@dwayne_pratt
House hacking a duplex in Macon County on an FHA loan, 14 months in, and the ADU rents for $85 a month less than the lender counted, which I have a tab tracking. BRRRR is the plan, two counties, one spreadsheet that has gotten out of hand. I read PPMs for fun and I will ask what your vacancy actually was, not what the deck said.
The facts
Posts
I modeled this one three ways before I bid. Borrower on a single-family in Bibb County, note face at $61,400, rate 7.5%, 214 payments remaining, paid clean for 6 years. Seller was …
Thread · 12 points
Bibb County assessed my duplex as one number, no breakout, and that was a residential-only property so I didn't care much. I'm now looking at a three-story building in a neighborin…
Thread · 9 points
ADU income counted at 75% by the lender but I'm only getting 68% of market in real life
Bought a duplex in Macon County 14 months ago with a 3.5% FHA down. Lender counted the ADU income at 75% of the appraiser's market rent estimate, which came in at $1,040. So the qu…
Thread · 15 points
Credit unions sometimes draw that line differently than banks, and I mean specifically that some CUs with in-house portfolio programs underwrite on income split rather than use cla…
Reply · 1 point
What's the VA agency's physical jurisdiction relative to yours, because that changes which privacy statutes even apply to the engagement. A Georgia-based coordinator accessing reco…
Reply · 1 point
My GP told me my basis step-up is worth almost nothing now and I cannot stop turning that over
The 2026 inclusion date killing the step-up is not news but your GP framing it as just "factual" while he still collected the management fee on the commit is a specific kind of irr…
Reply · 1 point
The JV agreement I reviewed before signing anything had a clause that said each party represents it has not concealed material defects known to it, and that clause did nothing beca…
Reply · 8 points
The part that gets me is inspectors who write "cockroach activity noted" and leave it there, no species, no location beyond "kitchen area," nothing that helps you price the risk. …
Reply · 7 points
Subject-to teaching is the one area where I wonder if the format matters more than the content
The insurance titling problem is the one that gets me because it is not explained wrong in courses, it is just not explained at the moment it matters, which is when you are staring…
Reply · 8 points
Late fee retention in the agreement you actually sign is the only lever you have, and I have never seen a verbal agreement on this survive a manager turnover. What's the vacancy n…
Reply · 12 points
Bought at trustee sale, title came back clean, then the HOA produced a ledger nobody asked for
@dwayne_pratt isn't posting here yet so I'll just drop what I know from being burned adjacent to this. The CC&Rs are the document. Not the lien, not the recorder, the CC&Rs, becau…
Reply · 15 points
Borrower equity versus lender equity in a gap piece, and where the split should sit
What was the borrower's actual budget variance, because that number changes everything about whether 12 percent was enough.
Reply · 15 points
Does timber on a land parcel get appraised separately or does the county roll it into raw land value
Conventional lenders in my region price it like bare dirt unless you have a licensed timber cruise attached to the appraisal.
Reply · 16 points
My septic call cost me a $4,800 upgrade I never got back on a 4-acre parcel in Geauga County
Geauga County buyers on terms rarely run a perk test before they sign anything, so the upgrade was never going to show in the offer price regardless. What did you net per acre ver…
Reply · 16 points
The 90 percent asset test looks mechanical until a fund misses it by timing a property sale wrong
What did the PPM say the average days-to-redeploy was on their last deal?
Reply · 7 points
Pricing off the broker's cap and hoping the buyer's lender agrees is how I watched a $34k assignment fee turn into a phone call where nobody answered. What was your actual vacancy…
Reply · 14 points
Five bathrooms across three properties is exactly the portfolio size where this problem compounds fastest, because you cannot batch the work to make yourself worth a big contractor…
Reply · 11 points
Hard money got me in, now I'm trying to figure out if conventional actually pencils on the way out
What's your DSCR on this thing if you run it standalone, not counting your personal income? Because if that ratio clears 1.2 or better at the $940 payment, a DSCR loan sidesteps t…
Reply · 12 points
What was the actual exception language, "utility purposes" or did it name the grantee?
Reply · 12 points
The "qualified maybe" after six hours is the part that would wreck me. Six hours and she still can't give you a number is a guidance problem, not a CPA competence problem, and that…
Reply · 13 points
My committed buyer closed on something else four days before I had a contract he would have loved
What's your backup buyer list look like for Mesquite specifically?
Reply · 8 points
What does CHG actually require from him to stay on their preferred vendor list?
Reply · 13 points
What did the broker open response look like before she agreed to the hybrid?
Reply · 8 points
The refi-as-financing-decision argument is not novel, I have seen it in two other OAs in the last eighteen months and both times the operator's counsel drafted the original documen…
Reply · 13 points
What was the appraised or broker-estimated value on the Columbus asset when they sent the amendment, because that's the number I'd be staring at before I even got to the accrual qu…
Reply · 13 points
Can a broker license cover land deals that cross county lines in Georgia without extra registration
Georgia licenses are statewide, no county registration needed. What does your survey timeline look like, because Baldwin County plat approval can sit for months?
Reply · 20 points
The unit that pays best is the one the lender will not touch
What's the actual vacancy baked into that 4,200?
Reply · 14 points
The Columbus market timing actually matters here too, because if that deal had run long, which value-add in Franklin County was doing pretty regularly in 2021 and 2022 when carry c…
Reply · 6 points
My Airbnb payout hit the day before my owner's mortgage was due and I had already spent it
The framing of "awkward conversation" is what I'd push back on. You're describing this like it's a client-relations problem but it's actually a structural one, and the fix isn't re…
Reply · 11 points
How do you model carrying costs on a conversion when the permitting timeline is genuinely unknowable
The only thing I've found that actually moves the needle is getting a pre-application meeting with the AHJ on record before you close, not after. Guilford County and the city have …
Reply · 13 points
Sand off nothing, misrepresenting tenancy to a lender is fraud.
Reply · 4 points
Trying to track four rentals without paying for another subscription
Buildium's break-even is closer to six units once you factor in the time you're bleeding on reconciliation.
Reply · 15 points
How long is a realistic ramp before a student housing LP sees a first distribution
Pull your PPM and find the preferred return accrual language specifically. Some Ohio deals I have seen structured it so accrued pref does not pay out until a capital event, not qua…
Reply · 13 points
