All Forum Posts by: Steve L.

Adam, in California most of those items are required to be done during the tentative map stage which it sounds like David has already obtained. 

The Conditions of Approval for the TTM should give you some guidance on major issues.  

For Wet Utilities: Sewer and Water will charge substantial impact fees, between $8,000 to $20,000 per unit. Some require you to use them or their contractor.  You will want your engineer to prepare plans and get quantities to get an estimate.  Another $5,000 to $15,000 per unit for installation depending on the complexity.  

For Dry Utilities: Edison won't start the process until you have final approved plans.  All the other utilities will want your approved Edison plans if you plan to do a joint trench.  Is there existing poles?  Does the City require you to underground them?  If it is relatively simple you can budget $2-3k per unit.

Are you trying to estimate the cost that Water, Sewer, Edison, and Gas Co charge or the cost the contractors charge to put them items in the dirt?  

Let me know if you need help or further details.  I have quite a few projects going in the inland empire.

Larry and Janet French run CV REIA
https://www.meetup.com/cvreia/ 

I have some funds in a couple different 1031 exchanges.  I have a piece of land under option, that I have been working with the City on a lot split and plans for construction of SFHs.  

Let's say my purchase price is 450k.  I have fronted 150k in expenses.  

The seller wants to carry financing now, so very little cash will be required.  

Can I have the Seller change the sales price to 600k?  Reimburse my contractors company 150k in costs through escrow, that way I can get more cash out of my exchange?

I have read about improvement exchanges and that won't work for what I am after.  

I have done lots of short sales.  Never ran into this particular  issue before.

I already understand the pros and cons of a short sale in general.

I have a California short-sale approved.  

The Sellers owes $550k on the 1st.  $150k on the 2nd.

The first approved an offer around market value (around $300,000) and $5,000 in relocation funds and $4,000 to the 2nd.

The second says they will approve the amount but they will not allow $5,000 in relocation funds and wants the 1st lender to remove that option.

Does anyone have any experience with this or suggestions?  The Seller needs the relocation funds.  

@Derek Walvoord pull a list of every bank and credit union in your local area. Call the business lending department and ask about: seasoning requirements, LTV, lending to entity versus person.

What is the problem with 6 months seasoning?  To do a rehab, place a tenant, and have them pay a couple months 6 months is not very long.

Welcome to BP @Tom Pentolino  

Rancho Cucamonga is a great place.