it finished, here is how it went
Take a 5.1 acre parcel at the edge of a growing small town, county road frontage, no utilities at the line but power about 400 feet away, assessed at 61k. Sending 240 letters to o…
Take an LP position of $200k in a $6.4M LP raise, 3.1 percent, on the conversion of an older full service hotel into a dual-brand select service property in a secondary market, 14…
Land version, since most of the room is doing houses. 34 acres, mostly cleared pasture, 700 feet of county road frontage, an hour out from a growing small city. Seller was an out…
This isn't mine on paper. My aunt owns a 26 site campground on a river, an hour from a decent sized city, and she asked me to run the books and the bookings two years ago because…
This is a structure worth studying closely, because the coupon on paper and the remedy in practice can be two different things entirely. Say an investor takes preferred equity in…
Take a 60 acre parcel held since the mid 2010s, sold for a gain around $418k. Rather than committing the whole gain to one sponsor for a decade, or leaning entirely into tracts on…
Wrote a 62k first position loan out of my self-directed IRA to a rehabber I'd worked with twice on the personal side. 11 percent, 9 months, house was a small 3/1 in a working clas…
This is a small case and worth being clear about the scale before drawing big conclusions from it. Take someone holding 40 acres on the edge of a growing small town for going on s…
Here is a loss worth studying because it comes from an assumption that looks safe. Take a small deal, 44 units, age-restricted, in a secondary market. An operator underwrites 8 pe…
I wanted to find out whether the service side of this was where I fit, so last year I took on management for two out-of-state owners. Four houses total, average rent 1,450, so 5,8…
A property manager hears the same sentence every year from a couple of owners in the book: some version of I am done, the last vacancy took the joy out of it. The default response…
First full program I've been responsible for placing, and the thing that worked was refusing to fund it all at the first close. Mandate was $22M into multifamily, patient money, n…
I do renovations and I keep bumping into sellers who don't want a rehab, they want out. I can't use those, so last year I started handing them to a five-person wholesaling group a…
Closed in the fall on a one unit with a detached studio over the garage, $415k, 5 percent down, owner-occupied conventional. I qualified partly on projected rent from the studio,…
Take a case worth studying in mortgage brokerage. A self-employed buyer pursuing a small duplex, say $268,000, both sides rented, brings paperwork to a broker who produces a pre-a…
No deals of my own yet, so when a friend listed her place I offered to handle the staging as practice. Figured I'd learn something and end up with inventory for later. Spent 1,900…
A useful cautionary case involves a property manager who lent 40k of their own money to an owner they'd worked with for two years, an owner who came up short at closing on a 6 uni…
I stopped taking per-job staging quotes in the spring. Four flips since then on one flat arrangement with one stager, so I'll put the numbers down. Before: three houses in the 240…
A useful pattern for a contractor with a construction background: what they have to offer an agent isn't capital, it's the ability to stand in a basement and estimate repair costs…
This was my first attempt at anything creative and I want to write down where it fell apart while I still remember the order. Seller was an older man, loan at 3.25%, balance about…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
