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From the desk:Short-Term Rental Co-Hosting

Closing in five weeks and the HOA has a seven night minimum in summer

Two bed two bath, 1,050 square feet, lake town, $312k, closing early next month. My plan was long-term rental and I'd have been happy with it. Then I read the HOA rental rules pro…

ehernandez74PO2BPRO79 replies

DiscussionShort-Term Rental Co-Hosting

Owner says my cleaning markup is double dipping because guests already pay a cleaning fee

Structure I'm running on a two-bedroom: guest pays a $135 cleaning fee, my cleaner invoices me $95, I keep the $40 as coordination on top of 18% of accommodation revenue. All of t…

22NnataliehsuSO1BPRO105 replies

DiscussionLuxury Specialist Real Estate Agent

Own one high-end zip code, or own one property type across the whole metro

Two agents in my area both do well at the top and they got there in opposite ways. One works a single neighborhood of about 900 houses, most of them over $2M. She knows every floo…

samantha_ruizAU4APRO50 replies

From the desk:Office Buildings (Passive Hold)

An estoppel came back naming a side letter with a contraction right nobody abstracted

Under contract on a 68,000 sf suburban office, seven tenants, 81 percent leased, and I'm in the middle of estoppels. Four back, three outstanding. One of the four is from the seco…

37Ddmitri_v6CapitalPRO76 replies

DiscussionOffice Buildings (Passive Hold)

Is "full service gross" good or bad for the person buying the building?

Looking at a two story office building in a mid-size downtown, 8.2 percent cap on the listing, about 19,000 square feet with four tenants. When I asked who pays for what, the brok…

priya_n21PO1C13 replies

DiscussionHotels / Short-Term Lodging (Passive Hold)

Why does every hotel flyer lead with RevPAR instead of occupancy?

I've been reading hotel listings because a broker sent me a 42-room limited service property near a highway interchange. The flyer leads with "RevPAR $58" and then in smaller prin…

diane_kowalskiPassivePRO14Answered1 reply

From the desk:Hotels / Short-Term Lodging (Passive Hold)

Extended stay at $79k a key, and nothing about it reads passive

Under contract review on a 62-key exterior corridor extended-stay in a secondary market, one interstate exit, hospital and two distribution employers inside four miles. Asking $4.…

ehernandez74PO2BPRO7Answered10 replies

DiscussionShort-Term Rentals / Airbnb

Capped permit market with a $70k premium, or the unregulated county next door

Two things on my list right now and they're the same house in different rule sets, so I'd like to hear how people weigh this. Option one is a small resort city that capped nightly…

ehernandez74PO2BPRO7Answered13 replies

DiscussionShort-Term Rentals / Airbnb

Client sent me her dashboard: ADR $210, RevPAR $89. Which number is the real one?

I run turnovers for a handful of owners and one of them keeps forwarding me screenshots of her numbers because she thinks I know what they mean. Her cabin shows an average daily r…

angela_burkeServicePRO12Answered1 reply

DiscussionSection 8 / Government-Assisted Housing

Inspection punch list: do you swing the hammer or hire it out every time?

First inspection on my duplex came back with six items. Missing GFCI in the kitchen, a loose handrail, a torn window screen, a cracked outlet cover, a bathroom exhaust fan that ra…

17Bbrandonlee36PassiveAnswered8 replies

DiscussionSection 8 / Government-Assisted Housing

Trying to get straight what a voucher holder actually pays out of pocket

My usual seat is on the capital side, so this is an income stream to me rather than something I'd manage. What's tripping me up is the rent split. What I understood: government pa…

chriswalton8CC1CPRO15Answered13 replies

From the desk:Large Multifamily (Institutional)

240-unit value-add in a Sun Belt submarket, $185k a door against $260k replacement. What am I not seeing?

I have a subscription agreement on my desk for an LP position in a single-asset deal and I keep circling the same page. Writing this out partly for myself, and partly because I wa…

marcus_hale41CG4AAnswered9 replies

DiscussionLarge Multifamily (Institutional)

A cleaning client handed me a fund deck with a $250k minimum and I'm lost

One of my commercial cleaning accounts is a regional apartment sponsor, and their acquisitions guy handed me a fund deck last time I was on site. It's a $180m vehicle buying garde…

angela_burkeServicePRO12Answered13 replies

DiscussionAccessory Dwelling Units (ADUs)

Tell me what's wrong with this: $205k all-in, 640 sq ft detached, $1,750 rent

Numbers on a build I've been scoping, and I want someone to tell me what's wrong with them. Lot is mine, primary residence, no mortgage constraint issue. Detached 640 sq ft one be…

12Hhannah_west29 Get yours4 replies

From the desk:Accessory Dwelling Units (ADUs)

Builder wants 40% up front on a $212k ADU

First real project and I'm probably out of my depth, which is why I'm posting the actual contract terms. Detached 800 sq ft, two bedroom, site built not prefab. $212,000 fixed pri…

megan_doyle15 Get yoursAnswered9 replies

WinReal Estate Crowdfunding (Investor)

Paid at par plus accrued after 26 months, though month 14 nearly ended it

Closing out a deal that actually finished, so here are the numbers before I forget them. $35,000 into a senior secured position on a 96 unit value add multifamily in a mid sized m…

luis_carrera Get yours2 replies

From the desk:Multifamily Development

Draw administration as a service, and I can't work out who pays for it

I've spent four months on this. The idea is draw administration for small developers, the 10 to 40 unit range, people building one or two projects who don't have an in-house const…

mikeoconnell7SP2APRO17Answered1 reply

DiscussionMultifamily Development

Sitting on land I bought for the long game and now everyone says build

I own a couple of parcels I picked up years ago because the zoning looked like it would move eventually, and it did. One is now in a district that allows about 40 units by right.…

nicole_adeyemiPassivePRO142 replies

From the desk:Appraisal

Most of the liens on this tape carry an AVM value with no interior

Reviewing a small pool of seasoned second liens, 22 loans, unpaid balances 18k to 96k, weighted average coupon 9.4, seasoning 14 to 31 months. Seller wants 88 of UPB. Collateral d…

sonia_alvarez Get yoursPRO60 replies

DiscussionAppraisal

My agent wants a reconsideration of value on an appraisal $18k under contract

House is under contract at $332,000, buyer's lender ordered the appraisal, it came back $314,000. Two of the three comps the appraiser used are older houses with original kitchens…

joe_delgado5AP4CPRO4Answered12 replies

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