We have just reduced the price of the Anderson Shell Station and Convenience Store located in Anderson, CA, which is just south of Redding, CA in beautiful Northern California. We are featuring this station on our web page http://www.gasstationsamerica.com and you can see that this is a very, very profitable gas station and store with a net of over $300k per year. This is an ideal business opportunity as well as being able to own property in one of the fastest growing areas in the north state, and adjacent to the Factory Outlets and a new WalMart Superstore. E-mail or call for details.
Archive for the 'Redding Update' Category
11
Aug
13
LegalShield and GoSmallBiz.com
Yesterday in the Bay Area I completed my certification as a Small Business Consultant for both LegalShield and GoSmallBiz. http://www.GoSmallBiz.com is a leading online resource for the small business owner and entrepreneur. Working in partnership with LegalShield, we help small business owners protect and grow their businesses. GoSmallBiz.com brings small business owners unlimited business consulting via email, access to educational videos and articles, secure web-based software for business, a library of legal forms and documents, and more! This is such a natural fit for me, and a great service for our commercial real estate and small business clients. Never too old to learn
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Shell Gas Station for Sale in Redding, CA..offered at $2,500,000
Why buy a Shell Gas Station? Great brand with one of the largest credit card followings in the nation; Consistently quality fuel for excellent repeat business; Opportunity for fleet sales versus unbranded stations and gas; Excellent reputation and branding benefits the local owner; Superb management assistance from company; profitable with good mark up and margins.Highlights: Great Location-66,000 gallons/month; Very High Inside Sales-$74,000/month average; Subway Sandwich Shop on Premises; Huge pump access area for RV’s and Boats; Excellent condition both inside and out; Priced to sell based on recent bank appraisal.
Description: This is one of the most impressive gas stations-convenience stores, with Subway in the building, in the North State. Great location on I5 just north of downtown Redding, and opposite planned Regional Shopping Center. The station has been modernized and is in excellent shape. e-mail for complete listing package.Best location on Interstate 5 at the Oasis Road exit just 3 miles north of downtown Redding, CA., which is 165 miles north of Sacramento and is the last major city before Lake Shasta and on over the Cascades into Oregon. Extremely busy location with a great deal of added Lake traffic, including boats, motor homes, and interstate travelers. Subway is a huge draw for business. Additional detail, photos, narrative, and financial info at http://www.oasisshell.com
http://www.oasisshell.com Offered at $2,500,000.
02
Jun
12
Reverse Mortgage..what is it?
A reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. Eligibility for a reverse mortgage To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62. The home must be owned free and clear or all existing liens but be able to be satisfied with the reverse mortgage. If there is a mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at the closing. Generally there are no income or credit score requirements for a reverse mortgage. Outliving the reverse mortgage A reverse mortgage can not be outlived. As long as at least one homeowner lives in the home as their primary residence and maintains the home in accordance with FHA requirements (keeping taxes and insurance current) the loan does will not become due. Estate inheritance In the event of death or in the event that the home ceases to be the primary residence for more than 12 months, the homeowner’s estate can choose to repay the reverse mortgage or put the home up for sale. If the equity in the home is higher than the balance of the loan, the remaining equity belongs to the estate. If the sale of the home is not enough to pay off the reverse mortgage, the lender must take a loss and request reimbursement from the FHA.No other assets are affected by a reverse mortgage. For example, investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the reverse mortgage. Loan limits The amount that is available generally depends on four factors: age (older is better), current interest rate, appraised value of the home and government imposed lending limits. If you have further questions….. ronlargent@shasta.com and thanks,
Earlier today, one of my wholesalers sent me this memo on Hard Money-Private Money loans…these are the lowest that many of us have ever seen for hard money….so if you are in need of someone that needs a loan like this…or know of someone, please get in contact with me…as this “special” has a limited time frame. Here it is:
……… is running a 2-Week Special with rates in the 7-9% range on Hard-Money. The special applies to SFR’s, Townhomes, Condos, and 2-4 Units, as well as some 5+ Units . This special makes sense for a huge number of borrowers so get your submissions in ASAP.
Our current wholesale submission requirements are as follows. We will respond with a written approval within 24 hours but usually before the end of the business day:
• Submission Form (see attached)
• 1003
• Credit Report
• Purchase Contract (if applicable)
• Current Rent Roll (Multi-Family 5+ Units)
This is about as easy as it gets….and now we are getting thes
Although our primary emphasis is on commercial real estate financing, what we have found is that many of our clients, once they purchase their investment or income property, often are in need of commercial operating equipment. Through our affiliates in our national lending programs, our commercial equipment lease programs cover a wide variety of industries. Whether you are looking for aircraft leasing, transportation equipment leasing, medical equipment leasing, or any other equipment and accessories needed for your business, rest assured that with our knowledgeable and professional team by your side you are certain to obtain the financing you need without all the hassle.
For more information regarding equipment leasing in your industry, we have a variety of financing options that include start-up businesses. Getting approved is quick and easy regardless of your personal or business credit situation, we can help!
- Aircraft and Aircraft Equipment
- Fitness Center Equipment
- Health Center Equipment
- Automotive Equipment
- Agricultural Equipment
- Computers & Networking Equipment
- Construction Equipment
- Dry Cleaning Equipment
- Heavy Equipment
- Industrial Equipment
- Medical Equipment
- Metalworking Equipment
- Office Equipment
- Oil and Gas Equipment
- Printing Equipment
- Restaurant Equipment
- Telecommunications Equipment
We also offer software leasing and have special programs for start-up business leasing.
What is a Lease? A lease is a contractual arrangement-agreement in which a leasing company, known as the Lessor, gives a customer, known as a Lessee, the right to use equipment for a specified length or time, referred to as the lease term, and a pre-agreed upon payment plan, which is usually monthly. Depending on the equipment, the nature of the lease, and the needs of the customer, the customer may have the opportunity to purchase the equipment, return the equipment, or continue to lease the equipment by executing a new lease or a lease extension.
The overriding positives of leasing include the general application to almost every business that has a need for some form or kind of equipment to conduct its daily business operations, which includes every part of the business from capital equipment to computer hardware and software, and can include both installation and follow on management assistance and consultation. Irregardless of the legal structure of the lessee, including churches and other non-profits, leases make a lot of sense if only for the cash savings realized.
I have just expanded my real estate financing business to include Hard Money and Private Money Loans on both residential and commercial real estate. I am associated with one of the best companies in the nation; a sterling reputation; and one that produces loans…not just a “talker”. Many have asked me, “what is a hard money loan”…so here is my answer. Please call or e-mail me if you are in need of one of these loans:
A hard money loan is a specific type of real estate based loan through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the shorter loan durations associated with hard money loans. Most hard money loans are used for projects lasting from a few months to a few years. Hard money is similar to a bridge loan, which usually has similar criteria for lending as well as cost to the borrowers. The primary difference is that a bridge loan often refers to a commercial property or investment property that may be in transition and does not yet qualify for traditional financing, whereas hard money often refers to not only an asset-based loan with a high interest rate, but possibly a distressed financial situation, such as arrears on the existing mortgage, or where bankruptcy and foreclosure proceedings are occurring….which are very present in the current economy.
The qualifying criteria for a hard money loan varies widely by lender and loan purpose. Credit scores, income and other conventional lending criteria may be analyzed. However, most hard money lenders primarily qualify a loan amount based on the value of the real estate being collateralized. This is a key factor in an economy such as we are in now. Typically, the biggest loan one can expect would be between 65% and 70% of the property value. That is, if the property is worth $100,000, the lender would advance $65,000 – $70,000 against it. This low LTV (loan to value) provides added security for the lender, in case the borrower does not pay and they have to foreclose on the property.
This kind of says it all…so let me know if I can be of service…for both residential and commercial real estate loans.
In case you did not read the Record Searchlight today…and to “clear the air”…here is the latest…from David Benda at the paper…appeared today..
A broker who worked at the defunct Keller Williams Realty office in Redding has been charged with taking property from a bank-owned house he was listing.
The Shasta County District Attorney’s Office filed four misdemeanor counts on Feb. 2 against Randall Robert Byrd.
The charges are mortgage stripping, grand theft, attempted mortgage stripping and attempted grand theft, Shasta County Deputy District Attorney Erin Dervin said.
Byrd has not been arraigned.
“We believe that he took doorknobs and the plates that go on the door and locks from a house he was selling that was in foreclosure,” Dervin said.
The attempted foreclosure stripping and attempted grand theft charges stem from Byrd’s alleged request of contractor Jeterbuilt Construction to perform a carpet exchange, Dervin said.
Byrd asked Jeterbuilt to put a better-grade carpet in a rental he owned and take the old carpet in the rental and install it in a Fannie Mae foreclosure, Dervin said. Jeterbuilt refused the request.
Because the value of what Byrd allegedly took is estimated between $400 and $500, misdemeanor, rather than felony charges were filed, Dervin said.
“We don’t think that rose to the level of felony conduct,” she said.
Last spring, Denise Smith, then a Keller Williams agent, was representing a buyer who was interested in purchasing a foreclosure on Shining Star Way in Redding, according to the District Attorney’s investigative report. Byrd represented the seller, Fannie Mae, the report said.
When Smith went to look at the home with her client, she noticed the doorknobs and handles were missing. Before making an offer on the house, Smith asked Byrd about the missing hardware, the report said.
“Byrd told Denise, ‘Well, I took ’em, but if your offer is accepted, I will take care of it,'” the District Attorney’s report said.
Smith’s offer was accepted, but she noticed after the 10-day inspection period the door handles had not been replaced, the report said.
When Smith asked Byrd if he was going to replace the hardware, Byrd responded, “No, I am not going to do that, take it out of your bonus,” the DA’s report said.
Eventually, Smith and her husband, Eric Smith, also a former Keller Williams agent, came to the Shasta County DA and were interviewed on June 29, 2011.
Eric Smith told investigators that Curt Largent, who at the time also worked at Keller Williams, filed a complaint with the state Department of Real Estate.
“I was contacted by a Fannie Mae representative last summer,” Largent said Tuesday.
The Smiths left Keller Williams to work at Sheldon Largent Real Estate, a Redding company that Largent helped start after he left Keller Williams.
“I quit because of this (investigation). I thought it was serious enough,” Largent said.
The Keller Williams office — opened in 2005 by Largent’s father, Ron Largent — closed in October.
Byrd has since opened Platinum Properties in Redding.
“This is a messy business and partnership dissolution that has all the nastiness and accusations that a family divorce would have,” Byrd said in a statement. “I would say you have to consider the source.”
Byrd declined to elaborate.
Eric Smith and Curt Largent said they believe the investigation of Byrd doomed the Keller Williams office in Redding. At one time, the franchise had more than 80 agents.
“It’s my understanding that most of the agents left KW in light of these allegations and other concerning allegations,” Smith said by email. Smith thinks the exodus crippled the Keller Williams office in Redding, making it no longer a viable entity.
“It’s just another sad example of how that the actions of one can affect the lives of so many good people,” Smith said.
Ron Largent suspects he was fired by Wayne Hall and Byrd for alerting Keller Williams’ corporate office of the potential wrongdoing. Largent partnered with Hall in 2005 to open the Redding office.
Largent said he sued Hall and Keller Williams “relative to financial obligations owed to myself and others.”
Hall has filed a “cross-action suit,” Largent said.
A phone message left Wednesday at Hall’s Roseville office was not returned.
Tom Pool, a spokesman with state Department of Real Estate, said if a licensed agent is convicted of either a felony or misdemeanor involving theft related to real estate, the state can take action, which could result in the loss of license.
“The mere fact of filing charges doesn’t get us anywhere,” Pool said. “Anytime somebody is charged, there is a due process involved.”
Pool said he believes a licensed real estate agent being charged with foreclosure stripping is rare.
Often times we will get a buyer of an investment property….lots of questions, and mostly good ones. One good question that keeps coming up, especially with newer investors…What is the Cap Rate? What cap rates are on the recent sales? So, here is a definition of a Cap Rate…one of the best that I have read….and I think it is from one of the real estate investment text books…
The Capitalization Rate or Cap Rate is a ratio used to estimate the value of income producing properties.The cap rate is the net operating income divided by the sales price or value of a property expressed as a percentage. Investors, lenders, and appraisers use the cap rate to estimate the purchase price for different types of income producing properties, which is a guideline for a new investor. A market cap rate is determined by evaluating the financial data of similar properties which have recently sold in a specific market. It provides a more reliable estimate of value than a market Gross Rent Multiplier since the cap rate calculation utilizes more of a property’s financial detail. The GRM calculation only considers a property’s selling price and gross rents. The Cap Rate calculation incorporates a property’s selling price, gross rents, non rental income, vacancy amount and operating expenses thus providing a more reliable estimate of value. These are all key factors that a buyer should consider in the decision making process.
If you are looking for CREATIVE COMMERCIAL FINANCING for an investment property, give me a call. We have products for almost every possible property…and possibly one for you.
Call for details, photos, etc…. Ron Largent 530-248-5601 www.ronlargent.com ronlargent@kw.com
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