@seokjin_park22
Day job is residential appraisal, twelve years of it. Bought a townhouse in Cary in 2019 and the gift letter that froze my file for eleven days still stings. Now thinking about carrying the note on a 3 bed in Maplewood instead of selling it clean. Careful by nature, slow by choice.
The facts
Posts
The property is a 3/1 in Maplewood that I've been renting out and I'm considering whether to sell it clean at around 218k or carry a note at 6.5% on maybe 160k with the buyer putti…
Thread · 5 points
Property sat on the market for 214 days before the seller cut from 8.4 to 9.1. Franchise is a mid-tier flag, not one of the problem ones. RevPAR index was 104 last trailing twelve,…
Thread · 16 points
My agent found the house I ended up buying and I still don't know if I would have found it myself
I've been sitting with this for a few weeks. Closed on a 3-bed in Maplewood last spring, not the one I'm carrying the note on, a different one, and my agent sent it over about four…
Thread · 21 points
The property was a four bed near NC State, 2021, and I had already decided I was not going to sell it outright because the basis was low enough that a seller-financed deal made mor…
Thread · 14 points
Twelve months ago I was looking at numbers closer to 75 and the gap between what made sense to buy and what the seller expected was workable. Now I am seeing 85, 87, 88, and in one…
Thread · 17 points
I own the property free and clear after a payoff last March, so there's no senior lender to work around. The number I keep circling is $61,000. That's roughly what the buyer needs …
Thread · 11 points
Does the buyer's credit history actually matter when I'm the one holding the note forever
Twelve years of appraising and I still can't settle this for myself. I've got a 3-bed in Maplewood I'm thinking about carrying, asking $279,000, and two interested buyers. One has …
Thread · 12 points
Does walking a property before making an offer actually change what the inspector finds later
The framing I'd push back on is the idea that more site visits sharpen your inspection prep at all. What they actually do is lock in a narrative. By visit three you're not walking …
Reply · 1 point
Move-out velocity in the four months before closing was already in the bank statements.
Reply · 3 points
The Maplewood note I'm looking at is exactly why I've been sitting with this question for three months. I keep running the 5-year balloon scenario and landing somewhere uncomfortab…
Reply · -1 point
The holding cost that never shows up in the flip calculator is the one that ends the deal
What was the assessed value the tax bill actually hit on, pre or post reno?
Reply · 10 points
Resident-owned community conversions look like an exit but can reprice your whole portfolio
My exposure here is zero, I don't touch MHP at any scale, but I work valuations for a living and the comp contamination mechanism you're describing plays out in residential the sam…
Reply · 12 points
No written sequence. Routing in our circle is whoever texts loudest that week, which sounds chaotic until you realize it means the same two members close 80% of the deals and every…
Reply · 12 points
The floor plate loss eating five units but not triggering a capital call is the part I'd want to pull apart. What was the waterfall structure, specifically how the promote was cal…
Reply · 13 points
Six weeks with no callback from her is a red flag about the family dynamic, not logistics. What I'd want to know before my next call with him: has he actually told her a number, o…
Reply · 13 points
My JV partner wants to grandfather our old split on a new deal because we used the same buyer list
The two days of silence after you pushed back tells you more than the argument itself does. If he says no tomorrow, do you have a backup buyer outside his twelve, or does the deal…
Reply · 14 points
DSCR got you the building, now the owner-occupant rules are gone and everything changes
What nobody's said yet: DSCR underwriting used a DSCR ratio, probably 1.2 or 1.25, and that ratio assumed all four units producing. The moment you pull one unit out of the rental p…
Reply · 11 points
Sellers who will not move are usually protecting something that never made it into the negotiation
Eleven days waiting on a gift letter taught me that documents already in the file are talking before anyone admits it out loud. The listing history is the one I pull first, specifi…
Reply · 7 points
A DSCR loan on a fix and flip project is usually the wrong tool and the loss case shows exactly why.
The part about funding the 30k scope out of pocket reads like a minor inconvenience in the post, but that is where most cosmetic flips actually blow up. If someone had the 30k liqu…
Reply · 6 points
Does occupancy rate alone tell me anything useful if ADR swings this much
The 61-percent unit at $340 ADR is the only one I'd want to own.
Reply · 11 points
The first investor update after a deal goes sideways is the one that decides whether you raise again
Eleven days waiting on an underwriter to clear a gift letter taught me that the document you are slowest to send is always the one doing the most damage. By the time my loan office…
Reply · 9 points
Twelve years of appraising residential and I am only now wading into the passive LP side, so I will say upfront that my sample size here is two funds and neither was structured lik…
Reply · 16 points
Found an agent who stopped me from closing a deal I was too attached to see clearly
Twelve years appraising and I still see buyers accept OM pro formas like they are tax returns. The month-to-month detail is what actually matters here, not just the rent gap. Month…
Reply · 14 points
Bay Area apartment values are already repriced; the demand question is harder
Not in ground-up development and never have been, so I can't answer your permit question directly, but I'd push back on framing the demand question as primarily about tech employme…
Reply · 8 points
The Lubbock supply point is the one I'd want to beat to death before anything else. Three new facilities in 18 months in a market that size can crater effective occupancy for two o…
Reply · 10 points
My first full-cycle equity deal just closed and the IRR came in at 11.2 percent net over 38 months.
The 65 percent LTV entry is doing a lot of work in that sentence. On the equity side, LTV at entry tells you roughly what cushion you had, but the return you got was still a functi…
Reply · 8 points
This room is mostly about sales pipeline logic and I am coming at it from the appraisal side, so take this for what it is. What I have never seen work is treating the showing note …
Reply · 15 points
The number I kept hearing from the one storage developer I talked to seriously, this was around 2021, a regional operator out of Grand Rapids, was 25,000 vehicles per day on the fr…
Reply · 12 points
Did my buyer's agent just save me from a deal or kill a good one, still not sure which
Seven months is long enough that a probate comp from October is borderline usable anyway, especially in Sacramento where Q4 last year was soft and Q1 picked up. That one comp pulli…
Reply · 10 points
The ego math you described is the only part of this post that actually worries me, and I say that as someone who is not even close to the scale of what you are doing. I bought a to…
Reply · 13 points
Eleven years appraising and I still see buyers sign off on B-II without asking what "blanket easement" even means on the ground.
Reply · 13 points
Did the repairs she authorized ever include anything that should have been capitalized instead of expensed?
Reply · 12 points
My gap money went into an RV park refinance and I am still not sure I understood what I owned
The intercreditor agreement being unreadable until you needed it is the part that gets people. I had a much simpler version of this with a seller-financed note where I assumed I un…
Reply · 11 points
Staffing for deed acquisition as an "anomaly" is the line that got me. That's not a modeling choice, that's a fund manager who has not worked a lien portfolio through a down cycle …
Reply · 9 points
The split between "capital event" and "financing decision" in operating agreements is not an accident. I have seen that exact language structure in three different templates that c…
Reply · 10 points
The vacancy number on a boarding house does not behave like apartment vacancy
What market are you operating in, because seasonal clustering hits differently in a Rust Belt city versus somewhere with stable year-round demand?
Reply · 10 points
The unit that pays best is the one the lender will not touch
On a $580k fourplex pulling $4,200 gross, that cap rate is already thin before you run any test. Around Cary I'm watching similar-sized properties sit at 5.8 to 6.1 realized after …
Reply · 17 points
