All Forum Posts by: John G.

Hey BP community!

I'm interested in making an offer on a 5-plex rehab/reposition opportunity, but have a few entitlement hoops to jump through (historic, zoning) in addition to typical building approvals. How would you go about making an offer on this kind of property? Would you do a letter of interest or an offer contingent on some level of entitlement approval?

I want to change the two commercial units into residential. The city says it's possible, but there will be lots of details. Anybody out there with experience with this kind of situation?

Thanks!

Bart:

Thanks! Any thoughts on developing those relationships with banks? What are you doing?

--jg

Does the problem go away of the first TD permits a second and there's an actual exchange of cash?

What about just recording a lien, a friendly lien versus a friendly second?

Thanks!

Is anyone in BP land using friendly seconds? The most common reason I heard for using them is to protect equity. Is anyone using them to help with the lack of cash out refis?

Since banks are so skeptical about cash out refis right now, this could be a way to get your cash back out of a deal.

You (another entity) put a friendly second on the property. At close, the new lender pays off the first and the second. Then the friendly second lender pays out to you to cover the cash you put in during purchase/rehab.

Does this make sense? Is it possible?

Thanks!

Will:

Are you buying your REOs via MLS or directly?

Thanks!

Jake:

That would be great. Could you PM me with the contact info?

Thanks!

Steve:

Good point. I should definitely attend a sale here in Alameda County.

Jay and others: Do you know of anyone in Northern California attending sales?

Thanks!

Will:

Given the tight spreads, are trustee sales still an active part of your pipeline. Are you still in the room?

Thanks!

Are you buying at trustee sales? I'd like to hear your story. I'm sure a number of other BP folk would too.

I'm hearing that this where the deals are, but I'm unfamiliar with them. How are you funding your trustee sale purchases? what kind of pricing are you getting? What is your success rate at the sales?

Horror stories accepted too. :D

Thanks!

Mitch:

I appreciate the tip.

Thanks!