All Forum Posts by: Ryan Fox

Just adding here that Brian can provide a BPO from November 2017 showing the value as of that date ranging from $5,418,000 to $5,845,000, as well as an appraisal from October 2016 projecting an ARV of $4,500,000.

@Karen Margrave - This one was torn down to the studs, so it is essentially new construction.  I'll look at the resources you suggested, but does that help at all?

@Dave Van Horn - Maybe you can work some magic on this non-performing note!  (Interest is overdue)

@Karen Margrave - Here is a link to view a .pdf of the pictures: 

https://1drv.ms/b/s!At6UPpIAciShrQWsNpshNzlRGtBo

@Karen Margrave - Just figured out how to add pictures and I've attached them to this post.  Yes, it is facing the ocean on Doheny.  

The loan is a syndicated loan and there is no contingency for cost over-runs like this.  I was one of the contributors to the syndication so I have an interest in getting this resolved.  Property is not listed.  He's planning to do a grand opening when it's all finished.  

Can you recommend a hard money lender for the extra funds he needs?

Correction: $700k has been used for rehab.

An investor colleague of mine, Brian Wellman, purchased this property to flip.  The purchase was financed with a mortgage of $2,752,000, covering the purchase price of $2,152,720, as well as rehab.  

The rehab has gotten behind schedule, but is almost finished. Brian is in need of $95,000 in capital to complete the project. Once these funds are received, the project can be completed in 10 days. A recent BPO showed a value of $4,200,000, which is 75% LTV. Recent pictures are available upon request.

Brian is open to all suggestions as to how to successfully get through this project, including loaning him the $95k or purchasing the property outright from him and completing the flip.  (Purchase price above is only placed here because this post requires that a dollar amount be placed - confirm price with Brian.) 

Brian can be reached at [email protected].  Please do not contact the poster.  

@Joe Homs 

@Jo-Ann Lapin

@Duke George Brady

@Andrew Fielder

@Stephen Burtin - Thanks.  Had not thought about that.

@Kristen Duggan - Kansas City Investment Real Estate - http://www.kansascityinvestmentrealestate.com/

I was wondering if anyone has purchased a buy-and-hold investment property through the above-mentioned company and would like to share their experience.  

Also interested in any experiences with their related co's - Storybook Realty and Plaid Management (PM).  Thanks in advance!