All Forum Posts by: George Yu

@Scott Lang I built my own because didn’t know that answer!

@Dawanna Parks absolutely LOL I like to definitely give the downsides as much as the upsides. Overall it was absolutely worth it. Couple times in the process were a little bit scary but I think it comes down to do we lose it all or push forward

@Mahavir Gill not all only 80% LTV. Do you have a great relationship with our small local bank that Linh asked for the construction loan. They were willing to give us in in-house conversion to a longer loan but we found a better interest rate and LTV at another local bank 30 minutes away. We have good financials and balance sheets and most importantly a good relation with all of those individual bankers. I think that's what it really comes down to. My partners have been working for them over the last 10 years. I think the banker came twice in 14 months to check on the construction. Typically bankers will need to come out at least once a month but that just shows you that they have a deep relationship

@Timothy Winfield thanks! I need to get better at getting top points across shorter messages!

@Eddie T. For this development yes. No amenities unless you count parking! This is need based housing. We’re not gonna give them anything they can’t afford. Soon as we start doing pools and gyms that Has to be priced into the rent and they just can’t afford that

@Ryan Hall thanks man! ive done it a few times. Its sort of like bungee jumping or roller coaster for the first time. The fear is there up until the point the deed is done. Then its more or less pure bliss. The only thing scary usually is the fear of the unknown. 

@Ben Feder it depends on your situation. Of course both has their pros and cons. Depends on who you know or are yyou doing this yourself. I would do anything if it was learning from someone who had been doing it for 10+ years. That way you can learn faster. If you dont have someone like that locally find them or start small and make small mistakes while learning as much as you can. 

@Zane Cheng thanks hope i can simplify it for more people to take the leap!

@Alma Bagaoisan please do. You wont regret it! 

@Lewis Buckley the designs were drawn from previous projects. Jeremiah had been experimenting for the last 8 or so years. It was a bunch of trial and error that he did before we met so it was good to partner with someone who had done most of the leg work on the building side. We built as many as the city density for multi family would allow for. We also applied for a variance on the density and got 18/acre. There was a flood plain towards the back of the lot so thats why we went two story. Never again though.