every post in the forum, newest first
The same argument shows up in the risk section of industrial deal memos and never gets resolved, so it is worth putting to the room directly. One camp draws a hard line on the bui…
A mile and a half from a nine unit property sits 300 acres of soybeans a developer wants to turn into three large single story buildings. Neighbors and nearby owners often show up…
28 unit garden-style, three buildings, 1978, secondary southeast market. Broker had it lightly marketed and it had already been under contract once and fallen out. I went in on th…
I've narrowed to two mortgage REITs and they are almost opposites, which is the problem. Name A is agency heavy. Government backed mortgage securities, so credit loss is close to…
I've got a brokerage account and I'm looking at putting a small slice into this corner rather than buying a rental. Two things I can't pin down. First, is there a real minimum, or…
Something I ran into on a 9-unit in a secondary market that I haven't resolved. The guide logic is that at five units you're valued on NOI and a cap rate. That's how I underwrote…
A 7-unit building, three 2BRs and four 1BRs, asking 610k with current rents totaling 5,900 a month, is a useful case for understanding commercial multifamily financing for someone…
An investor about a month from funding a self-directed IRA purchase typically faces two versions of the same structure. In the first, the custodian takes title directly, the deed…
I hold LP positions in nine syndications plus two note funds and I wanted one place to see deal flow, sponsor communications, distribution history, and where the tax documents wer…
Property management software on a property this size is quoted both ways, per unit per month and as a flat platform fee, and which structure applies depends on the vendor and the…
Two decisions and they interact, which is why I can't separate them. Position one, in since 2022. 320 units, 2016 vintage, big Sun Belt metro. Purchase was $61.4M, $192k a unit, f…
A scenario worth working through: a property management client who owns a small apartment portfolio also owns 40 acres outside a growing exurb, inherited land she doesn't want to…
I've had three separate conversations now where a builder tells me the finished lot has to come in at 20 to 25 percent of the retail house price, like it's a law of physics. So a…
Running the fee math on two offerings that are close enough in asset quality that the difference in what I take home is mostly structure. Stripping the marketing out, here's what…
I've been circling the service side of this for a while and finally sold something concrete: a pre-design feasibility screen for owners thinking about a backyard unit. Flat $850,…
Consider a detached unit behind a garage on a corner lot, projected by builders to rent around $1,600. The income math is straightforward. The harder question for a lot of owners…
A dispo-only operator doesn't find the property, doesn't contract the seller, doesn't take title, and doesn't put up money. They hold a list of cash buyers and get paid a share of…
Here is the renewal math, using a case that comes up constantly. A three bedroom leases in that pocket at about 2,040 today. The sitting tenant is at 1,850, twenty-six months in,…
Written criteria on my first house are 3x monthly rent in gross income, 620 minimum score, no evictions in seven years, two years of verifiable rental history. I wrote them before…
The shape of this variance is worth studying because it shows up in more than one operator's books. Acquisition: 610k for an eleven room licensed house in a mid-size market with a…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
