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
- 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!
After reaching out to the lending community, I’ve been getting some great feedback.
There is HOPE for us investors who fix and flip & buy/hold.
Private lenders who will consider loans with these terms:
Pricing: Purchase / Refinance
Clients looking to purchase or refi investment property? We’ve got programs for that!
- 7.99% at 50% LTV
- 8.99% at 65% LTV
- 9.99% at 70% LTV
- 10.25% at 75%
- Max Term: 24 Months
- Min FICO 600
- Max Loan Amount: $1,500,000
- 3 Points or Min Fee of $3,500
- 70% of Purchase Price
- 100% of Rehab Cost
- Term: 12 months
- Min FICO: 700
*No Prepayment Penalties
*No Income Qualification
*Excellent Customer Service
75% of Construction Cost
Term: 12 months
Min FICO: 680
Loan Amounts- Up to $1.5M
Use our apartment financing to:
1. Fix Up
2. 1031 Exchange
3. Buy Other Investment Property
Close in 7-10 days
This is a great option for the Self Employed borrower!
Using 24 months bank statements to qualify, They will go down to 500 Fico.
The rates can be around 7%-8% for 1-4 units residential or commercial. 90% LTV.
You must have strong assets for this program.
Buy, Fix & Flip 100% Financing Special
This lender will lend in CA & AZ
They don’t care about bankruptcies, foreclosures or short sales on your credit!
✯100% Financing Buy, Fix & Flip
✯Loan Amount $75K to $1MM (above $1M on case by case basis)
✯Loan Terms: 6 to 36 months
✯Rates: 9% to 15% interest only
✯Origination Fee: 4% to 6%
✯First Lien Position ONLY
✯Minimum Credit Score 620
✯Property Type: SFR, Condos, Town homes, 2-4 Units
✯Property Value Established through Broker Price Opinion (BPO)
Last 2 years Tax Returns
3 Most Recent Months Bank statements
LLC or Corporation Documentations
Interior & Exterior Photos of property
Estimate of Repairs
Nationwide Fix and Flip Loans!
Property acquisition requires 35% down payment
Single Family or 1-4 Multi-family
Refinance loans require 50% owner equity in property
Rates for both programs 15%-18%
Terms are 6 Month@ 15% / 36Month@ 18% / 60 Month@ 18%
Closing Fee $700
States We Currently Serve: 34 States
AL, AR, CO, CT, FL, GA, IA, IL, IN, KY, LA, MD, ME, MI, MO, MS, MT, NC, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, UT, VA, WA, WI, WV, WY
States we do NOT lend in: 16 States+ DC
AK, AZ, CA, DE, HI, ID, KS, MA, MN, NE, NV, ND, OR, RI, SD, VT and DC
City and County Restrictions:
IL- Cook County Including Chicago
MI- Detroit, Flint
OH- Cuyahoga County including Cleveland