Ten x
Hey , does any one know or used ten x to bid on commercial propertys ? 
[{"id": "dvuncxl", "text": "Yes. What do you need to know?", "replies": [{"id": "dvunokz", "text": "Hey i see you work for a hedge fund in cre . Pretty cool . Do you guys buy from this site ? Have you gotten deals ? ", "replies": [{"id": "dwpmrkz", "text": "There are no deals to be had. Anything institutional grade gets cobbled up by the CCR exercising an FMV with the SS, and if the SS sets an FMV too high to execute on then the CCR still likely won\u2019t let it go unless you over paid. I\u2019ve run some ten-x auctions to liquidate remaining assets in a pool that have hit a point in their lifecycle where were just like get this stuff gone before we let it go back to the city in a tax lien auction. If you see something that you think is a good buy do a lot of DD to get to a comfortable price but know that there is a high likelihood that at your execution level it either (a) won\u2019t go (b) you\u2019re over paying. Not saying this to be negative just a harsh reality of the platform / nature of the SS beast / CCR investor world ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dvunh3h", "text": "Are there actually good deals ? Have you bought from there ? Or bid on a property ? ", "replies": [], "depth": 1}, {"id": "dvunr2c", "text": "Not all it\u2019s cracked up to be.  I\u2019ve been on the buyer and seller side.\n\nTen-X reps will artificially place bids on a property to drive the price up to meet whatever reserve the seller set.  As the buyer, you have no idea what the reserve is, and you can be sure that even if nobody is in the auction but you, the bid price will continue to increase at the last second. \n\nI can go into more detail but I\u2019m on mobile at the moment.  At the end of the day, I\u2019m not a fan. ", "replies": [{"id": "dvunw2f", "text": "Thanks . How about thier money360 financing . Are thier rates competitive ? Are they usful to use ? \nAnd did you ever actually close on a deal ? ", "replies": [{"id": "dvuu4f3", "text": "~~Money360 is just a standard/good mortgage broker option.  Rates will be as competitive as any other qualified mortgage broker.~~\n\nEdit: I made it all up.", "replies": [{"id": "dvyloxq", "text": "Money360 is actually a direct lender. You won't get multiple quotes from them, so they won't always be most competitive. Decent bridge lender.", "replies": [{"id": "dvyqslu", "text": "I see.  Haven't used them before, just assumed they were similar to other in-house options brokerage firms are utilizing.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "dvvchei", "text": "Agreed. Was a top bidder on a deal but had mysteirous other bids. \nWith that said. The owner came back to me on the high bid number saying his bid fell through. We weren't interested at that price. \n\nWith that said. I will tell you this. They prequalify their bidders and do not delay closing. They push really hard for quick closes. If you want a firesale. Maybe they'd be a workable option. Minus the fake bids. \n\n6/10 exectution \n10/10 marketing and design.", "replies": [{"id": "dwpn9iu", "text": "Generally what happens is the OA for the trust will set a soft reserve and have the robot bid up to the reserve. That being said even if it hits the OA/CCR still has a purchase right and ultimate approval over the trade. Generally for stuff put on the platform we are trying to test the water on what a quick execution looks like OR trying to prove up an FMV to the SS to say hey look, market prices at x level so let it go to us for Y. Alternatively in a pool workout there are a lot of moving pieces to maximize recovery to the lower tranches so we could just say no trade let\u2019s try and execute on an REO bplan to maximize recovery. Generally when we\u2019ve gone back to people after reserve wasn\u2019t hit is because it\u2019s total dog garbage, we recognize we can\u2019t sell it otherwise and just want to get a quick sale. Caveat emptor on a post auction deal or beating the robots. Good luck!", "replies": [{"id": "dwq4gjx", "text": "That's funny. That's pretty much exactly what happened to us. \nThere was a warehouse condo which we called at $50psf. It was poorly located on the site but it was a well located parcel geographicaly. \n\nWe bid and we're out bid. We had to show proof of funds that we were all cash. Jump through hoops. Got bidding rights. Were immediately outbid. \n\nThe seller came back to us via a back channel sans brokers @ 70. We told him it's just not worth it. It's been 1.5 years or so. It's still on the market. \n\nIt's now the best priced space in that market. But it woofs and growels. It's an interesting site, I don't see myself not using it one day. But if you price a property right, I imagine a half decent sellers broker has the buyer in pocket.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dvv3k8m", "text": "Never used it. I'm friends with current and former high up executives and investors in their company but never used the platform myself. \n\nEric Paulsen at Cushman &amp; Wakefield in Irvine, CA was an executive there for a long time and now is back in brokerage managing the Irvine office. You can reach out to him and he can give you feedback. Give him my name. He's a super cool and knowledgable dude. ", "replies": [], "depth": 1}, {"id": "dvvpl37", "text": "Can you expand? I do quite a bit of bidding on that platform", "replies": [], "depth": 1}, {"id": "dvx8w13", "text": "This is good info to know.  Please keep the comments coming.   There are no good alternatives to CRE online competitors like CoStar and Ten-X, it seems like. ", "replies": [], "depth": 1}]