31518 West Nine Condo

31518 WEST NINE DRIVE Laguna Niguel CA 92677

Built 1972 everything but the floor is original.

Building flooded twice once in 11/2022 and again in 2023.

Roof leaked for sixteen months in the unit and twenty months in the garage.

The garage still leaks today although the HOA was notified in 2021.

Unit below flooded twice and also was never cleaned up or fixed.

Ceiling of 31518 was wet for 15 months while nothing was done.

Garage filled from roof leak with two inches of water, still not repaired.

Ceiling light in kitchen saturated with water sags and has electrical short, Utopia

notified and did not repair. Utopia sent out several inspectors but no repairs. HOA

sent five persons to bid the job.

When I moved in there was no working heat and most of the electrical outlets not operational.

Utopia put in new panel and replaced four receptacles but not the majority for unknown reason.

Utopia left the hole in the wall the while I complained and did nothing.

Skylight has asbestos and leaked water see photo, kitchen leaked, hallway and bath leaked.

Kitchen sink leaks since move in.

Bath sink leaks since move in.

Show bottom surround is cracked as the fiberglass is 1972 and worn out since move in. You cannot stand barefoot in that shower without getting sharp particles in your feet.

Shower head is rusted since move in.

Drain never was attached  since move in.

Tub drain plug doesn't seal since move in

Ceilings in baths and under sinks moldy since move in.

Ceiling fans moldy since move in. 

both bath sinks the plunger to hold water doesn't seal.

Slider doors difficult to open as galvanized track end of life. Screens never shut. Master bedroom 

slider does not shut 100% as the frame is bent since move in. 

Front door jam dry rot. Front door jam moldy. Front door a fire hazard as you can get stuck inside and unable to open. I put blue painters tape over the turn lock as to remind not to lock or peril, since move in.

Garage has leaked three major messy floods, walls are wet on move out 3/15/2024. Garage roof never repaired for 20 months.

Garage door is fire hazard, there is no emergency opening device when power goes down. Power often off in garage structures due to neighbors pirating electric power.

No power in unit on move in. No heat in unit on move in. Landlord / Utopia gave 10 days grace but it took 85 days to install heater in December.  New panel put in but electrician cut this hole and Utopia refused to repair their own contractor's work.

Kitchen left cleaner than when I moved in. The grout is end of life with gaps. 

Garage leak right side

garage leak left side

garage leak left side 

garage walls wet on move out 3/15/2024

garage upper the plaster crumbling from rain

garage was left clean on move out 3/15 I was VERY Difficult to clean up the moldy mess

Screen in garage is Dennis'

stove 70% operational at move in now rusted

Floor in good condition. Tenant had six five gallon buckets in the condo all the time to catch water pouring in

Front door frame dry rot and termite damage

kitchen sink the enamel is gone. On move in the sink could not be cleaned to be white. The sink porcelain is worn out and rusted.

master shower drain since move in unattached

kitchen left clean but moldy this is toxic mold

leaks caused dry wall tape to lift in ceiling

lead paint peeling as Utopia painted acrylic cheap paint over enamel and it chips since move in. Not the smoke detector was damaged by the leaks and cannot operate. Utopia was notified 90+ times that the ceiling was pouring in rain and damaging tenant's contents and the condo unit. Utopia ignored complaints.

This is the kitchen burner of a condo that rents at market rate. Disgraceful.

bottom front door is a hazard. The jam is dry rot but Utopia used puddy to patch the door and hide the mold. The bottom door sticks and cannot open

Bathroom left clean at move out

For lease/ rent

Unit has mold and deferred maintenance 

Niguel Hills Villas

Utopia Management Company 

GSE's Going Independent?

Fannie and Freddie take a walk alone?

GSE's Still Under Conservatorship

• FHFA authority: The Federal Housing Finance Agency (FHFA) has broad authority over the GSEs, including the power to place them in receivership. Receivership allows the FHFA to restructure the capital stack, potentially wiping out the value of junior preferred shares and common stock. This gives the FHFA a strong hand in negotiations.

However, there are some nuances to consider:

• Repurchase option: The GSEs might use proceeds from selling common stock to repurchase outstanding junior preferred shares. In this scenario, negotiation might be around the price offered for the repurchase.
• Signaling effect: While they might not have significant power to influence the overall structure, junior preferred shareholders could still influence the terms through a coordinated effort. This could signal to the FHFA or the government the potential for legal challenges or negative publicity.

Overall, the negotiating power of junior preferred equity in a Fannie Mae and Freddie Mac capital stack or restructuring is limited due to their subordinated position, reliance on government backing, and the authority of the FHFA. However, there might be some room for negotiation on specific aspects like repurchase price or influencing the process through collective action.

Multi Family Conventional Loans 5 - 7 units

Five to seven units non owner occupied rental loans. 

Super small multi-family loans available 

in conventional packages. These are not

commercial loans.

 

 

 

Loan Options:

• DSCR (Debt Service Coverage Ratio): This program is known for its ease of qualification and relies on rental income covering the property's PITI (Principal, Interest, Taxes, and Insurance). Market rents must cover. This has highest rates in the 8.25 range APR 9.112
• Full Documentation: This program offers the best available rates and requires a more thorough analysis of your financial situation, including income verification through tax returns and bank statements. This has lowest rates in the 7.75 range APR 8.201
• Bank Statement Program: This option falls between the DSCR and Full Doc programs in terms of rate and documentation requirements. However, it allows you to utilize only one bank account for income verification. Rates in the 8 range APR 8.309

Additional Information:

• Minimum Loan Amount:  minimum loan amount is $200,000, which aligns perfectly with needs.
• Appraisal and Rent Survey: We need an appraisal for the property, typically costing around $3,000, and a rent survey for $150. Some lenders might require two appraisals. Full interior inspection.
• Tax and Bank Statements: We need the subject property leases and 24 months of your IRS tax returns and bank statements.  Bank statements all pages.
• Profit and Loss Statement: Borrower probably has not completed 2023 returns. P&L statement for the years 2023 and 2024. Ask initially accept a P&L from borrower QuickBooks, but lender may require a formal version from CPA later. CPA information takes a week or more depending on tax season. Getting borrower paperwork is time consuming and upload to the broker lender source, by the time you have approval the P&L needs to be date down/updated to include the current month.
• Origination Points: Your origination fees typically range from two to two and three-quarter points, depending on the loan product and specific situation. This compares favorably to commercial lenders who might charge higher fees and have stricter loan terms.

Advantages over Commercial Lenders:

• Competitive Rates: Lower rates/ competitive rates compared to commercial lenders.
• Flexible Terms: We offer 30-year loan terms, which are generally unavailable from commercial lenders.
• Smaller Loan Amounts: We can finance properties below $200,000, unlike Chase and other commercial lenders who might have higher minimums.

VESTING- likely is in LLC – then you need to match this with broker choice. Very important: subject property MUST be in good condition and fully leased.

Rates change daily, sometimes twice a day. This is not a

commitment to lend. This is not a rate lock. Rates are an

example of today 3.2.2024. Equal Opportunity Lender. 

 

I'm confident that we can provide with a financing solution that meets borrower needs.  and helps you achieve your investment goals. Please don't hesitate to call if you have any questions or would like to discuss this specific situation further.

 

Moving Plan

Moving and Storage Choices

Moving a 2-bedroom house, storing for three months before moving across country plan.

First I sorted the things to throw away, the large furniture to sell super cheap, and what I hold dear to move. I'm not Marie Condo. I don't have a minimalist style. I have fifteen big boxes of stuff my children are making me keep forever, ugh.

1. Self-storage unit:

• Pros:
• Secure and affordable for larger quantities of furniture.
• Various size options to fit your needs.
• You have control over packing and can access belongings during storage (check facility access hours).
• Cons:
• Requires transporting furniture to and from the unit, which can add costs and complexity.
• May require additional packing supplies to protect furniture from dust and moisture.

2. Portable storage container:

• Pros:
• Convenient - the container is delivered to your location for loading and then transported to a secure storage facility.
• Often eliminates the need for extra packing supplies as the container itself is weatherproof.
• Some companies offer mobile storage options where the container is delivered to your new location for unloading.
• Cons:
• Can be more expensive than self-storage, especially for longer distances.
• Less flexibility in accessing belongings during storage (depends on the company's policy).

Here are some additional factors to consider when choosing the safest option for you:

• Climate: If you're storing in a humid climate, choose a climate-controlled unit to prevent moisture damage.
• Security: Look for a facility with good security measures, such as security cameras, gated entry, and individual unit locks.
• Insurance: Make sure your belongings are adequately insured, regardless of the storage option you choose.
• Accessibility: Consider how often you might need to access your belongings during storage.

By comparing the pros and cons of each option and considering your specific needs, you can choose the safest and most convenient way to store your furniture before your move. 

So is that the closest to your current home where you transport the boxes in your car and borrow a truck to put your furniture that you plan to keep in a roll up door storage? I do not recommend Public Storage, I and fifteen other units had a burglary.  I'm exploring renting a container from Pods, Pack Rat, or UPack. Zipper and Uhaul have poor ratings and the container isn't solid for a couple months of storage. Also looking at standard storage which means moving things twice. Moving to standard storage is more of my personal back labor but is cheaper than renting or buying a container. Container sales for a used twenty foot 20 X 8 container Conexwest.com or Conex Depot or many others is $1800- $2000 or they can be rented. The problem with the container is where to place it that is secure. Most container rental places don't let you inspect or go and recover a widget when you need something.

I do know to stay away from brokers who sell moving packages. 

Trucking and shipping supplies:

myteeproducts.com is great

Facebook and Nextdoor for used boxes and wrap but

jump on the listing and go pick them up with a box cutter

in your hands.

Moving is hard. Plan well. Keep lists. Label everything. Number the boxes. Please comment and give your advice on moving 3000 miles, but I will be in temporary housing for two months so I need storage for a spell.

McKinsey, Boston Consulting Group, Bain & Company, KPMG, PwC, Deloitte, Blackstone, KKR, Carlyle, Sequoia, Kleiner Perkins, Accel, Goldman Sachs, J.P. Morgan, Morgan Stanley