Having studied and invested in real estate for several years now, I have learned what many of the investment related acronyms mean and how to apply them. I do, however, know that the jargon aspect has been quite frustrating at times and every now and then, I still get smacked upside the head with dumbfoundedness at the occasional post by someone more enlightened than myself. So, rather than having to search each individual acronym whenever one came up, while hoping I could read enough on any given thread to make sense of it, why not have a forum topic that specifically lists and defines each acronym in one centralized location? That way, someone can simply scroll through the replies to the acronym of choice and get a quick understanding of what it stands for. If you list one, please keep the acronym as the first word in the reply so as to simplify searching. Thanks everyone.
A reasonable request. However, the challenge becomes more apparent when you discover that users abbreviate terms that are common to them but not to others.
Compounding the problem is the usage of same acronym to denote terms used in different markets or industries.
In CA (California, in case that stumped you) we use the term "mtg" (mortgage) when we really don't use mortgages at all, but rather trust deeds. These are typically referred to as TD's but escrow companies prefer DOT (deed of trust, not department of transportation).
I initially had difficulty understanding what BPer's meant by PM (private message).
We have our own lexicon for my world, both the PBT (probate) niche and sub-niche and nano-niches. Several years ago someone started calling me RTPG (Rick the Probate Guy) and it stuck. We have abbreviations for training that we use internally.
Since we're about to launch "Probate Made Simple", we just might need to find a substitute for PMS.
Good idea, I believe there is a list on BP, needs to be expanded @Joshua Dorkin
Another thing is that when people begin speaking in acronyms they should (spell it out)!
I can understand that if we talk about the UPB being at PAR a portfolio may be viewed as to its WAR, WAC and WAM, some may not follow. While a NPN wouldn't be included the initial LTV as well as an estimated CLTV can be important when speaking of junior positions on any OO, SFD, it should be readable for everyone.
@Daniel Mohnkern here's a start
Real estate abbreviations http://www.biggerpockets.com/rei/real-estate-abbreviations/
So when you come across something you can look it up.
@Rick H. ,
Are you sure about the PM meaning private message? I've seen many people use it as property manager and others use it as primary mortgage, and a few use it as private mortgage (seller financing).
Perhaps @Bill G. is right on the money in that people should spell it out for us non mind readers.
Thanks, @Neil Schoepp , for the resource. I'll look into it.
TTFN (talking to family next) er, I mean, (ta ta for now)
@Rick H. really gets to the heart of why this is so hard... so much of it is context specific.
BTW(by the way) Rick I don't know what to compliment you on first, your hat or your high post to vote (PTV) ratio. Both are awesome!
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