During this HyperFast Wealth segment, hosts Dan Lesniak and Sunil Saxena update us on their eleven-unit Columbia Heights project. Learn how they acquired the four lots they needed, where they are in the permitting process, and why it’s helpful to have a completed model when you enter the pre-sell phase of sales and marketing. This is a huge learning opportunity for everyone who follows along.
Episode Highlights:
- Dan and Sunil speak to us from their Columbia Avenue project. The land has just been cleared.
- Sunil anticipates the project will take 5-6 months to complete.
- There are four lots. One is vacant. The other three have structures that are coming down. They got permits for the empty lot first.
- The product will be eleven beautiful condos in Columbia Heights. These will be large modern townhouses, around 2000 square feet each.
- The top units will have rooftop decks. People who aren't in the top units will get nice outdoor space as well.
- The first three lots were purchased as a bundle. They bought the fourth lot from a neighbor and it was a win-win for everyone involved.
- There was a developer that sat on the project for two years. The permit process was started.
- To get up to developing three units per lot, they had to go to the board of zoning appeals.
- Sunil is always anticipating the next steps.
- Getting the first one done will allow them to have a model and hopefully pre-sell more of the units.
- This is an exciting project with a lot of moving parts.
3 Key Points:
1. Always try to anticipate the next steps you’ll need to take so you can maximize the time you spend on a project.
2. If you’re looking for another lot to expand your project, approach neighbors.
3. Completing a model before pre-selling units offers huge advantages for marketing the property.
Tweetable Quotes:
- “We realized the more doors in one project, the better it's going to be.” – Dan Lesniak
- “We're always looking at deals. Reach out to us.” – Dan Lesniak
- “We're always trying to do as much as we can, as quickly as possible.” – Sunil Saxena
- “It really, really helps to have a model.” – Dan Lesniak
“We bought three of these as a package from one seller.” – Sunil Saxena
