All Forum Posts by: Shawn Mims

Hi all-

I'm the owner of a single family home/property within West Hollywood. I am currently seeking an investor for the acquisition of the lot next to mine for assemblage with the purpose of constructing a multi-family condominium building. The area is zoned for a max 4/5 stories with 15 units total, 12 of which are market rate.

Construction financing is secured as I have a relationship with a hard money lender who is interested in financing the project, but would need to assume the property next door to move forward with a construction loan.

I am looking for an agent/broker/investor within Los Angeles that represents clients that are familiar with the West Hollywood market or investors that have had previous successful dealings in the immediate area.

Please send me a message, and I will get back with you. Thanks to all in advance.

Hi all-

I'm the owner of a single family home/property within West Hollywood. I am currently seeking an investor for the acquisition of the lot next to mine for assemblage with the purpose of constructing a multi-family condominium building. The area is zoned for a max 4/5 stories with 15 units total, 12 of which are market rate.

Construction financing is secured as I have a relationship with a hard money lender who is interested in financing the project, but would need to assume the property next door to move forward with a construction loan.

I am looking for an agent/broker/investor within Los Angeles that represents clients that are familiar with the West Hollywood market or investors that have had previous successful dealings in the immediate area.

Please send me a message, and I will get back with you. Thanks to all in advance.

Hi all,

I have a 2007 Pro Forma that I need to update with 2015 numbers. The 2007 version is the for the same size development and area as now, a 4/5 story 15 unit multi-family condo bldg. I have most of the updated numbers, but I am not proficient in Excel to tackle this. 

I will pay someone for their help in plugging these in. Dev is for within West Hollywood, CA. Any help or assistance would be GREATLY appreciated. 

Thanks.

Hi all,

I'm in the early stages of developing my single family lot (and potentially the corned lot next door). Both are within West Hollywood. Converting a single family home and duplex into a multi-family condominium bldg. 

However, I'm having some difficulty putting together a Pro Forma with accurate local/current construction cost numbers.

I haven't yet signed on with a construction company, and am needing this proforma for my investor pitch. Any help or suggestions would be immensely appreciated.

Thanks everyone.

Hello BP Community!

I'm in the early stages of developing my single family home into a multi-family condominium building here in Los Angeles.

I've created a nice pitch for potential investors, but I don't have the skills or experience necessary to create an accurate pro forma for my project.

Is anyone familiar with a company that helps in the creation of these, or is there someone here in the forums that'd assist in creating one for me, for a fee? 

I've researched the fill-in-the-blank ones online, but they aren't quite at the level I'm needing. 

I'll pay for the service. Thanks so much for any leads you might have. :)

Hi all,

I'm in the process of developing my property around the West Hollywood (LA) area, and I'm very interested in considering modular construction vs. traditional stick for my 4-story, 7-unit building.

Any thoughts?

Does anyone have any experience with this in Los Angeles/San Diego? Specifically:

1- On average, does it cost more/less than traditional? I'm getting quotes of $190-$210 for traditional construction. I've read on some sites where I could save 10-20% over traditional stick but is this realistic?

2- It's a shorter construction time, but by how much could I realistically expect?

3- Is the approval/permit process the same compared to traditional construction? 

4- Resale? These new units will be sold as condominiums, so I'm very interested to see if modular affects the asking price either positively or negatively? 

5- I've run across EcoSteel. Any other companies that anyone would recommend that are larger and therefor less expensive? 

Thanks in advance for any tips or info everyone. I really love the idea of building with less waste, and in a more environmentally efficient way, but ultimately it's also about cost and time. Thanks. 

Sounds great, will email you. 

Thanks for the great replies everyone.

@Robert: Zoning allows for a bldg of 10,000sf, so that would be the size. I spoke with a contractor experienced in the area and he said to figure $700k for underground parking. As for the price of each unit, it would vary based on location in bldg, size, amenities, etc. but on avg, each unit has to avg out at 1,500sf, and these would sell in the 825-925k range. Local market rate within the past year is at $630 per sf. I'm thinking $600-615 to be conservative. Remember 1 unit would be for affordable housing, and that's basically given to the city.

@Paul: Agreed. The project would require a GC, Architect and PManager that is very experienced, preferably within WeHo. I'd put together that team, hiring the appropriate people.

What is the typical financial relationship between someone like myself and a hard money lender? What are the typical terms of the investment, in regards to points, interest, and/or equity share? 

Hi all,

I'm the owner of a single family bungalow on the east-side of West Hollywood, an area that has recently seen a huge surge in development. Within 3 blocks of my home we're experiencing over $450m of development, including two 150-unit bldgs consisting of high-end ($3k per unit) residential rentals over commercial. 200,000 sf of commercial is being added to the area and in addition, Oprah just moved her OWN Network into the neighborhood. There are also 6 smaller 7-unit condominium developments that are underway within a block or two as well.

A lot is happening!

I am interesting in re-developing my property to build a 7-unit, 4-story condo building with subterranean parking. 1 unit is required by the city to be given to affordable housing (the max density is 5 units, otherwise). Units will be built at an average size of 1,500sf per unit. I spoke with a local realtor yesterday and she says that the market rate for new construction in my area is an avg. of $630.oo per sf.

I currently owe $398,000 on my home and it was just very recently appraised at $1.25m.

I have a very good relationship with the City and it's Planning Department, and also have a great relationship with an architect who just successfully received permits and entitlements for a similar building on my street. However, I do not have any GC experience, or managing experience which is why I would assemble a team with local experience working with similar projects.

Finally, my question is this: To any potential hard money lenders in my area, does this seem like a viable situation and if so, I would welcome a conversation to discuss the opportunity further. As well, to anyone who might give me some advice on how to best proceed acquiring hard money funds, I certainly welcome that, and it is MUCH appreciated.

THANKS everyone.

Hi all, 

This is my first post so please forgive me if it's in the wrong category. Feel free to move me.

I'm the owner of a single family bungalow on the east-side of West Hollywood, an area that has recently seen a huge surge in development. Within 3 blocks of my home we're experiencing over $450m of development, including two 150-unit bldgs consisting of high-end ($3k per unit) residential rentals over commercial. 200,000 sf of commercial is being added to the area and in addition, Oprah just moved her OWN Network into the neighborhood. There are also 6 smaller 7-unit condominium developments that are underway within a block or two as well. 

A lot is happening!

I am interesting in re-developing my property to build a 7-unit, 4-story condo building with subterranean parking. 1 unit is required by the city to be given to affordable housing (the max density is 5 units, otherwise). Units will be built at an average size of 1,500sf per unit. I spoke with a local realtor yesterday and she says that the market rate for new construction in my area is an avg. of $630.oo per sf. 

I currently owe $398,000 on my home and it was just very recently appraised at $1.25m.

I have a very good relationship with the City and it's Planning Department, and also have a great relationship with an architect who just successfully received permits and entitlements for a similar building on my street. However, I do not have any GC experience, or managing experience which is why I would assemble a team with local experience working with similar projects. 

Finally, my question is this: To any potential hard money lenders in my area, does this seem like a viable situation and if so, I would welcome a conversation to discuss the opportunity further. As well, to anyone who might give me some advice on how to best proceed acquiring hard money funds, I certainly welcome that, and it is MUCH appreciated.

THANKS everyone!