Congratulations!!!
Oh, fantastic. What a nice weekend coralbrook is going to have!!!
Eat an extra chocolate bunny…or two. You deserve it!
I just had a wholesale deal land in my ino a limited set of investors. Adorable 3/1 beater in the North Park area. Really good location. Needs everything including foundation work.
Can’t pounce on it, don’t have proof of funds at this moment! Dang it
Dang—I want to see FTH #4!!
Maybe we should do a CC GoFundCoralbrook 
cb, there will be others!!
And, dude, you need a vacation!
cb is not a “dude”. Wrong gender 
Yes there will be others
BBut I love when something interesting actually shows up from a wholesaler, usually they have horrible houses in terrible locations
Dude is genderless.
Really? I always think of that term as associated with male. Looked up the female counterpart and found this amusing discussion http://english.stackexchange.com/questions/19093/what-is-a-feminine-version-of-dude Dudette???
I’ll vouch for Tempemom – here on the West Coast, “dude” is the gender-neutral form of address, especially when used to tell someone to get a clue.
So, " Dude, you need a vacation."
“Dude, that dress is too short”
“Dude, you said we were leaving 30 mins ago and you are still on the internet”
Are all sentences properly addressed to women.
Or, in its most common usage, “Dude, seriously?”
Yes, this dude does need to take a break. Dude is somewhat gender neutral in So Cal, but usually between younger generations. Those of us with a laminated Old Fart card don’t use the term much in conversations except as a male gender term.
Unfortunately a Real Estate Investor has to be always ‘On’ because we don’t want to miss something good:)
Coralbrook, what is the interest rate you are paying for borrowing money on these projects?
There must be a regional component. Here is would likely be a dudette
Interest rates differ but in general a large established “hard money” lender will charge 2 points up front and 10-12% interest, depending on your experience. They will usually let you borrow 70% of future fixed up value based on their analysis. They require a 1st trust deed (sometimes not) that gets recorded right after the cash purchase. I did not have access to these guys when I started. They have a lot of money because a lot of people are putting money in these pools because it is a good return.
I personally am borrowing from private individuals, no points paid and 10% interest. Sometimes I record 1st trust deeds in their name. Others don’t really care. But you have to build up a good track record to get these loans. I did pay 3/4 point on one of the loans for this project.
Ok…I was curious. Those rates are similar to what I see in NorCal. The loan to value ratio on your loans are better for the borrower than what I see. The loan to value ratio I see is 55 to 70 percent…of the value before the property is fixed up. I don’t see that much. Also, sounds like you have more room if the project takes longer to finish. The maturity date of your loans seems to be more flexible.
If I was the lender, I would want my loan recorded. There have been a few stories in the past where more loans on a property existed than thought.
Hey girlfriend, you need a vacation!! (I have to admit “dude” makes me think of either surfers or neophytes on a horse.)
We finally had a day where no one thought of one more thing we need to sign - not escrow, not lender, not realtor. What a relief!
Marilyn, they are just taking the weekend off. I’m sure there will be a new batch of paper pushing early next week.