@chrisseveney has a note fund but I believe they are generally all FIRST positions however many I do believe are work outs as well as new origination.. be neat to compare the two funds his and the one your representing.

Prefer keeping this kind of stuff behind closed doors if possible and sorting it out without revealing dirty laundry.I would have been in the same boat as many other turnkey providers that are no longer around if I didn't focus on limiting how much business I take on.And even with my stupidly strict criteria, we still copped the brunt of the sword.Business is business and people are people, sometimes things just don't work out.It's a true shame but such is life.I always want whats best for everyone and for every deal to work out and for everyone to succeed.With the best intentions, mistakes are still made.Those that work hard and do their best, will also make mistakes unfortunately.Again, I sleep in peace and whenever I F@#$ up, it's an honest mistake so crucify me all you want.Thank God, never been sued and back round is squeaky clean and I intend to keep it that way.Less is more and when crisis does arise (It always eventually does no matter how much you prepare and do your best), we can hopefully rectify and do our best to fix.For example, just had an investor loose $50,000 on a deal and the next few deals we are working for free for this investor.We don't have to do this, we want to...Not sure how we would be able to accommodate such an instance if I had 50+ investors loosing that much so I guess my stringent on-boarding criteria has saved our A$$ for 10+ years now.Granted, I'm burnt out on folks and have pulled back even more from doing our "measly" 4-5 turnkey deals per month and have decided to focus on just building my own portfolio.Like I initially intended when I moved to this country in 2012.Thanks mate and keep being great

People tend to ignore their problems over summer breaks.Most of my recent short sellers either did some Covid era loan workouts and lost all their equity in the process, or simply bought around the peak in 2022 and now need to sell but lack the equity to do so as the market has been correcting.

.👉 For those who’ve recently refinanced—did it work out in your favor?

Yields on these should never be below 10%, and even that is on the low side. 12%+ is very realistic given the expected defaults and workouts on these.

BUT, even still, if it doesnt work out in that scenario,  you may get into it for less than 20% down.  

I'm no stranger to investing out of state, and I assumed incorrectly that this would be similar to my previous experience.I wanted this property to be my first of many with R2R, but it just didn't work out 

Trust yourself and everything will work out!

And unless you trust him 100%, you’ll still want to work out how to handle payments for materials and subs that will be required in advance of draws (my partner had a situation once where his JV contractor had subs pad their invoices and then took a kick-back).  

Although flipping is done by others, it needs a lot of attention and correct planning to ensure the budget and scope of work all work out.