All Forum Posts by: Faun K.

Thanks for taking a look!

Any advice, referrals, experience on where to look for this particular type of loan?

I'm seeking a 2nd position loan for a gut renovation on a rental property that I have owned for 4 years and will hold.   While I know 2nd positions aren't a go-to for lenders, especially on a renovation, this could be a safe and attractive bet for the appropriate lender, or private equity.  Any ideas / experience / recommendations would be greatly appreciated.

PROPERTY: SFR, 2bd, 2ba, 858 SF. Also includes a 250SF ADU. 8250 SF usable and with huge oak trees a desirable, touristy community and very low inventory

SEEKING 2ND LIEN LOAN: $200,000 (LTV ~60%)

ARV: 1,200,000 +

CURRENT MTG: 3% i, 498,000

STABILIZED RENT BEFORE DEMO: $4,800

ESTIMATED RENT AFTER RENO:  $7,000 +

MY FICO: 800+

MY EXPERIENCE:  2 FIX & FLIPS, 2 BRRRs

ADD'L NOTES:   The main house sustained fire damage that will require a gut renovation incl a new roof.  We've gone through the process with the insurance company and have apx ~$250k toward the rebuild/renovations ($200k is currently with the mortgage company in escrow and another $50k earmarked for code upgrades, depreciation, etc).  We plan to add 50 SF to current footprint for a total of 858 SF 2bd, 2ba.   It's California... 

I've filled out the lender form here and got flooded with inappropriate responses.  Hoping for some guidance!  Thanks in advance.

Will there be another meet up?

@Luis Vaca Yes, please do let me know.  We ought to be getting back to normal life (relatively) soon.  🤞

@Luis Vaca - thanks for the note!  Do you attend any RE investor meetings up there?  It'd be nice to get dialed in with some other investors.  

@Dennis Maynard I was thinking I'd want an architect who know the zoning and codes in Ventura, specifically in Ojai.  I do know architects in LA, but hadn't even considered them.  Sounds like you think they might be just fine, so I'll reach out and see if they're comfortable up there.  Thanks for the note!

I just bought a duplex in Ventura County after four months of looking and learning about the market, which is still new to me.  I'm from Santa Monica and have always worked the LA area.   

Would love to network as much as possible in Ventura County, for this deal and others as well.  I'm really enjoying the people I meet up there thus far and am considering even moving there.  First questions:  

Does anyone have a good and reasonably priced architect to recommend?  

Where do locals look for (or place ads for) rentals in Ventura?

@Sean Calhoun

 -- hope you saw this other discussion.  Executives from both companies chimed in and it's really helpful! 

 http://www.biggerpockets.com/forums/92/topics/9710...

Hey @Sean Calhoun, valid point about it not being a foreclosure market and that's really what Property Radar specializes in.... what did you decide to do?  Any more thoughts on this?  I'm considering Rebo now myself....

Ha!  Just went to your website and answered my last question!  @Rick H.