someone asked, the room worked it out
Fourplex, asking $720k. Seller's broker hands me a package showing $52k NOI and calls it a 7.2 cap, then points at 5-plus sales in the same submarket trading at 6.5 to justify the…
A question that lands on a lot of small landlords eventually. Picture six units across two small buildings, self managed, and a third agent in four years. None of the agents were…
A structure worth examining closely: the sale leasebacks that come out of an operator refinancing after an acquisition. In these, the seller tenant chooses the rent, which sets th…
A situation that comes up constantly with first time buyers looking at small houses in outlying towns. The sign has the listing agent's number on it, so the buyer calls that numbe…
Take a 142 key select service asset in a secondary market. Trailing twelve shows 71.4% occupancy at a 152 ADR, so 108.5 RevPAR. Total revenue 6.1m, GOP 2.45m or 40.2%, base manage…
Trying to figure out what people pay for this. I asked in a chat and got answers from 500 to 15,000 for what sounded like the same thing, which tells me either the market is wild…
I hold for a long time and I don't enjoy debt, so I keep arriving at the opposite conclusion from most people in this room. Deal I'm modeling: all-in $180k, ARV around $240k. At a…
For an investor whose entire portfolio is small residential, this one is new. Take a 12,000 sf flex building split into three bays, and a lender whose term sheet makes a Phase I e…
Take a 28 site park that currently runs on a wall calendar and a cordless phone, the kind of setup a buyer often inherits. Price the software for it and the answers come back wild…
I mentioned to a guy at a meetup that I was reading about buying liens across a few states and he said once you're doing it at any real volume you need a license, and possibly E&O…
Take a 20 acre parcel, asking $14,500, absentee owner who inherited it and lives four states away. The county parcel viewer shows no road frontage. A dirt two-track cuts across th…
Every article on seller-financed land seems to use a different word for what looks like the same arrangement. Land contract, contract for deed, installment sale, and then some sel…
Take an intercreditor draft on a recap, $34m value, $22m senior, $4.5m mezz behind it at 12 and a half. The coupon is the part everyone argues about and it is arguably the least i…
Been looking at property management as the thing I actually do rather than buying anything, and I've gotten three different answers about licensing. One person told me you need a…
Working through a structure before I commit to it. Underlying is a 30-year fixed at 3.75 with about 312k left and roughly 26 years to run, payment 1,640 plus escrow. Plan is to se…
I've been pricing out what a one-person contract-to-close setup costs before I quote anyone. What I've found so far: a dedicated transaction management platform, e-signature, some…
A setup worth examining, because it is common among virtual wholesalers. An operator runs documents rather than properties, with a single purchase and sale agreement carrying an a…
I don't invest and I'm not sure I want to. But I'm out in neighborhoods constantly for work and I notice the same things over and over, houses with two years of mail in the box, b…
Work through a supplemental for a typical mid-cap industrial name and the headline story (REITs implying 6.3 percent against private appraisals around 5.1 percent) keeps shrinking…
Take a marketplace blast that comes through at $145,000 with ARV listed at $210,000 and rehab estimated at $45,000. Pull the county record and the property is under contract at $1…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
