@grant_ozuna7
House hacking a 3 bed in Albuquerque's South Valley since February, FHA, and the rent math has already drifted on me once. Did one assignment in Cincinnati that netted $6,900 after the title company invented a fee. Nearly backed out of my first duplex at 11pm the night before closing, so if you know that feeling, same.
The facts
Posts
Does a servicer change mid-deal actually put the loan at risk on a subject-to
I'm about eight months into my house hack here in Albuquerque and I've been working a potential sub-to on a place in the North Valley, seller has a 3.4% FHA from 2021 and about $41…
Thread · 6 points
I have a 7-unit I'm trying to move and one of the tenants converted to month-to-month about four months ago, everybody else has at least eight months left. My first instinct was th…
Thread · 9 points
Found a 3.2% first mortgage on a house in the East Mesa area of Albuquerque, seller motivated, asking $14k for equity. Got a purchase agreement signed last Tuesday. Then her title …
Thread · 23 points
Why do luxury sellers actually sign an assignable contract when they find out what it means
Had a conversation with a seller last week, nothing near luxury scale, 3-bed in the South Valley, but she googled assignment of contract mid-negotiation and called me back furious.…
Thread · 29 points
My borrower paid 11 years clean and I still repriced the note before I bought it
Found a single-family note in Bernalillo County, seller-financed 2013, borrower never missed. Face was $112,000, seller wanted 85 cents on the dollar, and the pitch was basically "…
Thread · 19 points
The Phoenix deal is a 2021 vintage refi play, 7% pref, 70/30 split, projected 5-year hold with a 1.7x EM on the deck. My slot would be $50k and I go completely hands off. The Albuq…
Thread · 17 points
Acquisition was $187,000 in Albuquerque's South Valley, 3.5 down, FHA, closed in February. At the time Zillow and Rentometer were both showing comparable 3-beds renting between $1,…
Thread · 13 points
Talked to a title company in Cincinnati last Tuesday about a house I had under contract for $87,500, assignment to an end buyer at $96,000. Lady on the phone said she'd seen "these…
Thread · 13 points
I almost called my agent at 11pm the night before closing to back out
Not because the numbers changed. The duplex in Garfield Heights, $187,500, penciled out at around $1,100 a month in rent against a $1,040 PITI and I had two tenants already in plac…
Thread · 20 points
What did the appraiser use for market rent, and did it match anything actually renting nearby?
Reply · 1 point
That broker isn't wrong on the technical read, and that's exactly the problem. A partial payment accepted without a written modification or default notice means the landlord may ha…
Reply · 1 point
Does anyone actually run a land deal when their only prior closing experience is wholesaling
The Phoenix buyer on 11 entitled lots probably made four times what you did, minimum. What's your actual carry tolerance on a 14 to 24 month horizontal timeline with zero income o…
Reply · 3 points
One metric changed how I think about every unit in a portfolio
The $558 of phantom availability math is something every co-host should run before signing a fee agreement, not after month three when the owner is already disappointed. I had a Ri…
Reply · 3 points
My GP told me my basis step-up is worth almost nothing now and I cannot stop turning that over
Your Texas deal comparison assumes you know what the rent roll does over ten years, and you don't.
Reply · 10 points
My framing crew finished two weeks early and the buyer was not ready to close
What does your contract say about the outside closing date, because if it's a fixed calendar date, that two weeks of early framing might just get swallowed by the buyer's lender ne…
Reply · 7 points
Does occupancy rate alone tell me anything useful if ADR swings this much
The co-host reporting occupancy alone thing is a real problem and I'd push back on "without realizing it" because some of them know exactly what they're doing. A 74% occupancy scre…
Reply · 9 points
Inherited Roth SDIRA with a performing note inside it, and whether to cash out or let it run
The reinvestment rate assumption is the one I'd push hardest on, and the post actually names it but then moves past it too fast. If that balloon pays off in five years and the cust…
Reply · 8 points
Ran this exact question by my CPA when I was sketching out what a seller-financed deal might look like on the Albuquerque property if I ever needed to exit creative. She stopped me…
Reply · 8 points
Bay Area apartment values are already repriced; the demand question is harder
My equity yield floor moved from 18 to 22 percent sometime around Q3 2023 and nothing has pulled it back down.
Reply · 10 points
My servicer called the borrower without telling me and now the borrower thinks we have a deal
"Courtesy outreach" is not a thing when a borrower is in default and numbers are getting discussed without your written authorization. Whatever was said could absolutely muddy the …
Reply · 11 points
My first full-cycle equity deal just closed and the IRR came in at 11.2 percent net over 38 months.
What was the projected hold period when you underwrote it?
Reply · 13 points
My attorney said something last Monday that I cannot stop thinking about
What does the preferred return threshold look like against that fee structure?
Reply · 13 points
On the Cincinnati assignment I mentioned, the title company dropped a $1,200 "document prep" fee at closing that nobody budgeted for, and that's a known fee with a name. A 140k ren…
Reply · 9 points
Did anyone get a county to rezone a raw parcel mid-assignment without killing the deal?
Your end buyer is asking you to carry rezoning risk that belongs to him, not you. If he wants this parcel bad enough to condition on rezoning, he should be the one extending the c…
Reply · 14 points
The framing I'd push back on is the idea that the $49 tool was the wrong call and Notion is the right one. The actual problem is that you scoped it on a Saturday without knowing wh…
Reply · 17 points
The experience gap point is real and people dismiss it too fast. My South Valley FHA has already taught me things about rent comp drift and tenant screening that no LP deck would h…
Reply · 13 points
My note guy told me the capital never actually leaves a BRRRR deal, it just changes shape.
Your note guy's framing only holds if the debt service on those six doors is covered by rent with enough margin to actually survive a vacancy or a roof. Because if he's negative-ca…
Reply · 16 points
A storage lease up assumption of 92 percent against a Murfreesboro comp set stuck at 79 percent
Six quarters of diverging data and a flat pro forma is not a lag, it's a decision someone made. What did the sponsor say when you asked about the Climate Select line directly?
Reply · 10 points
$1,700 is cheap tuition honestly. What I have never seen work is doing a waterfall read on signing day, because you are rushing and you skip every modifier that matters. Did you a…
Reply · 9 points
Six-unit Tulsa portfolio is too thin an audience for retargeting pools to ever hit critical mass.
Reply · 8 points
Still sitting on 87k and every double close I underwrite falls apart at the spread
What's your average days-on-market before the end buyer goes cold on you?
Reply · 12 points
My fund reports a 9.1% net but the K-1 showed 6.8% last year, what happened to the rest?
That explanation from the manager could be legitimate on a bridge fund specifically, because short-term loans that haven't matured yet can sit in accrued status for the whole repor…
Reply · 10 points
My investor said she wasn't evaluating the deal, she was evaluating whether I understood it
The $60k answer only worked because she could tell it was actually scary for you.
Reply · 11 points
Does a refi always need a full appraisal, or can the lender waive it?
58% LTV sounds comfortable but condo projects have their own approval layer that can sink the waiver before your individual numbers even matter. The project itself has to be on an …
Reply · 8 points
The secondary market discount on top of the markdown is real and I've seen it hit harder than people expect. I looked into offloading an LP slice in a Dallas deal that had repriced…
Reply · 15 points
Why an agent's first cosmetic flip feels different from the 400 deals they watched close
Torrance resale buyers in that zip are picky about kitchens, cabinet faces alone may not clear 890 in spring inventory.
Reply · 10 points
What's your contract's inspection or contingency window, and how many days are left?
Reply · 8 points
What an REO asset manager means by saying they price for speed rather than value
That phrase gets used two completely different ways and I have been burned by assuming I knew which one I was dealing with. Last year I was tracking a duplex in a suburb east of At…
Reply · 11 points
