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
We currently have this tied up and ready to wholesale to an end buyer.
The buyer would need to replace our $15,000 EMD ASAP. They need to close by end of month.
We’ve walked this property and I can introduce the buyer to the President of the Laurel Canyon Association – this will help the overall process. He is also a land-use attorney specializing in permitting.
The property has some issues and has been condemned by the City. The buyer would have to assume this responsibility.
8351 Kirkwood Dr. Los Angeles CA 90046
Tear down- Single Family Residence
Sunset Strip – Hollywood Hills West
2/1 – 1358 Sq Ft
Redevelop as 3/3
Will need complete rehab and retaining wall, and create an access point such as a driveway…
Review the numbers, it’s vacant, I’ll give you the lockbox, and go direct.
Relationships are key in this business, and in order to source off-market assets that are fully deliverable, you must always be direct or work with those that are always direct. We’ve established many of these quality connections to exclusive opportunities, usually only available for short periods.
We’ll be offering these assets on a monthly basis to qualified principals only.
Buyer’s Request List
We currently have active buyer’s seeking the following off market properties
- Class A Retail or Office properties located in CA, NY, or FL
- Single Family Fix and Flip or 1-4 units for 1031 exchange
- Fully Entitled and shovel ready development opportunities no price range
- Non-shovel ready developments
- Lots and vacant land
- Non-performing notes in DC, Maryland, and Virginia
- Senior Care Facilities
- Hotels located nationwide – No price range
- Retail Shopping Centers for 1031 exchange
- Multi family or self-storage facilities from $20-$40 million, Client would be happy with a 4.8% cap on class A and 5% to 6% cap on class B. No more than 1 hour from Boca Raton, Florida
- Gas Stations
Development Deals for Sale
Oceanside Senior Development Fully Entitled- Just fell out of escrow
Price $2.6 million
Just fell out of escrow on 2/19/2015 need offer ASAP
Korea Town Development – Los Angeles, CA
Price: $3.8 million
Just feel out of escrow on 2/19/2016- Need new offer ASAP
Located in on Francis Ave four blocks south of Wilshire Blvd. between Vermont Ave and Hoover Ave., these three lots (2801, 2791, and 2783 Francis Ave) present a rare opportunity for any savvy developer. 20,250 Sq Ft Lot, Three lots to build 68 Units.
Attractively zoned to accommodate up to 68 units and sitting on a 135′ x 150′ lot, and a build-able parcel of 102′ x 132′ when factoring in setbacks, these three lots are a big enough and boast the zoning to accommodate a large project.
Remarks: Zoned R4, 6:1 F.A.R, no height limit, for every 400 square feet of Lot you can build a 1-bedroom unit, for every 600 square feet of Lot you can build a 2-bedroom unit, and for every 800 square feet of Lot you can build a 3-bedroom unit. 1-Bedrooms require one parking space, 2-bedrooms require 1.5 parking spaces and 3-bedrooms require 2 parking spaces.
- Three Lots
- 20,250 sqft
- Zoned: R4
- Delivered Vacant
- County: Los Angeles
- City: Los Angeles
- Dimensions: 135′ x 150′
- Height: No Limit
- F.A.R: 6:1
- Common Area: 120 sqft/unit
- Units: 50 w/o Affordable Housing
- Units: 68 with Affordable Housing
- Parking: Subterranean
NORTH SAN GABRIEL VALLEY DEVELOPMENT-Price: $20 Million
- FULLY ENTITLED AND SHOVEL READY
- 16,000 square feet
- 125 units
- Mixed Use-commercial, residential, and retail
- We have a full drop box of plans, permits and entitlements and address but it will only be released to VETTED buyers with a valid soft non-binding LOI and POF. This is a very quiet sale and we do not want it circulated.
Carson City, CA Development Opportunity- Price $ 4 Million for all combined parcels
This is the location where the Carson stadium was going to be built. The stadium is no longer in play but the city still wants the site developed. There are a total of 6 parcels of land for sale. Based on the City of Carson, you are allowed to build an average of 35 units per acre. On this land you could build at least 30 units. This is zoned as mixed used- commercial and residential.
You could do the following:
1) Build up to 4 story building with commercial spaces downstairs consists of restaurant and retail stores.
Parking requirements are as follows:
- a) every studio – 1 parking
- b) every 1,2 or 3- bedroom condo units – 2 parking each
- c) restaurant parking – 1 per 100 sqft
- d) retail spaces- 1 per 300 sqft
- e) or 1 per 200 sqft for combined restaurant and retail spaces
City Owned Parcels:
7343-019-900 – 21704 Figueroa St , Carson, CA 90745 – 11,851 SQFT
7343-019-901 – 526 W Carson St 5,348 17,199 square feet total
Privately Owned Parcels:
- 7343-019-046 – 21714 Figueroa 5,033 sqft
- 7343-019-045 – 21710 FIgueroa 1,893
- 7343-019-010 – 21718 Figueroa 4,126
- 7343-019-047 – 21718 Figueroa 12,032
total 23,084 SQFT
Dana Point off Market Existing Mixed Use Retail/Office for re-development or existing cash asset NOT ENTITLED- Price $4,700,000
- 4,887 sf of existing office / retail / restaurant space
- 4 units now
- 2,442 down (retail/restaurant)
- 2,442 up (office space)
- mixed use zoning
- 10,125 sf lot
- Vacant right now, ready for TI or new tenants
- Market rents are $4.00/sf retail/restaurant, (lower level) $2.00/sf office (re/max office is 2 doors down and rent at $2.00/sf for office space)
- Under-market conservative rental analysis:
- 2,443sf down could generate $3.85 = $9,407 mo
- 2,443 sf op could get $1.75 = $4,275 mo
- total PRO-FORMA rents = $13,682 / mo or $164,184 yr
1) court yard maybe close off to add 1,000 sf of space easily
ZONED for MIXED USE – Can be converted in to RESIDENTIAL UP or total redevelopment of site with the following development standards below:
CITY RE-DEVELOPMENT STANDARDS:
1) THE CITY WOULD ENCOURAGE WORK/LIVE LOFT UNITS
2) SITE ALLOWS ROUGHLY 25,000 SQUARE FEET OF IMPROVEMENTS
FAR of 2.5 = APPROX 25,00 SF OF BUILD-ABLE SPACE
3) MAXIMUM LOT COVERAGE ALLOWED: NO MAXIMUM
4) SETBACKS: ALLEY: 5’
SIDE STREETS: 10′
5) HEIGHT RESTRICTION: 40’ MAX BUILD HEIGHT
BUILDING HEIGHT MEASUREMENT MEASURE BUILDING HEIGHT FROM THE LEVEL OF THE SIDEWALK AT THE MIDPOINT OF THE FRONT PROPERTY LINE. COUNT 2 STORIES OF ABOVE-GRADE STRUCTURED PARKING AS A SINGLE STORY WHEN FRONTED BY SINGLE STORY OF USABLE GROUND-FLOOR SPACE.
Downtown Development Project: – Price $60 Million
- 33,000 SF site
- application submitted with entitlements expected in April 2016
- 60 story tower (including above-grade parking)
- 374 residential units (average size of 950 SF)
- 373 hotel keys (average size 320-370 SF) + gross up of 20-30% for amenities
- 10,800 SF conference center
- 33,500 SF office space
- 65,000 SF commercial/retail space
- 900 +/- parking spots
- Proposed 17:1 FAR based on 33,000 SF = 561,000 SF buildable
DTLA Broadway Development Project- Price $33 million
- Total Sq. Ft.: 32,169 per county records
- Parking is 1:1 using bicycle rack ordinance
- Total sq. ft. of residential units only is not yet determined but estimated 390-395 units + office + retail
- In-place FAR of 6.0 but site should be able to be rezoned to 13.0 FAR with TFAR (to be confirmed during DD)
- The main comp that we have for our subject deal is across the street from the development site. The sale was for an entitled site at 33,056 SF lot size with a 13:1 FAR to 429,728 SF buildable.
- In comparison, our subject deal is un-entitled and has a lot size of 32,169 SF. One of the key benefits of our subject deal is that we have an opportunity to purchase the parking covenant from the adjacent parking structure for 383 parking stalls for $20k + monthly maintenance costs which is a significant construction costs savings as generally underground parking will cost $40-45k per parking stall which provides a potential cost savings of $7.66M – $9.58M.
Chino Hills Entitled Development Land for 28 Single Family Estates
- Price $9 million
- Entitlements will be completed in 1 month
- Appraisal came in at $11 million as is right now
- To receive a copy of the appraisal and full due diligence package must submit valid LOI and US POF
Chino Hills Entitled Development Land for 65 Townhomes
- Price $14 million
- Entitlements will be completed end of February 2016
- Walnut Entitled Development Land for 72 Unit Senior Condos, 5 Unit Commercial Condos
- Price $7.645 million
Monterey Park Mega Development Opportunity
Price: $27 million
Arcadia Entitled Development Land for 314 houses
Price $61 Million
Hotels for Sale
Redlands, CA Hotel
- Asking Price is $12.5 Million (can make reasonable offer to increase cap rate)
- Cap Rate: 6%
- NOI: $780,000.00
- 3 Star Hotel
- Financials, Star Report, and Website will be provided once we receive LOI and POF.
Boutique Hotel in Downtown Los Angeles, CA
- Price – $30 Million
- 67 rooms
- Average room rate: $160
- Average occupancy: 80%
- Income from NNN lessee (wine bar): $10,000 / month
- Income from hotel: $3.3M / year
- Additional income from hotel restaurants $1M+ (plus the NNN lease for the wine bar, $120K / year)
- Seller admits to very lax management style, hasn’t focused on getting the numbers up. Tremendous room for value-add in management quality
- Square footage of the building: 42,000 SF
- Square footage of the lot: 7,500-8,000
- Last redesign: recent
- Restaurant, bars, and spa all new
- 5 Stories above ground, 1 story underground (restaurant and bars)
11 Hotel Portfolio – USA
- Price for entire portfolio: $86,250,000
- 6% to 14% Cap Rates
- 11 Hotel Portfolio
- All Major Flags
- May be Purchased Separately
- CA, NV, NM, AZ, IL, MI
Beachfront Boutique Hotel – Newport Beach, CA
- $15,000,000 FIRM- Seller will not sell if he doesn’t receive his asking price
- Beautiful Oceanfront Boutique Hotel – Right on the Sand!
- 29 Keys
- $800K NOI
- 5% CAP
- Beachfront Restaurant
- Value Add Opportunity available
Newport Beach hotel# 2- Please Ask
Multi-Family Units for Sale
190 Units in Los Angeles, CA- Price $17,825, 000
- Current NOI: $883,354
- Current Cap Rate: 4.96%
- Pro Forma NOI: $1,136, 318
- Pro Forma Cap Rate: 6.37%
- Value Add Opportunity
- Over 3 million in renovations
- High visibility old world character
- Master meter for all utilities
- Five story mid-rise building
- Built in 1928
50 units Los Angeles, CA ( Mid-Wilshire)- Price $9,250,000
- Current NOI: $304,314
- Current Cap Rate: 4.15%
- Pro Forma NOI: $499,773
- Pro Forma Cap Rate: 5.4%
- Prime Mid-Wilshire Location – Two Blocks North of Wilshire
- Just Over Three Blocks to Metro Station
- Priced at $185,000 per Unit
- Value-Add: 25% Proven Rental Upside
- Beautiful Art Deco Building with Parking
- Built: 1930
SANTA MONICA’S MOST PRESTIGIOUS LOCATION! 15 Unit Package Deal. The whole building is NOT for sale only 15 units within the 300 unit building. This is also a coop building.
- Price: $43,000,000.00
- Yearly Income: $2,095,000.00
- Offers breathtaking views of the Pacific Ocean, overlooks the broad sandy beaches, and World Famous Santa Monica Pier! Unobstructed views from every angle from the San Gabriel Mountains to Downtown Los Angeles to Catalina Island and Malibu! Minutes away from Beverly Hills and Malibu. Major entertainment, amenities, and shopping close by. Reside in a FULL SERVICE LUXURY BUILDING with 24 hour valet parking and security on-site, recreation room, pool, spa, and health center!
- How many Units? 300 units total in the building
- Lot Size? approximately 40,000 square feet lot size
- Building Sqft? unknown
- Unit Breakdown?
- Rent $20,000.00 a month double unit (pending actual square footage and beds/ bath from owner)
- Rent $16,000.00 a month 3 bed 2.5 bath
- Rent $16,000.00 a month 3 bed 2.5 bath
- Rent $15,000.00 a month 3 bed 2.5 bath
- Rent $15,000.00 a month 3 bed 2.5 bath
- Rent $12,000.00 a month 3 bed 2.5 bath
- Rent $15,000.00 a month 3 bed 2.5 bath
- Rent $12,000.00 a month 2 bed 2.5 bath
- Rent $10,500.00 a month 2 bed 2 bath
- Rent $8,500.00 a month 1bed 1 bath
- Rent $8,500.00 a month 1 bed 1 bath
- Rent $7,000.00 a month 1 bed 1 bath
- Rent $8,000.00 a month 1 bed 1 bath
- Rent $6,500.00 a month 1 bed 1 bath
- Rent $6,500.00 a month 1 bed 1 bath
- Current Cap Rate? 5 -7 % depending in unit size
- Location? Santa Monica Beach Front
- Vacancies? None but there are a few vacation rentals in the building
353 Units in California: Total Package Price: $36,420,000
Class B and C assets with potential, separate complexes around California. Can be bought individually or as a package deal. All owned by same owner. If bought all together as one package price can be negotiated if bought individually price will be higher. True financials – Rent rolls and P&L’s can be delivered with LOI.
24 Units Sunland, CA: Price $4,500,000.00
- It is just off Foothill Blvd in Sunland, on the border of Tujunga near Pasadena, a very good location. The building was built by the seller, and he has kept in very good condition. Opportunity to raise rents, no rent control area. Fee simple.
- NOI: 225k
- Cap Rate 5%
- 100% occupied
- Unit Mix:
- 1-2 bed 1.5 bath
- 20-1 bed 1.5 bath
- 3 -1 bed 1 bath
- Each unit is a loft style unit with upper level lofts overlooking the main downstairs living area. The units can be subdivided into individual condos for future sale until 2020. It has approved plans for the conversion. (About 175k a door, could resale as condos for nice margin) A viewing can be scheduled with 24-48 hour notice.
Huntington Beach, CA 16 Units: Price $5,500,000.00
- 100% Occupied
- 16 Units
- 12- 2Bed/2Bath Units
- 4- 1BD/2BTH units,
- 24 Garages & 2 Laundry Rooms
- $280 NOI
- Cap Rate: 5%
Arizona Portfolio Package Price: $31 Million
Value Add Opportunities
- Seller would like to sell all units together as one package but may allow cherry picking for a higher price and an experienced buyer.
- 5 separate apartment communities all located in Arizona
- Portfolio is a total of 750 units between all 5 communities
Jacksonville, Florida Price: $21 Million
- 328 Units
- Built: 1975
- NOI: $1.3 million
- Cap Rate: 6%
Atlanta, GA Price: $3 Million
- 166 Units
- Year Built: 1964
- NOI: $401,711
- Cap Rate: 13%
Atlanta, GA Price: $2.3 Million
- 118 Units
- Year Built: 1972
- NOI: $282,024
- Cap Rate: 12%
Office Buildings for Sale
Santa Monica Medical Office- Price $21.6 Million
- NOI: $1,007,000.00
- Cap Rate: 4.66%
– If the Buyer works with the Seller’s existing lender which is a Korean Bank and gets financing from this lender, then the Seller will save $200k on a pre-payment penalty and will reduce the price to $21.4M
– The deal is a coupon cutter deal with the anchor tenant on a long-term lease until June 2028 (12.5 years remaining) with two 5 year options.
– Current NOI is $1.007M broken out into base rent of $835,471 and parking income of $171,888
– The tenants lease has a built in 3% rent growth per year on base rent for the remainder of the lease
– This location has a partnership with UCLA with a large component of their business being driven by UCLA which provides for long-term stability and reduced flight risk of tenant after the lease expires
– The deal pencils to a 4.7% cap rate with the rent increase in June 2016 driving the deal to a 4.8% cap rate
– Closest comp is a medical office in Anaheim which is asking a 5.0% cap rate with a much less desirable location, 5 years remaining on the lease and 2% rent growth built into the lease.
Glendale Office- Price $35 Million
- NOI (2015): $2,135,935
- Cap Rate: 6.10%
- Occupancy: 100%
- Land: 1.7 acres
- Building Size: 122,882 SF
- Stories: 6 stories
- Built: 1981 / Renovated 1999
- Parking: 273 stalls (2.2 per 1,000 SF)
- Leases turning over in 2016 as follows:
- May 31, 2016
- Tenant wants to renew their lease for a long-term new deal
- They want to reduce their space by 10,000 SF
- Other tenants have expressed interest in 6,000-7,000 SF of this space
- Original lease in 2006 included a $1.4M TI which was grossed-up as part of the rent to be paid over the life of the 10 year lease
- Base rent was $2.18 PSF
- New lease will be based on similar terms but the TI is expected to be less with the smaller footprint and that the space is already built out
Creative Office Building in Downtown Los Angeles, CA
- Asking price: $32M
- In-place NOI of $1.53M
- Based on in-place NOI, 4.8% to 5.3% cap rate
- Leased up for balance of vacant space before turnover of current office leases will be at a 5.50% cap rate
- Currently at 84% occupancy
- Major upside on the office rents to bring up from $2.00 PSF to $3.00+
- Total building size of 87,126 SF
- Based on pricing, pencils to $367 PSF
Executive Office Building available in Florida- Please ask for attachments
Retail Shopping Centers for Sale
Cerritos, CA Price: $4,250,000
- *Value Add opportunity by raising current low rents. Shopping center is currently anchored by Corporate Goodwill and TJ Maxx.
- Building Size: 18,000 sq ft
- Lot Size: 68,389 sq ft
- Current NOI: $170,000
- CAP Rate: 4%
- Price per sq. ft. (Bldg.): $236
- Price per sq. ft. (Lot.):$62 psf.
- Proforma NOI: $260,000
- Proforma CAP Rate: 6.1%
Torrance, CA Price: $5.6 Million
- 5 Units industrial/office property with development opportunity
- Major upside potential by raising rents (current rents are only 50 cents a square foot)
- 100% occupied
- NOI: $319,360.00
- Cap Rate: 5.7%
Long Beach, CA Price: $1.3 million
- Mixed Use- Café, Retail Boutique, and Luxury Apartments
- Waterfront, Café on bottom and two newer units on top
- GSI: $84,000
- Cap Rate: 5%
Huntington Park, CA Price: $8,500,000.00
- Retail Center
- NOI: $515,000.00
- Cap Rate: 6%
- Ask for executive summary
Lugo Plaza Huntington Park, CA Price: $10,500.00 Retail Center
- NOI: $630,000.00
- Cap Rate: 6%
South Gate, CA Price: $5,100,000.00
- Citi Bank Building
- NOI: $236,170
- Cap Rate: 4.6%
SFR Fix and Flip Deals for Sale
La Jolla, CA Price $2,730,000
Property is located on a highly desirable street in La Jolla with ocean views! It has the bedroom count, bathroom count, garage count and square footage count that luxury home buyers are seeking.
- $5,500,000+ ARV when remodel completed
- $5,000,000 projected net sales price
- 7,160 square feet per building department
- 6 bedroom
- 7 bathroom
- 2 master suites
- 6 car garage (this is a huge bonus for La Jolla)
- Prestigious street address – Country Club Drive
- Ocean views
- Larger lot
- 6 off street parking (again, just not found in La JollaCountry Club)
THE NUMBERS (and these are real figures).
$4,904,600 Sales Price ($685 per SqFt. The ARV is higher)
$ 261,431 Selling Costs
$ 767,972 Improvement Costs
$ 67,425 Holding Costs
$2,730,000 Purchase Price
$1,010,623 Profit 28.34% Cash-on-Cash return
The figures are based on a 12 month turn time. The project can reasonably be turned in under a year. The property will appraise significantly higher than the projected sales price. The home can either be sold for top dollar or can be sold under the $5M threshold for a quicker sale.
Finding a legitimate 28.34% cash-on-cash return in San Diego is extremely rare, bordering on impossible. The use of leverage will obviously improve the yield.
I own it, have an accurate Scope of Work, my contractor has verified the cost estimate, and have a the floor plan designed to make more sense of the existing space. The majority of the renovation is easy over-the-counter permitting allowing work to start immediately.
Why am I wholesaling it? Because I have several multi-million dollar luxury projects in process and I’m trying to purchase an $11M oceanfront project and need to free up capital.
I purchased the Country Club for $2,130,000 which has been a 3-year process. No I will not take less than $2,730,000. I don’t have to sell it. There is clearly a 7-figure pay day even at my asking price. If I don’t get my price, I’ll simply complete the project myself.
I have left plenty of meat on the bone at $2,730,000 for the next investor. The simple fact of the matter is, you will not find another turn-key project in San Diego which will net you 7-figures and a 28% return in 2016.
Email Direct – Greg@FixandFlippers.com | 858.386.0949
This is my favorite time of year!
Not only is it a time for family, gathering, spending time, eating good food and all that, but it’s also the end of the year financially.
Between now and the middle of January, it always seems to be a frenzy.. everyone starts rushing to find and acquire the best and last investment flip projects for this year.
I notice the lenders also need to move their funds around to achieve their goals.
Great news for operators who desire to land crucial financing at the most clutch time of year..I have identified a circle of competitive lenders who desire to make loans for:
- Fix and Flips Projects
- Ground-up Construction
- Joint-Ventures – 50/50 splits (lender brings acquisition+rehab+carry costs) Lender will ask you bring in the points (3-4 pts.)
- Earnest Money loans (costs $1500)
- 2nd Trust Deeds
- Gap Funding
- Multi-Family Development Or Construction
- Lot/Vacant Land Loans
- Large Luxury Projects (Residential/Commercial) $5M+
- Commercial Acquisition (CA Only)
- Leverage through Cross-Collateralization of existing assets, allowing you to purchase an additional property.
- Rehab funders (Home-Owners who wants to take 2nd or Refi existing 1st to free up funds using equity in property
- Bail-outs, Fire-Sales, Quick Bridge Loans
- Transactional Funding (You must have the end buyer lined up prior to application)
Most people call me to ask what the terms of the loans will be, but unlike a bank or a single lender institution, there is no “box” that you must fit into..
I can introduce you to multiple lenders who would have interest in funding your loan, in this way you can choose the lender that you feel the most comfortable with.
One thing I’ve learned in business is that: we are business owners for a reason, we want to choose our business partners, and life is too short to deal with people who are difficult or unpleasant.
I actually get approached by lenders wanting to connect with my investor clients, and I determine if I’d work with them personally, if not, they get no love.
Most important thing to remember – Not all lenders are created equal. They may not have your best interest at heart while some can be extremely predatory..and will give you a loan with the plan to obtain the property after you fail at any point.
The lenders I work with have about $30M-$50M to make loans.
To get started:
- Have a deal ready to go, either a purchase with accepted contract, or refinance with equity
- Send me a scenario
- Lets get on the phone to discuss the scenario
- Complete and return an application
- After I understand the loan request, I’ll contact the check-writers and get the loan offers within 24-48 hrs.
- I’ll contact you and introduce you to the lender with the offer that you like most.
- After a verbal conversation, usually a site visit occurs, sometimes appraisal isn’t always needed. Some loans are even non-recourse.
- Closing takes place typically within 14-21 days. Rinse and Repeat.
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I’m direct to the owner of a piece of property in Malibu, at Topanga Canyon / PCH, he is a developer and wants to sell these subdivided lots overlooking the water..
He’s met with CalTrans and has a good relationship with them, he wants to use the funds from the sale of the lots to build out the infrastructure and build spec homes for himself and business partners.They want to move fast.
- He wants to sell two (2) 2,500 sq. ft lots $375,000 each
- Also wants to sell two (2) 5 Acre lots in Carbon Canyon = 10 acres for $800K
- This is in East Malibu, not too far from Central Malibu. These also have ocean-view, and would be a partial owner of Carbon Canyon.
- The business partners own the land free and clear. he’s had an appraisal completed for $4.8M for one of the homes.
- It will take 1-2 yrs for infrastructural build out and approvals.
The properties will cost around $2.2M to build if appraise at $3M, they will cost $2.7M if they appraise at $4M-$6M.
- Investors can earn $1M on each property built.