@thecruice Very common. You may feel that way if you think it can be repeatable.
You won’t be able to scale it of course so it’s not an endless upside.
Good news is, you do it again and lease it to someone else. You can do that forever
As incredible as this is all around, I can’t help thinking of how the international fighters feel.
Look at Lopes. Brazilian being cheered at the White House.
How cool is this for them?!
I spent 25+ traveling internationally to play music.
If I ever DJ again, it will be for this concept.
It has to be New York, Miami, Madrid, London or Zurich…
Promoters or club owners, friends in these cities… let me know.
A seller just omitted $17,528 in annual property taxes from their P&L.
Not one year. Every year in the package.
This wasn't buried in a footnote. It simply wasn't there. A commercial property generating $140,000 in revenue with zero property tax expense across three years of compiled financials.
We caught it the same day we received the package — by pulling the county property appraiser records and running their public tax estimator tool. Both are free. Both are public. It took minutes.
Here's what that omission actually did to the deal:
Seller's reported NOI: $74,809
Corrected NOI (current taxes applied): $57,281
And it gets worse. On a commercial acquisition, the tax assessment resets at closing based on the purchase price. The county's own estimator projected the post-sale annual tax bill at $26,845–$29,395 — nearly $12,000 more than the bill that wasn't even disclosed.
Post-close corrected NOI: ~$41,000
Cap rate at ask — as presented: ~5.0%
Cap rate at ask — post-close reality: 2.74%
The seller was pricing the deal at double what the income stream actually supports.
This is the kind of thing that doesn't show up if you're underwriting off the package alone.
Always pull the tax record. Always run the estimator. The data is public and the county will tell you exactly what you're walking into.