it finished, here is how it went
Take a 6,800 square foot house in an established high-end suburb, 2006 build, good bones, dated kitchen, run as a proper luxury listing because the price point called for it. List…
Bought 22 acres at $6,100 an acre, $134,200 all in, planning to sit on it until the road widening pushed development east. Taxes at closing were $340 a year because the parcel car…
This closed out last month so I can write the whole thing down. Two houses, one sponsor, plan was to convert both into 6 bed licensed homes in a metro with genuinely long placemen…
Take an all-cash Roth SDIRA purchase of a 2 bed 1 bath, 1,040 square foot house in a county seat town in the midwest, $118,500. Rents at $1,150, taxes $1,340 a year, insurance $89…
This is a small loss by the standards of this room but I'd rather write it up than pretend it didn't happen. Early last year a guy I've done renovation work for put together an LL…
Take an $80,000 limited partner check into a 1980s vintage, 180 unit value-add multifamily deal, with a business plan to renovate and raise rents over a three to five year target…
A useful discipline before committing to a first LP position: call prior investors in the sponsor's earlier deals, not just the references the sponsor hands over. A sponsor offers…
The clause was three words long. "Exclusively sourced by consultant." I read it, thought it meant the parks I brought them, and signed it on a phone call. Setup: a mid-size aggreg…
Consider a mezzanine position, say $2.6M behind a roughly $8M senior loan on a 60 unit value add, structured at a low double digit current pay over a three year term with a pledge…
Take a passive LP position in a two-building powered shell campus in a secondary Sun Belt market, 24 MW of contracted utility capacity across both buildings. Building A, 12 MW, le…
A case worth walking through in JV wholesaling. A contract at 132k on a 1980s 3/2 in a strong selling subdivision, where the seller had relocated for work and the tenant had stopp…
Take a case worth studying: an LP wires $25k into a small industrial deal, four tenants, 41,000 square feet, a sponsor doing about one of these a year in a market he knows well, 8…
A useful case for anyone new to lease options, because the mistakes in it are the beginner mistakes even when the seller already owns several units. The house: 3 bed 1 bath, 1,100…
Numbers first, because that's the only part that transfers. Pull was absentee owners, 15 years or more of tenure, estimated equity above 60 percent, single family, no listing hist…
Sold a small two bedroom house I'd owned outright. 62,000 note, 8%, twenty year amortization with a ten year balloon, payment worked out to about 519 and we rounded it to 520. Att…
Three bed ranch in a working class suburb, contract at 118,000, end buyer signed at 139,500. Spread 21,500 and I had it under contract for 21 days. End buyer was using a DSCR lend…
This file is worth walking through end to end, with the numbers, because it shows why the foreclosure case is what lets you bid. The file. A 2004 origination, note rate 5.25 perce…
Here is a loss pattern that shows up in small tax certificate portfolios, and it is worth laying out with numbers. Picture 46 certificates across three counties at the peak, and t…
A structure that looks clean on paper can still create a real problem at refinance: a money partner puts in 85k for a rehab, and to protect that position a second position mortgag…
Trades background, so the only diligence I'm actually good at is looking at buildings. A manager raising a second fund of about $25M had 11 assets in the first fund and I asked fo…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
