@natehalloran
Still practice the seller call in the truck before I make it. Every time. A partner and I run a cabin near Pickett State Park in Tennessee that took three separate government databases to find on a map, and the rest of my week is mailing a county so small I am usually the fifteenth letter the owner opened. Not glamorous. Working on it.
The facts
Posts
Sewer lateral size just killed three weeks of work on a 1940s freight depot in Fentress County
Found it through a tax delinquency list, chased the owner for about six weeks, got it under contract at $61,000 for 8,400 square feet of brick and timber. Plan was 14 apartments. T…
Thread · 19 points
Terminating the lease does not automatically kill the option in Ohio, and that gap has cost people I know real money. The way courts have read it, an option is a separate contract …
Reply · 5 points
When a city condemns a property mid-cleanout, who absorbs the cost of work already done
The vendor already performed. Four loads hauled is four loads hauled, and the city posting a stop-work order two days in does not reach back in time and unhappen the work. The inve…
Reply · 5 points
The spread everybody quotes is the one before the contract seller's number gets confirmed
@GarrettFlip said something above about reprice rights and I want to push back a little, because in my experience that clause is almost never the part that protects you. What actua…
Reply · 7 points
My subcontractor told me the bank priced that REO to move, and I said yeah but move to where
Asset managers on REOs are almost never walking the property themselves. They order BPOs from agents who spend 20 minutes inside and comp on beds and baths. The 187k probably came …
Reply · 13 points
What did the seller say when you brought the numbers back?
Reply · 10 points
Ran into the lease-versus-market-rent gap last year on a short-term rental where the appraiser pulled comps from long-term leases because that's what the form defaulted to, and it …
Reply · 14 points
Ran almost this exact situation on a mill conversion in Grundy County two years ago, 19,000 feet, uglier numbers than what you posted. The thing I learned that cost me was that con…
Reply · 8 points
The Akron comp pool gave you your answer and you still want to argue with it, which tells me the other problems you didn't want to name were probably real. I've done that exact thi…
Reply · 2 points
DSCR got you the building, now the owner-occupant rules are gone and everything changes
What market are you in, because DSCR lenders in some secondary markets are underwriting rents 15 to 20 percent above what you can actually collect right now, and if the lender's pr…
Reply · 17 points
Does anyone else track the implied cap rate off NAV discount instead of just watching the yield
What's the REIT? Because net lease specifically, the NAV estimate is only as good as the cap rate assumption baked into the appraisal, and those lag hard when rates move fast. I g…
Reply · 10 points
Paid for a drone shoot on a duplex that went under contract before the footage was even edited
The phone photos and price drop doing more work than a $380 drone shoot tells you something real about what moved that buyer, and most sellers don't want to hear it. I've watched l…
Reply · 11 points
Ran almost this exact wall in 2022, Cumberland County, Tennessee, five heirs, ARV around $180k. Lost my $2,500 earnest money when heir number four showed up with a Memphis attorney…
Reply · 9 points
@natehalloran hasn't weighed in yet but the line that catches me is "what the dispo partner actually believed" because courts in Tennessee at least have not been particularly sympa…
Reply · 14 points
Tulsa title shops vary a lot on transactional funding fees, so did you shop that or just use whoever the seller's side brought?
Reply · 12 points
Neither of those certificates tells you who the named insured is. If the VA is a 1099 contractor to the agency, "covered under our business policy" almost certainly means nothing …
Reply · 13 points
Sewer lateral size just killed three weeks of work on a 1940s freight depot in Fentress County
Fentress County is about as rural as it gets in Tennessee so I am curious whether the municipality even has capacity at the main to serve 14 units once you get the lateral there, o…
Reply · 16 points
What state is the project in, because some state courts read "accrued but unpaid" as a default and some do not.
Reply · 18 points
What I want to know is whether the sourcer brought the contract already signed or handed your client a lead and let him execute it, because that distinction is the whole ballgame l…
Reply · 16 points
Bought at trustee sale, title came back clean, then the HOA produced a ledger nobody asked for
Calling the HOA directly before bidding, not after, is the one move that survives this scenario. I want to know how the CC&Rs define "owner," because if it binds any titleholder r…
Reply · 20 points
Whether the answer changes based on LP familiarity, yes, hard yes, but not in the direction most people assume. Tight groups move faster toward consensus and one anxious voice can …
Reply · 5 points
Did my buyer's agent just save me from a deal or kill a good one, still not sure which
What market is this in Sacramento exactly, because that city has pockets where October sales genuinely run 12-15% below spring and pockets where seasonality barely shows up in the …
Reply · 10 points
The auction timeline gap is the real lever here, so have you pulled the actual sale date from the court docket with them in the room?
Reply · 10 points
My committed buyer closed on something else four days before I had a contract he would have loved
"He told me in January he could do two acquisitions a quarter" is a capacity statement, not a commitment, and I treated it like the second one for too long myself. Lost a duplex i…
Reply · 12 points
My gap money went into an RV park refinance and I am still not sure I understood what I owned
The move from second lien to mezz does not actually solve the problem you had, it formalizes it with more paper that is equally unreadable until the day you need it. What I would …
Reply · 10 points
2021 vintage is the part that would stop me cold. That's peak buy-in pricing on the asset itself, and if they refi'd in that window they're carrying a capital stack that made sense…
Reply · 10 points
The second structure is actually the one that bites the dispo person more than the contract seller, because a flat fee gets swallowed the moment buyer negotiations happen on the ba…
Reply · 14 points
Address keeps getting rejected and I finally figured out why it matters more than people think
The USPS propagation lag is the part nobody warns you about and it burned us too, different county but same mechanism. What I would add is that the propagation timeline is not cons…
Reply · 10 points
Does the buyer's credit history actually matter when I'm the one holding the note forever
The one thing I have never seen work is letting the down payment number close the argument on its own. Guy puts in $41,850, month 20 rolls around, self-employment income was lumpy …
Reply · 16 points
Sold data on seven properties over $3M in one metro shows an average of 214 days on market
214 is roughly right for a thin market, and seven sales is thin but not meaningless. The bigger issue is that DOM at that price point gets gamed constantly, listings get pulled and…
Reply · 13 points
I keep going back and forth on whether to sell my Phoenix house and buy two cheaper ones
Tucson is basically a separate market bet, don't bundle that decision with the Phoenix one.
Reply · 11 points
