All Forum Posts by: Shravan Gali
Shravan Gali has started 5 posts and replied 17 times.
Post: Help Needed for Remodel Finance on Primary Residence
- Posts 19
- Votes 7
Quote from @Wilson Lau:
Quote from @Shravan Gali:
Hi folks, My primary residence is a SFH in Oakland California and I bought this home knowing that I needed to put some work into it. We need to fix the foundation and I already got a quote.
I also want to convert the basement into an ADU. Total estimate for the remodel cost is around $120K. Are there any platforms that provide remodel loans?
Appreciate all guidance and support. Thank you!
Post: Help Needed for Remodel Finance on Primary Residence
- Posts 19
- Votes 7
Quote from @Dan H.:
Quote from @Shravan Gali:
I am speaking to my primary lender now. But we just bought the house a few months back so there isn't a ton of equity in the house as is. But if we add the ADU and increase the overall sft, the value will definitely go up.
In general hands off single ADU additions in single family zoned areas add less value than the cost of the addition. Developing small units in small counts is not low cost development.
Make sure you use good comps to derive a conservative ARV as if you do not, you will not be able to extract your ADU addition costs via the refinance.
Good luck
Thank you!! Do you have any recommendations for any lenders who might support this?
Post: Help Needed for Remodel Finance on Primary Residence
- Posts 19
- Votes 7
I am speaking to my primary lender now. But we just bought the house a few months back so there isn't a ton of equity in the house as is. But if we add the ADU and increase the overall sft, the value will definitely go up.
Post: Help Needed for Remodel Finance on Primary Residence
- Posts 19
- Votes 7
Hi folks, My primary residence is a SFH in Oakland California and I bought this home knowing that I needed to put some work into it. We need to fix the foundation and I already got a quote.
I also want to convert the basement into an ADU. Total estimate for the remodel cost is around $120K. Are there any platforms that provide remodel loans?
Appreciate all guidance and support. Thank you!
Post: General Contractor I used scammed me
- Posts 19
- Votes 7
Post: General Contractor I used scammed me
- Posts 19
- Votes 7
Thank you all for your replies and suggestions. I will look into them one by one and move forward.
Post: General Contractor I used scammed me
- Posts 19
- Votes 7
Quote from @Chris Seveney:
Quote from @Shravan Gali:
Hi BP Team,
I am looking for some help/suggestions in regards to the situation I am in. I am an investor from CA and I bought my first investment property in Columbus OH and the realtor I used to get the property recommended me a GC who came with very high recommendation. Initially the GC spoke very well and he showed me his past work and it all looked great.
His name is KEVIN HOLMES from COLUMBUS ROOFING AND MORE LLC. After a while, he started flaking out and he would take forever to get back to me. And eventually he stopped taking my calls or doing any work. Unfortunately, I paid him most of my rehab budget but the work that was done was horrible.
I was able to get another project manager and a new GC and get the house to a decent shape towards the end. But I spent a lot more money and spent 3 additional months.
Can someone please recommend me a good real estate attorney from the area? Also are there any other options I can consider?
Thank you!
I agree with Nathan. If you were to seek this out though:
1. Did you have a signed contract?
2. Did you ever put in writing anything about their performance?
3. Did you put them in default and notify them you were getting a new contractor and they would be responsible?
If not, that will make your case that much harder. They can also claim you were 2000 miles away and not there to make decisions or provide feedback, and if you never visited the property that is another X against you.
Yes, I have a signed contract. Yes, I did notify in writing that the work that was done is very bad, I did visit the property once in person and met him. I will try to file a complaint against his license.
I did connect with the district attorney and I am also speaking to him as I have also connected with other investors who got screwed over. Fingers crossed.
Post: General Contractor I used scammed me
- Posts 19
- Votes 7
Hi BP Team,
I am looking for some help/suggestions in regards to the situation I am in. I am an investor from CA and I bought my first investment property in Columbus OH and the realtor I used to get the property recommended me a GC who came with very high recommendation. Initially the GC spoke very well and he showed me his past work and it all looked great.
His name is KEVIN HOLMES from COLUMBUS ROOFING AND MORE LLC. After a while, he started flaking out and he would take forever to get back to me. And eventually he stopped taking my calls or doing any work. Unfortunately, I paid him most of my rehab budget but the work that was done was horrible.
I was able to get another project manager and a new GC and get the house to a decent shape towards the end. But I spent a lot more money and spent 3 additional months.
Can someone please recommend me a good real estate attorney from the area? Also are there any other options I can consider?
Thank you!
Hi All, does anyone know an Architect who can help with permits for some remodel work for the home which includes some foundation repairs and converting the garage to an ADU?
Appreciate all the leads. Thank you!!
Post: ISO Hard Money lender for a deal in California
- Posts 19
- Votes 7
Quote from @Ryan Davies:
Typically our lending partners programs are as follows:
- Rates: 10% to 14% (Most Deals are 12%)
- Terms: 1 Day - 24 Months (Most Deals are 6 months)
- Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
- Minimum Loan Amount: $50,000 (For loans less than $200,000 we charge $2,500 minimum)
- Max Loan: 70% of After Repair Value(ARV)
- 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)
- Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)
- We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.
- NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.
Thanks, Ryan. Can we please connect to discuss more?