@darius_whitmore
Notes, mostly performing, a few that are not, and I like the ones that are not a little more than I should. Based near Tacoma, the paper is wherever the pricing makes sense.
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@darius_whitmore
Notes, mostly performing, a few that are not, and I like the ones that are not a little more than I should. Based near Tacoma, the paper is wherever the pricing makes sense.
The facts
Posts
That extension is the thing I keep thinking about. The original closing date was March 14th. Buyer's attorney asks for 48 hours on March 12th, seller agrees over email, nothing get…
Thread · 10 points
That 2021 comp was a bidding war on a gut renovation with a view lot and a pool house. Her place is a 2018 builder grade with a flat backyard and a shared driveway. I pulled seven …
Thread · 12 points
@OP that 80 basis point spread is exactly what I ran into on a note I picked up in 2022, Spokane property, similar breakdown, two units over a single commercial bay that was maybe …
Reply · 1 point
Inherited Roth SDIRA with a performing note inside it, and whether to cash out or let it run
The 8.5 on a five-year-old note is probably not reproducible right now without going down the credit curve or into collateral you do not want, and that is the part of this I would …
Reply · 13 points
Tacoma, 2019, Washington Federal called mine after the insurance binder showed a different insured name.
Reply · 10 points
Macomb County specifically is tricky because a lot of those parcels sitting in default came out of the 2008-2012 cycle and the environmental question marks are not random, they clu…
Reply · 23 points
The Indiana and western Ohio numbers you are quoting, I am seeing the same spread but the cash rents are moving. Talked to a farm manager out of Bluffton in July and he was already…
Reply · 15 points
Option consideration paid at signing and what it actually buys each party
The locked price is what I'd argue is doing more work for the buyer than the upside math usually gets credited for. On a 24-month term in a market like the South Sound corridor, va…
Reply · 8 points
My attorney said something last Monday that I cannot stop thinking about
The thing that would keep me up is whether the fee clock runs on committed capital or drawn capital during those 18 months. I have seen documents where the gross proceeds meter sta…
Reply · 14 points
Scope creep killed the budget but the schedule killed the deal
Staged materials in the garage is the move, but lead times on windows in the Pacific Northwest ran 14 to 22 weeks through most of 2023.
Reply · 11 points
The 8% PM fee in Waco is going to hurt more than it looks on paper because that market has a handful of managers and they mostly serve the Baylor rental corridor, meaning turnover …
Reply · 12 points
Can a private REIT restructure the property-level debt without telling me
"Material" in PPM language almost always gets tested at the entity level, not the asset level, and that framing is how managers stay technically compliant while leaving investors c…
Reply · 15 points
Anchor tenant exercising a below-market renewal option six months before a refinance closes
The anchor exercising on day one is the part that stings most. They hired someone to watch that window, and you did not. What I would want to see before buying a center with any f…
Reply · 12 points
The LLC-to-personal-credit pricing difference on raw land is real but it varies a lot by lender and I have seen it swing 50 to 75 basis points on a $400k parcel, which over a twelv…
Reply · 9 points
A loan package came back missing four items that nobody flagged as required
The deposit sourcing on a gift under $5,000 still catches people because they assume only large transfers get scrutinized.
Reply · 8 points
My aunt died and left me a duplex in Macon and I have no idea if I should keep it or sell it
The 2019 tenant leaving would hurt you worse than the HVAC.
Reply · 12 points
ADU income counted at 75% by the lender but I'm only getting 68% of market in real life
Pushing back on the appraiser pre-close rarely moves the number more than $20-30 anyway.
Reply · 15 points
Do dispo services touch a buyer who is still working toward a first deal, or is that backwards
That price band in Tacoma is running closer to 240 to 260 right now for anything turnkey.
Reply · 12 points
The concentration risk here is the thing nobody wants to say. One note, one borrower, five years, and you are calling it patience. If that borrower had gone sideways in 2020 you …
Reply · 6 points
Eleven "relocated" residents is a specific kind of fraud because it's defensible in court, they didn't fabricate tenants, they just left expired leases on the roll and called the l…
Reply · 15 points
Trying to track four rentals without paying for another subscription
Month 14 is when that notes column usually eats the whole thing.
Reply · 13 points
What does a bird dog owe a lender when the lead closes as a loan rather than a purchase
Most bird dog agreements I've seen are written around a purchase closing, full stop. The assignment language points at the buyer, the fee triggers on a sale, and nobody thought to …
Reply · 15 points
Did the builder just lie to us about the warranty timeline or was that the listing agent
In Texas the structural defect warranty, foundation, load-bearing walls, framing, runs ten years from CO under the Residential Construction Liability Act, so that clock is almost c…
Reply · 17 points
When a $60k dump station replacement surfaces after close and the seller calls it optional
Your attorney needs to pull the seller's permit history with Ohio EPA before anything else.
Reply · 15 points
Fresno County grading permits alone ran us $4,200 before a single hookup.
Reply · 15 points
A carried note is only as good as the collateral behind it, and that reorders every other question
The distressed comp question is the one most sellers never actually pull before they sign. I bought a performing note in 2021 backed by a duplex in Lakewood, paid 94 cents, borrow…
Reply · 13 points
If you are buying a private REIT you are buying a story, and that line is worth sitting with
Your advisor is describing every paper asset ever created, which is true but not actually useful for deciding whether to buy one. The question is not whether you are buying a story…
Reply · 13 points
The 2,200 title number is doing a lot of work in that story and it is not going to replicate everywhere. I am in Ohio too and I have seen double-close title run 3,400 to 3,800 when…
Reply · 14 points
Is a property management fee buying oversight that an out of state owner cannot replace
The part that changes your math specifically in Sacramento is the tenant pool variance by submarket. Pocket, East Sac, Arden-Arcade, those turn differently. A manager who already h…
Reply · 11 points
Do hard money lenders underwrite a parking lot like a commercial deal or closer to raw land
Treated closer to land if the lot has no attendant and no automated system generating provable receipts. What's your trailing 12 on documented cash deposits, not just what you're …
Reply · 12 points
Who told the buyer about the deal first, and can the marketplace actually prove it?
Reply · 11 points
When the borrower is also my contractor, does the lien waiver schedule change?
The dual-role risk is real but the lien waiver mechanics on your cabin don't change because you're his lender on a separate parcel.
Reply · 13 points