3:10 p.m. Nester asks how much money was in Eric’s personal account. Karrington says around $10,000-20,000. She doesn’t recall it bouncing checks or going into the negative. Karrington also looked into C&E accounts. She says Kouri didn’t have any access to the C&E accounts. Nester wants to go down the road of the business account, prosecution objects. Judge asks for sidebar.
3:08 p.m. Nester says she didn’t see any of Eric’s accounts during Karrington’s testimony. Karrington says the family account was consistent, always had a balance, that’s where Eric’s paycheck went in and there were distributions that came in from Eric’s work. Kouri put a lot of money into the account, but not more than Eric, Karrington says.
3:03 p.m. Nester asks about the bank keeping open accounts with $300,000 worth of bounced checks. Karrington says financial institutions don’t look at just one account – they look at the relationship. There are also accounts with Eric, C&E Masonry and they have other business with the Richins. “They will look at the totality of the relationship and they want to honor that relationship.”
3:01 p.m. Nester asks Karrington if she did any analysis on the average length of time Kouri held onto the properties before flipping them. Karrington did not. Nester asks if prior to Eric’s death, did all of the hard money lenders get their money back from Kouri? Karrington says in one of her early projects she ended up $28,000 in the hole.
2:57 p.m. The goal is to hold on to a home you’re flipping for as short an amount of time as possible. Hard money lenders are often used by people who flip homes because you get the money fast and then can repay it quickly once the home sells.
