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DiscussionTitle Company / Title Services

Attorney opinion letters instead of a loan policy, cheaper on paper, but who defends the file?

Running numbers on a $300k rate-and-term refi in a filed-rate state. Loan policy comes in around $1,000 to $1,400 depending on underwriter and endorsements. The attorney opinion l…

mikeoconnell7SP2APRO17Answered14 replies

Happening NowTitle Company / Title Services

Two underwriter appointments on the table, five points apart on the split

I finish my producer licensing in about six weeks and I have agency appointment paperwork from two underwriters sitting in front of me. They are not close on terms and I can't tel…

16Rryanmck27SC2CAnswered17 replies

DiscussionNote Buying (Performing)

Paying 88 on a seasoned second when the first has 22 years left

Looking at a pool of seasoned performing seconds, and the pricing convention in it is bothering me. The tape prices them around 88 to 92 of unpaid balance, which for a note at 9.5…

diane_kowalskiPassivePRO14Answered3 replies

Happening NowNote Buying (Performing)

Seller wants a blended 86 on four notes, and one of them is the problem

A seller I've bought two singles from is offering four seasoned performing firsts as a pool, all or nothing. Total UPB $312,000, blended ask 86, so $268,320. A: UPB 96,400, coupon…

19Bbrandonlee36PassiveAnswered9 replies

WinRaising Capital / Investor Relations

I stayed on a sponsor's update list for 14 months before I sent a dollar

I met a sponsor at a local meetup and asked if I could be added to his investor updates without investing. He said yes, which I later learned is not a given. Some people won't do…

priya_n21PO1C11 replies

Story

Installed the handrail twice, after arguing about it once

Did a full gut on a three bedroom for a guy who was going into the program with it for the first time. Kitchen, bath, all the flooring, new panel because the old one was a mess. G…

omar_haddadActivePRO175 replies

Happening NowLarge Multifamily (Institutional)

The model only works because the exit cap equals the entry cap

I've been handed a co-invest slot alongside a sponsor a former coworker vouches for, $75k minimum, and I have until the 30th to fund or pass. This is the first institutional-size…

luis_carrera Get yoursAnswered9 replies

PollPublic REITs (Capital Deployment)

Which bucket does a REIT sleeve go in when you set your allocation?

I'm building a written allocation for the first time and I've hit a question I can't reason my way out of. If I count the REIT sleeve as real estate, then between the sleeve and t…

8Kkevin_lombardPG1BPRO177 replies

Happening NowAssisted Living / Residential Assisted Living (RAL)

My whole pre-opening budget for a 6 bed, please tell me which line is wrong

First one, nothing signed yet, and I want the number for the day before the first resident moves in rather than the stabilized number everyone posts. What I have written down: Pur…

aliyah_bAU2APRO9Answered17 replies

DiscussionAssisted Living / Residential Assisted Living (RAL)

Is the cap rate on a 6-bed even real or am I buying a job with a mortgage attached

I own small multifamily and every unit I've added has taught me something, so I'm trying to read a 6-bed RAL the same way and it won't sit still. House is $520k in a decent suburb…

35Rrenee_dubois Get yoursAnswered2 replies

Story

Counted the word "pledge" nine times on a recap call I was only listening to

A sponsor I've been tracking for eventual first-deal reasons let me listen to a recap call. Not participating, just muted and listening, because I'd asked enough questions that he…

aliyah_bAU2APRO918 replies

DiscussionDrone Videography

Starting kit for listing aerials, what am I buying besides the drone

I'm studying for the Part 107 while I finish my license paperwork, and I've been pricing drones. Every list I find stops at the aircraft, which reads like the smallest part of it.…

38Rryanmck27SC2CAnswered7 replies

LossDrone Videography

Ten months of in-house drone work billed $7,955, so I'm shutting it down

Last year I brought aerial in-house for my small media and turnover crew instead of subcontracting it. Numbers first because that's the only part that's useful. Startup: $6,800 fo…

angela_burkeServicePRO12Answered15 replies

LossNote Buying (Non-Performing)

Bought a note to get the house, got a 14 month bankruptcy plan instead

I do renovations, so when a small note came up on a 1960s three bed that needed a kitchen and a roof, I looked at it as a way into the house at a price no wholesaler would give me…

omar_haddadActivePRO17Answered19 replies

WinReal Estate Syndications (Limited Partner)

A month 22 refi sent back 40% of my $65k while I still hold the units

First LP position I've ever taken, in a 96 unit garden style property in a midsize southeast market. I came in at $65,000. My day job is construction, so the only part of the deal…

gregpowell66AG4BPRO123 replies

WinRural Land Flipping

$2,900 of dump runs and one mowed path moved a 22 acre parcel

Bought 22 acres from an absentee owner in a rolling farm county, $31,000, seller had inherited it from an uncle and the last person to set foot on it was apparently a guy with a t…

omar_haddadActivePRO174 replies

DiscussionRural Land Flipping

Interest rate on a land contract feels like the part where I'd get in trouble

I'm reading through a sample land contract someone posted and the interest rate line is the one I keep coming back to. The example had 9.5% on a $22,000 balance over 10 years. My…

ehernandez74PO2BPRO74 replies

DiscussionMid-Term Rentals (30-90 Days)

How do I find the tenants? That's the part everyone skips

Everything I read about mid-term rentals spends four paragraphs on the rent premium and one sentence on "marketing to the niche tenant base." That sentence is doing all the work a…

9Ttashaford30PB2APRO4Answered4 replies

LossMid-Term Rentals (30-90 Days)

Two months of furniture sitting in an empty house

I've been mostly a land and long-term rental guy, two rentals, so this was my one experiment with furnished. A 3/2 ranch about twenty minutes from a regional medical center, alrea…

karen_whitfieldPG4APRO7Answered9 replies

PollAppraisal

$70 a visit for property data collection. Does that lead anywhere?

Someone reached out about doing property data collection for hybrid reports. I go out, measure, photograph to a standard, upload it, and a licensed appraiser I never meet writes t…

megan_doyle15 Get yours4 replies

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