EXECUTIVE SUMMARY
Irvine Hills LLC (IH), a Nevada Limited Liability Company formed in July, 2007 is owned equally by Peter Wassileff and Les Oreck. Prior to the formation of IH, Mr. Wassileff was operating his real estate business through his 100% company, BFS Realty Investments, LLC (BFS). Both partners have been investing in real estate for over 20 years.
IH has been doing business in Jackson MS for over two years (BFS had been doing business in Jackson for about 1.5 years prior). Our analysis of various opportunities across the country resulted in uncovering Jackson, MS. Here there are a high number of REO properties, a very strong rental market, good employment outlook, and less competition from other investors. After investing in properties throughout Jackson, IH has found specific subdivisions of focus for rehabbing cash flow properties. These areas include Woodville Heights and adjacent neighborhoods in South Jackson and many of the areas in North Jackson. Location, social demographics, and the reliability of market value are the key factors.
Our business model seeks to acquire deeply discounted single family houses, typically foreclosures. Intensive due diligence is performed on every target property which includes a physical inspection, an estimate of repairs and improvements, a property management evaluation of the area, an estimate of rental income, and an analysis of recent sales including consultation with appraisers to determine the after repair value of the target property. These properties are then completely updated, rented with property management in place, and sold wholesale at prices varying from 60%-75% of current appraised values to other investors.
IH has developed solid working relationships with the areas’ most respected professionals including lenders, contractors, property managers, and others to assemble a team to facilitate all aspects of our business and create a fundamentally sound turnkey opportunity for investment. All of our properties are recently renovated and currently leased or rented with excellent property management in place.
IRVINE HILLS, LLC
REFERENCES
Investor- Bob Lucroy, owner of Bob Lucroy Renovations- 601-291-9025
Investor- Jocelyn Pectol- 585-722-0445
See http://irvinehillsllc.com/Team1.html for a list of lenders, attorneys, and others
BIOGRAPHY OF PETER WASSILEFF
Peter Wassileff, Managing member and Co-Founder of Irvine Hills, LLC, has been active full time in the real estate market since 2004. He has a wide range of experience in real estate, but has specialized in buying out of state foreclosed properties, fixing them up, placing renters and selling these properties wholesale. Mr. Wassileff also has experience in pre-construction investments, land, and trust deeds. He has wholesaled properties in various states including California, North Carolina, Indiana, Florida, and Mississippi. Mr. Wassileff has assembled a team of professionals in Jackson, MS including contractors, inspectors, lenders, and property management to insure a completely turnkey system to investing in real estate.
Prior to becoming a full time real estate investor, Mr. Wassileff was in public accounting as a Certified Public Accountant working for both a large international firm and a local firm specializing in financial institutions, acquisitions and mergers, and retirement plans. After public accounting, Mr. Wassileff was the Chief Financial Officer and General Manager for a high growth technology company. His experience here was managing all aspects of the business including accounting, tax, banking, operations, customer service and sales. Also, was instrumental in attracting $100 million from several private equity firms to expand the business.
BIOGRAPHY OF LES ORECK
Les Oreck has been involved with real estate investing for over 20 years. Selling a duplex purchased in the San Diego area for a 30% profit (in one year) was the start of his investment activities – which over the years have included Residential Deals, Land purchases sold for Single Family Residence development, Wholesaling Fixers and Renovating Cash Flow properties.
He is a former Entertainment Industry Professional who – following the Digital Internet Revolution that changed the dynamics of the Music Business – has leveraged his previous part-time real estate investment activities into a full-time endeavor. He was born and currently lives near Los Angeles, CA.
Les spent 10 years in various positions from Management to Production and moved into Advertising in the mid 90’s. He has worked with Major Label Country acts; his responsibilities including Marketing, Accounting, Coordination of Client activities, Strategic Career Planning, Commercial Writing and Production. Throughout this period he profitably bought and sold several SFR properties in the Los Angeles area. After seeing success in the Equities Markets through 2001 and the Real Estate Market through 2005 he spent a year writing a musical for Broadway, which is now entering its initial rehearsal stages. His Real Estate activities continued and he met Peter Wassileff in 2005 through a Real Estate LLC in which they were investors. In 2007 while looking for the right property to renovate in the LA area, they decided to combine their collective experience forming Irvine Hills LLC, in which they are now full time working partners.
PROPOSAL TO BORROW FUNDS
As indicated in our Executive Summary, Irvine Hills, LLC buys distressed properties and renovates them for resale to either investors (wholesale) or to owner occupants (retail). Currently, IH is borrowing the funds to purchase and renovate the target properties through hard money lenders and private parties. Recently lenders have limited the number of investment properties loaned to any single person or entity. As such, IH is seeking to obtain alternative sources of funding to expand our operations.
The following is an outline of the terms, security, and other features for this proposal:
TERMS OF 1ST TRUST DEEDS / RETAIL PROPERTIES
Typical loan amount is between $75,000 and $100,000.
10% annually interest only for a period of one year. No prepayment penalty to borrower.
Interest payments are paid monthly using simple interest. The investor has the option of receiving an additional $5,000 if the interest is rolled into the loan balance and payment is deferred to the date the property is sold.
TERMS OF 1ST TRUST DEEDS / WHOLESALE PROPERTIES
Typical loan amount is between $35,000 and $50,000
10% annually interest only for a period of one year.
Principal is repaid in full at the end of the one year period, or upon sale or refinance of the property, whichever may occur earlier. No prepayment penalty to borrower.
Interest payments are paid monthly using simple interest. The investor has the option of receiving 12% interest if the interest is rolled into the loan balance and payment is deferred to the date the principal is repaid.
SECURITY:
Investor holds First Deed of Trust.
Investor named as additional insured on the property.
Rehab funds are escrowed with a Closing Attorney and released only when an independent licensed property inspector reviews and authorizes work is completed per contract.
Prior to purchase Investor shall receive recent property comparables in the subject area and an Independent property appraisal to support the After Repair Value of property.
Loan to Value not to exceed 55% of appraised amount for wholesale properties and 65% for retail properties.
Fully documented loan closing with a Jackson, MS Closing Attorney who will handle the purchase and rehab funds.
Irvine Hills LLC offers rehabbed single family homes in Jackson, Mississippi in the $75,000 to $100,000 range that gives investors substantial positive cash flow income from rental. Jackson MS is listed as one of the top 10 cities expected to see the biggest gains in home equity thru 2012.
Their website http://www.irvinehillsllc.com
Click Here to read an article from Multihousing Executive magazine and see how Jackson, Mississippi is growing!
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Stuart Falkin
70 Jackson Dr.
P.O. Box 870
Cranford, NJ 07016
Tel: (908) 709-0909 Ext: 217
Fax: (908) 709-8201