Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Terms > Pro REI Jargon > Flashcards

Pro REI Jargon Flashcards

1
Q

Blast

A

Email blast, or email sent out to a ton of different investors or buyers

Convo: “Has this been blasted yet?”
“When is this going to be blasted?”

Create urgency. “I wanted you to see this before we blast it out.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

List

A

Buyer’s list. List of investors that you sell properties to.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

EMD, EM, Earnest, Escrow

A

Earnest Money Deposit

Convo: “Did you get EMD?” Essentially asking, “Is this in?”

Happens over the phone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Hard, Non-refundable

A

After inspection period, our money is non-refundable.

“Our earnest money is hard.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

HML, HM

A

Hard Money Lender

Over email or text, not over the phone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Open Escrow

A

It’s not, “started, beginning, etc.” It’s “opening escrow.”

“Did you get escrow open? Yep, I got escrow open.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Cashier’s Check (Certified Funds)

A

It’s as good as cash. When you take a cashier’s check, it will clear immediately.

You want a wire, or cashier’s check, not a personal check to be used.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Post, Post-Possession

A

When the seller sells you the house, but remains in the house for a certain amount of time after close.
Example: “There is a 30 day post possession on the house. Do you still want to buy it?”

Not desirable because seller might decide that they want to stay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Clear Title

A

Owner owns it free and clear of any mortgage companies. Don’t have any liens on the home.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Into it For

A

What you bought it for

Ex) “What’re you into this for?”

Deflect: “On all of our deals, its the same process. We try to buy in bulk. So on all of our deals, its whatever we paid for marketing plus $4,000 is our fee. We are just looking to do volume.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Cost

A

Acquisition price
Same as “Into it for.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Net

A

Net to seller. If they say they want to “net 150k” and they’re selling it for 150k that means you’re paying for all fees and costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

COE

A

Close of Escrow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Active

A

You can purchase it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Pending

A

Someone else is under contract but its not been purchased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

UCB

A

Under contract accepting backups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Bid

A

Something you get from a general contractor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Hard Bid

A

Guaranteed by the contractor. Generally want to go off of hard bids.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Re-Trade

A

Once you have the property under contract, you go back and try to bring them slightly down on price

Investor to investor term. Internal term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Reduced/ Renegotiated/ New Price

A

The price has been lowered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Unit Mix

A

For multi family properties. How many beds and baths in each unit?

“What’s the unit mix?”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Individually Metered

A

Each unit individually pays their electricity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Chisel

A

Same as a re-trade

“I’m going to go out and try to chisel off a few bucks.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Back available

A

If you sold the contract, and it falls through, you can blast it out again and say “Property back available.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

ARV (After Repair Value)

A

Once the property is completely fixed up, and completely beautiful, what it would be worth at that point

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

WP (Wholesale Price)

A

What you’re selling the property for
Most don’t use this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Bidding War

A

“We got into a bidding war.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Master metered

A

All the properties are on one meter. Landlord typically pays the bill and divides it amongst meter users.

Much less desirable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Off Market

A

One that is not listed on the MLS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Lock it up

A

Putting a property under contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Locked up

A

Have the property under contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Tied down

A

Same thing as locked up

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Slide it into the closing docs

A

You can have them sign additional documents when they sign closing docs. Provide it to the escrow officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Marketing Agreement

A

Same thing as an option to sell.

You are given the option to purchase with the whole idea you are going to sell the property. Once you sell the property, you exercise your interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Option to sell

A

We don’t want to blast out options that are not exclusive

Get an exclusive option

36
Q

Exclusive option

A

You have the exclusive rights to sell the property

37
Q

Access

A

What a buyer will call asking for

Essentially saying, “How do I get into the house?”

38
Q

Supra

A

A type of lock box

39
Q

MLS Box

A

Same thing as Supra

40
Q

Mechanical

A

Is this a mechanical lock box?

41
Q

Vesting

A

The name or entity they want to purchase the property in

42
Q

True square footage

A

There is an addition to a house that hasn’t been placed on tax records

43
Q

Subs (sub it out)

A

Short for subcontractor

44
Q

Sqftage Per

A

Very important to list the square footage and where we got it from

Accessor site
Appraisal
Owner

45
Q

Available

A

People are asking if this property in your wholesale inventory is still for sell

46
Q

Possession

A

When do we get possession of the property?

“What’s possession like?”
“Vacant at close” or “Vacant at COE” or “Vacant now”

47
Q

Vacant?

A

No one is living in the home

48
Q

Over wholesale (Price)

A

“I’ll offer you $7,000 over wholesale.”

I know you’ve already sold it and I’ll give you more if you swing it to me

49
Q

Walk

A

Walking away from the deal. Not gonna do it

50
Q

Scope

A

Scope of work. Deals with general contractor.

“I like the scope on this one.” Meaning, I like what the property looks like.

51
Q

Close on ____

A

What day is the close? We will close on this specific date

52
Q

First leg

A

A to B contract

53
Q

Second leg

A

B to C contract

54
Q

Pull the trigger

A

Buy the house

55
Q

Rent ready

A

In the condition right now when you can go in and rent it. A little dirty

56
Q

Turnkey

A

A little nicer than rent ready
If you say, “turn key rental” it typically means its a sucky deal.”

57
Q

Title?

A

When a buyer asks “Title?” it means what escrow or title company are you using on that particular deal?

58
Q

Comps

A

Comparable properties

59
Q

No Meat on the bone

A

What a buyer will say when there isn’t enough profit on the deal

60
Q

Too skinny

A

Same as meat on the bone

61
Q

Inventory

A

All of the wholesale properties you currently have available

62
Q

Deposit

A

Earnest money

63
Q

Repair Estimate

A

General estimate of bid for repairs

64
Q

Cabs

A

Cabinets

65
Q

Proforma

A

Multi-family
How much money you’ll make on it over time if you buy and hold it

66
Q

Steal

A

Smoking deal

67
Q

Buying Deep

A

Bought at a very low price

68
Q

Nice Catch

A

Got a good deal

69
Q

Hoarder House

A

Stinky and gross with tons of crap

70
Q

Squatter

A

Someone who is hanging around the house without paying rent

71
Q

Foundational Issues

A

Typically very expensive and unsatisfying to investors

72
Q

Foundational Cracks

A

Same as foundational issues

73
Q

Addition Play

A

The property could have good value if an addition was added. Typically means the property is squall

74
Q

Reposition Play

A

For multi-family housing. Typically rundown properties that can be fixed up and you can charge a greater amount for.

75
Q

Sticks up

A

Starting from the dirt. Basically building a home from scratch

76
Q

Build Play

A

Same thing as sticks up. Basically nothing on the property but if you build something there is potential to make money

77
Q

Dated

A

An old home

78
Q

Time Capsule

A

An old home. Old design and old carpet, paint job, etc. A lot needs to be replaced

79
Q

Needs Everything

A

Needs to be totally redone. Needs plumbing, electricity, air conditioning, etc.

80
Q

Fire Burn

A

A home has suffered fire damage

81
Q

Tear Down

A

Essentially nothing of value left. It would need to be torn down and rebuilt

Price you’re selling it for should be cheaper than the lot itself due to demo costs

82
Q

Scrape and Build

A

Same as tear down. Need to scrape it all and rebuild

83
Q

Clean

A

A little nicer than rent ready

84
Q

3/2, 2/1, 3/2/2g

A

of bedrooms, bathrooms, and garages

g = garage in home
c = carport
u = uncovered (driveway is all)

85
Q

Net Net

A

What a fix and flipper says when after all expenses they want to profit net x%

“I’m looking to net net 15%”

86
Q

Daisy chain

A

When there are multiple people in the process.

People will ask, “Do you have this locked up with the seller directly, or are you daisy chaining this?”

Real Estate Terms (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions