All Forum Posts by: Caleb Charles

Hi BP,

I am currently looking at a property that has been vacant for a few years now. I've noticed management signs on the window. I've called which directed me to Wells Fargo REO department. They've informed me that they backed the loan and not necessarily the one who services it. I am currently looking for contact information of the investor "Sandy Canyon Corporation" or who might servicer there loans.

 All information is greatly appreciated. 

@Danielle ThomasI was searching online for Sandy Canyon Corporation and this post came up. Did you ever find out any other information or contacts? I have a property I am looking at and Sandy Canyon Corporation was the last investor as a grantor. I'd like to know who services the loan. There are notices on the door with phone numbers directing to Wells Fargo, but they've backed the loan, and not actually the servicer. 

@Dion DePaoliSince you've last posted this have any other info on the loan servicer?

Any info would be great.

Thanks!

Caleb

Hi Rick Jones great post! I've seen this done. Recently too. A friend of mine purchased a lower triplex on south end boston for $1.5M put $400k into and just sold it last week for $2.65M after two weeks on the market. Cash as well. Probably one of the best luxury flips I've seen since I've been in the business. As a few others mentioned he didn't have a dumpster and had to haul trash out everyday, and he worked with a skilled investor on permitting and the construction aspect of the project. He purchased it in Dec 2014 and just recently sold it. I've been thinking about the brownstones as well but they're pretty expensive and not to many to come by. The previous owner made out well. He purchased the building in the late 90s for $186k. Converted the floors into condos and sold the top two floor for $500k a piece and than the bottom triplex for $1.5M to my friend. Overall it was a great deal and as long as you know what your doing or have the help you should be fine. Also that was his first flip ever!! Keeping in mind he had the capital and partnered with a more skilled investor. Good luck on your search!!

Hi Rick Jones great post! I've seen this done. Recently too. A friend of mine purchased a lower triplex on south end boston for $1.5M put $400k into and just sold it last week for $2.65M after two weeks on the market. Cash as well. Probably one of the best luxury flips I've seen since I've been in the business. As a few others mentioned he didn't have a dumpster and had to haul trash out everyday, and he worked with a skilled investor on permitting and the construction aspect of the project. He purchased it in Dec 2014 and just recently sold it. I've been thinking about the brownstones as well but they're pretty expensive and not to many to come by. The previous owner made out well. He purchased the building in the late 90s for $186k. Converted the floors into condos and sold the top two floor for $500k a piece and than the bottom triplex for $1.5M to my friend. Overall it was a great deal and as long as you know what your doing or have the help you should be fine. Good luck on your search!!

This is pretty good. I'm currently working with a client as a buyer. I was able to help him get two pre approval for VA funding. The loan officer informed me when I find a property try and have the seller give funds towards closing. Ideally I don't want my client to come out of his pocket for closing fees. I'm still a little confused how you were able to get funds out. Isn't this general ledger on the HUD, and not actual funds in your hands?

Hi BP, I am curious to know about a loan a buyer has presented. This question might be geared towards investors, buyers, sellers, or whom ever in MA. Has anyone ever dealt with an MA Housing (MPH) one mortgage loan program? Either as a buyer or seller. I'd like to know the pros and cons of such program.

@Ann Bellamy  Hi Ann, thanks for the insightful information. So I take it, that it would be best to visit a smaller branch within the area who understands the market. Is it a problem to go outside the state? Especially @Neil Aggarwal stated that it doesn't matter who writes the loan. 

@Franklin Romine Thanks, Frank! Did they give you 8 loans as a blanket loan? Also can you explain a little further about recycling your capital?

Hi BP, I am curious to know about portfolio lending. I had a banker tell me about it. I am looking to cash out a hard money lender on a rental investment property purchase. The banker informed me that his bank is "true portfolio lender." Wasn't sure what that meant. What are the pros and cons that someone should be aware of with this type of loan program? Also, are there any portfolio lenders in the Boston, Ma region?

@Stephan Haas Hi Stephan, I am currently working with them on a transaction. We haven't closed yet. I am using them just for just the acquisition. Anh questions I can answer?

@Joel Owens Hi Joel, thanks for the info. I have received offers from interested parties. Seasoned investors are trying to grab as much multifamily in these areas due to the fact rents are climbing, and properties are at a premium.

We've also heard that the 1st unit tenant is starting to move, and the 2nd unit tenant needs until the end of the month to move into their new place. For more reassurance my lender and I have requested a signed letter from each tenant stating that they will be out before closing. Also, pictures of the empty units. That was a first for me. From my review it showed that the owner owed 190k. I'm getting the property above that price so I assumed anything above that is going into his pockets. I know I shouldn't assume, but I don't know what else he owes. Also, I've been informed that his window of opportunity to sell is fastly approaching. 

@Ann Bellamy Ann, thank you for the detailed note. I have communicated with my coach, and he's advice the same. I've since asked for an additional $25k. Currently waiting for a response. I will keep you informed of the progress. I spoke with an investor who just evicted an owner's family member to purchase a property in a prominent area. He informed me that the owner was scared to evict his own family so he stated if he went lower on the price, and gave him some time he would help him through the process. The investor stated since the tenants weren't paying he got his attorney involved, and he took over from there. 

Aside from that he has agreed to deliver it vacant, and most likely I won't purchase it if he doesn't. I've also tried to go back on renting back to the seller, but stated that was the reason why he agreed to sell it to me. I'm going to talk with my attorney again but we are now past the P&S and have created an addendum.