@vince_okoro82
Columbus area. Cash saved, nothing I own has debt on it, and twelve Dayton and Akron underwrites this year that died at the spread. I would rather miss one than force one.
Loading the forum
@vince_okoro82
Columbus area. Cash saved, nothing I own has debt on it, and twelve Dayton and Akron underwrites this year that died at the spread. I would rather miss one than force one.
The facts
Posts
My wholesaler told me something this week I cannot stop thinking about. He said in Dayton, a house with an attached two-car garage is sitting maybe 11 days less than the same house…
Thread · 6 points
Twelve deals killed this year and the number that keeps coming back is not the rate, it's 68.
Every one of those twelve Dayton and Akron underwrites died somewhere in the 68 to 72 percent combined LTV range once I stacked the senior and the gap ask together. Senior lender c…
Thread · 4 points
Still sitting on 87k and every double close I underwrite falls apart at the spread
Found a property in Dayton, Ohio last month, seller at 74k, end buyer verbal at 96k. Looked like 22k gross before costs. Transactional funding quote came back at 1,840 for a 5-day …
Thread · 19 points
The T-bill math is simple. Park 80k, collect about 4,200 over six months, roll it, done. No book value risk, no dividend cut risk, no spread compression story to follow. The Annal…
Thread · 20 points
Why does every listing I look at lead with the kitchen when the curb shot is embarrassing
I've been studying listings in the $280k to $340k range in the Columbus suburbs because that's where I'm trying to buy, and I keep running into the same thing. Bad exterior photo g…
Thread · 17 points
My buyer's lender appraised a $4.7M Scottsdale property at $4.1M and the deal still closed
The 14-month-old comp is the part that should have gotten that appraisal challenged before closing, not absorbed. At that price point in Scottsdale I've watched sellers bake in ex…
Reply · 0 points
Twelve deals dead this year specifically because the promote math never made sense past month 30, so this one lands close. What I want to know is whether the LP docs defined the I…
Reply · 10 points
The contact rate is not the number to fix when the real problem is list decay
My vendor contract has nothing in it about a contact rate floor, and I stopped expecting it would after the second time I had to make that call myself. What I'd push back on is the…
Reply · 11 points
My seller just asked what I'm making on this deal and I froze for four seconds on the phone
The discomfort is real but I think you are conflating two separate things. Whether you disclosed accurately is a legal question that has a different answer depending on your state …
Reply · 15 points
Forty-seven days is actually fast for Dayton distressed duplexes right now.
Reply · 19 points
Pull the permit history on those fourteen sites before anything else. If the county has flagged that back row before and the seller never pulled a repair permit, that is not a rese…
Reply · 9 points
What's your column spacing?
Reply · 24 points
@whoever asked which attorney owns this, neither of them flagged it because neither was looking at the full entity picture. That's the gap. Your transaction attorney was eyes-on th…
Reply · 16 points
The refi failing to close is not the crisis. The eight months of silence after the last scheduled update is where the damage happened, and I want to push on the framing that those …
Reply · 13 points
Twelve deals killed this year and every one died cleaner than surviving at the wrong number.
Reply · 11 points
Does a deferred distribution reset the preferred return clock or just pause it
On a 25k note at 8% pref, that gap lands somewhere between $1,500 and $3,000 depending on compounding, and if there's a catch-up tier in the waterfall the sponsor will absolutely a…
Reply · 13 points
@OP what's your actual cost basis on the healthcare name, because if you bought at that 2022 low you're sitting on real appreciation and the "receipt" question matters a lot less w…
Reply · 13 points
The repricing from 2.07M to net 165k after fixed double-close costs stayed put is what I want to sit on, because that math only works if the double-close costs were already thin en…
Reply · 13 points
My construction loan closed at 65 percent LTC and I thought I had it figured out
Thirty-four units in Cedar City with a mechanical sequencing bottleneck is a rough spot to be in nine months deep. What does your GC's contract say about who eats the carry when h…
Reply · 14 points
What software does your PM use, because some of them have owner portals that export even when the manager claims they don't?
Reply · 13 points
Six weeks at that price point probably moved the buyer pool more than the final number shows. $3.87M might have been the ceiling anyway, or it might have been $4.1M with the right …
Reply · 14 points
Why a wrap seller should price the payoff window into the note before it is written
Step-down is what most retail wrap sellers default to because it is familiar from conventional lending, but a step-down that expires after year five on a ten-year note does nothing…
Reply · 12 points
Can a private REIT restructure the property-level debt without telling me
Three weeks with no IR response on a specific question about a loan mod is not a process delay, that is a posture. The SOFR plus 285 float on what sounds like a struggling office a…
Reply · 17 points
The Charlotte math is obvious enough, yeah, but the preferred accrual question is not really about whether the clock runs, it's about where you sit in the waterfall when that 2026 …
Reply · 16 points
Four beds, four guarantors, and the lease that assumes everyone leaves at the same time
The August re-leasing window is the real trap here and I don't think most small operators price it correctly. If that one vacating bed costs you even three weeks of split-unit limb…
Reply · 6 points
The thirty-two day example is doing a lot of heavy lifting in this post and I'm not sure it earns it. That seller submitted a form on a Sunday, which already tells you something ab…
Reply · 11 points
Does anyone actually read the insurance file before they bid on a tax deed property
Ordering a CLUE through a licensed agent before I bid is something I actually did about eight months ago on a vacant duplex in Akron, and what I found was that the last policy on t…
Reply · 4 points
The fund manager dissolving early is the exact reason I will not touch a QOF I do not control. A single-asset fund where you hold a meaningful enough slice to block a dissolution v…
Reply · 13 points
When a monthly contract tenant finally renewed at a number I actually asked for
Waiting for a "better time" to raise rates never produces a better time, just a later one.
Reply · 11 points
Is there a way to figure out if timber rights are separate before I lock up a parcel
Extend the inspection period before you order anything, that buys the three weeks.
Reply · 16 points
Does the discount on a carried note shrink if the property appraises higher than the sale price
The part note buyers actually stress over is borrower payment history once the note is seasoned, not the origination appraisal. A $240k comp helps your LTV story on paper, but if y…
Reply · 10 points
What's the debt situation on the asset right now, fixed or floating, and when does it mature?
Reply · 10 points
When a $60k dump station replacement surfaces after close and the seller calls it optional
The disclosure fight is worth pursuing but go in clear-eyed about what it usually costs. I was in a smaller dispute on a commercial property in rural Ohio, seller disclosed "some s…
Reply · 11 points
That 5.4% in Akron is pre-maintenance-call, pre-code-violation, pre-bad-tenant.
Reply · 9 points
Sloan's Lake in that price band has always been tricky because the building itself caps you. Appraisers are required to pull comps from the same complex first, and if every other u…
Reply · 12 points