I've been working through the interest rate hedging disclosures on a handful of agency-focused mREITs and the range of approaches is wider than I expected for what's supposedly a…
Story
A friend from my old job called about a data center deal. Sponsor he knows through somebody, minimum was more money than I've ever put in one thing, seven year lockup with a possi…
I'm building a list of small houses to rehab and I expect at least a few of them to sell with me carrying the paper, because plenty of my likely buyers won't clear a bank right no…
A broker-services shop in a metro of about 900k is selling, and the owner wants me to carry paper on most of it. I've been reading notes for a year and this is the first one where…
An agent I talked to said she pays about $400 a month to a marketing person who does her listing presentations and her social posts. I don't know what a listing presentation is be…
Thin margins are my whole life and I don't want to spend 800 on an entity for something that might pay me 500 once. Somebody told me you can't accept a fee as an individual, you n…
I spent three weekends driving two older neighborhoods on the north side of my city, writing down houses with tarps, dead grass in July, mail piled in the box. Ended up with six a…
I'd rather build something that holds up for years without me fussing over it, so I've been slow about the whole thing. Where it actually stands right now is this. Detached 700 sq…
My mortgage broker mentioned in passing that starting in 2026 I can use projected rent from an ADU to help qualify for the loan on the house I'd be living in. I do a lot of due di…
I've been trying to work out where to put my time on the dispo side and the two answers point opposite directions. The relationship answer: the asset is 30 buyers who pick up on t…
Two term sheets on my desk, both value-add multifamily, similar markets, similar leverage, similar stated hold of five years. Deal A: 8% preferred return, cumulative and compoundi…
Working through what a first ground-up costs and I've noticed everyone has a different tripwire. Some people say untrended yield on cost, some say the spread over where they think…
I've done it both ways and both hurt, so I want to see how this room splits. The GC version: you pay a markup, usually 15 to 25 percent on top of the subs, sometimes more on a gut…
I'm looking at building a service around gut rehabs rather than owning them, something like an owner's rep who runs the schedule and the money for investors doing two or three hea…
I hold land and I am slow about everything, so selling a house eleven weeks after buying it is out of character. The arithmetic was better than holding. Acquisition. 1,340 square…
Deal in front of me is a VA loan, 312k balance, 2.75%, seller is active duty and moving. He's happy with subject-to in principle, small equity check, I take over payments. Then he…
Story
My neighbor got a postcard and didn't want to go alone, so I went. Free workshop, Saturday morning, an airport hotel ballroom off the second parking lot. Maybe ninety people, most…
Bought a dated 1970s hillside house in a luxury pocket at 2.05M, put 640k into it, all-in with 9 months of carry sits at 2.87M. Under contract at 3.395M, financing contingency cle…
Everything I've worked on has been in the $400k to $500k range. There's a house I'm looking at around $1.4M and I can't work out which part of my process stops working. Same crews…
Fifteen weeks in, one closed deal, and I can now say exactly which 1,400 I set on fire. I bought a list of 2,100 out-of-state owners for a three county area. Then I filtered it th…