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
Large R3 Property in L.A. County Area!
$17K PRICE REDUCTION!
Take a second look at this great L.A. County property now that we’ve negotiated a nice price reduction.
It’s a single-family home on a 9200+ sf lot, perfect for building multiple units. There are apartments and other multi-family properties on the same block, and this property is primed for development!
Here are the details:
Existing single family home is 3+2- 1306 square feet
Lot size 9233 sf
EMD is $10,000
Closing date is July 23
Strategy is to build multiple units and hold for income or sell once built and/or occupied
Purchase Price is now just $475,000
*ACCESS IS BY APPOINTMENT ONLY*
510 E. 48th Street Los Angeles, CA 90011
Here’s a duplex in L.A. near USC! The property is zoned LAR2, and is currently rented at below market rents, which is one reason we obtained the large discount from list price. The tenants can be relocated with the proper allowance, so take that into account when doing the math.
It’s a very nice street on the north end of South L.A., and has potential to be a great long-term income property once fixed and rented.
Here are the details:
– existing two units 1/1 up and 2/1 down- 2168 square feet- lot size 5480 sf- EMD is $10,000- closing date is July 23- tenants paying just $500 each ($1000 total)
– Purchase Price is $450,000 (it’s currently listed for $510,000)-
Remodel cost guesstimate $80,000-ARV around $630,000
- 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!
Last year, One of my real estate agent friends who is also an aspiring Hollywood producer and through his networking introduced me to a top production group on the Universal lot!
After a tour of the lot, we discussed the film business and the financing and investment in films they were producing.
This didn’t lead to any actual investments, but one year later, in February, my agent friend re-introduced me to this group and after a short consultation in his office, we submitted the application package for pre-approval for a hard money rehab loan which I knew we’d get back asap because my partners and I had an established relationship with the private lender who funded the loan.
My client identified a fantastic but dated remodel candidate in Malibu with a breathtaking views of the Pacific Ocean! The property had been on & off the market since 2015 & it was clear that since the previous buyers fell out of escrow the sellers & agents were uneasy about the whole private funding offer and funding.
I knew that I only had one shot to get it right!
He negotiated a $2M purchase price, our contracting team submitted a $450K rehab budget, with a 4-5 month timeline.
We ordered the ARV appraisal, after a week, it came back at $3.6M!
The case and the borrowers were nearly a perfect candidates, except for one thing: They had no experience rehabbing high-end luxury properties, so the lender required us to join the borrower on the loan and sign as co-guarantor’s of the investment! This was unprecedented!
We entered into a project management & joint venture agreement with my borrowers which afforded them maximum leverage on their $500k down-payment. We were able to secure 2-4 months of interest payments so that wasn’t a concern.
The plan is to refinance after the remodel is complete, payoff the hard money bridge loan @ 9.9% and 4 points, 90% of purchase & 100% of rehab, into a 30 yr, fixed rate mortgage with cash out if needed for further future investments.
We closed this loan in about 30-40 days, but this was because the property was occupied by a seller who needed extra time to vacate before we closed escrow.
We will begin rehab this week & documenting our progress as we’ll be using exclusive, new “smart home upgrades” which I’m not at liberty to disclose yet due to its status.
Our motivation to JV was based on the profit potential and deal viability as well as the borrower’s financial position and excellent credit score & profile. Also even though they were not experienced, they handled the first time investor duties with poise and we were impressed with their willingness to learn the process. Overall they were very pleasant and easy to work with!
If you have a project you’d like to joint venture on, contact me below!
Happy New Year!
This year one of my goals is to become an even larger resource for the Fix and Flip & Investor Community. After 16 years of service in this industry, we connect investors to lenders and private funding programs nationwide.
After reviewing these new loan offers and working with dozens of lenders, I compiled this list of lenders to refer to interested parties.
I hope you enjoy!