@corinne_battle
Eleven doors and not one of them within four hours of my kitchen table. Small rentals in Tennessee, two on vouchers which is its own education, and LP money in a mixed use building in Shreveport that I nearly passed on because of the ground floor retail. I like the deals other people talk themselves out of. My list of misses is longer than my list of wins, happy to share either.
The facts
Posts
My LP agreement said "pro rata" and I found out what that actually means when dilution hit
Shreveport mixed use deal, the one I mentioned before with the ground floor retail. The LP agreement had pro rata participation language for any additional capital calls, and I rea…
Thread · 2 points
Signed a ten year NNN with a regional insurance company, 4,200 square feet, $18 a foot to start with 2% annual bumps. Before that lease closed the mixed use building was basically …
Thread · 22 points
Wholesale deal I funded blew up at the B-to-C leg and the funder still wants the full fee
My sister's boyfriend was the wholesaler on a Memphis double close, I put up the A-to-B money at 1.5% flat, and the end buyer walked two hours after my funds hit escrow. Title unwo…
Thread · 18 points
Does a seller carried note have to be assumable when I sell it as part of an estate
My mother passed in March and left me a small rental in Clarksville, Tennessee that she was carrying paper on. Buyer has been paying since 2019, solid record, 14 payments left on a…
Thread · 11 points
Conventional wisdom in my circle was that any retail component in a residential deal drags the whole thing down, too much vacancy risk, too much TI exposure, and lenders who price …
Thread · 13 points
That nail salon had $34k of landlord money in her walls and no personal guarantee, and somebody thought a partial payment in December closed the book on October. That's not a rent …
Reply · 4 points
My attorney said "you built your deal around his appetite" and I haven't slept well since
The Glenmore deal surviving diligence from a second buyer is exactly the question worth sitting with, because a six-unit in Price Hill at $162k with an 8 cap is not a one-person de…
Reply · 2 points
Does the agent owe me anything in writing before I commit to working with them exclusively
The thing that bit me on a similar setup was "markets she covers" being completely undefined. My agent in Knoxville said she worked the whole east Tennessee corridor, and when I as…
Reply · 8 points
Crop insurance history on a parcel tells you more than the soil map does
Never been on the farm side operationally but I've sat across from enough deal memos on ag-adjacent ground to have watched this exact mistake get made with confidence. The PI ancho…
Reply · 7 points
@OP the 22 months of occupancy is exactly what you should be leading with, and the mistake I made was not having it organized before I ever talked to a lender. I had a 9-room situa…
Reply · 4 points
The maturity-schedule peg exists but I have only seen it once in a doc I actually read, not heard about secondhand. It was a debt fund out of Nashville, mid-2021 vintage, and the g…
Reply · 4 points
The assumption that more members means more closed deals is the one that keeps not holding up.
What's your attrition rate on those two strong buyers after month six?
Reply · 7 points
A DSCR loan on a fix and flip project is usually the wrong tool and the loss case shows exactly why.
The projected rent number is where I'd push back a little, because lenders I dealt with in Tennessee were using comps from streets that hadn't seen a renovation in eight years.
Reply · 9 points
What does your assignment clause look like when the close slips past your written window? Six months sounds clean until month seven shows up and the investor argues the relationsh…
Reply · 8 points
My shortest was nineteen days on a four-acre tract outside Cookeville, Tennessee, and I will admit I did not call anyone at the county. The title commitment came back clean, I assu…
Reply · 9 points
My county recorder went digital eight months ago and it broke how I was doing this
Your investor seeing the same address from two other sources in the same week is not a lead problem, it is a commodity problem, and commodities do not command per-lead fees. If yo…
Reply · 15 points
Nine deals submitted, zero closes, and you still do not have a cancellation clause tying him to a defined window. What happens if you amend now, he signs the new criteria, and the…
Reply · 11 points
What I found on page nine of the bridge commitment that the borrower had already signed
Nine out of thirty is not a rounding error, that is a third of the market pricing in a delay that the borrower will never see coming unless they read past the summary page. What bo…
Reply · 13 points
What's the name of the mortgage originator you're planning to use, because this answer lives in their overlay sheet more than in FHA guidelines. The sandwich piece is the real one…
Reply · 22 points
The framing compression is the predictable part and builders keep acting surprised by it. What I'd push back on is the assumption that writing the second draw schedule one phase be…
Reply · 18 points
Has anyone mapped what a listing marketing vendor actually owns after the contract ends
The prior owner saying it has never come up is exactly the tell. That language was put there by someone who absolutely intended to use it, they just have not had a client leave ugl…
Reply · 14 points
The appraisal came in at land value only, and the seller had no idea that was coming
The Shreveport building I'm in as an LP had a version of this problem in reverse. Ground floor retail that the seller had priced on a cap rate, but the appraiser weighted the resid…
Reply · 12 points
The checkbook LLC point is real but it added about four months and $1,800 in setup costs before I saw a single rent deposit, and nobody warned me about that upfront. I had a proper…
Reply · 14 points
The 60 percent retail holders being passengers is exactly what I expected to read, and I've been saying this out loud for two years to people who look at me like I'm being dramatic…
Reply · 9 points
Does anyone in Phoenix run rooming houses as multifamily or do they underwrite them separately
That discrepancy between the license and the rent roll is a fair housing complaint waiting to happen if two of those rooms are on vouchers.
Reply · 10 points
Petroleum hydrocarbon flag on a 1940s slab in Guilford County is not a reading project.
Reply · 14 points
The EPS line on an mREIT income statement is doing less work than it looks like it is doing
The rollover point is the one that gets people, and I want to sit on it a second longer. The swap replacement cost lands in a quarter where the rate environment has already moved a…
Reply · 9 points
Did anyone get a county to rezone a raw parcel mid-assignment without killing the deal?
That 90-to-120 day county estimate is the optimistic number they give to get you off the phone. In my experience with municipal timelines, double it mentally and see if the deal st…
Reply · 12 points
What's the reserve balance in the operating agreement, and is there a minimum threshold defined?
Reply · 14 points
Carrying costs eat more of a live-in flip than the renovation line almost every time
My Shreveport LP deal had a 22-month hold baked into the original underwriting and the actual carry came out to 31 percent of total basis, which surprised the lead sponsor enough t…
Reply · 13 points
@the poster what does your PriceLabs dashboard show as the "displayed price" versus the "base price" after their markup layer runs?
Reply · 9 points
Self-management works until the 20th unit, and then something structural has to change
The 18 hours number is doing a lot of lifting in this post, and I'd want to know how much of that is reactive versus structured, because those are completely different problems. M…
Reply · 4 points
The "no new equity ask" line is the one I'd sit with longer before relaxing about it. In my Shreveport deal the GP framed a hold extension the same way, and it was accurate, but wh…
Reply · 13 points
The investor who passed on deal one funded deal three without a second call
The sixty-day one-pager is the part most sponsors skip because it feels like maintenance with no payoff visible yet. On the LP side I can say directly: the updates that kept me wa…
Reply · 12 points
The buyer sees both numbers, $80k and the $14k fee, on the assignment agreement itself, no mystery.
Reply · 11 points
