Episode #143 Building Condos in Columbia Heights with Sunil Saxena

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 a 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 offer 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

 

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