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LossBRRRR Method (Active Operator)

Modeling the refinance at last year's rate cost me 31k of trapped capital

Finished this one nine months ago and I've been chewing on it since. Single family, purchase 158k, rehab came in at 41k against a 36k budget, closing and holding 11k. All in 210k.…

12Hhannah_west29 Get yoursAnswered6 replies

DiscussionBRRRR Method (Active Operator)

Taking less cash out on purpose

I hold for a long time and I don't enjoy debt, so I keep arriving at the opposite conclusion from most people in this room. Deal I'm modeling: all-in $180k, ARV around $240k. At a…

karen_whitfieldPG4APRO7Answered3 replies

From the desk:Industrial / Warehouse (Passive Hold)

This NNN lease has a roof and structure carve-out, a CAM cap, and a right of first refusal. Which of those do I fix in the PSA?

48,000 sf single tenant industrial, 28 foot clear, built 2006, tenant is a third party logistics operator with 6 years remaining. Asking $3.35M, NOI $231,000, 6.9 percent cap. I g…

16Ddmitri_v6CapitalPRO76 replies

DiscussionIndustrial / Warehouse (Passive Hold)

Lender wants a Phase I on a 12,000 sf flex building before they'll quote

Everything I own is small residential, so this is new. The building is 12,000 sf split into three bays, and the lender's term sheet says a Phase I environmental site assessment is…

26Rrenee_dubois Get yours2 replies

DiscussionRV Parks / Campgrounds

Do I really need a $6k a year reservation system for 28 sites?

Under contract on a 28 site park, currently run on a wall calendar and a cordless phone. I priced software and got wildly different answers. One platform quoted me a percentage of…

32Bbrandonlee36PassiveAnswered14 replies

From the desk:RV Parks / Campgrounds

A conditional use permit to add 12 sites. What am I walking into?

I closed on a 30 site park last fall, my first one outside of houses. There is a flat cleared area at the back, about 2.4 acres, that already has a gravel loop on it from a previo…

carlos_nunezActiveAnswered5 replies

DiscussionTax Lien (Capital Scale)

Someone told me you need a license to buy tax liens in volume. True?

I mentioned to a guy at a meetup that I was reading about buying liens across a few states and he said once you're doing it at any real volume you need a license, and possibly E&O…

jessreyes12AU1APRO16Answered3 replies

From the desk:Tax Lien (Capital Scale)

Won 63 certificates in one week. My tracking is a spreadsheet I don't trust.

I bid in two counties three weeks apart and came out with 63 certificates. Average face is about 1,840, total deployed 116k. Rates came in between 6 and 14 depending on the parcel…

carlos_nunezActiveAnswered17 replies

From the desk:Rural Land Flipping

Nine notes of rural land paper, and I think my discount is too thin

Package came from an operator who's been flipping recreational parcels for about six years and wants capital back to buy more. Nine performing notes, total unpaid balance $191,700…

sonia_alvarez Get yoursPRO62 replies

DiscussionRural Land Flipping

Seller says there's no legal access but a two-track goes right through the neighbor's hayfield

20 acres, asking $14,500, absentee owner who inherited it and lives four states away. The county parcel viewer shows no road frontage. There's a dirt two-track cutting across the…

22Llaurenkim53Passive2 replies

DiscussionRural Land Flipping

Land contract vs contract for deed vs mortgage: are these three names for one thing?

Every article on seller-financed land seems to use different words for what looks like the same arrangement. Land contract, contract for deed, installment sale, and then some peop…

raj_mehta14CapitalPRO13Answered5 replies

From the desk:Rural Land Flipping

Clause 14 forfeits everything after 30 days late

An operator I've been talking to sent me the template he uses for his owner-financed land sales so I could see how the deal works before I put money anywhere near it. I read docum…

wendy_park48CapitalPRO15Answered4 replies

LossCrowdfunding (Platform Investor)

The sponsor's cost overrun came in ahead of my 25k in the stack

I back these because I know renovation work and I thought that gave me an edge reading the scope. It gave me an edge reading the scope. It gave me nothing on the capital stack, wh…

omar_haddadActivePRO174 replies

Story

The sponsor I was about to wire to was the guest speaker at my own mastermind

I pay a bit over eleven thousand a year for an LP group. Twenty something people who write checks into other people's deals, monthly calls, one meetup a year in a conference room…

marcus_hale41CG4A10 replies

DiscussionMezzanine Financing

The standstill clause is doing more work than the rate is

Reading an intercreditor draft on a recap I'm looking at, $34m value, $22m senior, $4.5m mezz behind it at 12 and a half. The coupon is the part everyone argues about and I think…

wendy_park48CapitalPRO154 replies

From the desk:Mezzanine Financing

A 90 day standstill and a cure right I can't price

I'm doing the analyst work on a $32M refinance for a small sponsor and the mezz piece is where I'm stuck. Senior is quoted at 58% of value, mezz takes it to 76%, coupon 12.75% wit…

bmoreno23AB1B5 replies

WinResidential Property Management

Interviewed six managers before owning anything, which changed my target market

I'm still on the list-building side, no purchase yet. I decided to interview managers in the two submarkets I was choosing between, before I bought, because I kept reading that ma…

devon_pierce Get yoursPRO142 replies

DiscussionResidential Property Management

Does managing rentals for other people take a broker's license?

Been looking at property management as the thing I actually do rather than buying anything, and I've gotten three different answers about licensing. One person told me you need a…

29NnataliehsuSO1BPRO108 replies

LossGround-Up Residential Development (Spec Home Building)

Used my own crews on a spec build, and the loss landed in my service P&L

Numbers first. Lot was 88k, infill, already platted. Build budget 388k for 2,350 square feet, four bed, standard plan I'd seen a local builder run three times. Sold at 512k. Actua…

monica_tran3SF4CPRO1115 replies

WinWraparound Mortgages (Wraps)

Sold 60 acres on a wrap, took two years to collect the first clean spread year

Closed this in early 2023 and it's finally running the way it was drawn, so here's what actually happened. The land: 60 acres, mixed timber and pasture, two miles off a state rout…

nicole_adeyemiPassivePRO14Answered1 reply

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