one click, then see the split
Two offering memos for roughly the same thing crossed my desk this month, a mid-sized industrial shell in a secondary market, and they put construction risk in completely differen…
A useful case to think through: a 132 key select service hotel in a secondary market, bought in a down window, PIP completed the prior year, now finally running at plan. RevPAR up…
Vetting a cold calling or SMS vendor is a different shape of underwriting than a rent roll, and the two most common ways to judge one pull in opposite directions. Cost per lead is…
I've got a coordinator taking my acquisitions at $395 and she's carrying somewhere around 38 open files across four clients. Two of mine went sideways last quarter in the same way…
A seller-financed note is a promise to pay secured by a house, and the mechanics are simple enough on the surface: the buyer pays the seller monthly instead of paying a bank, the…
Most developers doing value-add or ground-up work came from one of two places: they built things for a living and moved up into ownership, or they came from finance and hired a co…
For someone expecting three or four purchases a year, the buyer side fee stops being a one time closing cost and starts looking like a recurring line item. At a 300k average price…
Third split I've worked on and I still handle the sales the same way, which is to say I list them with a local agent and pay the commission out of each closing. On a nine lot proj…
Splitting a sponsor prospect list into first-time and established groups is a useful way to think about where IR support adds the most value. First-time sponsors typically have no…
A common pattern in pre-foreclosure outreach: the owner clearly does not know their servicer has a loss mitigation department. Take a case with roughly 11k of arrears against some…
Ran the numbers on a house I'd actually buy and the result has been sitting on my desk for a week. Small three bedroom in an older part of town, $315k, 5% down, payment with taxes…
Take a junior participation draft where the standstill runs 120 days from the senior's default notice. During that window the junior can't accelerate, can't start any enforcement,…
I've done a few deals with my own cash and I'm now looking at a 140k rollover, and the first decision isn't which deal. It's what fraction of that account has any business being i…
Consider a bridge loan quote on a 22 unit, $3.1m loan against a $4.2m purchase. The lender's term sheet asks for a guarantor with net worth at or above the loan amount and liquidi…
Take a small center, 22,400 sf, six bays. The largest is 12,000 sf and the soft goods tenant in it goes month to month in March at $8.25 net. They have said they are done. Inline…
Take two small shops with numbers that argue with each other. Shop A: 22 agents, $310k of gross commission income to the brokerage, 71 closings. Shop B: 7 agents, $284k to the bro…
First rental is close and it might be a three room house rather than the duplex I started looking at, so I've been rewriting my screening criteria and the income rule breaks immed…
Nine files offered as a small tape, balances $48k to $130k, ask around 40 percent of balance in aggregate. Bid window is five business days. The seller sent collateral file scans…
Four homes in and I have hit the thing everyone warns about. My second house is my best performer and my third is dragging because the manager there is stretched. Adding a fifth 6…
Third Saturday out and my list is bloated. I photograph anything with peeling paint and a full mailbox, which means I came home with 41 addresses and maybe 9 of them are actually…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
