All Forum Posts by: Chris Isaacson

I agree with Russell, 45 days would be a no go. Especially on a property that was desirable enough to secure a cash back up.

@Syed-Shawn Azam happy to speak more about your goals! I will message you

I have been reading many forums for years and the cool thing about forums is the date of the conversation is documented so you can know what people were thinking and when. I have read on other forums and many established or experienced investors did not see the bubble per se and for the few that did they were speculating a mild drop as if demand were just to ease off. I don't know if people were trying to avoid being labeled a fear monger or if they really didn't think values could drop. It is just interesting to look back and I expect in the future I will be looking back at threads like these. Even non real estate forums were all talking about real estate, could have been an indicator I guess.

@Wayne Brooks You are correct, I assumed by his statement of being a licensed broker that it is an active license. It is actually odd that this thread got revived because I am going through the broker licensing process now and on the application they asked for the name of the company you are creating/joining. You can choose your own name (Chris Isaacson Realty or Chris Isaacson, Broker were examples given by the BRE) or you can have a brand name but you have to go through the process of a DBA. Your process may be different, since I am a new applicant they are covering it all now but since you have a license I would contact the BRE or go on to their website and see how it can be recorded so your new license is issued attached to your brokerage.

@Greg Rutkowski Yes those are the risks of sole proprietorship.

Sorry to hear about your situation. It is interesting to read about different states emd and contingency release policy. In CA it is quite difficult for the sellers to keep the EMD. Contingencies do not get automatically removed regardless of time line here and the buyers have a lot of protection/outs.

I have a few concerns but I am also not trying to be a naysayer.

First your days held at 50, assumes you can complete the rehab in 20 days and accept a full price offer with a smooth escrow right out the gate.

Are you a real estate broker or are you planning to fsbo it because I only see one side of the commission?

Do you have comps to support that ARV because it looks like it maybe a reach and an appraiser could possibly hammer you down on price.

That is a decent amount of rehab for that budget which doesn't allow for any errors

Are you planning to keep the kitchen like that? I didn't see any remarks about cabinets/counters

If you were the ones who locked this up I wish you the best and hope it works out well. If that wasn't you than possibly look at 9019 Propeller Ct if you haven't already. Needs similar amount of work but is in a neighborhood that supports higher values.

You mean it's pending, they accepted an offer this afternoon.

Sorry Jenn I don't have any suggestions besides reaching out to people directly and talking over coffee or lunch. I just wanted to chime in and say that I have had the same feeling when going to these meetings. 

I should of added NEED HELP!!! to the title

I have a contract on a house that is a major fixer. I am buying the other rehabber(seller) out as it is a bigger project than he anticipated. I am going to purchase for $180k and do a wrap with the existing seller and his HML, construction bid is just over $150k and I have private money for this. I intended to refi when construction was complete and possibly make it my primary residence, the ARV would be $500k or higher if the market stays strong.

I called my lender to discuss the end game and she said that she cannot refi on AITD and that they are illegal. I called my other lender and he said that he could not refi on it either but did not specify the legality. I have never tried to refi a wrap so I don't know if this is true but from what I have read other investors have not had a problem refinancing with this situation.

*I intend to cash out refi as much of my investment as possible, I also have VA which if I could refi after 12 months I was told it may be easier to cash out refi