Zoned RD 1.5 – Build Up To Five Units
In the Heart of North East Los Angeles!
340 N. Ave 51 Los Angeles, CA 90042
This is a nice opportunity to develop a large lot in Northeast Los Angeles (NELA).
This is a hot area, with a large amount of development going on by investors and builders.
It will be delivered vacant, which is always our first concern.
There is value in this project, whichever strategy you initiate.
We have been told that you can build up to five (!) units on this large lot, but do you own due diligence with the city.
Take a look at the numbers:
– existing single-family home, 3 beds and 1 bath, is 1314 sf
– great lot size! 8242 sf
– closing date is August 30
– EMD is $10,000
– Purchase Price is $765,000
Why is Residential Construction is Ripe for On-Demand Disruption?
With a record year for the on-demand industry in 2019, the big prediction for 2020 is that on-demand companies will expand to new industries.
This is happening now in residential construction. A common issue with residential construction is going over budget, not meeting deadlines and plainly losing (wasting) money primarily due to lack of communication.
Most contractors do not use project management software to keep their jobs in-line.
95% of all residential remodel projects end up in frustration. Homeowners go into a project excited about their contractor only to soon be in the dark about what is going on.
Check out: The new on-demand startup “Project Buddy” http://www.projectbuddyservices.com is the 1st of its kind and planning to revolutionize the industry: Creating completely transparent transactions between homeowners and contractors. Simply put, Project Buddy helps organize projects.
“After years of consulting in the construction industry I found that almost every job had a point where the client thought they were being cheated, it was almost always due to a simple lack of communication. Construction remodel projects are very organic and change daily. I started Project Buddy to help both Contractor and client stay up-to-date on a weekly basis.”
Project Buddy, from PGN Design Group, works with a cloud-based construction software that all parties have access to with their smartphone, tablet or computer. Project Buddy finally makes it easy for homeowners to follow the progress of their construction project from anywhere and makes it easy for contractors to keep their clients updated on day-to-day progress of their projects. It works with 5 easy steps.
- Upload project information to Project Buddy cloud-based software.
- Take daily photos of the project.
- Create daily work logs.
- Contact all contractors, subs and architects for scheduling purposes.
- Create an “end-of-week” report for the project.
So who’s doing the actual work? Numerous “Buddy’s” manage jobs in the areas that they live in. They can work as much or as little as they want. Think of it as the “Uber for Construction Projects“.
The service will operate on weekly contracts so that there is no big commitment from homeowners or Buddy’s. For contractors, there’s no need to hire and train full-time employees only to have the burden of their salaries on the books when it gets slow.
At the end of each week, clients have the ability to either “opt-in” if they like the service or “opt-out” and we’ll see you on the next one!
Project Buddy will have the ability to do one or all of their jobs. The company is poised to disrupt the residential construction industry by helping smaller companies with growth, and larger companies with quality control. The price is $497/week for most projects, cheaper than the cost of a laborer sweeping up the site!
Why Use Them?
- Lost Time = Lost Money
- Cloud-based Software = Transparency, 24/7 access from any device.
- Organize contractor = Get’s the Job Done on time and on-budget!
- Weekly contracts = No Big Commitment
- One low rate for any size project (single-family or multi-family)
Project Buddy has launched in Los Angeles and the San Francisco Bay area with expansion to other major cities in the U.S. later in the year.
- Contractors/Developers – Instead of carrying a payroll employee as a superintendent, we can replace that cost, and we have no problem with working for 1 week..
- Real Estate Agents – You know all of the Wholesalers, Flippers and Homeowners doing remodels, refer our service and receive a $497 referral for each.
- Architects – You work with homeowners and flippers too, with our service, you can monitor the project remotely and not get left out of the circle. Refer our service and receive a $497 referral for each.
- Hard Money Lenders – CLOSE MORE LOANS. We can act as a 3rd party service provider that can be financed and used as a kind of “insurance policy” Lenders can require their borrowers to use Project Buddy, and they’ll always know what’s going on with the project! Two words – Accountability Partner. Protect their loans. Fewer foreclosures will increase bottom-line. No COST to the Lender – You can build it into the loan (its a cost of doing business)
- Owner Builders – You want someone to babysit the work-site, and you don’t want the job?
- We’ll help week-to-week until you don’t need us anymore! You can see all the progress on your smartphone or preferred device, and read the notes left by the Buddy. Perfect Communication!
Book us for one job, for one week and you will quickly see how easy and smooth your job/s will run.
Find out more about our services TODAY www.projectbuddyservices.com
Or Call Greg Direct – 323-632-3279
Vacant, Short-Sale, Fixer
- Main House is 3/3 – Garage was converted into a 1/1 with a Kitchenette (May not legal, although it is very nice)
- There is a separate 1/1 attached to the main house (This one is not legal)
- Total SF is 1,580 plus the Garage
– EMD is $10,000- Closing date is FIRM for June 10
– Purchase Price is $475,000
– Repairs $35,000-$40,000
Contact me ASAP with Proof of Funds if serious. Principals only please.
- Quick Close options 1-2 weeks possible.
- Funds for Improvements – Cashout for Investments OK!
- Business Purpose use for Funds OK.
- Bank Turndowns are OK
- Bankruptcy is OK
- No Docs
- 12-24 months No-Prepay
- Owner Occupied is OK – up to 5 yrs Fixed
- Long-term hold loans for good credit & low rates (4%-7%)
- Luxury Loans to $15,000,000
- Interest reserves & Closing costs can be included in the loan if you have the equity for Fix and Flip only.
- Refinance and Purchase loans Available
- No Credit, No Doc, No Verified income for Foreign Nationals, living abroad is OK
- No Tax Returns, Non-Warrantable Condo’s are OK
- 30 yr fixed options are available
- Stated Loans Available
- No Source / Seasoning needed for loan approval
- Cross Collateral structure funding with existing properties in portfolio
- Current Renovation in Progress is OK.
- Construction to Permanent is OK
- Multi-Family, Commercial loans OK
- Nationwide Lending, Case-by-Case Decisions based on complete scenario!
Leave Your Loan Request Inquiry Below Today!
Hard Money Lenders
Trust Deed Lenders
Whatever you choose to call them, It’s a pleasure working directly with the guys cutting the checks.
They are extremely intelligent and have amazing savvy, with their own criteria and specifications. It’s truly a relationship that they seek, one that will afford them the opportunity to make safe loans to qualified, experienced and ambitious operators.
Lately lenders in my circle have been asking about quality operators to lend to. They would make a loan for:
- Fix and Flip deals
- Commercial Acquisitions and Refinances
- Construction loans
- Luxury JV
- Cash-out Refinance
- Include payment reserves in loan
- 90%-100% Financing on Purchase Price
- 100% of rehab
- Fund control is expected or Escrow hold-back
- Foreigner is OK!
- Low Fico is OK!
- Past Foreclosure and Bankruptcy (may be possible with letter of explanation)
- Owner-Occupied is ok, but have sufficient down-payment and reserves.
- 1st Time Investor OK!
I’ve personally seen them close loans in 7 days when title was done & appraisal was already completed, then accepted by the investor.
Most of my lender relationships prefer to make loans in California, this is the State that I can refer a check writer for 100% financing, Stated loans, Gap loans, Construction 2nds, and other creative loan structures.
However I refer to a lender that makes loans between 75%-90% LTV, with 100% of the rehab, they make loans in CA, AZ, NV, CO, WA, VA, WV, GA, FL, OH, IL, TN, TX, NY, MO,NC, SC,PA
I have some lender relationships with unlimited capital virtually if the operator has some skin in the game..this is needed to begin the relationship.
If you’d like to establish new relationships with private lenders, inquire below. Send your scenario and your goal. I’ll make personal introductions if I think it’s a match.
If you’re a lender and looking to deploy your capital on real estate backed projects, you can earn up to 13% per annum, secured by 1st or (JV) 2nd Trust Deed. JV Lenders are normally offered 50%+ split of profits and earn points at closing.
We protect lenders by:
- Including reserve payments (6 months+) in loan
- Hold-back and Control the Rehab Funds
- Underwrite each file conservatively
- Title/Escrow for each transaction
- Utilize servicing company to handle admin of loan.
- Have construction teams on-board & real estate agents prepared to complete renovation and resale if foreclosure and disposition occurs.