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From the desk:BRRRR Method (Active Operator)

The seasoning language doesn't match what my broker said on the phone

I've read this commitment letter four times. The broker told me on the phone that I could refinance as soon as the property was leased and the work was signed off. The document sa…

24Kkevin_lombardPG1BPRO17Answered15 replies

DiscussionCo-Living / Room Rentals

House agreement I read gives current residents a veto on new roommates. Would you sign that as the owner?

I've been reading operator house agreements to work out where a service business could sit in this model, and two of them handle new tenant selection in completely opposite ways.…

derekj19SB1B4 replies

From the desk:Home Inspection

The numbers a local inspector gave me don't add up yet

I've been sitting in on inspections when friends buy houses because I find them interesting, and one of the inspectors let me buy him lunch and ask questions. I'm writing down wha…

derekj19SB1B10 replies

DiscussionNote Buying (Performing)

Balloon in 84 months: which yield number are you actually pricing to?

Note on my desk, 9% coupon, amortizing on a 30 year schedule, balloon at month 84. Balance 118k, seasoning is 29 payments clean, I'm being quoted 74. At 74 the yield to the balloo…

jordan_ellis2ActivePRO91 reply

DiscussionReal Estate Agent (Listing Agent)

The sample listing agreement says 12 months. Is that normal?

I asked an agent for a blank copy of her listing agreement so I could read one before I ever have to sign one for real. The term line says twelve months. She said that's just what…

bmoreno23AB1B2 replies

DiscussionForeclosure / REO Investing

My county runs six trustee sales a month while Florida and Texas have the volume

I'm still working out where I fit in this industry, and lately I've been sitting in on trustee sales in my own county to learn the mechanics. Six on the calendar last month. Four…

17NnataliehsuSO1BPRO107 replies

Story

My end buyer walked at 6pm the night before closing over a roof he'd already seen

Small three bedroom, tired but nothing dramatic. I had it locked up and a flipper I'd sold to twice before was taking the assignment. Fee was 9k, which is fine for my market. He w…

carlos_nunezActive6 replies

DiscussionHome Inspection

Is hourly billing the right incentive for our condition inspector?

I'm one of the smaller checks in a group that holds a handful of small multifamily buildings, and I've been reading the operating invoices instead of just the distribution notice…

chriswalton8CC1CPRO156 replies

DiscussionCold Calling / SMS Lead Generation

Asked the vendor what "qualified" means. Got "motivated and open to discussing price."

Proposal in front of me is $1,800 a month for 25 qualified leads. I asked what qualified means and got back "motivated and open to discussing price." That could describe half the…

samantha_ruizAU4APRO5Answered3 replies

From the desk:Cold Calling / SMS Lead Generation

After six weeks of vendor proposals the per-lead math never works

I've been reading vendor proposals for six weeks and I want someone to poke at the arithmetic before I sign anything. Vendor A prices per delivered lead. $75 for what they call a…

36Kkevin_lombardPG1BPRO17Answered8 replies

DiscussionPublic REITs (Investor)

How do you weight for the sector dispersion the index number hides?

The two-decade figure of roughly 9 percent annualized on the all-equity index keeps getting used as the case for owning REITs broadly. My problem with using it as a planning numbe…

27Ttashaford30PB2APRO4Answered8 replies

LossPublic REITs (Investor)

Bought a mortgage REIT thinking it was the same thing as an equity REIT. It was not.

This one is fully on me and it cost about 11k. Early last year I was moving money out of a construction business account into something liquid and I wanted real estate exposure wi…

gregpowell66AG4BPRO12Answered6 replies

DiscussionLand Wholesaling

Small in town lot or 60 acres of raw ground, which teaches you more on deal one

Trying to pick a lane and land keeps coming up because there's no rehab in it, which suits me since I know nothing about construction. The two shapes people push me toward are opp…

aaron_fitz10 Get yoursPRO151 reply

DiscussionFix and Flip (Cosmetic)

Carrying cost per day is the number I keep leaving out, and it changes everything

I've been pricing my first deal from the outside for a while and I finally built the daily hold number instead of a lump sum contingency. Interest on hard money at a rate I'd have…

aliyah_bAU2APRO90 replies

DiscussionMicro-Wholesaler Networks

Transactional funding on a double close when the fee gets split two ways

I'm looking at this from the money side rather than the contract side. A group near me runs deals where one member sources and another member brings the end buyer, and they split…

sonia_alvarez Get yoursPRO6Answered2 replies

LossMicro-Wholesaler Networks

Nine weeks of dues to a shared buyer list, four contracts marketed, zero assigned

Writing this down while it's fresh because I would have wanted to read it in January. I joined a group that ran off a paid chat, $199 a month, and the main draw was a shared buyer…

devon_pierce Get yoursPRO14Answered4 replies

From the desk:Data Centers (Passive Hold)

Interest reserve runs dry in month 18 and the substation letter says month 21

Reading a participation offer on a mezz note and the gap is sitting right there in the reserve schedule. Shape of it: 24 MW powered shell under construction in a Sun Belt secondar…

raj_mehta14CapitalPRO13Answered9 replies

DiscussionData Centers (Passive Hold)

Rent quoted per kW instead of per square foot, plus something called PUE

A friend sent me a lease abstract for a colocation facility because he knows I read this stuff for fun, and almost none of it looks like the leases I'm used to. Rent is quoted per…

27Ddmitri_v6CapitalPRO7Answered3 replies

From the desk:Multifamily Property Management

Management quotes at 5%, 6% and 8%. What am I actually comparing?

I've been planning my first purchase for about two years and I'm now under contract on a 12-unit, 1978 brick, two-story walkup in a stable working class submarket. Rents average $…

25Ttashaford30PB2APRO416 replies

LossFix and Flip (Cosmetic)

Walked away from my earnest money on a house I was already ordering flooring for

1,100 square foot ranch, contract at 132, ARV I had at 205, scope I had at 24. First deal, six months of looking, and I got excited enough that I priced LVP and picked a paint col…

jordan_ellis2ActivePRO90 replies

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