San Francisco103 Park St: Capital Raising, Due DiligenceWith an accepted offer, we tapped our deposit advance line for the earnest money deposit and opened escrow. We now had exactly 15 days to raise the requisite capital to complete the purchase, service the debt and pay for renovations. No small task. We took a quick second visit to the property to snap some [...] 103 Park St: Accepted!Banks are rarely quick to respond in the world of REOs, but in this case we hard back the next day. And it was good news: Offer accepted! The real work was about to begin. 103 Park St: Offer In!With no further details on how many offers were coming, we were out of time. We sent our offer in and knew that even if we didn’t get the property, we had put our best foot forward without getting caught up in the frenzy and paying too much. Having closed over 100 REO sales in [...] 103 Park St: Offer PrepGiven the level of interest at the open house, we knew we’d have to offer above list. But just how much we didn’t know. The listing broker was less than helpful with color on other offers and level of interest, but with the offer deadline looming on Tuesday 11/15, we didn’t have a lot of [...] 103 Park St: First VisitBrian, our project manager visited the property and came back with this report: As can be expected, I like the idea of this project. We are not alone in thinking this could be a deal though, as there had to have been a minimum of 20 people walking through the place while I was there [...] 103 Park St: Line up the loanEven before we visited the property, we knew we’d have to move fast. The bank selling the property had set an offer date and multiple bids were virtually guaranteed. Since most buyers would come in all cash, and we didn’t have half a million dollars in the bank, we reached out to private money contacts [...] 103 Park St: First ContactThrough our regular scan of available properties in San Francisco, we happened upon 103 Park St., a 4-unit property in Bernal Heights listed for just $400,000. Something had to be up … and it was. When we inquired to the listing broker about the property’s condition, we received these photos. Our first thought? “Damn, this [...] |