All Forum Posts by: Caroline Gerardo

Is it really assumable? Get the note. FHA or VA generally are assumable. Do you have the down payment and closing costs? Can you qualify with your past two years IRS returns? Is the loan current? Has seller had late payments in the past year?

Learn to skim coat.

This structure is 120 years old. Does it have: range hood, built in oven, dishwasher that are antiques? No those came out in the 1960's. Someone plugged in electric appliances that need more power than this was designed for, added light fixtures, and it's overloaded. How old is the HVAC? Electric running through rickety cracked frayed funky and brittle old stuff is a hazard.

It's expensive to fix. Replacement means cutting holes in the wall and creating dust. My guess is the house also has lead and asbestos. Replacement might be able to run through attic, and pulled through other ways but you do not want children, dogs, and stuff in the way. There will be no power for a day or two depending on your licensed contractor.

Plank or batten box house is same as a log house (can't conceal electric or plumbing well), I would make them safer.  

Get the license. 

§48-1-109

I'm excited to follow your progress. Please take the "before" photos. You will find a variety of helpers on BP. I like to think of some as cardigan sweater wearers (Mr Rogers); some are people looking for business; some dreaming to start; a huge variety of information.

Happy to roll up my sleeves.

@Erik Estrada hard money does ground up as poster asks. It's short term and very pricey. Hard money wants BIG equity as we are talking about a high risk loan that the hard money guy gets land to foreclose upon (60% loan to value or less). Hard money wants cash equity, good FICO, exit plan to pay them off in 18 months. Stick built WILL not fit an 18 month plan. Plans Specs Cost Breakdown Permits are going to take 10 -14 months to start. Assume you need an extension and pay 5 points.

@Robert Ellis two people asked you for reference names of such lenders, if you are brokering then just say they can DM you. 

There are short term construction lenders FULL DOCUMENTATION, the whole novel of borrower past 30 months. None roll to a permanent loan that I know of today for non owner spec.

@Mitchell Krotz As to modular. IF the subject land is in city with  accessible roads contact Impressa- Ken Semler. They have solutions that appear when complete just like stick built. Some lenders are 'hatin' on modular so get it in writing.

DSCR is a type of loan product not a lender type. MARKET rents cover all the payment plus a dollar. The subject must be rent ready at closing so building/new construction is not a fit. IT may be an exit strategy from your hard money or construction loan. This means you have to do two loans. Get qualified for the end loan now. The lender doing DSCR today may change their rules or not be around in 24 months given this tough market.

Make a demand for your uninvested cash by email, in writing by USPS certified 

#PeerStreet
I believe the beautiful location in El Segundo is empty/closed 

To file in Delaware court Case Number: 23-10815 (LSS) 
Deadline to Object to Interim Approval of Disclosure Statement and Solicitation Procedures February 14, 2024(04:00 PM ET)

Hearing to Consider Interim Approval of Disclosure Statement and Solicitation Procedures February 21, 2024 

Judge Laurie Selber Silverstein

FILE!  Even if you DIY 

I would NOT adjust the payment for free. Tell them they pay attorney fees $7000, notary fees $400 for two people two locations, recording fees $100, any title or taxes it will slow down the desire to make changes. 

This also changes whatever tax planning you made, add in the CPA fee.

With million dollar loan at year ten at 4.5% rate 30 year term you owe $801000+/- 

If you only paid $5000  a month the rate has to be super low. What seller would take a 4.5 return, risk having to foreclose, and wait? (none they will sell and get their full return). Plus taxes and insurance of $20000+ X 10 years= $200000

You will need a $1,010,000 loan at 77% loan to value of $1,300,000 to pay them in full.

You will need a FICO of 720 and $27000 monthly income assuming you don't have credit cards or car loans... assuming Jumbo loans are qualified similar to how it works today. I have no way to predict what the mortgage business will be like in ten years.

run