Couldn’t tell if my electrician was trolling me this morning, then he sent me the AI screenshot and I almost threw my phone at the wall.

Fire damage rebuild of 4 units for the fastest growing developer in LA. Workforce housing that looks and feels good. Thanks for the trust @atnissly !

Closed a $3.4M construction loan at 9.35% today for our Eagle Rock project. It’s the highest leverage construction loan we’ve done at close to 90% LTC (loan to cost) Thread below on how we got there:

4 unit workforce housing. Not beautiful units but 4 families will be stoked to move into these units.

HACLA updated their grouped zip codes yet again.. back to 11 tiers. hacla.org/en/about-section-8…

My experience of life so far: You enter a tunnel at ~15 & it shoots you out at ~35 & the rest of your life is largely determined by the choices you made & the luck you had in the tunnel.

Flathead Lake, MT. One of the most beautiful places I have ever been. Photo doesn’t do it justice.

My 3rd Altadena fire rebuild house getting concrete today

62 unit affordable housing project in South LA. Footing pour this morning with @louissparadajr .. 35 trucks before noon. Moving to columns and CMU walls tomorrow. Moving fast!

Altadena rebuild #3 moving in foundations. Scheduled to pour this next week. 1450 SF house and 2 car detached garage.

Framers moving fast in Altadena on our 2100 SF house

Garage conversion in Venice. Red guard over existing slab. Add some rebar and pour a topping slab.

Foundation pour yesterday in Altadena. These photos are about midway through the pour as they finished the footings and started pouring on the slab. Framing starts tomorrow!

Altadena rebuilds are moving along. 2,200 SF house and 425 SF garage. Hoping to pour this end of next week.

Completed renovation in Silverlake

Demo’d 4 old SFRs to make way for a 62-unit 100% affordable housing project with 28 parking spaces with @louissparadajr

Bathroom remodel ✅ I’m still deciding if I like the blue tile the owner chose.

Started last week on a new personal project with my partners. We are turning an old SFR into a 4plex. All units will be 3bed/2bath 1000 SF with washer/dryer. This is similar to SB9 but the zoning allows duplexes here so it functions the same. Hope to be done in 4 months!

SFR -> 4-plex Purchase: $780,000 Soft + Hard: $700,000 Stabilized Value: $2,200,000 not bad for a 12 month project!

This is 252 units, completed in 2023. Brand new construction - and it’s under LA’s rent control (RSO). Why? Because one of the parcels had a small RSO building on it before demolition. When you replace an RSO property, the entire new building becomes RSO. There is a widespread misconception that new construction in LA is exempt from RSO rent control. It is so common that our own council member @cd4losangeles did not realize it while pushing a policy that would cap rent increases in these buildings at 60% of CPI with no floor. Next year that means roughly 1.8%. In some years it could be zero. Developers built buildings like this under the assumption that annual increases would reliably land around 3 to 4 percent. If that floor drops to zero, it becomes extremely hard to justify building projects like this at all. These buildings bring new housing supply, construction jobs, and significant development fee revenue to the City. Contact your council members today and tell them to vote no on changing the RSO formula.