Discussion
I am closing in on my first mezz position, somewhere between $180,000 and $220,000 behind a $1.4M senior on a mixed-use conversion in Nashville. The senior lender has their own co…
Happening Now
Sitting with a probate deal in Cuyahoga County where the PR signed the purchase agreement last week, accepted my $5,000 deposit, and I just found out the sale still needs court co…
Win
A deal worth studying: a single-family bought at a county auction, 187k all in, ARV around 240k. The title search cleared. The buyer got the deed, started demo prep, and six days…
Discussion
Closing was scheduled on a two-unit I'm buying into an LLC, cash deal, and my lender on a separate property apparently has a cross-default provision that touches any entity I'm in…
Discussion
A case worth studying: contract price 485,000, 30-day escrow, inspection contingency releasing on day 10. Buyer's agent sent the signed repair amendment on day 11 at 6 p.m. Seller…
Happening Now
I keep thinking about what that word is doing in that sentence. Standard means the attorney has seen it before, not that it is harmless to this buyer. Cross-collateralization ties…
Discussion
That phrase has done real work in killing deals. A restriction that runs with the land does not become informational because the title company calls it that, and a title policy wi…
Discussion
I had a vendor clear a house in High Point last month and they snapped a cast iron radiator getting it out, said it was already cracked. I know what I saw before they started. Won…
Discussion
I work escrow so I see the paperwork after the fight is already over, and I had a file cross my desk last quarter where exactly this happened. Landlord signed a lease with a tenan…
Discussion
Here is a structuring problem worth working through, because institutional buyers raise it more often now. A private equity group out of Austin sets up a sourcing arrangement on s…
Happening Now
Is a 6 percent oversight fee normal in Maricopa County, or is that number being tested to see what a buyer will absorb?
Discussion
Picture the buyer's side of a wrap in Phoenix. The underlying is a 2019 VA loan at 3.25, the seller wants to wrap it at 6.5, and the property is $410k. The spread looks fine. The…
Discussion
Here is a scenario worth working through. A buyer is under contract on a lot with a March 14 closing, and a survey that cost 650 shows the previous owner's concrete pad sitting ab…
Poll
Building a list of pre-foreclosure and probate-adjacent single family files in one county and deciding when to bring in an attorney tends to split into two defensible approaches,…
Loss
A subject-to deal is one of the fastest ways a course template can produce a costly outcome, and the failure pattern is worth laying out in order. Take a seller with a 3.1 percent…
Discussion
A $1,900 quote covering LLC formation, an operating agreement, two deeds, and coordination sounds steep next to the claim that anyone can file an LLC for the state fee and a deed…
Win
A common pattern in small property management operations: the management agreement is a form the company inherited years ago and never touched, and the lease is a state associatio…
Discussion
Attorney pricing pages are often confusing on this point. A site might quote $350 an hour, then further down list "flat fee packages from $750," and a caller asking about a bounda…
Discussion
Take an 18 acre parcel under contract, with a due diligence extension paid at $8,000. A rezone request for attached product at roughly 6 units an acre gets denied 4 to 3 after a h…
Loss
Portfolio of five, four single family and one duplex, roughly $1.7m of value and $890k of debt across three lenders. I wanted them out of my personal name before I got licensed an…
Discussion
On non-financed entity purchases, the residential real estate reporting rule assigns reporting obligations through a cascade, and in practice every party at the closing table tend…
Happening Now
A small real estate law firm near me needs someone to prep closing files. Two attorneys, one paralegal, they do somewhere around 40 closings a month, mostly residential purchases…
Discussion
I've been reading through the paperwork on a 30-unit single-asset raise a sponsor is putting together, mostly to understand who does what on a deal like that. Securities counsel c…
Win
Builders sometimes carry paperwork inherited from a prior employer long after it stops fitting the business, a two page sub agreement with no change order procedure, no notice req…
Poll
Take a common scenario. An investor asks for a quote on a document package for ongoing use: a purchase addendum, a lease with the state-specific disclosures for the market, and an…
Poll
I'm buying rural land, mostly 10 to 80 acre parcels, with a mix of seller financing and purchase options. My deal count is going up and my legal line is going up faster. Quotes I…
Discussion
Duplex, seller's payoff is about $142,000 on a 3.25% note, asking $205,000, willing to carry the difference on a wrap so the underlying loan stays in place. I've been on the tools…
Happening Now
Take a rural land case: 6 acres purchased with a plan to split it eventually, a boundary survey ordered ahead of the split, and the survey turning up a neighbor's pasture fence si…
Discussion
Read a set of closing documents closely and the same transaction seems to describe the same function three ways. The commitment comes from a title insurance company. The settlemen…
Happening Now
Under contract on a 4-unit, $620k, all cash from a private lender who is taking a first position but the loan closes after, so the purchase itself lands as a non-financed transfer…
Discussion
A guy I did some framing work for years back is now wholesaling and he told me his attorney does his assignment paperwork for $500 flat, whatever the deal size. He made it sound l…
Poll
Consider a purchase of a small mixed use building where the title commitment comes back with fourteen exceptions on Schedule B, most of them unfamiliar to a buyer reading it for t…
Discussion
Take a landlord with eleven units across two states running leases off a $199 template pack. A drafting tool now produces addenda that read better than anything the landlord write…
Poll
A common question for a closing operation handling all-cash LLC purchases of single-family rentals: who files the report, and does the firm build that service in-house. The reside…
Poll
A landlord with a four unit and an eight unit who has spent almost nothing on legal work is a common starting point. Closings often go through a title company where the state does…
Poll
I'm buying a small single-family rental, nothing complicated, seller is a retiring landlord and the contract is the standard state association form with two handwritten addenda ab…
Loss
A 96-unit value-add deal in a southeast secondary market, $150k in for 4.1% of the LP class. I did what I tell everyone to do and sent the PPM, the LP agreement and the subscripti…
Discussion
40 acres, contract price $128,000, mostly wooded with about 6 tillable acres. Title commitment came back with two things I don't like. First, a deed out of an estate in 1978 with…