All Forum Posts by: Michael You

Looking to get with a group of 5ish local investors on a regular basis to chat real estate, share goals, and get stuff done together.

I’m located in South Bay and own MFH in Oakland.

Let me know if you’re interested!

@Jeff S. Thanks for the info. I've done all the legwork already. I have the recorded docs, with 1st position info already. Haven't taken action on this yet because, as you mentioned, being in 2nd and foreclosing doesn't have much value. I have a personal guaranty on the borrower, so I have some leverage. 

I don't have a problem with a deal taking longer than expected. Both of these deals are well past their promissory note terms, my issue, as again you mentioned, is the lack of communication and apparent lack of effort to update your investors. 

@Greg Dickerson 

@Chad Gaddie

I hear you, thanks for the advice. 

@Joel Owens thanks for the advice. flip is unsecured. 

this is in the single digit percentage of net worth, so I haven't put as much energy towards this, but still needing to come to a conclusion. 

@Kelly DeWinter you got me there, realize this is bad. Promissory note on both. 

Middle of last year, I lent money to fund a flip and close on a development deal. Both were meant to short term, 3-6 months until the flip sold, or until the development deal found a longer term investor. Now, after repeated attempts to contact the borrower by phone, text, or email to get any information, this person has gone radio silent. 

The flip deal is unsecured, the development deal is secured in 2nd position. 

What are my options to get money back? Any thoughts / ideas greatly appreciated. 

Located at intersection of Foothill and 28th Ave in Oakland, in an opportunity zone, near rapidly improving Fruitvale district. Less than one mile from Fruitvale Bart Station. 

Currently improved with six 2/1 units, which provide income during entitlements and/or construction. Oakland zoning code allows 12-13 units with a CUP at staff-level approval. This project can either be improved with 6-7 additional units, or redeveloped with 12-13 brand new units. 

Price: $1.35MM

Lot size: 14,300 SF

Zoning: RM-4

Contact: 408-828-9498 / [email protected]

@Michael S. - yes I have and still in discussions. The few that I've talked to either need a higher unit count for scale, or shipping costs seem to basically nullify any PSF savings. Schedule definitely shortens though. 

@Kam T.

@Kam T. - sent you a PM

@Josh Cuthbertson - thanks for the advice

All - recently closed in Oct 2018 on an off-market development project in Oakland. Found out afterwards that this was in an Opportunity Zone. Now looking for a CPA or attorney to determine if I can take advantage of this, or form the correct entities and reporting to do so. 

Any recommendations highly appreciated.