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What you’ll learn in just 17 minutes from today’s episode:
  • Find out one investment strategy that is very much in demand in this time of pandemic and which also meets the economic sharing lifestyle people have these days 
  • Learn how you can steadily rake in monthly cash flows from this type of investment  
  • Discover the competitive advantage of this type of property to the unique market it serves 

Resources/Links:

Summary: 

Scott Choppin is the CEO and Founder of The Urban Pacific Group of Companies, a Long Beach, CA-based real estate development company, founded in 2000, that focuses exclusively on workforce rental housing communities throughout California and the western US. Urban Pacific has created a new housing innovation called Urban Town House (UTH), which pairs private capital with middle-income multi-generational rental housing while producing market superior yields on invested equity. Historically, Urban Pacific’s UTH projects have delivered 22.66% programmatic IRR yields on equity. 

In this episode, Scott shares how this pandemic has allowed an economic sharing lifestyle for families and roommates and created something new for this market which is called urban townhouses. Being an underserved market where undersupply is huge and demand is high, it surely is a competitive advantage. 

Topics Covered: 

00:51 – What is Urban Townhouse 

04:00 – Who does Urban Townhouse serve 

06:02 – What does the Urban Townhouse look like inside 

06:51 – Using the sub-meter methodology for water and electricity for economic functionality 

07:13 – How many housing projects he has built so far 

08:28 – The number of units in a project he did when he started 

09:58 – His ways to mitigate risk in doing multi-unit housing projects 

11:16 – What kind of families do they cater to, and how do these units cash flows 

13:41 – How the market of roommates and families turn these urban townhouses into functional units as home and home offices 

15:49 – How do urban townhouses compete with the normal house rental  

17:26 – The average rent for these units a month 

Key Takeaways: 

“For us, workforce housing is building a new construction rental housing product for middle-income families. And we also have middle-income roommates, and during the pandemic, roommate situations are actually a high growth area for us. But the intention was to serve a part of the marketplace that wasn’t being served. – Scott Choppin  

“We know the demand these families, and particularly now, roommates, in the pandemic is massive. The undersupply is huge, the demand is high, that’s the perfect market to want to enter into from a niche or a contrarian basis.” – Scott Choppin  

“It basically allows families that live multi generationally, or big family groups or roommates to come together in a single space. And then start to do practice this economic sharing lifestyle.” – Scott Choppin 

“One of the ways to mitigate risk is you break it in half or you break it into 30. I’m going to build the first phase, if that goes well, then we can start the second phase. And one of several methodologies that we use to mitigate risks is conservative underwriting. It’s the name of the game. We need to produce returns for ourselves and investors. – Scott Choppin 

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