All Forum Posts by: Joshua McGinnis

One of the many challenges in developing property in Los Angeles is the minimum parking requirement. Many parts of the city are zoned with no height restrictions, but quickly become unfeasible once you begin to pencil out the parking requirements per unit of housing constructed.

Given than 70%+ of Los Angeles citizens still commute, it doesn't look like dramatic reduction of parking requirements are going to happen anytime soon.

How are folks in other densely populated areas addressing parking to squeeze out more units? I'm particularly interested in how New York City / Manhattan developers address parking (where it is required) and if anyone else has looked into automatic parking solutions?

@Logan Allec

Sounds like it might be a good idea to head over to this thread and contact BP:
https://www.biggerpockets.com/forums/25/topics/37572-found-a-bug-or-site-problem-let-us-know-here-s-how

@Logan Allec

Weird - it is indeed missing. Have you filled out this page?

https://www.biggerpockets.com/profile/experience

@Logan Allec

Edit your occupation at the bottom of:

https://www.biggerpockets.com/profile/basics

I'm looking to network with Houston wholesalers. Please add me to your list.

I'm looking for lots, tear-downs and essentially land in downtown proper, Midtown, 4th Ward, Montrose, East Downtown, and any other areas directly adjacent to the Downtown core.

Hi @Susan Capeta

I'd be a bit skeptical about the feasibility of land purchased so cheap for many different reasons.

The City of LA does hold an auction for surplus properties from time to time. You can get the auction details here:
http://gsd.lacity.org/asset/surplus.htm

There's also the annual Tax Default Properties Auction, but you just missed it. Here are the details:
https://ttc.lacounty.gov/Proptax/auction_generalIn...

You might be able to find privately owned land that is build-able on the MLS, but I've heard folks have better luck by tracking down the owner of a lot they like and trying to work out a deal offline.

@Account Closed pointed out, shovel ready projects require both design approvals and building permits. These entitled projects often only have design approvals and by the time you get around to chasing the building permits, you may find the deal design was never feasible to begin with.

@Steve S.

Tell me what you need to verify legitimacy, and I will work to make it happen.

I can't promise that these clients or any will jump on the first opportunity that crosses their desk. They need to see the vision for the project and be able to realize a return that they are comfortable with.

Right off the bat, they're going to be looking at zoning, timeline of the deal, and the presented opportunity to see if the deal pencil's out with the goal of 15%+ IRR.

@Nick Hedberg

Lot size isn't so important as is the opportunity and return for the deal. All locations in and around the LA area are open, but the clients do have an interest in DTLA, Koreatown, and anywhere on the west side.

$50MM isn't the upper limit of their budget, so we'll entertain larger deals if they make sense. It's more important that we solidify this first deal to establish the relationship.

One of my working partners is a managing director of a private equity firm in Los Angeles, representing a group of Chinese investors.

We're actively sourcing ground-up multi-residential, hospitality, or retail development deals in the Los Angeles area in which our investors will own or be principals in the deals.

If you have any deals in the $10-50 million range, please email me. We're happy to sign NDAs and provide POF.