Bought in mid 2022. 264 units, 2015 vintage, Sun Belt metro that everyone including me thought was undersupplied. Basis $51.7M, $196k a unit. Floating bridge, 70% of cost, SOFR pl…
Five years of transaction coordination, mostly straightforward resales, 550 a file. Over the last eight months maybe a fifth of my incoming work has been wholesalers doing double…
Twenty-two months of savings is the whole renovation budget on the place I'm circling, which means the work happens at the speed my paycheck allows. That's the live-in flip pitch…
Three years in on a sub-to and it's worked, so here's what it actually took rather than the version where you inherit a rate and go to sleep. Acquisition: 1990s four bed in an inn…
Here's the deal I'm looking at. Loan is 2.9%, balance 227k, PITI is 1,412 with 310 of that going to escrow. Rent comps are 1,725 to 1,775. The problem is what happens to that 310.…
I came from the building side so I thought my paperwork was fine. It wasn't. I was using a two page sub agreement I inherited from a GC I worked under, with no change order proced…
I've been reading through the paperwork on a 30-unit single-asset raise a sponsor is putting together, mostly to understand who does what on a deal like that. Securities counsel c…
Just started, everything is new. People in this space say JV about about four different things and I can't tell them apart. Someone told me they JV'd a deal and all they did was t…
I've got a two page JV agreement from a wholesaler who's been doing this eleven years in my market. Deal is a duplex, both sides vacant, seller inherited it and lives four states…
I'm trying to figure out which strategy fits, and land keeps looking attractive to me for a reason that might be wrong. The timelines are long, so the work seemed spread out. Long…
Three weeks into setting up a self-directed Roth and I hadn't gotten as far as who's allowed to live in the thing. Told my daughter about the plan at dinner and she asked, half jo…
I've been trying to figure out which strategy I actually fit, and I spent four months circling a dated 2.4M ranch on a good street in a genuinely luxury pocket. Built 1988, never…
Trying to understand staging as something to put money into rather than something to buy, and the whole thing seems to live or die on inventory turns. Here's the model I built and…
I built a sheet trying to answer whether staging is worth it on the kind of house I'm about to list, and I've now spent more hours on the sheet than the decision is worth, which i…
Story
I got permission to listen in on a prep call for a credit committee, mostly to hear how the questions get asked. The asset was a single tenant shell on a campus in an emerging Sun…
Six weeks in, so this is early, but the part I was scared of is done and I want to write it down while I remember the details. 1970s three bed two bath in a small city about 50 mi…
I've got a mixed-use building I'd sell tomorrow if the buyer could get a loan. He can't, he's self-employed two years and every bank wants three. He asked about owner financing an…
Eight units, brick, all one and twos, I own it free and clear and have for six years. Gross scheduled rent is about 96k, NOI last year was 58k after real management and real capex…
Sitting on a JV pitch from a two person outfit that works notice-of-default lists in three counties. They want me to fund the acquisition capital and, separately, a quarter of out…
Working on getting licensed and I want to understand this from the ground up before I ever try it. Everything I read says lead with empathy and never mention how you found them. B…