Always, always, always check your Buyer’s estimated closing statement. Why? First, you have to understand what a Buyer’s estimated closing statement is. It’s a piece of paper that shows escrow’s calculation of how much money needs to come in from the buyer to get the deal closed. But wait, you ask, why do we need calculations?
We’re working with a reader of this blog to secure our first-ever loan from Freddie Mac, a so-called agency lender, on a project we recently stabilized. Previously, our experience with loans has been with banks. Back when I was first starting out, every broker warned me to avoid the agency lender and stick to banks,
Oh man, the brokers are at it again. Got a set-up a few days ago on a smaller, rent controlled apartment deal where the broker is pricing in 8% annual appreciation in order to estimate the profit a buyer can expect on the deal. To understand why this is so ridiculous, you need to understand a few
[Sorry for the paucity of posts; was on vacation with my family last week. Now I’m back in the saddle… eg, my desk chair.] Regular readers know that we take our fiduciary obligations to our investors, both actual and implied, very seriously. Among the most important of these is our responsibility to act as responsible
Yesterday’s LA Times had a pretty strongly-worded article warning about this winter’s El Nino, which is shaping up to be a once-in-a-generation weather event. Why am I writing about this now, during the summer, on a real estate blog? Because now would be a good time to replace worn-out roofs on your buildings. Once the rain