All Forum Posts by: Manolo D.

Shannon S. Look on the bright side, education is priceless and no amount of money can take it off from your head. 16 months, oh boy oh boy.

Originally posted by @Jeannette G.:

Originally posted by @Manolo D.:

Jeannette G. Your problem is not that big, if I were you, find a house out there that has enough space to go for what you need, use your 1.3 to buy it and your 300k to get a construction loan or just the 1.3 hopefully will be enough. it is best that you keep all 3 houses, if you sell to investors your 1.6 equity will have about 1.2 value at max, you lose 400k at a minimum, im assuming 600k loss due to the ADA capable home being converted back to a non-ADA to be sellable. Talk to Chris Mason about your situation, he might have a good solution. So after you refi, you can buy a house that’s big enough for a 3/3, then big enough back yard to demo/build your detached home, and pool/jacuzzi. This process will only take a year max so i don’t think it’s that long.

Thank you Manalo...

My parents have been approved for a hard money bridge loan to pay off their new house with money on the sale of their current house. They are both retired and cannot qualify for standard mortgage loans or refi’s without income to prove. We’ve been looking at homes completely renovated between 700-800k. There are beaten down options in the 500’s but based on the loan limitations and smooth transition of my fathers move from one house to another, it just doesn’t work with buying and doing the full renovation ourselves. 

 That might not be the best option for you, hard money is to be your last option since you have all the equity built in. Give it a little more time and research, you'll find a solution somehow to get that equity.

The problem with completely renovated houses is that they are not equipped with ADA, then you have to re-do them. You'll have to move walls and all that, that could take 50-100k to get those doors, turn-arounds, ramps, and etc. 

Eve Mahoney Well, who in their right mind would lend to them without collateral? If they buy the land outright, they might be able to use that equity to get a construction loan then convert to permanent after. Yeah, I think there’s a slim to no option to be blunt.

Cody Evans Franchise companies, they only are there to sell leads and help wanna be business owner change their system. The main trade is the owner itself, so if he is not a tradesperson, you’re out of luck. Anyway, small claims AND CSLB is your mode. Both will, and make you pay the original agreement or compute whatever is the balance, so given your situation, you have a 6k contract with a 400 discount, then 5,600 is your max less 3k down, you’ll have tonpay 2,600, that’s worse case scenario. Both will require you do extensive text/email/registered mail and other means and that you will display that you have exhausted all efforts but to no avail, you then have to get at least 3 bids according to your original agreement, including fixing the damaged done by the contractor. So say for CSLB your next contractor will quote you 8k to fix the previous’ damage and bring you the product, you will then have to pay the surety bond issuer (contractors bond with cslb) the 2,600 and they will go after the contractor for the whole balance, 8k less 2,600. Now it is the same with small claims, but you will have money 3k (downpayment) and 2k (8k new less 6k orig contract), 5k which is the maximum. Of course this is pure business common sense and what i understand the law is on a perfect scenario. no legal advise given.

Jeannette G. Your problem is not that big, if I were you, find a house out there that has enough space to go for what you need, use your 1.3 to buy it and your 300k to get a construction loan or just the 1.3 hopefully will be enough. it is best that you keep all 3 houses, if you sell to investors your 1.6 equity will have about 1.2 value at max, you lose 400k at a minimum, im assuming 600k loss due to the ADA capable home being converted back to a non-ADA to be sellable. Talk to Chris Mason about your situation, he might have a good solution. So after you refi, you can buy a house that’s big enough for a 3/3, then big enough back yard to demo/build your detached home, and pool/jacuzzi. This process will only take a year max so i don’t think it’s that long.

One good example is, first world countries consist of 70% labor and 30% materials. While 3rd world countries 30% labor and 70% materials. Labor is too cheap at $5/day.

@Scott MacDonald The seller might just simply want a bigger offer AND with less contingencies. I presume you did not tell him that you will give a lower offer and through a portfolio lender, am I correct? Bottom line is, sellers simply want the best bang for their buck, or he might be bluffing.

Scott MacDonald So I didn’t read the whole post, I stopped when you said you using a portfolio lender AND lower cash offer, vs the 270k cash. Why do you think you have a chance when there is cash offer that could close within a week or less vs you? Say you offer 300k close in 3 weeks and the other 270 close in 3 days. Don’t you think it’s a no brainer?

Jerry Murphy Law might say 70, city might say 80, other city/municipal codes might override them, happens a lot in LA. Yes it depends on your inspector, reviewer, but red ink over the counter does amazing things.

Jerry Shen So how much did you loose if you sold the coins after you started this thread?