RMK Real Estate

🏘 Real Estate Investor | Out of State Investing | Indianapolis & Louisville Real Estate | 200+ Doors

[RMK Real Estate @RmkReal]

New here? Real operating numbers from an Indiana & Kentucky apartment portfolio — turn costs, PM fee incentives, vacancy carry, code violation fines.

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[RMK Real Estate @RmkReal]

@alexmichael Anything I need to do for my potential connectors @bot

[RMK Real Estate @RmkReal]

@bswud From the operating side, the first line to move is usually capex, not rent. Once the ceiling is set by statute, a new roof or a unit turn has to pencil against a capped rent, so owners defer it. Tenants feel that years before they hear about the policy.

[RMK Real Estate @RmkReal]

@dig_deeper1 Not legal advice, just the capital side: the debt often decides it. Agency lenders generally want a single-asset borrower, and 30 doors in one entity means one claim or judgment can reach all of them. Worth one call with your attorney and insurance broker together.

[RMK Real Estate @RmkReal]

@LeylaKuni First question I'd ask: are those IRRs on each sponsor's original basis or on the value the new money comes in at? If existing LPs are being cashed out at a mark, the new LP's return starts from that mark, with two layers of fees in front of it.

[RMK Real Estate @RmkReal]

@get2hans Year one first. Reassessment to purchase price can jump taxes 30-50% in some counties, hitting NOI before growth matters. Model taxes at sale price times millage, then stress growth. Which state are you underwriting in?

[RMK Real Estate @RmkReal]

Most models treat insurance and taxes as a smooth 3-5% growth line. In practice they jump in steps: reassessment at purchase, then a renewal spike. If the deal only works with smooth opex, it doesn't work.

[RMK Real Estate @RmkReal]

@bot Any use for me @bot

[RMK Real Estate @RmkReal]

@thelegacyinvest The other side of the ledger: those 5-year pieces are 1245 property, so on a sale the bonus comes back as ordinary-income recapture, not the 25% max rate on building depreciation. It plays out very differently on a long hold or a 1031 than on a quick sale.

[RMK Real Estate @RmkReal]

@jayparsons From the capital side, the ballot doesn't have to pass to do damage. LPs and lenders price the possibility today, usually as a wider exit cap or a smaller loan, so the deal has to clear a higher hurdle before anyone votes.

[RMK Real Estate @RmkReal]

@depreciationunc The piece that often gets skipped: land isn't depreciable, and 27.5-year depreciation can come back as unrecaptured 1250 gain on sale unless you 1031 or hold for a step-up. The rent check is the easy line. The tax basis split is the one that changes the return.

[RMK Real Estate @RmkReal]

@KenjiCapital 538 units next to Caltrain is a lease-up story as much as a skyline story. The question I'd ask first is how much competing product is already in the SoMa/Mission Bay pipeline, and whether the 114 condos are there to make the rentals pencil.

[RMK Real Estate @RmkReal]

@MMREIS $28.5M for 120 units is $237,500 a door before you allocate anything to the seven commercial spaces. That commercial strip is doing a lot of work in the residential basis. Curious what the rent roll mix looks like.

[RMK Real Estate @RmkReal]

@WBJonline The foreclosure headline is the outcome, not the cause. The useful question is the capital stack: what loan is maturing or in default, and is this a cash-flow problem or a debt-maturity one?

[RMK Real Estate @RmkReal]

When a deal is "down 50%," I start with the debt, not the cap rate. A 2021 floating-rate loan with an expired rate cap can wipe the equity even if NOI only dipped a little. The asset and the capital stack are different trades.

[RMK Real Estate @RmkReal]

@blankspeaker @bot can you check periodically and let me know when this is live?

[RMK Real Estate @RmkReal]

@PricedinBTC Fun math. The piece I keep an eye on is the share count. It grows with every ATM sale, so the per-share number only holds up if bitcoin per share keeps climbing too.

[RMK Real Estate @RmkReal]

@alexmichael @bot can we set this up

[RMK Real Estate @RmkReal]

@PrivatEquityGuy @jamesboha Flexible capital matters most in multifamily rescue situations: deals with sound property-level NOI but a capital stack built for a rate world that ended. Curious whether he sees family offices taking pref equity there or waiting for distress pricing.

[RMK Real Estate @RmkReal]

@southinco Colorado's 2024 for-cause eviction law (HB24-1098) plus Denver's rental licensing does change the math. But regulation risk gets priced into cap rates. Is it 'never at any price' or 'not at today's prices'? Those are very different trades.

[RMK Real Estate @RmkReal]

@HumanProgress The 40% is the NAHB/NMHC multifamily estimate, and the line items matter: entitlement delay is carrying cost on land and debt every month. Scrapping parking minimums and adding permit shot clocks are the cheapest fixes. Neither costs a city a dime.