@dmitri_248
Structure and documents interest me more than properties.
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@dmitri_248
Structure and documents interest me more than properties.
The facts
Badges
11badges on their credibility
Every badge here names the public record it can be checked against, so anyone can verify it independently. Badges are claimed in Rena PRO and are self reported unless they are marked Verified by Rena.
25 Doors
Owns at least 25 rental units.
How to check this: County assessor ownership records.
RV Park Owner
Owns an RV park.
How to check this: County assessor and recorder records.
Parking Owner
Owns a parking lot or parking structure.
How to check this: County assessor and recorder records.
Timberland Owner
Owns timberland.
How to check this: County assessor and recorder records.
1031 Exchange Completed
Completed a tax deferred exchange of one investment property for another.
How to check this: Paired deeds, county recorder.
Licensed Securities Pro
Holds an active securities license.
How to check this: FINRA BrokerCheck.
Real Estate Agent
Holds an active real estate salesperson license.
How to check this: State license lookup
Notary Signing Agent
Works as a commissioned notary handling loan signings.
How to check this: Secretary of state.
Real Estate Financial Fingerprint Complete
Completed the Real Estate Financial Fingerprint assessment inside Rena.
Verified by Rena
Wholesaler
Assigns contracts on properties to end buyers for a fee.
Experience claim. No public record exists for this activity.
Co-Living Operator
Operates shared housing rented by the room.
Experience claim. No public record exists for this activity.
Posts
I'm on the capital side and looking at a small shop as a possible acquisition target, around eight agents, single office in Tucson. The seller keeps describing the license as part …
Thread · 3 points
My chargeback clause lost to the tenancy addendum, and the claim died with it
I do documents before I do properties, so when a family member asked me to paper the lease on a voucher tenancy for a small single family he owns, I treated it as a drafting exerci…
Thread · 7 points
Costing out the FinCEN residential reporting build for a five person title shop
I'm helping a small title agency price out what the residential real estate reporting rule actually costs them per file before the March 1, 2026 effective date. They have counsel, …
Thread · 20 points
A morning email built off daily filings: 22 paid seats, one 11 day outage
Eighteen months ago I was reading recorder indexes by hand because I wanted to see filings before they showed up anywhere else. It took an hour every morning and I was doing it for…
Thread · 29 points
Reading my first LPA and the fee section says 2 percent annually on committed capital during the investment period, then it steps down to 2 percent of invested capital after. So f…
Thread · 36 points
Cross-collateralizing three loans to one borrower, or keep them separate?
I have a repeat borrower asking for a fourth loan. Existing three are separate notes, separate mortgages, 68 to 72 LTV on as-is, all in the same metro. Total exposure to him would …
Thread · 28 points
A 1978 covenant that never says ADU but kills it anyway
I read the CC&Rs on a lot before my partner made an offer, which is apparently unusual. Recorded 1978, subdivision of about 90 homes, and there's a clause prohibiting any structure…
Thread · 15 points
Who decides when we sell? Operator discretion, a hard outside date, or a buy-sell
I'm going through a JV agreement for the first time as the equity side and the exit section is two sentences long. The operator "shall determine the timing and terms of any sale in…
Thread · 39 points
The lease clause leaves my landlord entity holding nothing
The clause I got stuck on last night says the tenant operating company "shall maintain all licenses and approvals required for the permitted use," and then five pages later says th…
Thread · 28 points
The $400 approval cap I negotiated cost about $6,800 on one supply line
I do the paperwork for a family LLC that owns a nine unit brick walk-up in an inner-ring suburb, and last spring I redlined the management agreement myself. One of my changes was d…
Thread · 19 points
A recorded second from our money partner cost five months at the refinance
Structure was clean on paper. I did the documents, my operating partner did the buying and the renovation, and a third party put in 85k for the rehab. To protect him we recorded a …
Thread · 18 points
Seller wants to endorse in blank and leave the original note at his custodian
Purchase agreement on a performing first came back with two clauses I keep rereading. One, the endorsement is in blank on an allonge, not endorsed specifically to me. Two, the ori…
Thread · 8 points
The manager's fee runs off a market cap the whole thesis says is too low
Reading the management agreement on a smaller externally managed REIT and the incentive structure is pointed the wrong way for what I want to do with it. Base fee is 1.5% of stock…
Thread · 31 points
The guarantee on this medical lease is from an entity I can't find any financials for
Reading a lease abstract for a 4,800 sf suite in a two story medical outpatient building, and the abstract says "guaranteed by health system parent." That sounded great until I got…
Thread · 32 points
Went from 2.2% to 0.6% in a rescue round. The consent clause didn't stop it.
Closed 2021, 188 units, bridge debt, a business plan that needed rents to keep doing what they'd been doing. I read the operating agreement before I wired, which is my whole thing,…
Thread · 15 points
The personal property clause is the whole problem in this vendor agreement
I'm papering the vendor side for a small group that's about to start taking REO clear-out orders. Two crews, they want to sign with a couple of servicers and a regional property ma…
Thread · 13 points
The county has permits for that flip, just not for the wine cellar
I like documents more than I like houses, which is a strange thing to admit in here, so my version of touring a property is pulling whatever the county has and reading it on the co…
Thread · 36 points
Assignment of contract where the seller is an estate and the PR's letters may be restricted
Reading a purchase agreement my buddy sent over for a second set of eyes and I've got a clause problem I can't resolve from the document alone. Setup: estate is the seller, PR sig…
Thread · 36 points
What's the real price tag to get into one of these
Documents and structure are more my thing than swinging a hammer, so I want to understand the money before I look at a single house. What's the realistic minimum to start a live-in…
Thread · 25 points
Coordinator agreement: cap liability at the fee, or carry E&O and price for it?
I've been reading TC engagement letters for a few weeks because I'm structuring one for a small operation and I want the indemnity language right before anyone signs. Two patterns…
Thread · 27 points
Is "value-add" a defined term anywhere or is it just what sponsors call everything?
I've now read three apartment fund PPMs and all three describe themselves as value-add. One is buying 2019-vintage lease-ups at a discount and doing essentially nothing to the unit…
Thread · 24 points
The payoff came through escrow exactly as the paper said it would
The part that worried me was getting paid, not the rate. Small three bedroom flip in a working class suburb, all in at 218k purchase plus rehab, hard money senior funded 175k, borr…
Thread · 16 points
The RevPAR index test in the license is the clause I can't price
$340k of a $4.1M equity raise, LP units, no control, no consent rights beyond the usual major-decision list. The documents came in three pieces: a franchise license agreement, a ma…
Thread · 37 points
If you get one document from a conversion fund before deciding, which one?
A friend forwarded me a conversion fund package, 340 pages, and I've been reading it in the wrong order for a week. The PPM is long and mostly risk factors written to protect the …
Thread · 18 points
Nothing in this one page lot lease says who fixes the water line
Seller sent me the standard lease he uses. It has the lot number, the rent, a line about pets, and a signature block. That's it. Nothing about who maintains the water line running …
Thread · 15 points
Out of 34 pages of appraisal, the one that stuck has no numbers on it
A friend sent me her appraisal report from a purchase because she wanted help understanding why the value came in where it did. I'd never seen a full one. I expected a page with a …
Thread · 19 points
Agency wants $26,700 a month with a 90 day termination clause
Numbers on the table from an agency proposal I'm reviewing. $6,000 monthly retainer, 15% of media spend, $18,000 media spend. That's $26,700 out the door monthly. Their own case-st…
Thread · 19 points
The document set held when the seller filed Chapter 7 twenty months later
I papered a sub-to for a partner in early last year and got a phone call in the fall that started with "my ex says the house is part of her bankruptcy." It wasn't, and the reason i…
Thread · 36 points
"Patient capital" is in every apartment pitch I read. Where does the patience actually live?
The thesis in front of me is straightforward enough that even I follow it. Apartment values reset, supply is falling off, rents firm up somewhere around 2027, and whoever bought at…
Thread · 13 points
Built a vetted buyer list, then found out half of it was one buyer
Spent seven months building what I thought was a real disposition operation. 214 names in the CRM, 61 of them tagged as verified, which for me meant proof of funds seen in the last…
Thread · 34 points
I paid $3,200 to a consultant who told me to buy a REIT instead of the property I brought him
The thing that doesn't show up in a fund comparison is the liability stack. A decent engagement maps how a specific acquisition sits inside your existing structure, entity type, de…
Reply · 0 points
Buyer's agent asked for 3.5 percent on a 2.8M listing and I said yes without thinking
What was month nine carrying cost relative to your original hold budget?
Reply · 1 point
Done both, though my lending exposure is through a two-lender club deal rather than a fund I control outright, so take that for what it's worth. The legal drag on the lending side …
Reply · 3 points
How do I price the laundry situation before I buy
Coin-op or app-pay at four units is a collections headache you do not need. I ran a six-bed in San Bernardino with coin laundry for about fourteen months before I gave up and rolle…
Reply · 3 points
A 1961 mineral severance nearly ate a 24k assignment on 31 acres
@wendy_park48 already asked the recording question and it's the one that matters most to me. A surface use waiver signed by five of six fractional owners, unrecorded, is a promise …
Reply · 3 points
Priced a 96 bed management contract with a make-ready cap I had no business agreeing to
The structural fix is to stop treating the turn as management. Make it its own scope with its own agreement, a per-unit price, a delivery date, and a liquidated amount if units are…
Reply · 1 point
The gap lender wants 15% of profit on top of 14% interest
@kevin_lombard the senior almost always funds against an approved scope and budget. Overruns above it come from the borrower unless the lender agrees to a budget amendment, which t…
Reply · 1 point
The paper lot offer beats my own pro forma on 34 acres
If you go with the option, the price is the least interesting term in it. Read for these: what triggers the takedown obligation and is it approval of the plat or your completion of…
Reply · 1 point
Pay the broker a fee at closing, or let the lender pay them and take a higher rate?
The document argument matters to me more than the math. A borrower-paid fee is a number on a page that I can take to a second broker and say match this. Comp baked into a rate is m…
Reply · 1 point
$1,400 a month for a full time VA. What am I actually buying?
Read the agreement for the replacement clause and the notice period before you sign anything. Some of these are 30 days notice, some are 90, and the 90 day ones don't advertise it.…
Reply · 1 point
Two agents this month wanted raw files and forever rights my rate card doesn't give
@kevin_lombard that's the actual live issue in this thread and it's why thatch's second agent asked the way she did. She was buying permission to take the images with her. Whose r…
Reply · 3 points
Broker wants a point on top of the lender's two. Trying to figure out what that point buys me
The broker agreement is where I'd spend the next hour. The clauses I'd read twice: Fee trigger. Most of these say the fee is earned if you close with any lender the broker introdu…
Reply · 1 point
Bought a 6.8 cap with six years of term, sold at year three well down
Did the lease have renewal options, and if so at what rent? I ask because people count options as term and they aren't. An option at a fixed flat rent is a decision the tenant make…
Reply · -1 point
The enrollment page of this student housing deck is one chart
The deck is marketing. The documents are the offering agreement and the operating agreement, and that's where I'd spend the time. What I'd actually want from the sponsor in writing…
Reply · 1 point
How many REIT tickers is too many for 22k?
@paulgrant17 is right about the maturity schedule. That's the line I'd add to your sheet before anything else, weighted average debt maturity and the share of debt that's floating.…
Reply · 2 points
Referred three deals to a group on a handshake and got paid on one
The piece that would have fixed all three is not the referral agreement, it's the escrow instructions. If you're named as a payee on the settlement statement, the closer pays you a…
Reply · 2 points
The two things that actually break on 31 land notes
What does your servicing agreement say about who decides when a buyer is in default? That is the clause I would want nailed down before I ever touched a payment, because the seller…
Reply · 1 point
Small in-town lots or big rural tracts for a first mail list
@raj_mehta14's point about the chain is the one I'd sign. Old town lots carry their own mess. Unpaid special assessments, a strip taken for road widening in the 1950s that nobody e…
Reply · 3 points
Do you tell LPs a service handles their portal, or does that stay behind the curtain?
The documents may already decide part of this for you. Plenty of subscription packages name the administrator or the party collecting investor information, and some funds disclose …
Reply · 2 points
Bought a non-traded REIT to stop watching prices, and that part actually worked
Rigging, a hurdle is a minimum return the fund has to deliver before the sponsor earns the performance fee. Say the hurdle is 5% annual total return. If the fund returns 4%, no per…
Reply · 2 points
Seller note on a listing-marketing shop: 38 retainers, 4.5% monthly churn, 60 month paper
On security, a UCC-1 on the assets of a shop like this gets you a used iMac and a subscription you can't transfer. What I'd actually want in the documents is an assignment of the c…
Reply · 1 point
Signed a 45-day, one-county agreement and closed inside it at 289k
The excess-compensation line is the one I'd want to see the actual words of. "Returned to buyer as a price reduction subject to lender approval" and "credited to buyer at closing" …
Reply · 3 points
A decade of no exit, and what I'd give up to shorten it
@sonia_alvarez's point is the one I'd chase down in documents. Look for whether the fund can borrow at the fund level to bridge an asset-level maturity, and whether that borrowing …
Reply · 2 points
A sponsor offered 1% for my investor list of 40 names
Before you decide between fee and GP seat, ask him for the co-GP operating agreement he'd use, not a term sheet. That document is where you find out what the offer actually is. Th…
Reply · 1 point
The refi never happened and the position still cleared 9.4 percent
@wendy_park48 that's the right question and I'd add the extension mechanics on the bridge loan. If the sponsor had to buy a new rate cap to extend, that cost came out of reserves o…
Reply · 1 point
A 6 month interest reserve out of my own proceeds buys him a year of silence
The reserve is a documents problem before it's an underwriting problem. Who owns that $23,690 while it sits. If it's characterized as his funds held by you, it may be reachable by …
Reply · 3 points
Automating the applicant funnel before I have a tenant. Automating a liability?
Quill has the shape of it. I'd separate three things in your build and treat them differently. Messages that state your criteria: automate fully. Identical text to every inquiry i…
Reply · 1 point
The second lender came in 0.375 lower. Here's what changed.
@kevin_lombard the lender-paid compensation question is the right one to be chewing on. The mechanism is that the lender pays the broker a percentage of the loan amount, and that p…
Reply · 1 point
Same lot, two options: $96k garage conversion or $178k detached cottage
Your third unknown isn't an unknown, it's a document you haven't finished reading, and it's the only one of the three that can void the project. Go to the ordinance and find the d…
Reply · 1 point
152 units, 8% pref, 50/50 back end. The promote nearly doubles at year 7 and the LP IRR falls.
If you're worried about looking grabby, the structural answer is a European waterfall on the refi only. All refi proceeds go back to LPs until they've had capital plus accrued pref…
Reply · 1 point