All Forum Posts by: Jeremy Curran

We actually ended up using a home style renovation loan that goes up to $1.312,500 million approx.  Its a great way to slowly become a developer.  I have a lot of architect friends that develop their own building starting with these loan programs.  It takes longer but you truly get to build buildings of your own design.  Very satisfying and probably less competitive because its more complex and involved.  We may do a BRR renovation to carve out another cheap or free home in Lake Tahoe next but i would definitely like to design and build more rental communties this way.   After a couple of these 4 unit developments we can probably ramp into building 10-15 units if we are buying correctly and cash out refinancing like the BRR strategy.    

Investment Info:

Small multi-family (2-4 units) other investment in San Diego.

Purchase price: $500,000
Cash invested: $100,000

This is our first adaptive re-use project turning our duplex into a 4 plex using the 203k fha home renovation loan. A lot of people do not understand that you can add up to 4 units with these low money down 3% fha loans as long as you are willing to move into the property. We are looking to begin our redevelopment company slowly this way and then bridge into building bigger 10-15 unit mixed used solar power developments.

What made you interested in investing in this type of deal?

I wanted to start a development company or redevelopment company that focused on taking older run down buildings and adding units to them. Strive to include solar power for the entire building, loaner bikes for the tenants to encourage them to walk and bike places more.

How did you find this deal and how did you negotiate it?

We originally bought the duplex to live in one and rent the other. I thought the lot was maybe zoned for 3 or we could add a granny flat over the back garage. once we found out the lot was zoned for 4 units it was a no-brainer to redevelop the property to its highest and best use of my own design.

How did you finance this deal?

203k fha home rehab loan

How did you add value to the deal?

we added 2 additional units over the existing units. 1 2bed 2bath units and 1 2 story 2bd 2bath unit with a 300 sq ft office and roof top deck for my family to live in.

What was the outcome?

We built the 4 plex for 1.3 million its worth 1.8-1.9 million now. After rents my familys new home and my really nice home based offices cost us $500-1,000 a month out of pocket. Once we move into the next 203k project this 4 plex will cash flow $2,000 a month or more net.

Lessons learned? Challenges?

This is maybe not the easiest way to acquire units but like the BRRR strategy everything is nice and new when done. Also you get to use your architectural creativity to design and add units to existing buildings which is really fun and challenging.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

not at this point. i will be driving for dollars to find other run down properties we can do the same thing to next in the coming year.

Hello,

  My name is Jeremy Curran and i am the founder of Sustainable Village Redevelopment.   I am slowly walking the blocks of urban San Diego's redevelopment zones to identify run down properties to acquire.  Looking for like minded partners whom would like to maybe co-invest in buying properties below market value, creatively rehabbing them, and refinancing out to roll into bigger and bigger projects.  Ultimately I would like to grow my fund into doing some boutique, creative, mixed used infill development.   I have also been studying the redevelopment zoning and code of these areas and can identify which properties can be rebuilt to higher density by right.

    If you are looking to work on some fun projects, grow your long term cash flow and wealth, and make a difference along the way give me a call.

Talk to you soon,

Jeremy

6119-885-8188

[email protected]

www.sustainablevillageredevelopment.com 

I am looking for experienced rehab contractors who i can partner with to buy single family homes and small apartment buildings to rehab, rent, refinance, and roll into the bigger and bigger projects slowly.   Ultimately i would like to build up to building ground up development of infill residential rentals, and boutique mixed use rental buildings in the redevelopment areas of san diego initially.   Looking for contractors whom do great work whom and would like to partner towards long term wealth building cash flow while doing the work they love.

I will be using my sales skills to personally find and approach owners of run down properties in urban san diego we can buy, rehab, and rent for a profit and quick equity using the BRRR method.

If you are interested in setting up a meeting give me a call.

Jeremy Curran

619-885-8188

[email protected] 

www.sustainblevillageredevelopment.com