every post in the forum, newest first
Consider a sponsor whose entire investor record lives in spreadsheets plus a shared drive: 340 unique LPs, 11 deal entities, some from 2018 and 2019 vintages still holding. Two we…
Some private placement memoranda name fund administration as a fund level expense and then name an investor portal separately in the same paragraph, while a sponsor's cover letter…
A typical proposal for a CRM and systems build across a small portfolio reads as all nouns in the deliverables section. Pipelines configured, sequences written, integration connec…
Modeling exit on an aggregation and I can't get the room's consensus and my own math to agree. The consensus is portfolio premium. A buyer paying $90M for 14 stabilized parks with…
Got told two contradictory things in the same week. One person said buying notes is just buying an asset, no license needed, anyone can do it. Another said if the loan is on a hou…
First note I ever bought and I want to write down what happened while it's still embarrassing. Performing first lien. UPB 54,300, coupon 9%, payment 497, 31 months of on-time paym…
I have a buyer who flips maybe eight houses a year and he agreed to a call on Thursday. The plan is to ask what he buys, write it down, and go look for it. Standard reverse order…
A common pattern worth studying: parents convert the back half of a garage into a one bedroom ADU when a family member's rent becomes unaffordable elsewhere. Permitted and inspect…
A question worth sitting with in BRRRR is which end of the deal to shop from first. One school of thought says the discount is where the money is made. Buy the roughest house on t…
Look at a full appraisal report line by line rather than at the one number, and there are 34 pages behind that number. Most of it is what you'd expect. Sketch, photos of every roo…
For anyone looking at self-storage for the first time, most summaries say a frozen housing market is suppressing demand. The same summaries also say storage is defensive because d…
Someone I trust forwarded me a deck for a self-storage fund. Minimum is $50k, which is most of what I have set aside, so I want to understand it before I do anything. The fees I c…
Take a standard lot lease a park seller hands over: lot number, rent, a line about pets, a signature block. That's it. Nothing about who maintains the water line running to the ho…
Take a case worth studying closely: a 31 lot park in a small industrial town, 28 occupied, all tenant owned homes, lot rent at $265 against a market judged at $390. Purchase price…
Two building types come up constantly in adaptive reuse discussions, and the advice on each tends to run in opposite directions depending on who is giving it. The office case: a 1…
This is my first split and I did the underwriting from listings because that's what I had. My state is one of the roughly dozen where sale prices aren't public record, so the coun…
Two claims about staging get made side by side and they do not actually describe the same mechanism. One is a price story. Staged houses close higher, so a few thousand dollars in…
A subject-to deal has the buyer take the deed and keep paying the seller's existing mortgage rather than getting a new loan, which means using someone else's financing without the…
Here is a scenario worth working through together. Small town, population under 4,000, about 40 minutes from anything. Three bed two bath on 5.1 acres, well and septic, built 1996…
I've been sitting with the interest rate sensitivity disclosure on an agency mortgage REIT and I think it's telling me something the summary doesn't. The table gives estimated cha…
One for every strategy in the guide. Each has its own discussion, live deals, outcomes and polls.
