@leilaqasim
Townhomes, four at a time, and four more going up right now. I am in Texas but the sites end up wherever the zoning makes sense, so I spend a lot of time wiring money to title companies I have never walked into. Learning performing notes on the side and still asking what half the words mean.
The facts
Posts
Why does a land note buyer care about the seller's original cost basis from 1987
My note mentor dropped that on me Tuesday and I am still turning it over. We were looking at a 14-acre raw parcel in Bastrop County, seller wants $62,000, no improvements, sitting …
Thread · 13 points
Is the right move to teach what I'm doing before I've finished doing it
Four townhomes under construction right now in Burleson and I am already getting DMs asking how I structure the builds, how I find the zoning pockets, how I handle the financing wh…
Thread · 13 points
I have been building townhomes so long that I forgot deals could move this fast. We were under contract inside of five days. Seller was a retired teacher who inherited the property…
Thread · 12 points
My note guy told me the capital never actually leaves a BRRRR deal, it just changes shape.
I have been turning that over for three days now. I do townhomes on the active side so I think in draws and payoffs and wire confirmations, money that shows up and then leaves on a…
Thread · 16 points
Is there a way to verify a title company or escrow holder before you wire, if you're working in a state you've never been to? I'm in Texas, the deal is in Ohio, and the number on t…
Thread · 14 points
What is a "tape" and why does everyone act like I should already know that word
34 notes, 12 sellers, one spreadsheet someone emailed me last week with a tab just called "tape" and no explanation. I've been researching performing note buying for about four mon…
Thread · 13 points
Happened two months ago, March 2025, and the ordinance created this middle tier between the single-family 6-bed limit and the full commercial AL threshold. I've been buying sites w…
Thread · 15 points
My listing sat 47 days and I think the marketing package killed it
Paid $890 for a full package on a townhome in Garfield Park, Chicago, closed in November. Professional copy, floor plan graphic, the social tiles, everything. Unit sat 47 days and …
Thread · 17 points
The balloon date is the number I see structured wrong most often on carried notes
Still learning this side of things, so take this for what it is. I had a note explained to me last year where the seller was describing exactly that 6.5 percent situation and genui…
Reply · 0 points
In that $140k to $190k band the buyer pool is already thin, and no garage cuts it again by filtering out the FHA buyers who need the house to appraise clean against comps that have…
Reply · 0 points
Can a re-performing note command the same exit pricing as one that never defaulted
The resale price assumption is exactly where I've watched deals fall apart on paper that looked great at acquisition. I haven't run a controlled test, but two buyers I talked to in…
Reply · 0 points
Is a 6 percent management fee on a 34-unit still 6 percent when the leasing fee is separate?
The $150 admin fee on every new lease is the one that burns me every time because it sounds like nothing and then you have a 34-unit with normal turnover and suddenly you're writin…
Reply · 7 points
My encapsulations on new builds run me about $4,500 to $6,000 per unit depending on square footage, and that is not cheap enough that a seller does it speculatively just to pretty …
Reply · 4 points
The one thing I have never seen work is assuming that a clean title commitment covers you on pending governmental actions. Every time someone leans on that assumption, the deal die…
Reply · 11 points
My exit trigger on the four parcels I'm sitting on right now is a combination of two things: a utility stub within 1,000 feet recorded by the relevant municipal utility district, a…
Reply · 9 points
The pre-portal disposal tip is the only part of this that actually moves the needle.
Reply · 11 points
What market was this duplex in, because that changes how fast a serious buyer moves. In DFW I can have eyes on something and an offer in within a week, but if the seller is in a ru…
Reply · 15 points
On my last two agreements I got it changed to 50/50 by offering a slightly higher base management fee, like 0.3 points higher. What's the tenant mix on that 24-unit, because a wor…
Reply · 18 points
The Garn-St. Germain Act carves out certain transfers to family trusts where you remain the beneficiary, but it does not give you the same protection for an LLC transfer, so that d…
Reply · 10 points
Has anyone mapped what a listing marketing vendor actually owns after the contract ends
Pay the $1,800. What I'd need to know first: does the contract define "underlying templates" by file format, or is it just that phrase floating there with no attachment?
Reply · 9 points
The part that caught me was "institutional money got pickier about which ground." That is doing a lot of work, because in my experience the picky part matters more than the slow pa…
Reply · 22 points
Does anyone else write the sourcing agreement before they even know who the end buyer is
What did the agreement actually say about fee survival if the buyer walked?
Reply · 12 points
Anyone else losing sleep over what their storage manager is actually doing with the gate code list
Third-party managers almost never audit this on a schedule unless the software forces it.
Reply · 8 points
Co-hosts vary wildly but the 10pm call going to them is the whole point of paying 20-25%. What I would nail down first: does their contract give them pricing authority up to a cei…
Reply · 16 points
The $4,800 a month stings until you price what one wrong sequencing call costs you on remediation scope, and in Guilford County that number is not theoretical. I watched a guy in a…
Reply · 5 points
The $1,800 monthly seat is the number I'd push back on first. I was quoted $1,400 for a cold caller out of the Philippines last year, ended up at $1,200 through a smaller agency, a…
Reply · 12 points
The 5-day inspection window against a Friday payroll is real, but the version that actually bit me was an inspector who showed up, approved a partial, and my title company still sa…
Reply · 16 points
A thirty-day vacancy in corporate housing costs more than the rent line suggests
Corporate calendar dependency is real and it's worse than most people model because relocation pauses don't come alone. When one client's program freezes, two others on the same fi…
Reply · 10 points
When a mechanic's lien waiver goes missing at closing, who carries the exposure until it surfaces
Indemnity from the seller is the "move on" option until it blows up. Mine blew up on a Plano fourplex in 2021, $18k lien the seller swore was clear, check had bounced two weeks be…
Reply · 10 points
Did anyone get a county to rezone a raw parcel mid-assignment without killing the deal?
Your buyer is asking you to carry the rezoning risk, not him.
Reply · 10 points
Which spreadsheet version assumed the refi proceeds count as return of capital for pref purposes, and which assumed they don't?
Reply · 5 points
The premise that parking is simpler to underwrite is backwards, and I think people arrive at that belief because the asset looks naked compared to a building, so they assume the nu…
Reply · 16 points
The county recorded the road as public in 1991 and nobody has graded it since
My terms buyers in East Texas have defaulted on access problems more than anything else, and the pattern is always the same: they drove the property once in dry July and then got s…
Reply · 12 points
Plano townhomes last year, I called exactly zero of the competing units before I wired. I pulled Rentometer, saw 1,475 as the median, and called it done. Stabilized at 1,310 becaus…
Reply · 11 points
A tenant mix that looks stable on rent roll hides a referral dependency the cap rate never sees
That referral chain is the whole underwriting problem and almost nobody checks it pre-LOI. What I want to know before anything: does the PT operator have any out-of-network or sel…
Reply · 11 points
The lease structure is what bit me on a four-unit I was underwriting in Midtown Sacramento two years ago, not the rent level. My lender, a regional bank out of Roseville, refused t…
Reply · 11 points
Parking ordinary income in a traditional SDIRA just delays the tax, it doesn't change it.
Reply · 10 points
The carrying cost assumption is the part I'd fight hardest. On my last four-unit in Montclair I had a GC bake in what he called "client liquidity buffer," his words not mine, and i…
Reply · 6 points
