All Forum Posts by: Jay Clegg

Hello @Aaron Kaplan

I'm a contractor that specializes in rental flips, fix and flips, Tenant improvement's, etc. for commercial and residential properties. We are a family owned and operated business and have been in business since 2005, licensed with the CSLB, #955814, Insured and bonded. Construction Quality Management Certified by the US Army Corp of Engineers.

We are also Real Estate Investors and are a one stop shop.

I'm a little ways out from Davis (1 hour and 20 minutes) which i'm sure we can work something out.

"Modernizing places where people live, work and learn". 

If anything, i'm at least looking forward to connecting.

@Corby Goade I took your advice and after scouring numerous agent profiles, I found an agent in the area that will charge 3% to facilitate the transaction, of which i believe is gong to be money well worth spent (as you've said), along with getting some schooling too. On another note, the reason i'm going with her is she has the largest company in the area for property management and vacation rental management as it's about 2.5 hours away from me. WIN. if we can get this deal closed out, i believe we will be in good shape for many moons to come.

@David M.

Thank you. 

@Charlie MacPherson

1. Shes an extended friend of the family and recently was made aware that i'm an RE investor (newbie). Another good add to it is she has a high profile company renting it from her as well.  

2. Yes she is, she's over leveraged with other properties shes invested in and needs the cash flow. Because i am an extension of the family she is offering it to us first before listing it with an agent. They owned this property since 2015. I believe it to be one of those "family deals" with a "here's a property to help you get started". We've known each other for several years and have taken trips to this property as get together's. She just wants out. She believes there is about 56K in equity, but after getting some comps in the area, i believe it to be more in the range of 100K. Yet the results will be after the appraisal.

3. Yes. she will cover the inspections, House and septic. I am a contractor, shes knows i'm a contractor, so she cant try to pull wool over my eyes, shes not that type of person from what i know either. The property is in good shape and could use a new deck, but outside of that its in very much a nice livable condition. As stated above, it is currently under a lease agreement until June 2020. She wants it sold by then and has offered to take over now while the tenants are still in place.

Thank you for the reply.

I have a prospect who has finally contacted me and wants to sell to me with the terms through title only and no agent involvement. She will cover all inspections. The property comes fully furnished as well.

I have requests in from a couple of my local real estate contacts to get me comps. From what I’m able to see, there is the potential of 100K equity in the deal.

I’m unfamiliar with this type of transaction as well as this will be my first deal (RE newbie). I understand I will want and need title insurance for this transaction.

Can I get some insight on how I need to close this deal out?

I’m also looking for a title search company/ attorney that is licensed to do escrow.

Signed,

Motivated

Hello Fellow BP Investors,

Are you looking for a general contractor to help complete your investment needs? Then look no further. We are coming to a close on a large project that has allowed us to expand and grow our business. We offer competitive (based on current market) rates, honest, up front, no BS, free up to 1 hour consulting, for any project whether it be commercial or residential. Flips, BRRRR's, Rental turnovers, quick fix, etc.

We have to see your project in person. We do not give quotes based on photos or over the phone. We have had to many clients try to get a "rough estimate" over the phone, then a member of our team shows up to see really what the issue is, it comes out to be a different number which creates a not so good of a consultation. We like to be hands on, up front and give our best price. In order to do that, we have to see it with our own eyes.

My Name is Jay and I have been in this business for 36 years. Our Family owned company has been in business since 2005 and fully licensed bonded and insured since 2010. I personally have built and managed many projects from a couple thousand to $150M from ground up to full rehab. Project milestones are a key performance to meet scheduled deadlines. We use MSP (Microsoft Project) to track all our projects from start to finish with Milestones clearly highlighted at what date it needs to be completed at. This is clearly posted in a conspicuous place for all to be reminded of the importance of the milestones and schedule deadlines.

Communication is #1 with our firm. Imagine if your contractor gave you daily status reports on each project you have rather than chasing the contractor down for information? No chasing here. We provide daily status reports so you can do what you do best, focus on your investments. In the end, you see the final project and will want to continue doing business with us, as all of our other clients have. Repeat business and building a strong rapport is invaluable to our business culture.

Sound to good to be true? Theres a reason why we have been in this business for as long as we have. Our passion for quality workmanship, safety, communication with each client, detailed documentation has allowed our company throughout the years to be different from your average contractor. 

Give us a call to schedule your free 1 hour consultation. We'll go over the details of your project and the details of our business culture, how we operate to achieve success for both of us.

Our areas of operations are (Northern California) Certain Areas of Contra Costa County, San Joaquin County, in some cases Sacramento County. Soon to be expanding in the Phoenix, AZ market in Summer of 2020.

Look forward to speaking with you.

Jay Clegg

Clegg Construction

www.cleggconstruct.com

"Modernizing Places where People Work, Live, & Learn"

Thank you @Anthony Hanks 

@ Ryan Webster Thank you. I'll have to ask a bit more info on how that would work as I believe what I have seen online with my 401K brokerage firm and the read above from @Nathan G. , I may only be able to leverage 50% loan once a calendar year.

@nathang Thank you for the read. Looks like Im only able to buy and hold for personal, and cannot invest without tax implications. I will have to contact my broker to see what can be done.

I have an active employer contribution 401K and was wondering if I can leverage a loan from it to start with my first deal. The cool thing about it is this particular investment firm offers a 7.5% return to myself for the loan as long as it's paid back with an auto withdraw payment after tax from my normal paycheck. I only have about 15k In it as of now and an additional 6k in savings. I have heard of going through a self directed IRA, but not much info on this item I'm referencing. I just need to make sure it's at a comfortable amount on the withdrawal without feeling over extended until enough passive income is made to offset the withdraw.

My son and I have been driving for dollars around the Central Valley and east bay areas and have sent out roughly 40 yellow letters to date all while still searching to try and increase our prospective % ratio and gearing up to try and make that happen when we get our first prospect.

Can this BRRRR strategy still work on pre-foreclosures?