All Forum Posts by: Gene Chen

Interesting topic - thanks @Michael Le for raising it.

I'm seeking to connect with Chinese investors for development projects in Los Angeles.

Does anyone know of a contact (either company or individual) that facilitates this?

Hi Manolo,

The project is 3 for-sale townhomes in Culver City, about 2k sf each, modern design.  Total project cost of $2.3-2.8mm, with the variable being hard costs, although I'd hope to stay at the lower end with a GC partner.

I think we've connected in the past, and you mentioned that the project may be outside of your scope.  

Let me know if you'd like to discuss further and we can schedule a call.  Would be great to see some multifamily work that you've done.

Best,

Gene

Hey All,

I'm looking for a GC and equity partner for a multi-family project on the westside of Los Angeles.  The original plan was to 100% self fund the equity for the project, but if a high-quality GC is interested in taking on the project, I'm willing to open up the investment opportunity.

The project involves infill development and ground-up construction of for-sale townhomes.  The target equity return on capital is ~80%.  All of the details, including drawings and pro forma, will be provided following initial qualification.

Requirements

- Commitment of at least $50,000 in equity upfront

- Experience as a GC on multi-family projects (including references)

- Strong track record of quality, efficiency and safety

- Located in Southern California

Please PM me to discuss further.

Best,

Gene

Hi Tatiana,

Where does one start?  lol

I think your critical next steps are figuring out how to acquire the adjacent lot (have you had discussions with the owner?) and determining the product your team wants to develop (apt, condos, small lot subdivision, etc.).  Then you'll want to think about hiring an architect and expeditor/land use consultant to kick-off the lengthy entitlement process, and of course how you'll finance the entire project.

What is the lot you acquired improved with?  Assuming you have already checked the zoning and code requirements?

What type of experience do your other team members have?

I'm doing something similar in another part of LA.  Feel free to PM me to discuss further.

Best,

Gene

Thanks @Manolo D.

Thanks so much for the input @Rob McGahen @Larry Yinger

@Rob McGahen The slab is ~50 years old but in good general condition since it serves as a backyard and gets used only for BBQs and the like.  Thanks

Dear BPers,

My investment property has a ~500 SF concrete slab for a backyard.  Before selling, I'm thinking of ripping out the concrete and putting in a sod lawn.  What's the ballpark cost for a job like this all-in?

Do you think the potential return (incremental sale price) is worth the investment? Would you recommend other options?

The property is located on the west side of Los Angeles.

Thank you!

Gene

Much appreciated gentlemen.  @Steven Hamilton II   @Cameron Skinner

Steven,

Thanks for the response. One follow-up if I may - are there any forms/paperwork I would need to file with the IRS, or is good record-keeping of the LLC capital account & transferred basis on my books sufficient?

Also, what's the pitfall with holding RE in a corp long-term?

Cheers