Thursday, September 27, 2012

New Loan Made, Another Loan Closing

First, the quick news: Hard Money Loan #23 was paid off a couple days ago. Those funds are now looking for a new home.

The other bit of news is that my funds from HML #19 have been reinvested. The new property is in a not so great part of town. If the borrower was not someone we have dealt with dozens of times in the past and whose knowledge of the area I respect, I would probably not have made this loan.

The property is a single family home in Oakland. County records list it as a 900 square foot, 1 bedroom, 1 bath unit, however, the property has two separate electricity and gas meters and a detached garage with what appears to be some added living space. Tax records do not indicate a garage or the additional living space. (While this means this could be a duplex, it also means the additions likely were done without obtaining the proper permits and inspections.) The back door has a doorbell and may indicate an entrance to a second unit. Obviously, we were not able to see the interior of the property and the MLS listing did not have interior photos. The roof and foundation appear to be in good shape, but there is some dry rot on the walls and around the windows, as well as peeling paint. Title records indicate the last owner received the property as a gift and  obtained a cash-out mortgage for $270,000 in 2005.

The problem then, is how to value this property. We've got discrepancies between what the tax records show and what the property appears to actually have. It's in a bad part of town and there are next to no comps that closely match this property. So, in addition to coming up with an estimate on his own, my partner hired another appraiser that we have worked with before to give his opinion.

Being that the neighborhood isn't that great, the location of the comps becomes fairly important. They also treated this as a 2 bedroom property for finding comps. Between the two of them, we ended up with 11 comps and you can see how widely the sales prices differ:

  • #1 - $47K - REO, rehab, all cash sale. MLS listing noted some vandalism and stripped pipes.
  • #2 - $30K - REO, sold as-is
  • #3 - $55K - REO short sale, listed as a "fixer upper"
  • #4 - $63K - REO - our hired guy said both the curb appeal and location of this property are worse than ours
  • #5 - $65K - REO - another property with rooms not listed in tax records
  • #6 - $86K - REO - rehab
  • #7 - $130K - REO, detached garage
  • #8 - $45K - REO
  • #9 - $58K - REO with fire damage
  • #10 - $136K - REO
  • #11 - $160K - Regular sale, location is worse than our property

All the comps are 2 bedroom and have sold since April (except for one or two sold in January).

Our hired guy figures the property is worth $75,000 as-is and $110,000 after it is repaired. Our borrower bought the property at auction for $88,000. Our loan is for $63,000. Using the purchase price, our LTV is 72%.  Some other positives for this deal: Our borrower is personally guaranteeing the loan, he knows the area really well, and he has never defaulted or even had a late payment with us, the market is better than it was 6 months ago, if this really is 2 units, they would rent for $1,500 - $2,000 a month combined, and my partner's wife is also a lender on this one, so he has a vested interest in the safety of the loan. Some cons: no one else bid on this at the auction, property appears to be in conflict with tax records and extra living space might not have been built with permits, condition of the interior is unknown, bad neighborhood, and our borrower is personally guaranteeing several loans with us.

Sorry, I didn't get any pictures of the property on this one.


This property will be labelled Hard Money #25.

Sunday, September 23, 2012

Babies, Biltmore & Business, Oh My!

Hola Chicas (& chicos)!! :) 
I have got to stop this habit of not blogging for weeks and then overloading with one major long blog post!!!
MAKE ME STOP!! ha

I swear, I have no clue where 2012 has gone...? 
It has just flown by! I can not believe it is FALL already!
(my favorite time of year by the way!)

I'll just go ahead and throw it all out there this post ... no beating around the bush ... 
I moved to Keller Williams! 
I am super excited about the new opportunities that I have been presented with in my real estate career! This past 2 weeks has been totally crazy and hectic because I decided to make a change in my life and switch from RE/MAX over to KW... it was a hard decision ... and I literally thought about it for a month. I loved my previous office and all the people there :( but just felt like I could grow my business more at my new office. With that said, I have started my own Real Estate Team! Woop Woop!! :) 

Take a look at this ... 


My new logo :) 

How do you feel about it?? I'm pretty pumped! 

This also took some thinking ... but when Chris and I get married next year, I didn't want to give up Gentry only because I have built my business around my name for the last 7 years!! So I decided I will hyphenate, and be Dana Gentry-Jackson. Which prompted my new team name! 

This week will be crazy switching everything over (think 30 signs, business cards, new website, marketing info, blah blah blah!) ... but I am excited! I already started with the bloggy, so take a look around at the "my business" and "about me" tabs, as they are slightly new ;)

A lot has happened since my last post so just to sum it up ...

You know my adorable Godson, Connor ... right ??


Well ... his BABY BROTHER is here!!! :) 


(Idk why those dang black lines are on there?!)
He is adorable ... that is a cute little collage his aunt Steph made from the day he was born.
PS. How good does my BFF Chrissy look in that pic? Eye makeup done and all! Ha! She's a trooper! <3


Carson Alexander :)
Is that the sweetest face you have ever seen in your life or what?
 I am obsessed. Purely obsessed. Love him so much. 

Last weekend we had a busy weekend ... 

On Friday night we attended the Art of Making Miracles Charity Event for the Makenna Foundation in the RE/MAX parking lot ... this was the 12th year and it was awesome! 
KY Wildcat Theme this year!  


Chris and I came home with some goodies ... 
One of which being this... that I won for Chris for his bday :) 


Thats right ... an autographed pic of Anthony Davis, #1 NBA draft pick and 2012 National Defensive Player of the year candidate ... not to mention a UK Wildcat legend! Ha! It was our trophy piece of the night ;) 
Chris was VERY excited! 
It was an awesome night raising money for a great cause!!

In case you're wondering where the picture is now .. Ohhhh in my hallway, where a really cute mirror WAS hanging ha ... pick your battles ;) that is what I am telling myself LOL 



The next morning, Chris, myself, my brother and my dad left out early to head to Ashville, NC to my cousins wedding at the Biltmore House.
It.was.spectacular.
We had sooo much fun!!

Her wedding was beautiful! She looked beautiful! It was perfect. 
How pretty were her flowers on the tables?
For favors they gave little personalized jars of honey ... it was adorable! 


Jessica & Me :) 


Chris & I <3
(Dress is from Bella Rose in Lexington)

My other Chris ... my brother... ha :) 

The next day while we were there we went to the Biltmore and toured it ... it was AMAZING!!
If you have never been I would highly suggest going ... it was so neat! Ashville is the cutest little place and the mountains were beautiful! 

Here are a few pics from the day ... 


So insane. Loved this place! 




The flower garden behind the Biltmore

My dad, me and my bro. 

I have a million pics ... but didn't have time to upload them all! 
We had a blast! 
We also visited Bravard College in NC, which is where Chris went to school ... it was fun to see! :) 

Next .... 
I didn't get to give a shout out on Grandparent's Day ... ;( 
But we had a great time celebrating with Chris's parents and the kids ... 


I ended the night talking to my Papaw on the phone ... and watching Frankie sleep like a spoiled baby ha!


Ok that is about all the major stuff over the last two weeks! 

This week I am working on our wedding website and app! Anyone have any tips? Would love to hear them!
XO!
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Wednesday, September 19, 2012

HML #19 Closed

I mentioned last time that one of my loans had lasted the full one year term. That is fairly unusual, not just for hard money loans in general, but particularly for this borrower. He typically fixes and flips properties in 6 months or less. It turns out that he decided to keep this particular property as a rental property. He must be making some good money off of it because he was paying us 12% on our loan, which is rather high. The loan was due at the end of August and he finally refinanced and has paid us off. My partner is looking for another loan to invest in.

Thursday, September 6, 2012

New Artist Find & Fall Stuff

Happy Thursday friends :)

Let's talk about what my life consists of these days ...

1. Work
2. Work.
3. More work
4. Wedding Planning (fun!)
5. Getting on Pinterest and obsessing over wedding stuff and new fall clothes every night before bed ha!

That pretty much sums it up :) No but really, I have been having a busy week as usual ... doing big things with my real estate business right now and have been spending some time getting a new logo made, doing some research on getting more in tune with the SEO search engine stuff, blah blah blah haha not super exciting things, but things that are a necessity in the crazy world of real estate!

I am ready to take my business to the next level so I have been kicking it high gear!
Can't wait to share my logo and new stuff once it get's finished!

In the meantime, I am making a BIG change and ordered a Mac yesterday ...


I know, I know ... you're thinking how in the world have I not gotten one thus far in life? 
Honestly I was so afraid to switch from PC that I have procrastinated. 
BUT, with the iPhone, my iPad that I use every day, and the fact that I am so sick of cleaning viruses off of my computers... I figured it was time to switch!  

Anyone have any tips or suggestions? Please pass them along ha I will be in training for a while once this beast gets here ;)


Couple things I have discussed on Fbook but not gotten to blog about yet... 

A few weeks ago Chris, myself and Frankie (field trip day for him ha!) went to the Woodland Art Fair downtown Lex and scooped up one of my favorite paintings by the most awesome artist EVER!

Chris Hartsfield 
Watercolor Realisms 
He is amazzzzzzzing ... I was midly obsessed with him.

This is my favorite one we bought ...
(**We did not buy his originals, they are super pricey and out of my budget ha, these are copies but look so good and exactly like the originals!**)

"Kentucky Faves" 
My picture on my phone honestly does not do it justice, but it's pretty awesome right? 
I love how custom he makes them to your hometown. I thought they looked kind of rustic so picked up this frame at Hobby Lobby and then Chris actually stained it a few days ago and it looks better now that it is darker! :) 


I hung it right in the kitchen, next to my newly painted kitchen and chalk board painted pantry door! :)
Everyone has commented on it and thought the painting was awesome!

I got two smaller ones for the bathroom but am waiting until those dang frames go 50% off at Hobby Lobby!
But they are pretty cute too ...

 Can't find the name of the mint julep one :( 

"Old Fashion Aristocrats"

I loved both of these too. Very Kentucky-like ;) and Southern. Chris nor myself even drink bourbon lol but I  still think they are just super cute!

He has other states that he does stuff for as well ... check out his website at
www.ChrisHartsfield.com

Let's see... what else ... oh speaking of Kentucky ... 

While showing houses last week look what I opened the back door to see in one backyard ...


Yes, your vision is correct ... a real life UK shrub hahahahaha
If that is not a KY Wildcat Fan then I don't know what is! 
How funny is that? Love it! 

The kids are doing good ... 
They had picture day last week, so of course I made them do a small photo-op before heading to school ... 



 
They looked so cute! :)

And of course someone had to be involved too in the model session ... 


He's home-schooled 
hahahahaha ;) 
So we had pretend picture day!

Lastly, some Pinterest ... 
I am soooo ready for Fall clothes ... anyone else? 

I am obsessing over the following: 


This mayan tribal chunky cardigan ... love it! 


love her leather pants, short jacket and super cute scarf! 


I love a black dress with boots ... and the tweed jacket is a total fave! 


Big chunky sweaters that are comfy of any kind are my absolute favorite! 


love a little bit of cheetah print somewhere ha 


I am obsessing over this chevron hammered knuckle ring!

Ok gotta go show houses! 
Can't wait for the weekend ... Saturday I might get to relax and not work for a day! yayy! 
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