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WinPre-Foreclosure Outreach

First pre-foreclosure assignment closed, with the payoff coming back 3,100 high

Finished this one 11 days ago and I want to write down what actually happened while I still remember the order of it. House: 1,320 square foot three bed on a slab, 1991, inner rin…

jessreyes12AU1APRO16Answered6 replies

DiscussionPre-Foreclosure Outreach

How do people handle junior liens eating the equity spread?

Just started, so I'm probably about to get corrected, but I've been running numbers on published notices as practice deals and the pattern is ugly. Take one: ARV around 320k after…

megan_doyle15 Get yoursAnswered2 replies

DiscussionTransactional Funding

Quoted 2% with a $2,500 minimum on a $150k A-B leg. Is that the whole cost?

Called two funders about a $150k first leg. One says 2% of the funded amount with a $2,500 minimum. The other says flat $3,000 plus a $495 doc fee and I wire their fee back with t…

20Hhannah_west29 Get yoursAnswered1 reply

Happening NowTransactional Funding

Closer says she'll do the double close but won't take the funder's escrow instructions

Sitting on a file that's supposed to close Friday and the two halves of it don't want to speak to each other. My client's deal: 148,000 buy, 176,000 resell, end buyer with a local…

monica_tran3SF4CPRO11Answered5 replies

PollParking Lots / Garages

Kiosk or app on a 40-space lot you never visit?

Working out what a first parking deal actually costs to run and the payment system is the line I can't pin down. Small lot, 40 spaces, mix of hourly daytime and a handful of month…

aliyah_bAU2APRO91 reply

PollLand Development / Subdivisions

Phase the subdivision and start selling lots early, or finish all 46 and deliver at once

46 lots, one entrance, and my engineer can plat it as one phase or split it into two of 23. Two phase costs me about $60k more in total because some of the mass grading and the er…

carlos_nunezActive1 reply

DiscussionLive-In Flip

Selling my own live-in flip while holding a license, what changes

Finishing my licensing coursework and the plan is to buy something ugly, live in it for the two years, and sell it myself to skip the listing side of the commission. On a 400k res…

27Rryanmck27SC2CAnswered3 replies

Happening NowLive-In Flip

Moving my family into a project house. Plan, or mistake?

Run a service business, five years in, and I've spent those five years inside other people's renovations without ever owning one. Now there's a 1960s split level near my kids' sch…

monica_tran3SF4CPRO11Answered3 replies

PollReal Estate Agent (Listing Agent)

Coming soon window on a flip, or go live and show the same afternoon?

Cosmetic gut on a 1,450 square foot ranch wrapped last week, photos are shot Friday. My agent wants to post it as coming soon for six days before showings start so the first weeke…

omar_haddadActivePRO170 replies

DiscussionProbate Real Estate Investing

Does probate outreach work on land, or is it all houses full of stuff?

Everything I read about probate is houses with 30 years of stuff inside and a dumpster. I do land. So two things. What does a small campaign actually cost per month to run properl…

nicole_adeyemiPassivePRO14Answered6 replies

Happening NowProbate Real Estate Investing

No comp within four miles of this probate deal

Rural county, the whole county has maybe 9,000 people. I got a call back from a letter I sent to a woman who inherited her uncle's place. Three bedroom farmhouse, 1,900 feet, on 4…

23Llaurenkim53PassiveAnswered19 replies

Story

What a dusk shot costs, learned while holding a lamp cord out of frame

A friend was listing her mother's house and had a work thing she couldn't move, so she asked me to let the photographer in and stay out of the way. I did not stay out of the way.…

chriswalton8CC1CPRO1513 replies

PollHotels (Capital Deployment)

Hold a hotel through a soft cycle or sell into the first good year

I've got a piece of a hospitality deal, small, and the sponsor sent a mid-year letter that's forced a question I didn't expect to be arguing about. The asset is a 132 key select s…

carlos_nunezActive8 replies

PollCold Calling / SMS Lead Generation

Cost per lead or cost per contract for judging a vendor?

I do underwriting for other people and I've been asked to look at prospecting vendors for the first time, which is a different shape of problem than a rent roll. The two vendors b…

dpatel_reCS4A1 reply

PollCommercial Development

Lock the GC contract now at a premium, or bid it out in 90 days and carry the risk

Two offering memos for roughly the same thing crossed my desk this month, a mid-sized industrial shell in a secondary market, and they put construction risk in completely differen…

jordan_ellis2ActivePRO98 replies

Happening NowCleaning / Trash-Out Services

Somebody dumped on my vacant lot. $6,800 to clear, 30 days from the city.

2.4 acre lot in a first ring suburb, I've been holding it four years waiting on a sewer extension. Somebody has been using the back of it as a dump. Last count from my walk: 41 ti…

nicole_adeyemiPassivePRO14Answered3 replies

DiscussionCleaning / Trash-Out Services

Net-60 from the servicer, dump fees due today

I'm looking at putting working capital into a trash-out and preservation crew and the shape of the risk is unfamiliar to me, so I'd like the holes poked in it. Numbers as presente…

chriswalton8CC1CPRO15Answered10 replies

LossForeclosure / REO Investing

My first REO cost me 11k more than the whole rehab budget because I never asked when the water was turned off

Small 2-unit, bank-owned, bought at 148k in a market where similar duplexes were trading around 205k. My plan was 30k of work, refinance, hold it. I've got three small multifamily…

34Rrenee_dubois Get yours1 reply

DiscussionForeclosure / REO Investing

Asking the dumb one: REO, short sale, pre-foreclosure, which is which

I read closing documents for a living and I've somehow never had to learn the vocabulary on the distressed side, so I'm asking the dumb one. REO gets used constantly and I've seen…

mitchell_ray4 Get yoursPRO12Answered2 replies

Happening NowJV Capital Provider

An operator wants $850k of JV equity, and I've only ever held land

I've owned raw ground and a couple of long-hold rentals for years, so this is new territory for me. An operator I've known through a local owners' group asked me to fund the equit…

karen_whitfieldPG4APRO7Answered12 replies

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