pattern for me, and I want to write it down while the numbers are still fresh. Single story plus mezzanine light industrial buildi…
Consider a lender who takes the lending side of a syndication rather than owning directly. A sponsor with a 96-unit under contract has all LP money committed but is short on perso…
Someone in a local investor group posted asking whether a 0.4 acre corner lot could take four units under the current code, and got eleven guesses in the comments. I messaged him…
Not an operator by trade, I do service work around this business, but I wanted one of these for myself and it's done. Small two bed, bought at 96k on a private loan from someone I…
Take a 1920s three unit in a blue collar pocket of a mid-size metro. Purchase 214k, budget 28k of work, and the plan is to place voucher holders in all three units at once because…
Here is a small operations case worth studying. Take an operator with 14 units across three small buildings. For an operator at that size the expensive problem is finding out some…
I mostly buy land and hold it, so this was me stepping outside what I know. A seller I'd talked to for two years finally wanted out of 14 acres, mixed timber and pasture, county r…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
