Brandon Hicks

Pulled this from an offering memorandum on a 24-unit property fairly local to me. ZERO financials were provided in the OM. Pretty one-sided expectations, I'd say.

I was a Realtor during the "Subprime" loan days so when I first heard about "DSCR loans" 4-5 years ago, there was a familiar ring to it. With that in mind, I wasn't at all shocked to read today that defaults are up. The fact that they were, or may still be doing 1.0 deals is just bonkers. It takes a certain personality type to operate a property at breakeven or negative cash flow for years. I'd imagine most of the loans in default belong to inexperienced STR/MTR owners. If I'm right, it may be time to start shopping Airbnb and VRBO for places to BUY. Before I'm accused of being anti-DSCR loans, the loan product itself isn't the issue. It's just a tool and it's up to those wielding it to use it properly.

@EnoughUp @realEstateTrent The salary that they get is basically a stipend in relation to the money they make through the power of their position. I’d imagine that most of them could go months without pay before it mattered.

@realEstateTrent Frankly they should not get paid during shutdowns. Period. Pretty sure if that was the case, this nonsense would stop.

I don’t care whose fault it is, but our elected officials should never put us in this position.

I've worked with the same title company since 2004 They recently sold to a larger company We were essentially told that we wouldn't notice a difference I now send orders to a nameless email only to be passed off to another office This is not the way to keep my business

@MAGA__Patriot Should probably put them both down

When ideology collides with reality. A woman who publicly identifies as a dog was attacked by an actual dog. It's a strange moment that raises a bigger question: when society blurs the line between identity and reality, what happens when the real world pushes back? Reality doesn't care about trends, hashtags, or feelings. The world still runs on truth, biology, and consequences. Sometimes the most uncomfortable moments expose how far culture has drifted from common sense.

@HjgTweet @jimfornyc A bit? If you were the father, at what point do you stop cutting?

@jimfornyc What would happen if the victims' dad caught him and cut him up a bit? Probably a few years in jail for the dad.

This sounded so outrageous that I worried it was fake. I fact checked. IT IS REAL. Let that sink in. IT IS REAL. The prosecutors struck an insane plea bargain, and the judge followed it, over the objections of the victims’ parents! Could you imagine if the rape victims were your daughters? How can this happen? Oh, yes, it’s Minnesota. Strike that off my travel bucket list. I struck Dearborn off yesterday.

@jimfornyc The only positive light to this is that the father only has to wait 6 months to do what’s necessary.

Happy Friday to everyone except this guy! Was I harsh? Should I pass over someone who qualifies that ISN’T a sex offender to give this guy a chance? Not a protected class Not discrimination Not my problem Don’t make it your problem either if you’re a landlord

@P9xbfbqk75W @WarObserver14 @CollinRugg and did something to protect the 72 virgins.

@WarObserver14 @CollinRugg Beautiful. Hopefully they got some bacon and stuffed it in there.

An ROTC cadet stabbed 36-year-old Mohamed Bailor Jalloh to death after he shot an instructor at Old Dominion University. After Jalloh shouted 'Allahu Akbar' and opened fire, students jumped on the attacker and were able to "terminate the threat." "I don’t know how else to say it, but they basically were able to terminate the threat," Special Agent in Charge of the Norfolk FBI Field Office Dominique Evans said. According to the New York Post, one ROTC student stabbed Jalloh to death in the classroom. The instructor, Lt. Col. Brandon Shah, was sadly killed by the ISIS-linked gunman.

@CollinRugg That's great, but did they do anything to protect the 72 virgins?

@bethanyjbabcock The market will fix this in time, I’m sure

It was our first time flying Southwest as a family since they went to assigned seating. Honestly it was fine. Only snafu happened when we had a last minute flight change and we weren’t seated next to our kids. I wasn’t comfortable letting my daughter sit between two men she didn’t know in a dimly lit airplane. I could see from her face she was not comfortable. The staff tried hard to obey the new rules and lots of people were asking to move. Some passengers losing their tempers. I wanted to be near my daughter and they didn’t want me moving either and I didn’t want to get grouped in with the ones that were losing their cool. The nice lady next to me advocated so I could switch seats with my daughter and she sat next to her while I sat between the guys. Nice guys I’m sure but you know… moms gotta be moms right? The staff did their best and agreed. Honestly I feel bad for the staff at Southwest. Some people really don’t like the seat assignments. I do think minor children should be next to their parents though. We’ve run into that on other airlines as well. I’m not sure how that can be fixed with last minute flight changes and full flights other than just automatically moving people. That’s hard when people select specific seats.

@rohde88 Good question. There were quite a few but I don’t recall of them. There’s an old road that was vacated, a railroad along one side and I believe there are issues from when they split it from a larger parcel years ago.

@HZCapBrandon What are your Table A requirements?

Under contract to buy a self storage deal and title says we need a survey I reach out to get 3 quotes #1 is $6k 🤯 Which seems REALLY high but they all said that it's an intense job 🤷‍♂️ #2 says $6.5-7k 😬 #3 is $6500 🥴 I guess $6k isn’t REALLY high after all 🫠

@whaleychris Maybe. I’m also having one done in OH now to adjust property lines and add an easement for $3200 so it was unexpected.

@HZCapBrandon I did $5k per survey in my last deal in a Midwest, tertiary market. $6k sounds reasonable.

@s1othlovechunk @ObiToddForever @lydiakauppi Using a paint sprayer was one of the only that I wore a mask in 2020-2021!

@ObiToddForever @lydiakauppi No mask? I thought people loved wearing masks these days

This is a hate crime against me, specifically

Commercial Investment Property For Sale! This property is located at 1295 Highway 67 (Business 67), Fredericktown, MO and is leased to ARCH Equipment Group, LLC. It's a triple net lease so they pay the taxes, insurance and maintain the property. All you'd have to do is cash the checks. It's roughly 2.6 acres, the bigger building is 4490 SqFt and the smaller one is 800 SqFt. We had a Carlisle roof coating done on the bigger building in 2023. and it came with a 20 year warranty on materials. There's still 28 months left on the lease and the tenant has 3 - one year options to extend. I am one of the owners and we're asking $246,000. Please message me with any questions. For the Realtors...we have zero interest in listing it but are happy to pay a commision if you have a buyer.

@ClarenceWongCRE And this is why they can only find deals at full market value.

Below is the most exhaustive Due Diligence (DD) Materials Request List I have ever seen in my life. 🤯 Initial Due Diligence Materials Request List Part A – Property Information 1 Project Capitalization 1.01 Project Sources and Uses / Equity Analysis 1.02 Purchase Agreement 2 Property Operating Statements 2.01 Current Year statement 2.02 Prior 3 years operating statements 2.03 Pro forma model & ARGUS 2.04 Other Income Detail - Sponsor (detailed breakout on other income projections, as well as commentary on any plans to increase or add other income revenue items) 2.05 Proposed Staffing Plan 2.06 Stub Year Budget for Year 1 (Sponsor) 2.07 Current year operating budget (detailed, not summary) 2.08 Prior 3 years financial statements (Balance Sheet, Trial Balances, Statement of Cash Flows, etc.), Current GL in Excel 2.09 Current Rent Roll 2.10 Prior 12 months utility bills (electric, gas, water/sewer) 2.11 Current and Prior Year Expense Recovery Detail (CAM/Tax letters and pools by Tenant, RUBs reconciliation) 2.12 Current receivable aging schedule 2.13 Historical CapEx - CapEx completed since seller ownership. 2.14 Accounts payable 2.15 Bad Debt Report (Detail on any bad debt written off, to the extent not included in income statements) 2.16 Delinquency Report - list of tenants with current delinquent balances, in default, and undergoing eviction proceedings, with status and amounts due 2.17 Prior 3 years historical occupancy 3 Lease & Tenant Information 3.01 All in-place and prospective tenant lease documentation including leases, amendments, assignments, LOIs, RFPs, etc. 3.02 Estoppels - Seller and Lender 3.03 Schedule of outstanding Leasing Commissions, Free Rent, and Tenant Improvements 3.04 Lease Audit (if available) 3.05 Lease Abstracts (if available) 3.06 Sponsor's standard Lease Form 3.07 Schedule of Security Deposits by Tenant, and/or copies of any tenant guarantees 3.08 Tenant Sales Reporting (2019 to Current) 3.09 Occupancy Cost/Tenant Health Ratio Analysis 4 Market Information 4.01 Rent Comps 4.02 Property Sale Comps 4.03 Sale Comps for projected sale of any pad sites 4.04 Detail on NNNs at competitive properties in market (if available) 4.05 Expense Comps (By unit or with unit counts, names can be redacted, preferably other Properties in market managed by same PM or owned by Sponsor) (if available) 4.06 Detail on any development moratoriums or other regulations impacting market. 5 Property Tax Bills 5.01 Sponsor's Property Tax Projection / Tax Analysis from Tax Counsel 5.02 Property Tax Bills for past 3 years (and invoices), and detail on any prior or ongoing appeals. 5.03 Tax Abatement Documentation, if applicable (Applications, timeline, approval, analysis) 6 Property Physical 6.01 Personal Property Inventory 6.02 HVAC Mapping and Aging Report (if available) 6.03 Roof condition detail, roof warranties, and any specialty roof reports (if available) 6.04 Floor Plans 6.05 As-built plans and specifications with respects to the Improvements or any part thereof, MEP drawings, construction plans, CADs 6.06 BOMA study (if available) 7 Renovation/CapEx Program 7.01 Detailed CapEx Budget including timing of projected capital spend. 7.02 GANTT Chart (if available) 7.03 Team Resumes: Construction Manager, GC, architects, etc. (if applicable) 7.04 Copies of all construction plans, engineering reports, and land surveys in possession of the Acquisition entity 7.05 Copy of all contracts and bids (if applicable) 8 Property insurance & general liability 8.01 Insurance Bids / Master Policy 8.02 Borrower's Agent Name & Phone # (to be contacted by insurance consultant) 8.03 Flood Determination Certificate 8.04 3 yrs. Loss Runs & detail on any insurance claims on the Property in the last 48 months 8.05 Insurance Certificates (once policies are bound) 8.06 Detail on any Outstanding Insurance Claims 8.07 Closing Insurance Proration 9 Property management & Other Agreements 9.01 Property management agreement 9.02 Listing agreement 9.03 Copies of any other agreements impacting the property or transaction (such as brokerage agreements) 10 Survey, Site Plan or Stacking Plan, Title Policies, Record Easements and Memos 10.01 Survey 10.02 Site plans / Stacking plans 10.03 Title Policy or Pro Forma 10.04 Title Memos (if applicable) 10.05 Certificates of Occupancy (both Tenants and Property) 11 Operating, development or reciprocal easement agreements (IF APPLICABLE) 11.01 Ground lease (if applicable) 11.02 Government incentive related documents (if applicable) 11.03 Copies of Recorded Easements, REAs, CC&Rs, and other encumbrances impacting Property 12 Service Contracts, Licenses and Permits 12.01 Warranties/Guaranties 12.02 Service contracts 12.03 Licenses/Permits 13 Third Party Reports 13.01 Third Party Appraisal 13.02 ESA - Phase I 13.03 ESA - Phase II (if applicable) 13.04 Property Condition Assessment 13.05 Zoning Report 13.06 O&M Plan - if applicable (ACM and LBP) (If applicable) 13.07 Seismic Report (If applicable) 13.08 Termite Inspection (wood construction multis) (If applicable) 14 Senior Loan 14.01 Senior Loan Application/Term Sheet 14.02 Loan Documents 14.03 Rate Lock Agreement & Confirmation of Rate Lock Deposit (if applicable) 14.04 Senior Lender NOI Calc Part B - Borrower & Sponsor Information 15 Organizational Chart 15.01 Organizational Chart with Detailed Ownership %, showing investors with direct or indirect 10% or greater ownership in Sponsor 16 Background Check Authorization Form 16.01 Background Check Authorization Form & Searches 17 Litigation Disclosure 17.01 Sponsor Entity Litigation Form 17.02 Detail on any pending lawsuits - Property, Sponsor, and Sponsor Principals 18 Management Team Bios & Resume 18.01 Management Resume (Property Manager qualifications, including list of properties under management by PM, if third party) Part B - Borrower & Sponsor Information 15 Organizational Chart 15.01 Organizational Chart with Detailed Ownership %, showing investors with direct or indirect 10% or greater ownership in Sponsor 16 Background Check Authorization Form 16.01 Background Check Authorization Form & Searches 17 Litigation Disclosure 17.01 Sponsor Entity Litigation Form 17.02 Detail on any pending lawsuits - Property, Sponsor, and Sponsor Principals 18 Management Team Bios & Resume 18.01 Management Resume (Property Manager qualifications, including list of properties under management by PM, if third party) 19 Organizational Information 19.01 W-9 on IRS Form - Sponsor Entity 19.02 Certificate of Formation - Sponsor Entity 19.03 KYC - Executed Operating Agreement - Sponsor Entity

Lease renewals are almost as exciting as purchases some days and we just signed a solid one on our Warsaw property this week! We bought these two buildings on the same parcel back in the spring of 2022. It was our 1st deal at $1m or more and it came with a brand new 5 year lease that was set to expire late January 2027. With the early 5 year extension that we just signed, we're all set until the end of January 2032. The tenant is Torrent Engineering and they design and fabricate snow making equipment for ski resorts all over the US and other countries. They even made the high pressure pump stations for the 2014 Winter Olympics in Sochi, Russia! Here's a link to an article with more on that. It's a pretty cool company and we're excited that they want to continue to use our facilities!