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The apology call came before the K-1 did
I'm in one small fund, a modest position, mostly because I wanted to see how the other side works after years of owning land where nothing ever needs reporting to anyone. First Ma…
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I'm in one small fund, a modest position, mostly because I wanted to see how the other side works after years of owning land where nothing ever needs reporting to anyone. First Ma…
Under LOI on a 14-unit garden-style, two buildings, 1968 vintage, in an inner-ring suburb. Price 1.75M. In-place NOI I can defend is 118k, so a 6.7 going-in cap. Rents average 895…
11 units, bought with rents at 950 across the board, market supports 1,150 and I've turned 7 of them at that number over the last stretch. Four are still on legacy leases that rol…
Running a small service outfit, mostly doing the disposition legwork for two operators, and one of them has a signed contract on a distressed estate at $1.85m. Seller's counsel st…
I'm looking at funding the buyer side on a distressed estate assignment, 2.3M contract, and the package I was sent has the fee structured in a way I don't understand the purpose o…
I'm being offered participation in a fund that does heavy rehab across a few markets, and I'm still figuring out how private money moves. Sponsor's pitch is that distressed invent…
Bought a 1920s four unit two years ago, all four occupied, all four rents about 40 percent under market because the previous owner never touched anything. Two units are 1 bed, two…
I don't have a property. I'm trying to build the budget sheet first so I'm not doing arithmetic in someone's driveway. So far I have paint, flooring, light fixtures, cabinet hardw…
I own rentals because I like things that keep working when I'm not looking at them. But the numbers on cosmetic flips keep showing up in my feed and the argument is that a 6 to 8…
Still not buying anything. Reading. But something clicked and I want to check whether I've actually got it or just think I have. The thing I kept getting stuck on was why anyone w…
48-lot park, 44 occupied, and the offering memo says agency eligible in the first paragraph. Then in the rent roll, 9 of the occupied lots are park-owned homes rented as houses at…
My whole job is underwriting, and yet I've never bought a house. My spreadsheet skills do nothing for me on the parts I've never done, so I'm asking this as a beginner because tha…
Building a shortlist of agents to call and I've noticed that phrase on about nine profiles out of ten. Investor friendly. Works with investors. Investor focused. I can't tell if t…
I do renovations, so I figured the operating part was the easy part. Five units, two duplexes and a single family, all freshly turned by me, average rent $920. Full management quo…
I spent years running renovation crews, so I thought the one edge I had as a lender was reading a scope. That is exactly the thing that cost me. Deal was a 1930s four bed in a sol…
I've done a handful of house deals and I'm looking sideways at land, and every listing description in this niche says recreational. Sometimes it's 40 acres of timber, sometimes it…
18 acres of mixed hardwood in a county where the year round population is under 9,000. Seller was an out of state heir who had never seen it and had been paying $190 a year in tax…
Small thing but it changed how I think about my own time. Tenant of three years moved out of a two bedroom. Unit was okay, normal wear, but the oven and the bathroom needed real w…
Running the arithmetic on an agency-heavy name. Asset yield around 5.9%, cost of funds around 4.4%, so 1.5% net interest spread. Equity of 1, borrowings of 7, so the levered piece…
I've been reading through an annual report for an agency focused mortgage REIT and got stuck on a page most summaries skip. The repurchase agreement table shows the borrowings by…