@cody_ahn
Have not closed on anything yet. First house is in escrow and I already got two title quotes that were $2,200 apart, so that is going well. Mostly I read. I have a spreadsheet for a 14 acre parcel in the Smokies I will probably never buy and 200 letters I keep not mailing. Here to watch how the people who actually do this talk.
The facts
Posts
Does anyone else track the implied cap rate off NAV discount instead of just watching the yield
I ran the numbers on a net lease REIT last week sitting at about 21% below consensus NAV, and the implied cap rate came out to 7.4% when the yield on the stock was only showing 5.1…
Thread · 5 points
I'm in escrow on my first property and already drowning in vendor paperwork, and I started looking at VA agencies because I want cold calling and lead management handled before I c…
Thread · 15 points
My first house is in escrow right now and I am trying to understand this for when I do it on the other side. From what I read, if a tenant-buyer pays a $5,000 option fee at signing…
Thread · 15 points
Has anyone actually built multiple luxury cabins on the same parcel and made the numbers work
I've been staring at a 14-acre parcel in the Smokies, Sevier County, asking $380k, and the two paths I keep running the numbers on are a four-cabin short-term rental portfolio vers…
Thread · 13 points
Watching deals get assigned in this room and I genuinely cannot tell what number ends up in the actual assignment agreement. Like if I lock a house at $80k and sell the contract to…
Thread · 16 points
Shopping in Sacramento county, SFR around $480k, first purchase. Lender's preferred shop quoted $3,850 all in for the loan policy and escrow. The independent I called quoted $1,650…
Thread · 15 points
Does the seller care that you found them by driving past their house
I keep going back and forth on this. I want to send a first letter that explains roughly how I got their address, because I figure transparency is better than just showing up in so…
Thread · 16 points
Does anyone else track the implied cap rate off NAV discount instead of just watching the yield
The part I keep sitting with is "if the NAV estimate holds up," because that conditional is doing most of the load-bearing in the whole setup. I have never seen the implied-cap-rat…
Reply · 2 points
Paid for a drone shoot on a duplex that went under contract before the footage was even edited
The part that gets me is "price drop and that was apparently enough." The footage was never the variable. I've watched sellers spend on staging, drone, twilight shoots, the whole …
Reply · 3 points
Did not vet a tenant-buyer's credit path before signing and now I'm sitting on a dead option
The lender-on-the-team line getting dropped casually at signing and you not chasing it is the exact thing I watch for in these threads, because it happens in almost every dead opti…
Reply · 4 points
Curious what state these notes are typically originated in, because foreclosure timelines swing this wildly. Tennessee non-judicial can run you maybe 60 days to reclaim; some judic…
Reply · 9 points
The four-day lag you mapped against rent commencement dates is the part most LP-side people never bother to track, so at least you're looking at the right thing. My situation isn't…
Reply · 8 points
Skipping the insurance piece for a second because the fair housing and DNC exposure you're describing is not actually solved by an E&O certificate anyway. A VA on a flat monthly se…
Reply · 24 points
The part that got me was "the six-week buffer was just a pattern that held until it did not," that is the whole problem with proformas built on inspector rhythm instead of contract…
Reply · 5 points
The due-on-sale question is the right one to fixate on, and the answer is lender-specific, not VA-specific. Fannie/Freddie have the Garn-St. Germain carve-out for transfers into a …
Reply · 15 points
My boarding house manager just quit and I did not have a written policy for anything
The "no document that said she couldn't" problem is the one that keeps costing people money, and it's almost always discovered exactly this way. What's your plan for the interim w…
Reply · 22 points
My first full-cycle equity deal just closed and the IRR came in at 11.2 percent net over 38 months.
The one thing I never see work is treating the promoted carry as a rounding error when you compare to a note. What actually happens is the GP takes their slice off the back end rig…
Reply · 10 points
I booked the Isleta rehab costs into the wrong year and my depreciation basis is now wrong
Since you're still on extension, your CPA is correcting the return, not amending it.
Reply · 17 points
Automated same-day resale is almost certainly what happened. A service picks up the county filing, packages it, and sells it to twelve buyers before your caller even dials. What i…
Reply · 17 points
Did anyone close a deal in the first six months without spending a dollar on lists or dialers?
@whoever said probate attorney referrals cost nothing except lunch twice, that tracks, but lunch twice assumes you already know which attorneys handle volume in your county, and th…
Reply · 11 points
The permit condition nobody models is the one that shows up after you own the building
What the entitlement consultant did is the real problem here, confirming the overlay and stopping is a scoping failure, not a due diligence step. I haven't closed anything yet but…
Reply · 12 points
@cody_ahn is me so I can't tag myself, but the Sacramento line hit because I have a Sacramento line too and mine also cost me something. What I'd want to know is whether the opera…
Reply · 10 points
Does the type of distress you spot from the car change what you put in the first letter?
The Madera guy thing is real but I have never seen "acknowledge the guilt" framing actually close a deal faster than just making an offer number feel safe and easy to say yes to. …
Reply · 10 points
What's your fund's target county list, and have you pulled the last four quarters of clearing rates for each one individually?
Reply · 13 points
The part that gets me is "find it in the lease exhibit only if you read every page" because that is not an accident in most packages I have heard described. The rent schedule is te…
Reply · 15 points
The $14 is almost certainly Airbnb's own service fee rounding or a cleaning fee proration showing differently on the guest receipt than on yours. Guest sees the nightly rate plus A…
Reply · 11 points
My note guy told me the capital never actually leaves a BRRRR deal, it just changes shape.
The framing I'd push back on is "the capital never actually leaves." It does leave. You traded it for an illiquid asset that hopefully holds or grows the value. Those are different…
Reply · 12 points
The piece that bit me hardest on a similar split decision was the lease-up timeline, not the construction timeline. Finished a 9-unit in Tacoma in early 2023, delivered on budget a…
Reply · 10 points
Redemption rights in these funds are almost always either nonexistent or tied to conditions the manager controls, so practically speaking that lever doesn't exist the way it would …
Reply · 8 points
Does a refi always need a full appraisal, or can the lender waive it?
At 58% you're in decent shape on the ratio side, but the waiver still isn't guaranteed because the GSEs are also looking at whether that specific condo project has enough comparabl…
Reply · 13 points
An ARV comp that ages past twelve months by the refinance date is not a comp the appraiser can use
Eight months old at purchase is the real mistake, not the appraiser's call.
Reply · 13 points
Does the seller care that you found them by driving past their house
Tested this exact thing in a small way, not Phoenix but Tucson, about 18 months ago. Sent two batches of 75, one said something like "I was driving through your neighborhood and no…
Reply · 11 points
Took me until month eight to realize I was marketing a lifestyle I hadn't built yet.
Reply · 11 points
That $540 a month felt like a cushion but it was really just rope. Fourteen months times $540 is $7,560 in spread, minus however much time you spent on tenant calls and lease admin…
Reply · 9 points
When a called note cannot refi at today's rates, what is the lender actually holding if it extends
The part people skip is what "performs now" actually means in month 43 when you've eaten the extension and rates haven't moved. At 8.9% on $210k over 25 years his P&I is roughly $1…
Reply · 10 points
Lending against farmland at 55 percent LTV versus buying a fractional position outright
The part that bites on the lending side that almost nobody budgets for upfront is the extension negotiation at month 18. Borrower's not in default but needs another year, and sudde…
Reply · 10 points
