All Forum Posts by: Chet Mazur

What are the legal/land ownership issues?

 But what is the rest of the world using. e.g. Title, mortgage broker, etc.

There has to be a standard of interoperability. I used to be in software and was dealing with this crap in the late 80s. Still no agreement. Good luck to you. My broker uses some package, that I have a "fill only" freeware version.

Are all of your team willing to move to an e-sign platfor... being 1/2 paper and 1/ e-sign is painful... Ahhh some day.

Check to see if there is a "small lot" rule. Allowing say a 5K  foot to be split in 2x2500, is how they get "affordable" units to work.

The other thought is an inlaw-unit which would create income for whomever buys and builds.

I wanted to see if any has dabbled in this market and how they have done. Any word of  wisdom?

do you have affordable or below market rate (BMR) requirement for you project? Here if you have more than 5 (?) you have to start setting a side affordably unit.

You might want to look into an expediter that is familiar w/ all the ins and out of working with the city. Perhaps the construction/project manager can do this on the front end.

Any comment on why fourplexes and not true apts?

I am (still) working a dealing trying to buy a 2nd that's in default. This deal died before xmas and then came back to life last week. There is significant equity in the property, that's why I have a death grip on the deal.

If buy and I take the defaulted note to trustee sale, someone can over bid my opening bid. If I see that the deal is worth 500K, it's likely that someone else does too. This over bid is real cash that go to the borrower.

I would like to not take the property to trustee's sale, but still get clear title.

This maybe state specific to CA, but the only thing I thought of was a deed in lieu.

Doesn't the court ruling give the amount sued for and opening bid? I just looked at a sheriff sale notice in Santa Clara County, and it had both.

What found on a construction lender site, they were calling an interest reserve.

If it's a 6 month loan, they hold back 6 mo of interest, that the builder doesn't have to worry about making a payment.

I am having a brain fart today so I'm consulting the oracle.

If have a 12 mo loan, and they bury the interest in the loan balance, what do you call that?

Very typical w/ construction loan such that you don't make payments during construction.