10/2/24 – Hurricane Helene Looking at the aftermath of Hurricane Helene takes you back to the 1994 Northridge Earthquake and what happened then. Many of us remember how business basically stopped, and sales were about 10% of normal at the time. You could only get a loan to close with inspecting the chimney, and every appraisal you had done needed a reinspection. Home Equity Lines of Credit were frozen, much like in 2008, and nobody needed a home loan because they were getting SBA loans and FEMA grants! I remember the day very well, but the days after were difficult. My office was in Sherman Oaks at the time, and it was destroyed, but my house held up well. The business became a real struggle as people were repairing their properties for what seemed like an eternity. Inventory shrank, and interest rates were climbing, although it had nothing to do with the earthquake. 1994 was my worst year in the business, and it made me learn that I was very vulnerable because I did not work as hard and as diligently as I should have. I had to develop a game plan to help me get to the next level in business. It took me a while, but I found a few different niches and had a solid year in 1995, and then things took off from there. The key was that I had it in me to go out and gather business, but I was fine, happy, and had an outstanding work-life balance. When the earthquake hit, I realized I didn’t have a good fallback plan, and I needed to work harder in good times as nothing was more stressful than your Social Worker wife making more money than you! As we hit this last quarter, what is your fallback plan? What is your business plan for next year? How about the next five years? Do you have the money you need for a rainy day? At this pace, can you retire at 60, 65, or 70? Do you ever want to retire? If you work til you die, will your loved ones still be taken care of? I go to work every day not because I have to but because I want to. I am competitive, have goals, want to keep winning, and love to help clients and give them the best experience! I love the money that comes with closing my deals, but that is not why I am here. One of my favorite people and close friends retired about seven years ago when he was around 50 and has no regrets! Is that going to be you? My Dad is 86 and goes to work at Northrup 20 hours a week. Is that going to be me? It’s great to have options. We have come off a strong market for 13 years and have a little juice left. Focus, plan, work on your skills, and work harder than the person next to you! If we have an earthquake and your house is good, you can run to Europe for six months while the dust settles! I am available all week if you need anything. Let me know if you have any questions or if someone is interested in buying a property. My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. My direct line is 661-291-2222. When you text me, please text (661-714-6258) or email me at Mike@AugustaFinancial.com. But wait, there’s more! Interest rates are better today, but yesterday was rough! We are still day to day, but we are hoping we get better soon! 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge We do loans in all states, so call me with anything you need. Government Loans (FHA / VA/ USDA) are in the high 4’s to low 5’s Conventional Loans up to $766,550.00 are in the high 5’s to low 6’s High Balance Loans $766,550.01 – $ 1,149,825.00 are in the low to mid 6’s Jumbo loans above $1,149,625 are in the mid to high 6’s Bank statement loans - They are available with 10% down again Starting in the mid-6’s. Profit and Loss Statement loans – 20% down – You don’t need bank statements, just a profit and loss statement! No income qualifier – 40% down with r serves In the 8’s! 0 down loans are in the high 6’s – 620 credit score min right now, up to $1,191,000.00. Private Money lenders - Hard Money Loans – 35% down! No Ratio Loans 30% down DSCR – Debt Service Coverage loans with as little as 15% down Bridge Loans - typically 7.99% with limited fees – and they get you where you need to go! 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates! Interest rates are subject to change without notice The above are LA County Loan Limits. Good news on Condos – I will move this section to my website next week It’s just getting too long Any changes will still be posted here! Bad news – Condo Update? – Straight from Fannies list – 57 Projects Condo / Townhome – issues we know of now Properties can be financed with 10% down and are considered NON-WARRANTABLE: Acacia Village Homeowners Association – 147 W Acacia Ave, Glendale, CA 91204 – This project needs critical repairs and may have material deficiencies and significant deferred maintenance. Aldea Community Association – 11318 Paseo El Sol, Porter Ranch, CA 91326 – This project’s HOA or co-op corporation (or project sponsor or developer) is a named party to pending litigation that relates to the safety, structural soundness, habitability, or functional use of the project. American Beauty Condos - The brown ones - Insurance: 50 Million in coverage for 748 units is not nearly enough! American Beauty Gardens: 19% delinquency on special assessments due 19% are 60 days or more late We can do with 5% down, but others can’t! American Beauty Village West: On Fannie s List Per Fannie, this project needs critical repairs and may have material deficiencies and significant deferred main entrance conditions This project’s master insurance policy deductible exceeds the allowable limit. Bella Ventana – $50,000 deductible per unit is naughty. Bouquet Canyon Village – $50K deductible per unit is naughty! Briarcliff North Townhomes –7435 Shadyglade Ave #2, North Hollywood. This project’s master insurance policy deductible exceeds the allowable limit. Briarcrest – 12720 Burbank Blvd Valley Village – Insurance and repairs Bridgewater, Emeryville - On Fannie’s List! Insufficient Insurance Brookside Walk – Insufficient Insurance Cabrini Villas, Burbank - On Fannie’s List! Insufficient Insurance Calla and Rowan – 27513 Illumination – Fannie Mae Approval expired – New Construction. See Blog on 5/7/2024 Cameo Woods HOA - Per the litigation disclosure, the association is being sued by a homeowner for water heater damage and discrimination, and the damage is still ongoing We received confirmation that the HOA’s insurance agency is not covering the lawsuit, and the claim was denied due to the nature of the complaint. Canyon Village – Reserves and 10% of the dues not going to reserves! Canyon Oaks – Insurance On Fannie’s List! Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s List! Cassia and Jasmine – 26949 Winding Trail Court – Fannie Mae Approval expired See Blog on 5/7/2024 Cimmaron Oaks – Castaic – Insurance is too low! Cornerstone – Insurance -On Fannie’s List! Creekside – Insufficient insurance District Community Association – Northridge – Fannie Denied – Insufficient Insurance Encino Oaks – 5460 White Oak Ave – On Fannie’s List! The Greens At Cascades Hoa 16431 W Nicklaus Dr, Sylmar CA 91342 -This project’s master insurance policy coverage does not meet the requirements. Heather Ridge – Deductible too high, not enough insurance – Fannie Naughty List! Heathercliff Manor Hoa – 15946 Vanowen Street, Van Nuys CA 91406 – This project needs critical repairs and may have material deficiencies and significant deferred maintenance. Independence Hall – 8801 Independence Ave, Canoga Park, CA 91304 – This project needs critical repairs and may have material deficiencies and significant deferred maintenance. This project has unfunded repairs costing more than $10,000 per unit that should be undertaken within the next 12 months (does not include repairs made by the unit owner or repairs funded through a special assessment). Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s List! Lindley Park Plaza 5500 Lindley Ave Unit 111, Encino CA 91316 – This project needs critical repairs and may have m aterial deficiencies and significant deferred maintenance.The units in this project are subject to a current or planned special assessment intended to cover the cost of critical repairs, and all necessary repairs have not been fully completed. Madison at Towne Center – Litigation – We can do with 5% down, but others can’t! Magnolia Manor – 12416 Magnolia – Lots of issues from insurance to repairs. Mariposa: On Fannies List. Per Fannie Mae – This project’s master insurance policy coverage does not meet the requirements. Market Street Community – Corona – No Wildfire coverage Mesa Vista North Townhomes – San Juan Capistrano – 50K deductible per unit is naughty! Oak Park Calabasas – 4752 Park Granada, Calabasas CA 91302- This project’s master insurance policy deductible exceeds the allowable limit. Orchid at Valencia – 27033 Open Sky Place – Fannie Mae Approval expired See Blog on 5/7/2024 Penn Court Homeowners Association, Inc. – 4201 Pennsylvania Ave, La Crescenta, CA 91214 This project’s HOA or co-op corporation (or project sponsor or developer) is a named party to pending litigation related to the project’s safety, structural soundness, habitability, or functional use. Princessa Estates – insufficient reserves Royal Vista Court – 10290 Tujunga Cyn Blvd – This project’s HOA receives >10% of its budgeted income from the active ownership and/or operation of non-incidental amenities or services made available to unit owners and the general public. Sand Hill Condominiums Homeowners Association – 8221 Langdon Ave Van Nuys – This project’s master insurance policy coverage does not meet the requirements in Selling Guide. Scenic Hills – Insurance – On Fannie’s list! This project’s master insurance policy coverage does not meet the requirements in Selling Gu de Sec. B7-3-03, Master Property Insurance Requirements for Project Developments. Shadow Ridge – Oak Park – Insurance -On Fannie’s List! Sherman Way Condos – 17900 Sherman Way Reseda – The number of units in this project owned by one or more single entities exceeds the maximum allowed. Tara Village Homeowners Association – 18350 Hatteras St, Tarzana CA 91356 – This project’s master insurance policy coverage does not meet the requirements. The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s List! Tolucan Villas – 10740 Moorpark St, North Hollywood CA 91602 – The number of units in this project that are owned by one or more single entities exceeds the maximum allowed. Treana - Stevenson Ranch: On Fannie’s List Per Fannie, this project needs critical repairs and may have conditions such as material deficiencies and significant deferred maintenance. Tyler Villas – Sylmar – Coverage is good, but non-warrantable for delinquencies Valle Di Oro is on Fannie’s List! Per Fannie Mae, this project contains timeshare, fractional, segmented, or split ownership units or other arrangements (such as mandatory rental pooling, shared interest apartments, or community apartments) restricting the unit owner’s ability to occupy the unit. Villa Valencia Homeowners Association – 6226 Nite Avenue, Woodland Hills CA 91367 – This project’s HOA or co-op corporation (or project sponsor or developer) is a named party to pending litigation that does not meet the “minor matter” definition. Village Park Condo – It’s over the max deductible with that 50k per unit. Vista Del Canon – Insurance is too low, UGH! Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s List! Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA –This project’s master insurance policy coverage does not meet the requirements. Warner West Condominium Association, Inc. – 22100 Burbank Blvd, Woodland Hills CA 91367 This project’s master insurance policy does not comply with Selling Guide. West Creek Condos and Townhomes: On Fannie s List Per Fannie, this project’s master insurance policy coverage does not meet the requirements in the Selling Guide! Hoyt Village LLC – 26 units and 14 are owned by one entity! –13801 Hoyt St, Pacoima CA 91331- The number of units in this project owned by one or more single entities exceeds the maximum allowed under Selling Guide More than 15% of the units in this project are 60 days or more past due on their HOA fees/common expense assessments The number of units in this project owned by one or more single entities exceeds the maximum allowed. Please let me know if you hear anything new on condos or townhouses. I am still available all week if you need anything Let me know if you have any questions or if someone is interested in buying a property My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222 My direct line is 661-291-2222 When you text me, please text (661-714-6258) or email me at Mike@AugustaFinancial.com. Have a great day and an even better tomorrow Please call me when you have a client who needs to borrow! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.
