We just finished building a 36 unit apartment! Ask Me Anything!

[George Yu]

Hey guys my name is George Yu and I love passive real estate. The idea of investing into something and then collecting mailbox money whether you feel like working or not is like having your own golden chicken as long as you take care of it. I bought my first single family home in 2011 while I was a freshman in college for $32,000 move in ready from my uncle and it has been consistently rented out since for about $650/month. Fast forward till now, I have a total of 6 single family rental properties....and now a partner in 36 unit apartment complex.

I ended up partnering with a gentleman a few years older than I and he was a seasoned developer. Long story short came to see what he was building and loved it. I offered him my time and capital and we went to look for another ground up build and broke ground in early 2019. I realized partnering with someone really shortened my timeline from 3-5 years to just a few months. It was information overload at first but im a fast learner and so excited that I never got bored and never had too many emails, phone calls and meetings. Keep them coming! 

Our bread and butter is building smaller sized apartments around 400SQFT 1br/1ba apartments for workforce housing. We build them using some methods from passive housing standards like preventing thermal bridging and spray foam insulation to the best we can create an airtight envelope. The world is headed in that direction and there is no reason not to build for that in my opinion. Hoping that there are others who see a gap in market right now and want to do something about it. Lets connect.

I want to help others like me who are interested in building affordable, eco friendly products for a economic class that NEEDS this. I was someone with little to no experience being able to take part in a multifamily development by believing you can, teaming up with right people, having a willingness to learn, and a healthy bit of luck. If I did this on my own it probably wouldn't have happened this quickly for sure. It's also a great feeling help create homes for people in need while making great passive income. We are so excited to be breaking ground on our next development in December. I would like to answer any questions about anything to help people who are interested in learning. There’s a lot that I didn't cover such as financials. I can say that we are above a 10% Cap Rate after refinancing our construction loan into a longer term loan and the demand is good enough that we have a waiting list.

Finally i’m taking all questions so please........ Ask away!

Here are some dropbox photos of our journey from Parcel to Passive income:

https://www.dropbox.com/sh/tyk44xnpc0mev8z/AACQSjHK1IskpaDnt4VHLxpMa?dl=0

Sorry if the photos are out of order. Cant figure out how to get DropBox to show it right.