All Forum Posts by: Gary Wallace

@Alex Heidenreich that is a great idea. I'll take a look at the California code.

@kim 

@Kim Meredith Hampton The tenant is cooking some basic breakfasts in the morning using the microwave for eggs and the toaster for bread and waffles but obviously cannot cook anything substantial without a stove or oven.  They've been able to bbq here and there.  But having to probably order or dine out at least once a day if not twice.  

They originally tried to go through the homeowners insurance program but it took too long so they ended up buying one but it won't be delivered until November 10th.  Oven went out on October 1st.

As a landlord, how much would you expect to credit your tenant if the oven and stove stopped working and you couldn't replace it for 40 days? The tenant is a family of three and has to order out or dine out almost every meal other than what they can make in a microwave or toaster. Total rent is $3200 for a condo in Newport Coast, CA.   

Welcome, Dan!  Please let me know if you need any assistance with funds when it comes to purchasing your next project.  We are a family office in Newport Beach, CA and specialize in private lending.  We currently have a project in La Jolla and visit frequently.  

We'd love to connect with anyone needing a private loan in CA or TX!

Investment Info:

Single-family residence buy & hold investment in South El Monte.

Purchase price: $680,000
Cash invested: $510,000

We funded this loan in 48 hours. 75% loan to cost.

What made you interested in investing in this type of deal?

The comps and ARV checked out. Borrower's have good credit and will qualify for a refinance to exit our loan.

Investment Info:

Small multi-family (2-4 units) private money loan investment.

Purchase price: $1,500,000
Cash invested: $1,200,000

This was a bridge loan at 80% LTV and 9% for an experienced investor who will be refinancing out of our loan with a construction loan once permits are approved for construction.

What made you interested in investing in this type of deal?

The borrower was experienced and the location of the asset.

How did you finance this deal?

With our own funds. We are a family office and can fund in as little as 48 hours.

How did you add value to the deal?

Quick funding with no hidden fees.

Who can recommend the best and most efficient way to obtain out state licenses for lending ONLY on non-owner occupied investment properties? From what I've gathered so far, it seems a lot is unnecessary if you're not lending or brokering any owner occupied properties.

Yes, on this particular loan, we were able to lend at 75% loan to value at 9.5% for 12 months. The total points involved on the deal between us and the broker were 2.5

Investment Info:

Single-family residence private money loan investment.

Purchase price: $3,285,000
Cash invested: $2,463,750

https://www.zillow.com/homedetails/4458-Mammoth-Ave-Sherman-Oaks-CA-91423/19986445_zpid/

What made you interested in investing in this type of deal?

Great investment opportunity. We were below our max 80% loan to value and the borrower had experience with investment properties.

How did you find this deal and how did you negotiate it?

The borrower was a repeat investor of a broker we work with on a regular basis.

How did you finance this deal?

Our cash. We are a family office and a direct lender.