All Forum Posts by: Brennen Cook

Hey BP!

I have not forgotten this diary! Much going on. My apologies if I have not updated enough. 

I would have hoped to have already placed the house on the market, but unfortunately that is not the case. I had a permit issue which actually shut down construction a week and 2 days. Not fun! Back on track now. Not sure what track, but....

I thought many people in dealing with real estate have a hard time upholding to timelines. Maybe it's rubbing off. That or it can be hard to coordinate so many moving parts. And more. 

Lots of experience. Lots of lessons being learned. This one is definately a fun experience.

Anyways, here is the final floor plan..

Should look very nice. I hope to be honestly finished in two weeks. Heard that before though.

On another note I have a post construction appraisal on the home. I was very happy because with recent sales it appraised at $535,000! We shall see what the market says. Hopefully sooner rather than later. Looks like I am going to be forced to sell in not the most opportune time. 

Yes I can, but I would still be looking at months of time. I still have about 100 days left for response to my NOD filing. Then it's actual foreclosure If I'm not mistaken. And it'll cost me upwards of 60k to do. The time and money might just be worth the deed in leui if my evaluation is correct.

I am considering forclosing to get rid of them. And I am aware I take ownership of them. There could be significant funds still left to be made (almost 1 million) and it might be worth deed in leui To avoid being outbid at my own auction. 

Quick question BP. Hope someone out there can help.

I have a hard money loan out that the investor has defaulted on. I am in second position and have beaten everyone to the forclosure punch. When I originally gave the loan a part of the documents is a statement that no subsequent lines can be placed on the property without written approval from myself. Since then they have added two smaller liens, a 3rd n 4th, equalling 133k. Neither of these had approval from myself.

I am now in a position where some serious money is being left on the table ( the flip is not finished). Trying to avoid the lengthy forclose I have convinced the investor to sign the property over with a Deed in Leiu of Foreclosure. My question is do I have to have the 3rd and 4th cooperation? Or how difficult is it to have them removed. 

I imagine to title company will not insure or pass title without the situation resolved or the 3rd n 4th cooperation.

The mortgages are recorded and showing up. I am just curious the process (if any) to get recorded but unapproved (by prior lien holders) DoT removed.

Thanks,

Gordon,

Please send me over the address so I can run numbers and comps on my end. Thanks!

[email protected]

Hey BP!

Never failed me before so Ill take to BP again!

I am looking for about $450,000 in a "construction" type loan. 

I own a lot in Cameron Park, CA ( A suburb of Sacramento, CA) free and clear. The lot is 2.25 acres in a well established neighborhood. Homes here sell for about $250/Square foot. The 2.25 acres is actually TWO parcels that have been combined into one and I am currently in the process of getting it split back. I plan on building a semi-custom home at about 3,000 +/- square feet for an ARV of around $750,000. I purchased the land for $125k and there are a hand full of other lots for sale. Much smaller ( .75 acres or less) and selling for $200k ish.

Have  a contractor already,but willing to shop. I am currently in the process of purchasing a full set of blueprints for said lot. Once I have a secured floor plan down and confirmed with architect, I plan on getting a detailed estimate from my contractor and also obtain an after construction appraisal on the home.

Looking for potential funding / or would be wiling to consider a JV partner.

Any ideas, suggestions, comments, help would be greatly appreciated.

Entrance

kitchen

Bedroom 1

Full Bath

Bedroom 2

Hallway to Back Patio / Laundry

Master Bed

Master Bed

Master Bath

Master Bath/ Bed wall (to be moved)

Updated photos. Things a moving along fine. The layer start on the schedule hurt, but we are on par since. Excited to see the finished product and sales price...

Thanks  BP!

Make sure you keep your mind flexible and don't let one idea hold your creative thinking down. If you find someone with money and you JV with them it's only two hands in the pot (you'd juse pAy the contractors price aND nit gI've equity) . Just as if you partner with a contractor who will do the work and take his money on the back end. Finding a contractor to do the later is much more difficult than finding a hard money loan or JV (i.e myself =) ). The rates on a JV are usually better or at the very least comparable.

Rather than partner with someone to then partner with a contractor. You partner with a hard money lender to JV. You provide the home, I provide the funding, contractors, and project management. I pay the contractors and recoup my money and profit on the back end, same as you'll do. I'd love to discuss more. For educational purposes if not anything else.

Good luck and congrats! 

Bonnie,

I commend you taking to BP. It has always helped me out. What your talking about doing all sounds great. I myself would be interested in JVing with you. I have JVed deals in the past by bringing contractor/financing. Sounds like your looking for someone to come in with funds?

The honest thing is it has to pencil out. The numbers need to work. I would definately like to connect and get more information. Address? Current mortgage or lien amounts? Etc..

I'd be happy to talk more.

[email protected] 

Sorry BP for the delay. Investing, New RE agent, and more on top of job, wife, n kid. Construction has  since started. later than I would have liked, but the necessary  documentation can take time. Here's a few current photos.

Entrance

Kitchen

Bath