Bradley Laddusaw, CPA (@oside_debt_guy) - Perfil de Twitter

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Bradley Laddusaw, CPA@oside_debt_guy·14 Oca

Out of all the speaking engagements I have done, by far the most enjoyable and impactful one was the fireside chat I had with DRE Commissioner this past October. We invited the Commissioner to join us at CMA's fall conference in Monterey. We ran through a multitude of topics and just had a normal conversation in front of the group. What I can confidently say without hesitation, Chika Sunquist cares deeply about the industry and I look forward to having her back at a future conference. If you operate under a DRE Broker's license, we like to say, it's not if, it's when you get Audited by the DRE. Many of these are just random selections. As with most laws, Real Estate Lending laws require an in depth interpretation and understanding of the law. At times, this interpretation can be seen 2 different ways, creating a little bit of an standstill in an audit. The Commissioner walked us through the hierarchy of the DRE and the escalation process which was invaluable to CMA's membership. When people ask me why join CMA? One of the immediate value adds is the Association's strong relationship with DRE. We have the ability to have real time conversations with the Commissioner on pressing items (or interpretations) that can greatly impact our industry. In 2025 and into 2026, conflicts have already been resolved due to this relationship.

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Bradley Laddusaw, CPA@oside_debt_guy·5h

Budheavy is always micromanaging around the Weber.

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Bradley Laddusaw, CPA@oside_debt_guy·3d

@realestatedude0 One of our clients is a GC and a RE Broker. Sources some great deals and keeps everything in house.

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RealEstateDude@realestatedude0·3d

Being a GC & RE INVESTOR is a major wealth Hack.

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Bradley Laddusaw, CPA@oside_debt_guy·3d

We have all had bad days but how you react is completely up to you. I try to remember in high stress environments that possibly the person on the other side of the phone is just having a bad day.

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Bradley Laddusaw, CPA@oside_debt_guy·3d

@realestatedude0 bahahhahaha. I think if you are buying now, paying later for that festival, you are buying now and paying later for everything in life.

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RealEstateDude@realestatedude0·3d

@oside_debt_guy Write off?

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RealEstateDude@realestatedude0·4d

60% of Coachella tickets were bought with buy now pay later. Insane.

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Bradley Laddusaw, CPA@oside_debt_guy·5d

Now people are finally talking about the issues in Private Credit. I am sitting here thinking, what took so long? Here's a sit down from last July. I might be wrong but who knows any more.

Bradley Laddusaw, CPA@oside_debt_guy

How many losses will it take for leverage to normalize and revert back to the mean? Here's a prime example of why CREDIT carries less weight than SKIN IN THE GAME. Leverage currently being offered with just a 1st position loan is pushing levels where only "GAP Funders" would settle in at back in 2013/2014. What's a Gap Funder? Historically this was the lender that funded the "Gap" between your 1st position loan and purchase price + rehab. Many high leverage value add lenders right now may not have even heard of this term and that says something. We fund 1st position loans to reduce the chances of having a loss of principal in the event a deal does not go as planned. When your 1st pushes certain levels, the chances of loss go up. Here is an REO I saw marketed last week for sale at $2,500,000. - Initial Loan Amount: $2,739,750 - NOS amount Due: $4,114,070.97 - Trustees Deed: Reverted back at probably the opening bid set $3,000,000 Currently listed over $200k below the initial loan amount. I would be curious on how the accrued interest due and principal of $4+ million is being reported to their investors in 1 quarter then boomeranging to a loss of principal the next. Lenders like this tend to say they "only lend to strong credit quality borrowers." I counter and say skin in the game is the driver, not necessarily credit. This represents a small sample size but with the market trading flat, it is not a big call to make that at this leverage, many of the defaults experienced by institutional lenders may result in a loss of principal. In California, everything is publicly available to see what's going on. Now slap this leverage in a state that take 2+ years to foreclose, GOOD NIGHT. Enjoy MOVING DAY AT THE MASTERS!!!

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Bradley Laddusaw, CPA@oside_debt_guy·6d

Property walkthrough in Sam Clemente this morning. Naturally needed to hit the local donut shop.

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Bradley Laddusaw, CPA@oside_debt_guy·14 Nis

@LA_Multi_Fam Damn, I wish the ADU gurus would listen to someone actually transacting.

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Paul@LA_Multi_Fam·13 Nis

Apt building values in Los Angeles are getting crushed and it’s killing ADU deals left and right. No chance I’d build ADUs in C locations today. Has to be B or better. When buildings are trading at 8–10x gross, there is no way to make the math work with where construction costs are. Interest rates are part of the equation, but politics and anti-landlord policy over the last 5 years are just as and maybe even more responsible. Buyer pool in LA has significantly thinned because of policy pushed by socialists such as @nithyavraman and @HugoForCD13 Which makes YIMBY endorsements of them mind-boggling. If your goal is to increase housing supply, why support politicians who make it infinitely harder for investors and builders to enter the market?

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Bradley Laddusaw, CPA@oside_debt_guy·11 Nis

It's tough to lose money in a 1st position loan but some are really good at it. Here's a recent example of an institutional lender taking a hit. Now imagine a debt fund trying to compete with this same leverage? $200k hit is felt a lot more in a debt fund. Ask the questions.

Bradley Laddusaw, CPA@oside_debt_guy

How many losses will it take for leverage to normalize and revert back to the mean? Here's a prime example of why CREDIT carries less weight than SKIN IN THE GAME. Leverage currently being offered with just a 1st position loan is pushing levels where only "GAP Funders" would settle in at back in 2013/2014. What's a Gap Funder? Historically this was the lender that funded the "Gap" between your 1st position loan and purchase price + rehab. Many high leverage value add lenders right now may not have even heard of this term and that says something. We fund 1st position loans to reduce the chances of having a loss of principal in the event a deal does not go as planned. When your 1st pushes certain levels, the chances of loss go up. Here is an REO I saw marketed last week for sale at $2,500,000. - Initial Loan Amount: $2,739,750 - NOS amount Due: $4,114,070.97 - Trustees Deed: Reverted back at probably the opening bid set $3,000,000 Currently listed over $200k below the initial loan amount. I would be curious on how the accrued interest due and principal of $4+ million is being reported to their investors in 1 quarter then boomeranging to a loss of principal the next. Lenders like this tend to say they "only lend to strong credit quality borrowers." I counter and say skin in the game is the driver, not necessarily credit. This represents a small sample size but with the market trading flat, it is not a big call to make that at this leverage, many of the defaults experienced by institutional lenders may result in a loss of principal. In California, everything is publicly available to see what's going on. Now slap this leverage in a state that take 2+ years to foreclose, GOOD NIGHT. Enjoy MOVING DAY AT THE MASTERS!!!

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Bradley Laddusaw, CPA@oside_debt_guy·11 Nis

@jasonjosephlee Saw an economist call this about 2 years ago. Expensive to run and low barrier to entry with massive competition. Good Night

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Jason Lee@jasonjosephlee·10 Nis

Unpopular opinion: The AI bubble is going to burst and whoever invested in Open AI at a $900 Billion Valuation is about to get wiped out.

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Bradley Laddusaw, CPA@oside_debt_guy·11 Nis

How many losses will it take for leverage to normalize and revert back to the mean? Here's a prime example of why CREDIT carries less weight than SKIN IN THE GAME. Leverage currently being offered with just a 1st position loan is pushing levels where only "GAP Funders" would settle in at back in 2013/2014. What's a Gap Funder? Historically this was the lender that funded the "Gap" between your 1st position loan and purchase price + rehab. Many high leverage value add lenders right now may not have even heard of this term and that says something. We fund 1st position loans to reduce the chances of having a loss of principal in the event a deal does not go as planned. When your 1st pushes certain levels, the chances of loss go up. Here is an REO I saw marketed last week for sale at $2,500,000. - Initial Loan Amount: $2,739,750 - NOS amount Due: $4,114,070.97 - Trustees Deed: Reverted back at probably the opening bid set $3,000,000 Currently listed over $200k below the initial loan amount. I would be curious on how the accrued interest due and principal of $4+ million is being reported to their investors in 1 quarter then boomeranging to a loss of principal the next. Lenders like this tend to say they "only lend to strong credit quality borrowers." I counter and say skin in the game is the driver, not necessarily credit. This represents a small sample size but with the market trading flat, it is not a big call to make that at this leverage, many of the defaults experienced by institutional lenders may result in a loss of principal. In California, everything is publicly available to see what's going on. Now slap this leverage in a state that take 2+ years to foreclose, GOOD NIGHT. Enjoy MOVING DAY AT THE MASTERS!!!

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Bradley Laddusaw, CPA@oside_debt_guy·11 Nis

@Jacob_Naviaux @FundToBuy You probably do pretty well with extension fees.

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Jacob Naviaux@Jacob_Naviaux·11 Nis

@FundToBuy @oside_debt_guy Those are some great terms for no experience. Wild how competitive it’s gotten. I lend to experienced borrowers here in Atlanta at this below 90% no rehab max 75% LTARV 11% 1.75 points 4-mo term

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Jacob Naviaux@Jacob_Naviaux·10 Nis

Here’s what hard money typically looks like for a brand new flipper today: 85%–90% LTC (loan-to-cost) Up to 70% LTV (loan-to-value) Costs: • 3 points at closing • 12% interest (monthly interest-only payments) • $1k–$1.5k misc fees • 12-month term Example using numbers: Price: $200,000 Rehab: $100,000 ARV: $375,000 85% LTC = $255,000 70% LTV = $262,500 Take the lesser → $255,000 loan $100,000 goes to rehab escrow (drawn as work is completed) $155,000 goes toward the $200,000 purchase Cash to Close: • $45,000 down payment • $7,650 origination • $1,500 misc fees • Prepaid interest • 12-month insurance policy • Title/closing costs You’ll be roughly $60k–$65k into the deal at closing. That’s how someone with ~$75k saved can realistically get into their first flip.

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Bradley Laddusaw, CPA@oside_debt_guy·11 Nis

@Jacob_Naviaux Race to the bottom right now when it comes to leverage and pricing. Kiavi is no longer the most aggressive believe it or not. I see LOI's for deals we have lost and yes, they are pushing it. They won't market it but they are.

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Jacob Naviaux@Jacob_Naviaux·11 Nis

@oside_debt_guy For brand new investors the big guys like Kiavi will do 2/10 with max leverage? Been awhile since I’ve had a loan quoted for a brand new investor at max leverage, so may not be up to the latest. I never have our buyers go through a broker, always straight to the lender.

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

@frimfram_sauce @cashrulesNC Decision they need to make. Some just take it on the chin because they are tired of managing the properties. Pertaining to the debt, that would be a question for your CPA. I can answer that for you but tend to not give tax advice.

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Alan Smithee@frimfram_sauce·10 Nis

@oside_debt_guy @cashrulesNC How was the capital gain handled?🙏

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Ryan Overcash@cashrulesNC·10 Nis

Just met a guy that sold his 50% in 65 rentals and now has a $2.5mil fund he lends out and said he’s making a lot more money and it’s 10x easier lol

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

@Jacob_Naviaux I can fire off the lenders but you probably already have access to them. The institutional guys are pushing the boundaries a bit.

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

@Jacob_Naviaux Some out there will push 75% ARV. If you are direct to the lender, in CA, origination will be sub 2%, interest rate in the 9's and 10's. Hitting over 3% and close to 12%, chances are the referring broker is adding a fee and possibly a YSP on the rate.

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

@shawngorham I know that one.

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Shawn Gorham@shawngorham·10 Nis

$15,000,000 property, owner has a 590/680 FICO and is committing to a $67,000 payment for 3 years at 10.5% Obviously high income, has assets, but no cash? These deals always shock me!

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

Lenders tend to require the hazard insurance premium be paid in full through the close. Most policies have only a 25% guaranteed earned premium. If you flip your property in 6 months, remember to cancel your policy. You should get 6 months of unused premium refunded.

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Bradley Laddusaw, CPA@oside_debt_guy·10 Nis

@CAgovernor I am not a political person but this one is even too much, hahahahaha. It is almost as if your office has no idea that posts are time stamped on this platform @nickshirleyy

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Governor Gavin Newsom@CAgovernor·9 Nis

California is again leading the charge against large-scale identity theft and hospice fraud. Today, we're taking decisive action against 14 providers who tried using stolen identities to bill Medi-Cal for nonexistent hospice services.

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