56 min
How to Build 8 Duplexes in 2 Years Black Real Estate Dialogue
-
- Investing
Don't forget to subscribe, leave a rating and a 5-star review. I will be shouting out all 5-star reviews on the show!
Today’s episode with Donovan Adesoro was inspiring! Donovan got into real estate development at the age of 24 after realizing that his time and resources could be better spent building properties rather than flipping them. His ideal buyer, he decided, would be young professionals looking to house hack. Two years later, at the age of 26, Donovan and his team have successfully developed 8 duplexes, with another 10 projects currently in the pipeline.
In this episode Donovan lays out his process for finding land and securing funds for his builds, lessons he had to learn the hard way as a first-time developer, and his scalable system that has brought him exponential success in four years and counting.
Highlights
1) As a developer, there are two ways to go about the process: Buy the land in cash and have your construction lender (either a bank or hard money lender) cash you out of the land; or, have the lender finance the land on the purchase.
2) On a new construction, you will be applying for a commercial loan (i.e. you will need to operate under an LLC or other business entity). This means that the terms of the loan may not be influenced by your personal credit.
3) There is a huge difference between what people want and what they are willing to pay for. To maximize the profitability of your development, work on optimizing the floorplan—the square-footage in particular—which will literally serve as the foundation for the rest of the home.
How to find him
651 Holdings, LLC - www.651holdings.com
Instagram - @donovan_651
Twitter - @DonovanBuilds
Access all of our resources on our website- https://www.blackrealestatedialogue.com
Download my free guide Top 5 Down Payment Assistance Programs- https://bit.ly/dpassistance1
Get my New E-book How to Build Wealth in a Recession- https://bit.ly/bredrecessionguide
Shop our new merch- https://blackrealestatedialogue.com/collections/all
Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy
Don't forget to subscribe, leave a rating and a 5-star review. I will be shouting out all 5-star reviews on the show!
Today’s episode with Donovan Adesoro was inspiring! Donovan got into real estate development at the age of 24 after realizing that his time and resources could be better spent building properties rather than flipping them. His ideal buyer, he decided, would be young professionals looking to house hack. Two years later, at the age of 26, Donovan and his team have successfully developed 8 duplexes, with another 10 projects currently in the pipeline.
In this episode Donovan lays out his process for finding land and securing funds for his builds, lessons he had to learn the hard way as a first-time developer, and his scalable system that has brought him exponential success in four years and counting.
Highlights
1) As a developer, there are two ways to go about the process: Buy the land in cash and have your construction lender (either a bank or hard money lender) cash you out of the land; or, have the lender finance the land on the purchase.
2) On a new construction, you will be applying for a commercial loan (i.e. you will need to operate under an LLC or other business entity). This means that the terms of the loan may not be influenced by your personal credit.
3) There is a huge difference between what people want and what they are willing to pay for. To maximize the profitability of your development, work on optimizing the floorplan—the square-footage in particular—which will literally serve as the foundation for the rest of the home.
How to find him
651 Holdings, LLC - www.651holdings.com
Instagram - @donovan_651
Twitter - @DonovanBuilds
Access all of our resources on our website- https://www.blackrealestatedialogue.com
Download my free guide Top 5 Down Payment Assistance Programs- https://bit.ly/dpassistance1
Get my New E-book How to Build Wealth in a Recession- https://bit.ly/bredrecessionguide
Shop our new merch- https://blackrealestatedialogue.com/collections/all
Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy
56 min