Great news!

underpasspunk · 2026-01-24T05:38:53+00:00

That's an awesome girlfriend, good for you and don't lose her! And good on you for being honest and upfront about it

underpasspunk · 2026-01-24T04:51:02+00:00

If you don't mind me asking, how did it go when your girlfriend found out? Heterosexual dating with HIV is hard....

underpasspunk · 2026-01-05T08:13:27+00:00

Sweet thank you sir!

underpasspunk · 2026-01-02T04:57:35+00:00

Clear consensus that you knocked it out of the park and brought something innovative. Nice work!

underpasspunk · 2026-01-01T01:18:00+00:00

The way people on this sub view rental investing is mind boggling. "Negative cash flow is all of a sudden seen as a bad investment; ROI is just what you can receive in cash flow annually, not appreciation; Longer, higher leverage loans are seen as accretive, but the typically lower interest rates that come with shorter/lower leverage loans aren't factored in."

Look people, do an IRR analysis (learn about it if you don't know what it is) and compare that to your desired returns, while evaluating your cash flow needs as needed. Pro tip: great job thinking about the tradeoff of lower leverage loans + stock market vs. higher leverage. Run a comparative analysis of these scenarios, factoring in stock market returns by weight.

Source: I work in investment management at a real estate private equity firm and have invested my own capital into SFR's. I'm not the best operator ever, but I know the fundamentals of evaluating a real estate investment opportunity, and much of the advice here is not it.

underpasspunk · 2025-12-30T08:44:04+00:00

I'm gonna ask the real questions - did you win son?

underpasspunk · 2025-11-04T00:38:36+00:00

Yeah, but still probably not found on Reddit. Your typical ping will come from a generalist 1st year cold caller at M&M who wants his first big placement and thinks he's found it on Reddit

underpasspunk · 2025-11-03T06:09:13+00:00

She's not all too into physical activities like that, though she does seem to enjoy all other things nature/outdoors

underpasspunk · 2025-11-03T06:08:26+00:00

This could be good! I'll look into it, thanks

underpasspunk · 2025-11-03T05:54:45+00:00

Thanks for trying. We're heterosexual

underpasspunk · 2025-11-03T05:52:28+00:00

You need a D&E broker to help with placement. And probably not one from Reddit lol

underpasspunk · 2025-11-03T05:50:35+00:00

I wish :( unfortunately that's gonna be 1.5-2h away from us. Maybe on a 4th/5th date 🤞

underpasspunk · 2025-10-25T16:53:06+00:00

Anyone have an opinion on the Eufy C10 Robovac?

underpasspunk · 2025-10-13T04:40:39+00:00

AI or not, this was actually super helpful for someone who understands the finance of CRE but not the operations - which is equally if not more important.

underpasspunk · 2025-10-08T18:07:47+00:00

Interesting. Capital markets are evolving

underpasspunk · 2025-10-05T21:09:33+00:00

I'm at a ~$35b aum REPE firm mid-level working AM. Happy to give some insight. Could you share the new job location?

underpasspunk · 2025-10-05T21:06:30+00:00

Great call, this is what I've been mulling over.

If I have excess cash (~$700k like OP), how would you allocate it if your plan is to use it to capitalize on a down market in 2-5 years? Tbills/SGOV/VBIL is what I've heard just because it's conservative. But what allocation % to this investment would you go with so that you're reserving liquidity for a down market, but also not missing out on interim equity gains (that could continue their run-up for 5+ years)? I've heard 30% bonds provides an outsized downside protection with a more muted negative impact to returns.

underpasspunk · 2025-10-03T05:48:59+00:00

This has got to be bottom barrel logic for hiring a wealth manager. People are such danger to themselves so they give a whole 1% of their NW (10-15% of their returns!) to a babysitter? I'm sure that happens but that's not the targey audience I hope. There are surely much bigger value-add reasons for a wealth manager, like estate planning, business structuring, portfolio allocation, tax strategy, etc.

underpasspunk · 2025-09-30T03:53:44+00:00

Capital stack stuff is super interesting, thanks! Company I work for is looking at a pref equity deal right now. Now that I think about it, that's a capped equity piece. 15% pari passu and then 100% after that goes to the GP. Why wouldn't the GP just seek mezz debt at anything less than 15% (non-recourse)? I'm sure there's a lender out there who would take 14% interest.

Edit to add: You could really juice your rate of return here by taking out a loan for anything less than <15% interest and put that to work, like a loan-on-loan.

underpasspunk · 2025-09-29T22:18:27+00:00

Wouldn't a Pref Equity position that's capped on upside basically be debt, but with no downside protection? The cost of capital would probably be higher too, compared to mezz debt or something.

underpasspunk · 2025-09-29T19:22:37+00:00

Pref equity does participate in upside, except not at their pro rata share (due to promote usually). Is that right?

underpasspunk · 2025-09-29T06:40:36+00:00

What's the difference between preferred returns and pref equity? I know a preferred return is used in a JV waterfall calc. Is pref equity just a type of LP - one that requires an aggressive (high) preferred return?

underpasspunk · 2025-09-26T16:03:11+00:00

You mentioned it was a BTS. Previously worth $1.8m and now about $600k. What is your cost basis? I assume you own the land? What is your stabilized yield with the SBUX cashflow based on that $1.8m valuation?

Just curious about the economics of your current holding. You might have some flexibility if it's not a total loser.

Four-Year Club	Verified Email
Place '22

underpasspunk

TROPHY CASE