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12081 Calle de Medio

Before Rehab

IMG_3577
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Completed Rehab

Calle de Medio (1)
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Details:
AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
12081 Calle de Medio #111, El Cajon 92019Condominium$223,000$20,000$315,00004/17/20154 months
EAC funds were moved to 4184 33rd Street
Date of SaleSales PriceCoCAnnualized ROI% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
N/AN/AN/AN/AN/AN/AN/A
 
 
Timeline:

04/19/2016

Awaiting updates.

04/05/2016

– Still waiting for confirmation as to when/where the funds to replace Calle de Medio will come from.
– Imperial Beach duplex closed.
– North Park condo should have started rehab Fri 4/1.

03/22/2016

Working on finance terms to partially cash out EAC

03/08/2016

Project has been completed and closed.

02/23/2016

– The VA loan was being underwritten by Movement Mortgage here locally but they could not close until updated financials were provided from the buyers. Unfortunately, the buyer’s husband was on assignment and took longer than expected to submit documentation. We are waiting on his updated pay stubs and 2015 tax returns to be submitted so we can close escrow.
– Payoff demand for the property has been requested and will be sent to EAC.

02/09/2016

– Payoff demand for the property has been requested and will be sent to EAC. 
– Lesson learned on this transaction is to cross qualify VA buyers with a lender that fully understands the VA lending regulations. I got this buyer cross qualified with a well known local lender but they don’t do many VA loans and did not catch some of the red flags that have delayed closing. Luckily these red flags will not prevent closing.

01/26/2016

– We are closing escrow most likely within a week or so.
– Current offer is at $324K which is in the range of ARV we predicted a few months ago.
– Escrow will be sending payoff demands to EAC and myself by tomorrow.

01/12/2016

We are still in escrow. Buyer has requested additional work the the HVAC system and I have Bill Howe coming to service tonight. Once we clear the service we should be pushing to close.

12/29/2015

– This property is still in escrow at $324,000
– Escrow has taken longer than expected and the buyer requested an extension last week because due to the holiday last week and this week their lender was not going to fund the loan in time.
*Our new close of escrow date on or before January 8th.

12/15/2015

– We are still in escrow and pushing to close by 12/31.
– Buyer sent request for repairs and we are working through the list this week
– Buyer’s final walk thru is scheduled for next week.

12/01/2015

– Property is still in escrow
– The buyer asked to push back the home inspection and appraisal to this week and both are taking
place Wednesday and Thursday

11/17/2015

– The property has been on the market 2 weeks and received a ton of activity with 4 official offers coming in
– We countered all offers and have accepted the one with the strongest buyer (per our cross
qualification lender).
– Accepted offer of $325K was finalized over the weekend and we officially opened escrow
yesterday with a projected 30 day closing.

11/03/2015

– This project was completed last week!
– Listed on MLS for $335K.
– We have an offer that we are currently negotiating a counter and feel it’s a strong buyer. If they accept our counter we will accept their offer an open up escrow.
– Activity: The property has been shown a total of 11 times since last Wednesday.
PROJECT PICS: https://ranchophotos.com/12081-calle-de-medio-111/.

10/20/2015

This project has been completed! Waiting for final pictures from the photographer. Once I received those pictures we will go live on MLS.

10/06/2015

– All kitchen cabinets have been installed and granite is being installed this morning.
– Comps remain strong and we anticipate listing this property in the $325K range.
– DATE of Completion: Project is finally completed, pending general clean up and pictures.
– The property will be open to buyers this weekend and officially on the market once we have our professional pictures back.
– Listing price will be: $325-$335K

09/22/2015

– AC was repaired and now operational but the digital dial has to be replaced and has been ordered from the manufactured. Will be arriving sometime this week and the AC repair company will install.
– The kitchen cabinets that we ordered have been a bit of headache. A few of the joints did not fit properly and 2 of the cabinets had to be manually modified by cutting them to fit. The sink base had to be reordered completely last week and has now been installed. Up next is granite install.
– All staging furniture has been delivered and set in its desired location
– Comps remain strong and we anticipate listing this property in the $325K range.
– DATE of Completion: We expect to be done by next Friday 10/1. Although there is not a lot of work left, I do have to work around my granite installer’s schedule and my plumber is wrapping up faucet installs.
– Open House: Scheduled for Sunday 10/3 and also the weekend of 10/9.

04/17/2015

Date of Purchase