All Forum Posts by: Account Closed

@Purnell C.

Thank you for the advise. I am going to spend some time at the building department tomorrow and get a plan of action from the people who are approving the permits.

@Stephen Masek

"Worst case, the illegal additions and alterations may have to be demolished."

I just spoke with the code enforcement officer and that is exactly what he told me. The illegal addition off of the garage will have to be demolished and reconverted into a functioning garage.

The positive part of the conversation is that he said it should take less than two weeks for permits once plans are turned into the city.

My brokerage is working on a property in Pasadena CA that has a long list of code violations(see attached photos). Despite several attempts, I have been unable to get any answers from the permit center or code compliance officer working the case.

Have any BP members dealt with code violations or building permits in Pasadena, CA?

What was your experience like? Do you have any advise on how to get a quicker response from the city?

The timeline on this project is very important so any advise is appreciated.

Thanks in advance,

Matt Miller

Hi Kevin-

There are deals to be found all over Southern California.

Your going to love Orange County!

Matt

Hi Tracy-

I just finished a flip in Richardson. My contractor collected 50% up front, 25% 3 weeks in, and the remaining 25% after the job was finished. From my experience in Texas it is common place for contractors to ask for 30% up front when working on a rehab project.

I have worked with my GC in the past so I was confidant in her quality of work and her integrity. Fort Worth is a little outside of her area or I would send her your way!

I'll talk to some other investors I work with and see if they have any referrals for contractors working in Ft. Worth.

Matt

Hi Stephen-

Meeting in Laguna Beach on the 10th @5:30 sounds great. I will be able to confirm by Thursday because I may be traveling for work early next week.

Thank you,

Matt

Tim and Mehran-

Thank you for the warm welcom. I sent you both PM. I look forward to chatting with you two soon.

Matt

Thank you. This website is great. I wish I had signed up sooner!

Check out the my house deals cash buyers list. There are literally hundreds of investors that have registered online and freely given their information(email and phone number).

www.myhousedeals.com

This website is another great resource for meeting investors.

You don't want your first contact with a potential investor to be negative.

I think there are plenty of legitimate resources for finding investors. Your already using one of them!

Hi Mark-

The HML was relatively simple. I will give you the rounded numbers.

The terms where 70% LTV, 3 points, 14% interest only, for a 6 month term.

Price of the property was 89K

Rehab was 37K

Property was appraised at 155K

My Loan was for 108.5K

I came to closing with roughly 20K out of pocket. The 37K for rehab is held in an escrow account that I can take draws from as I finish parts of the rehab.

I wired the contractor 18.5K to start the construction project.

At the end of the day I was out of pocket roughly 40K to get the project going.

If you want more details let me know.

Thanks,

Matt

I lived and worked in Sacramento. I bought my first rental house while I was in college.

I ended up getting a job in Houston working for a REI firm. I watched a bunch of investors I was working with make great returns flipping houses in DFW, Houston, and San Antonio. I decided that I needed to be doing it as well so I found a good contractor, a decent hard money lender, and I started picking up deals in Texas.