@SpaceCoastCRE Some put it on black in Vegas. I put it on $LUNR
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Mark Allen
7.9K posts
Mark Allen
@MarkAllenMulti
Multifamily Broker at Colliers | Views my own, not Colliers’ | Not investment advice | Dallas, TX | https://t.co/WbzNLyU40p
Dallas, TX Katılım Şubat 2010
733 Takip Edilen8.1K Takipçiler
Space will soon be a trillion dollar industry.
AI is using a lot of power, so we are going to orbit.
Why isn’t anyone talking about this? Where are you at in this industry?
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@TripleNetTyler @Dirtdog Best CRE video I’ve seen in a long time, hilarious! I’ve got to watch episode 1.
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I wish we could standardize form contracts in Texas for multifamily deals. I’m more of a handshake guy. I’d rather cut a finger off than spend 4-5 weeks negotiating a PSA on a $19M deal. I heard this is common in the northwest.
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Made contact with city attorney. Got release of bench order with intent to re-file and found title company to insure without indemnification. Closing in a week.
If there’s a problem, there’s a solution.
Mark Allen@MarkAllenMulti
Had an REO supposed to close yesterday but couldn’t get a bench order cleaned from title until code violations are cured. It’s a non-monetary lien placed by a judge pre-foreclosure. Buyer and lender funds were all in escrow. Buyer fully aware of all violations and plans to cure. Lender won’t close though with risk of being in 2nd position or condemnation. 1) Asked Code Compliance if they could release lien, let us close and file lender lien, and then refile their lien. 2) Asked title company if we could escrow amount to cure violations. 3) Asked lender if title could make it an exception to policy, but they won’t take that risk. 4) Asked Seller if they’d hold all proceeds in escrow. Getting a fat no on each option. Called and e-mailed city manager and district rep to make a business case why to release and refile and let Buyer handle code violations. I have a feeling this deal may be dead after nearly 110 days under contract and several hurdles.
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@MarkAllenMulti What’s the actual cost to the buyer to remedy the issue? Does the buyer own any other investment property?
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Had an REO supposed to close yesterday but couldn’t get a bench order cleaned from title until code violations are cured. It’s a non-monetary lien placed by a judge pre-foreclosure.
Buyer and lender funds were all in escrow. Buyer fully aware of all violations and plans to cure. Lender won’t close though with risk of being in 2nd position or condemnation.
1) Asked Code Compliance if they could release lien, let us close and file lender lien, and then refile their lien.
2) Asked title company if we could escrow amount to cure violations.
3) Asked lender if title could make it an exception to policy, but they won’t take that risk.
4) Asked Seller if they’d hold all proceeds in escrow.
Getting a fat no on each option.
Called and e-mailed city manager and district rep to make a business case why to release and refile and let Buyer handle code violations.
I have a feeling this deal may be dead after nearly 110 days under contract and several hurdles.
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@CaseyMericle The city said if you want it released, cure the violations first.
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@MarkAllenMulti I’d check on that because in some jurisdiction so long as the mortgage was recorded first it can wipe it out
What did the city say?
Seems like if it’s non-monetary then the city would release it pretty easily
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@CaseyMericle No, it’s a city lien. Government and tax liens can’t be wiped out.
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@FlipWithNiko Either that or the deal is postponed for months why work is completed and violations are cured
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@MarkAllenMulti That catch-22 is the worst part. City won't release the lien until violations are cured but you can't start the work until you close. Who's eating the cost to cure them before closing?
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@TXpaintbrush That was part of my messaging to city manager. I’ll be making a trip to their office on Monday.
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Someone’s gotta go sit in the local EDC and/or City Manager’s office until the situation is explained with sufficient crayons how the city is going to benefit with the new buyer cleaning everything up
Not just higher property tax revenue, but likely also decreased PD calls to that property which is probably a known headache (as most distressed properties are)
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@CaseyMericle No mortgage and original released post foreclosure.
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@MarkAllenMulti Is there a mortgage currently on the property? My guess is no if there’s an REO, however was the original mortgage ever released?
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At West Point, plebes (freshman) had exactly four responses outside of the classroom:
1)Yes, sir (ma’am).
2)No, sir.
3)No excuse, sir.
4)Sir, I do not understand.
You owned the outcome regardless of circumstance. Being a leader starts with being accountable which leads to trust. You do this enough, and it reshapes your character.
A friend sent me an email from a GP to his investors and the GP didn’t necessarily blame market conditions, he said he made faulty assumptions, he learned from it, and would redirect any future promote on other deals to return losses to investors.
Anyone can be accountable when it costs nothing. He was accountable when it cost everything.
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@LonestarMoney Totally depends on experience, personality, financial situation, etc.
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@MarkAllenMulti What would you recommend someone does if they’re in a completely different career field to get started in a real estate career?
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If you’re straight out of college and looking to get into multifamily brokerage, I’d recommend joining a top 3 team and brand to get experience. See how the best operate. If you’re really good, they’ll promote you to a producer role within a few years. Or, you have leverage to go to another team given your resume.
If you can’t join a top team, then look into an analyst role at a DUS lender or one of the most active Buyers in the market. Then leverage it to join a top brokerage team.
Your first job in the business is critical. Miss, and it could set you back many years.
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@MarkAllenMulti What degree field would you be looking for?
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ReTwit has become ReAITwit.
99% of posts are hyping up AI with no useful content.
OR, many posts are long form, AI generated, and I skip right past them.
Thanks to a handful of good writers out there who are insightful and/or comical.
@robbiehendricks
@stealx
@resetbasis
To name a few.
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@FARlikewhoa You can cold call and still leverage valuable intelligence to set a meeting and start a relationship.
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I feel bad for brokers who spend their days cold-calling and texting owners, fishing for anyone who might sell. I would dread going to the office with that plan.
The alternative: tracking data, being a real advisor, solving client challenges, building genuine friendships, creating a flywheel where owners and developers call you… sounds a lot more like something worth doing for 20+ years.
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@MarkAllenMulti Where are you tracking that data?? May I interest you in @DealNav ?
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