The connections, opportunities, and deals that come to the leaders of this community trump any points that could ever be given away by us. - Josh 'Never Got to 100' DorkinK.

In terms of appraisals, any exit strategy employed by our borrowers will depend upon a future appraisal, so we believe it is wise for both us a lender and for the borrower to have an appraiser offer an opinion of value on the front end of the project subject to the scope of the project.Furthermore, given many of our notes are financed by whole note investors, the investor, who has built trust in our team and our results, also has piece of mind knowing that someone licensed as an appraiser has offered a valuation independent of our process.That said, nothing trumps our gut, and we always reserve the right to adjust a value up or down based on our experience and our understanding of the market.

Price trumps all as usual.

Donald Trump has lost so much money in his gold tower in LV.

The following is a real example:Someone bought Unit 5806 in Trump Gold Tower in Las Vegas for $300K on 8/25/2010.

—United States Secretary of Defense, Donald RumsfeldThere are simply too many unknown unknowns for anyone to comment with any reasonable level of certainty about what will happen to a real estate market in a given calendar year; no matter who they are.

:)I think federal law trumps state law if it is more stringent in favor of the bonafide tenant and vice versa.

IMO HOA super-priority gets trumped by IRS 120 day right of redemption - the IRS must have elected to redeem the property, paying off any of the HOA liens along the way somehow (maybe only paying them from the proceeds of this auction), or leaving those as an obligation for the winning bidder.Of course, the "Nature of Title" and "Redemption Rights" paragraphs in that link will be in play.

Lack of financial reserves has made me weary of getting ahead of myself, but after the responses I can't help but think that the fear of failure far trumps everything else.

Donald Trump is an entertainer.