Mathew

Bought a fancy end-of-bed fan before the London heatwave began and - honestly - this is the single greatest purchase of my life

Fixer upper gets listed for $250k. I offer $180k with 3% commission — I’m a licensed agent and my company is the buyer. Plan is to wholesale it for $190k. Needs $75k in work and will be worth $320k after repairs. Listing agent says too low. 4 weeks later our CRM notifies me the list price dropped to $225k. I follow up. Agent still says $180k is too low. Another month goes by. CRM notifies me again — price drops to $210k. I follow up. Agent says they think it’ll work. I draft the offer, send it over, and it gets accepted. We price the deal at $190k and sell it — signed contract and EMD in hand. While we’re still in DD, I tell the agent my buyer needs a $20k price reduction to move forward, but they’re ready to wire EM and waive the rest of DD. Seller meets us halfway. Price drops to $170k. We make $25k. That’s the exact play we run wholesaling MLS properties.

One of the great group shots of "The Late Show" staff posing on stage:

A little more context: Via ReSeed, the platform some partners and I started ~3 yrs ago, I am now seeing sub-institutional multifamily and industrial deal-flow across like 15-20 markets. We have standardized the modeling and underwriting assumptions (allowing for regional variation supported by data), which allows us to make apples-to-apples comparisons. While the yields tend to cluster around 7% unlevered, bc that's roughly the floor we're willing to accept, the differences in the types and magnitudes of risk we have to take to get there are *wide*.

The A’s can announce they’ve spent $400M all they want. There’s still nearly $2 billion left to account for. The funding isn’t there. If it was, they’d simply show it. Instead, it’s constant scrambling for investors and leverage. Yet this time, nobody is falling for it.