Field Notes
Real turn costs, real diligence, real evictions. Written from the buildings we're operating right now — not from a curriculum.
A seller's trailing twelve showed $175,777 of net operating income. The real number was closer to $114,000. Here's exactly what he did, and how to catch it on any building you look at.
$69 to file. $125 for the writ. Those are the cheap parts. The full process from first delinquency notice to the constable at the door, with the costs nobody puts in a pro forma.
The operators who got hurt in 2022–23 weren't wrong about the market. They were wrong about their capital stack. What we assume instead, and what it costs us in deals we don't win.
No cadence promises. One email when there's something worth reading.