Casa Fresco › Questions
Questions you may have
Short answers for property owners and 1031 exchangers, with a link to the page that covers each subject in full.
If you own a property
You can sell it to us, or keep a share of it and partner with us as co-owners.
Selling it to us
- Will you buy my property directly?
If it fits what we buy, yes. Tell us about the property. We look at it, run the numbers and price the work it needs. If it is something we want, we make a written offer for the property as it sits, and the offer says how we are paying. If it is not, we tell you.
- How a direct sale works
- What kinds of property do you buy?
Four kinds, in San Luis Obispo, Santa Barbara and Fresno counties: houses and lots with room for a legal second unit, buildable lots, small apartment buildings and older commercial and industrial buildings. In Fresno County we also look at older houses that need renovating.
- What we buy, and what we don’t
- Are you my agent when you buy my property?
No. We are the buyer. Casa Fresco buys property for its own account, as a principal, and we intend to make a profit on what we buy. One of our two owners, Sam Fox Brennan, is a licensed California real estate broker (DRE #02178674). When we buy, he is one of the buyers, and nobody at Casa Fresco represents you.
- What we are, and what we are not
- Is your offer what my property is worth?
It is what we are willing to pay as a buyer. It is not an opinion of market value and it is not an appraisal. You may get more by listing the property on the open market. We encourage you to get independent advice before you answer, from an agent, an attorney or an appraiser of your own choosing.
Partnering on it
- Can I partner with you on a property I already own?
Yes, if the project fits what we look for. We come in as co-owner with capital, the numbers, a construction budget and someone to run the job. You stay an owner, so you share in what the property is worth when the work is done. A share in a project is an investment with risk, including the loss of the equity in your property. The terms go in writing, and we expect you to review them with your own attorney and tax advisor before you sign.
- How a partnership works
- Who does the construction?
Eduardo Cota runs estimating, budgets and field execution on Casa Fresco projects. He is co-founder of Modern Perspective Plumbing, a licensed California plumbing contractor (Cota Companies LLC, CSLB Lic. #1102487, C-36). Plumbing is done by his company. Other trades are licensed contractors hired for the job.
- How our projects get built
- Can I hire you to build an ADU or renovate my building?
No. Casa Fresco is not a contractor for hire. It hires and manages licensed contractors as the owner, and only on property it owns or co-owns, so the way to work with us on a project is as co-owners.
- Do I have to choose between selling and partnering before I contact you?
No. Tell us about the property and what you want from it. We will tell you whether we would buy it, partner on it or pass.
- Tell us about a property
Casa Fresco is not a brokerage. Valuations and 1031 exchange searches are handled personally by Sam Fox Brennan, California real estate broker, DRE #02178674.
If you want a valuation
- Can I find out what my property is worth?
Yes. Sam Fox Brennan, a California real estate broker (DRE #02178674), prepares a written broker opinion of value from recent local sales. He has MLS access on the Central Coast and in Fresno County. A broker opinion of value is not an appraisal.
- How a valuation works
- Do you do appraisals?
No. A broker and an appraiser do different jobs. In California a broker gives a broker opinion of value or a comparative market analysis. A formal appraisal is prepared by a state-licensed or certified appraiser, and a broker’s opinion may not be called an appraisal.
- When do I need an appraiser instead?
Usually for a trust, tax basis at a date of death, a partnership buyout or a lawsuit. A lender orders its own appraisal, and in a court-supervised probate a probate referee designated by the court generally appraises the real estate. Sam can refer you to a licensed independent appraiser. You hire the appraiser directly, and the opinion is theirs alone. Neither Sam nor Casa Fresco provides tax or legal advice. Your attorney or tax advisor can tell you which kind of valuation you need.
- When you need an appraiser
- What if Casa Fresco might want to buy or partner on my property?
Sam tells you before any opinion is prepared, and the written opinion says so. We also suggest a second opinion from a broker or appraiser who is not a possible buyer.
If you are in a 1031 exchange
- Can you help me find a replacement property?
-
Yes, through Sam Fox Brennan acting as your broker (DRE #02178674). Tell him your price range, the kind of property, the income you need and where you are willing to own. He searches San Luis Obispo, Santa Barbara and Fresno counties for property that fits. In California a buyer’s broker works under a written buyer-broker agreement, signed before any offer.
Casa Fresco buys property for its own account in the same counties. If Sam shows you a property that Casa Fresco or either of its owners has an interest in, or one it is considering buying, he tells you in writing before you put it on your list or make an offer.
- How the search works
- What are the deadlines?
From the day your sale closes you have 45 days to identify replacement property in writing. You must close on it within 180 days of the sale, or by the due date of that year’s tax return including extensions, whichever comes first. Your qualified intermediary must be in place before the sale closes, and the proceeds must never reach you. Casa Fresco does not provide tax or legal advice. Confirm every date with your intermediary and your tax advisor.
- The dates and the rules
- Can I exchange into one of your projects?
Generally not. An exchange has to end in real property you own. An interest in an LLC or a partnership, including a Casa Fresco project company, is generally not replacement property, and property held primarily for resale does not qualify. Ask your tax advisor before you plan around either.
- Why would I look at Fresno County for a replacement?
For the income a purchase price buys. Apartment buildings in Fresno sell at higher cap rates than on the coast. A higher cap rate is the price of a different market with different risks. With both properties in California there is no out-of-state filing to manage.
- The figures and their sources
About the firm
- Who is behind Casa Fresco?
Two people. Sam Fox Brennan is a California real estate broker and Vice President of Glenn Martin Company in Arroyo Grande. Casa Fresco is a separate company from Glenn Martin Company. For Casa Fresco, Sam finds the property and runs the numbers. Eduardo Cota, co-founder of Modern Perspective Plumbing, prices the work and runs the job.
- About the two of us
- Is Casa Fresco a brokerage or a contractor?
Neither. Casa Fresco is a private real estate investment company. It is not a real estate brokerage, it holds no contractor’s license and it does not offer construction services to the public. The broker’s license is Sam Fox Brennan’s own. The plumbing contractor’s license belongs to Cota Companies LLC dba Modern Perspective Plumbing.
- Where do you work?
In three California counties: San Luis Obispo, Santa Barbara and Fresno. Our office is in Arroyo Grande, on the Central Coast. Fresno is about two and a half hours inland from San Luis Obispo.
- Where we work
- Broker
- Sam Fox Brennan,
California real estate broker, DRE #02178674 - Plumbing contractor
- Cota Companies LLC
dba Modern Perspective Plumbing,
CSLB Lic. #1102487 (C-36 Plumbing)
Both licenses can be looked up on the state’s own websites, dre.ca.gov and cslb.ca.gov.
If you are an investor
We put our own money into our projects. On some, we are joined by a small number of investors we already know. We do not offer investments through this website. If you would like to get acquainted, introduce yourself.
If your question is not here, ask it. We read every message and respond personally, usually within two business days.
- Call(530) 635-8196
- Emailcasafrescogroup@gmail.com
- Office407 Traffic Way, Suite B, Arroyo Grande, CA 93420