Cap Rate Catfish: T-12 Says Baywatch, Rent Roll Says Bigfoot

Broker: It’s a clean deal Lender: Great, just need updated estoppels, an SNDA from the pet store, and proof the parking lot exists Me at 11:59pm before IC: Rebuilding the model because T-12 says 95% and the rent roll says the tenants are ghosts 👻 Expectation vs Reality: 6.0% cap vs After reserves, TI/LC, and lender holdbacks… it’s a hobby with a mortgage 😂