Debt Doctor

Multifamily investing is where I'm watching the next round of trouble build right now, and the fault line runs straight through how the 2021 and 2022 deals got financed. Ken Gee has worked three seats in this business —...

Years of free loan modifications didn't solve the default problem, they delayed it. In more of my markets than I'd like, mortgage bankruptcy filings are already ahead of foreclosures, and the servicing shops, law firms...

Every borrower a bank turns away has to land somewhere. More and more of them are landing in private paper, which means they're landing on you. Affordability isn't cooling the housing market. It's reshaping who can...

Something is turning in the loan books, and if you hold paper or source your own deals, it's already moving toward you. The distress in private credit that keeps getting written off as noise is only getting started. FHA...

Put the last five years of weather on one screen. The quakes. The heat domes. The fires that jump highways. The floods that sit for weeks. Typhoons snapping records they set the season before. The words we use to keep...

California real estate is repricing right now, and it's not the big projects doing it. Microdevelopment is what's moving, and if you're buying in this state, it's already changing what your next parcel is worth. Jared...

You won the asset. The hard part was supposed to be over. Then you find out who's still inside and a clock you didn't know was running starts counting against your capital. REO properties rarely come empty. I sat down...

The housing story we're hearing in the headlines and the housing market that's actually trading stopped matching a while ago. If you're reading the coverage and pricing your deals off it, you're working from the wrong...

National debt just crossed thirty-eight trillion, and rates have climbed to meet it. Every loan and every property you hold costs more to carry than it did a year ago. That's the front on every headline. It isn't the...

The spread looked clean. The EBITDA held. The paper priced right where it always does. Sit with that a second, that's the tell. Private credit turned into the easy yes on your desk. Steady yield, no theatrics, a number...

The last foreclosure wave taught you what to watch for. That's a problem now. Michael Krein, President of National REO Brokers Association, is back for a second sit-down, picking up where the NRBA floor left off. What...

You booked the best priced fare. It felt like a win. Then somewhere over the country a flight attendant slid an airline credit card offer in front of you and the math quietly turned. At first glance, airlines sell...

The commercial real estate distress you braced for two years ago never showed up. That should unsettle you more than if it had. I sat down with Jason Alpert, Managing Partner of Castlebar Holdings and former banker who...

You know how to read a deal. So here's one worth a second look: there's wealth building in manufactured housing right now that you can't see from where most capital is standing. It doesn't announce itself. It won't show...

A staffing company makes payroll for hundreds of workers on Friday. The invoices for that work won't pay out for 60 days. Traditional lenders look at the gap, ask for a building to lien, find none, and walk. Accounts...