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From the desk:Buyer's Agent (Investor-Focused)

A flipper wants me bringing him houses. I have no license.

I've been doing trim and cabinet work for a guy who flips maybe six houses a year. Last week he said if I find him anything off market he'll pay me for it, and he mentioned wantin…

mitchell_ray4 Get yoursPRO12Answered2 replies

DiscussionBuyer's Agent (Investor-Focused)

Buyer-broker agreement says 2.5% but the seller is only offering 2. Who covers the gap?

I'm setting up to work with investor buyers once my license clears and I've been reading sample buyer-broker agreements to see what I'd actually be asking someone to sign. The one…

mikeoconnell7SP2APRO17Answered4 replies

DiscussionSyndications: LP (Capital Provider)

Building a book of eight positions: which axis do you diversify on first

I have roughly $300k to place across LP positions over the next 24 months, and my minimums run $25k to $50k, so call it six to eight checks. I keep drawing the same grid and getti…

38Llaurenkim53Passive9 replies

WinSyndications: GP / Sponsor

Sold the 24-unit I sponsored. Insurance renewal nearly ate my whole promote.

I've been an LP in other people's deals for years and this was the first one where I was the sponsor, meaning I found it, underwrote it, signed the loan and answered the phone whe…

28Bbrandonlee36Passive15 replies

WinPublic REITs (Capital Deployment)

Priced my own 6 unit against a listed apartment name, bought the listed one

Small 6 unit came up two blocks from a building I already own. Asking 720k, in-place NOI 41k, so 5.7 percent before I put a dollar into it. It needed roofs on both structures and…

32Rrenee_dubois Get yours2 replies

DiscussionMultifamily Property Management

Centralized leasing across a portfolio, or a person in the office at every property?

I own land and I'm looking at a first apartment position with two partners, so I'm reading operating models from scratch and I keep hitting this fork. The centralized version: one…

nicole_adeyemiPassivePRO143 replies

From the desk:Public REITs (Investor)

Trying to size a REIT allocation against 60 acres I will never sell

My real estate is land. Roughly 60 acres held long, some of it leased for hay at a number that barely covers taxes, and a smaller parcel I expect to be worth something when the gr…

karen_whitfieldPG4APRO7Answered3 replies

DiscussionPublic REITs (Investor)

The REIT-to-private valuation gap and what would actually make me believe it closes

The convergence argument shows up everywhere: public REITs trading at a discount to both broader equities and to private real estate marks, with the private gap described as the l…

paulgrant17PassivePRO70 replies

DiscussionSeller Financing (Capital Provider)

My 8% note prices at 88 cents and I can't find the loss

Numbers first. $200k sale, $20k down, $180k carried at 8%, 30 year amortization with a balloon at year five. Payment works out to about $1,320 a month and the balance at the ballo…

36Hhannah_west29 Get yoursAnswered1 reply

From the desk:Seller Financing (Capital Provider)

The buyer wants me to finance 40 acres, and land makes me nervous as collateral

I've had 40 acres of mostly wooded ground for a long time, no improvements, a gravel access easement, and county zoning that allows one house per 10 acres. Asking 62k. The only se…

nicole_adeyemiPassivePRO14Answered2 replies

DiscussionPublic REITs (Investor)

The debt maturity ladder tells you more than FFO growth guidance. Argue with me.

I read filings before I read prices, so I came into REITs through the wrong door. What I actually look for in a 10-K is the table of debt maturities by year, the weighted average…

10Ddmitri_v6CapitalPRO7Answered2 replies

DiscussionPublic REITs (Investor)

Been doing land for years, never touched a REIT. What do I even need to open to buy one?

Land and long holds are what I know. Somebody at a meeting said I should hold some REITs for liquidity since my land does nothing for years at a time, and I nodded like I understo…

karen_whitfieldPG4APRO7Answered2 replies

From the desk:JV Capital Provider

Funding a flipper's next four houses. He wants a 50/50 JV, I want to know why it isn't just a loan

I've got eleven doors and a line of credit I'm not using, and a guy I've watched work for three years wants a capital partner. He's competent. Cheap crews, honest about mistakes,…

22Bbrandonlee36PassiveAnswered10 replies

DiscussionJV Capital Provider

Is $250k too small to be the equity side of a JV?

I've got two questions nobody will give me a straight answer on. First, if I'm actually negotiating the document rather than signing a form, what am I paying a lawyer? I've heard…

wendy_park48CapitalPRO15Answered10 replies

Story

Sat in a title office lobby long enough to watch one house sell twice

I had an appointment at a title office to ask what a closing actually costs on a first deal, because every number I'd been given online was a range wide enough to drive a truck th…

aliyah_bAU2APRO923 replies

From the desk:Parking Lots / Garages

Asked to run a 190-space lot, and I don't like either fee structure offered

I manage two small apartment buildings for an owner who also holds a 190-space paved lot about four blocks off the core, near a hospital campus and a courthouse. He's been self-ma…

tonyv88SO4CPRO6Answered5 replies

DiscussionParking Lots / Garages

Is buying one deeded space in a condo garage a real thing or a gimmick?

An agent sent me a listing for a single parking space in a downtown condo garage. $38,000, HOA dues $95 a month, currently rented to someone in the building for $225 a month. The…

karen_whitfieldPG4APRO7Answered4 replies

DiscussionTitle Company / Title Services

Consolidating closings with one national shop for FinCEN readiness, or keeping local title people in each market

Our group buys small multifamily across four states and I do the underwriting, almost all of it in single purpose LLCs, and a meaningful share is non-financed. The FinCEN resident…

dpatel_reCS4AAnswered5 replies

LossSeller Financing (As Seller)

Set the rate at 5.5% because it felt fair, then the best note bid was 68,500

I set the interest rate on a note I carried by feel and it cost me somewhere around 17,000 when I needed the money back. The deal. Small 2 bed 1 bath rental, about 780 square feet…

aaron_fitz10 Get yoursPRO1510 replies

DiscussionReal Estate Agent (Listing Agent)

Getting licensed just to list my own flips, does the math hold up

Construction background, learning the money side. I run two projects a year, average sale around $340k. At 2.5% that's $8,500 per sale going to a listing agent, so $17k a year I'm…

gregpowell66AG4BPRO125 replies

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