William Rojas
@RojasTrg
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Connecting People with Places | RE Developer with over $1.50B in transactions | Partner in General Construction Firm | @USCfb alum
Los Angeles, CA
Joined December 2020
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When I was a young kid my Dad had a 🇲🇽 restaurant in LA.
The restaurant closed, the property stayed in the family & my Grandfather used it for his landscaping business.
30 years later, we’re redeveloping the site into apartments. Blessed to create memories with my two boys.
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Apartment Building Details that pay for themselves:
Flooring:
Acoustic Mat ✅
Lightweight Concrete ✅
No footstep noises, Happy Tenants!
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Everyone wants to be a real estate developer until it’s time to guarantee construction loans.
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A neighbor at one of our job sites calls me this morning at 8:00am:
Me: Hello?
Neighbor: Hi, I’m just calling because your framers woke me up this morning at 7:30am and I’d like to inconvenience you.
Me: No problem, I’ve been up since 6:00am. Have a great day!
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“Real G’s move in silence like Lasagna”
Walt Disney bought 27,443 acres of land which eventually became Walt Disney World in the mid 1960’s.
Starting with larger plots of land followed by smaller plots, all with different company names for each plot.
Price per acre went from
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When the framing is on point, the final product is on point.
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In construction the top 3 subcontractors that always get paid:
1) Demolition
2) Concrete/Foundation
3) Framers
Why? The project hasn’t gone over budget yet.
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When I was a young kid my Dad had a 🇲🇽 restaurant in LA.
The restaurant closed, the property stayed in the family & my Grandfather used it for his landscaping business.
30 years later, we’re redeveloping the site into apartments. Blessed to create memories with my two boys.
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This is value-add real estate.
Most see an old CMU bldg, some see potential.
(*Not my project, just a fan of this local developer)
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One of the biggest advantages of working at a large real estate firm early in your career.
**Weekly Investment Committee**
I got to hear from 8 of the smartest real estate executives weekly on how they thought through our potential deals, their questions and risk structuring.
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Monday morning job site walk.
One sign of a good framing sub… a clean working environment.
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Latest rendering for our Ground up multi-family project in LA.
-Construction start - Fall 2022.
- We are GC and Developer on this project.
- Previously a retail site, now entitled for Apts.
- No parking required due to proximity to transit (We are still providing spots)
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Start them young! My only hope is that he appreciates these memories in 30 years, as much as I appreciate making these memories with him today.
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Over the past 2 yrs, I was told that my underwriting is too conservative and that my firm wouldn’t grow with that mindset.
The reality is that I worked at a big bank doing RE loan workouts in ~2011. Scary stuff happened to good people.
I’ve been preparing for what’s coming.
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The more I speak to prospective apartment renters in LA the more I realize that other than price the only thing they truly care about is an in unit W/D.
Communal laundry room trauma is real.
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My little sister is graduating from college next month and currently in the middle of a bunch of job interviews. She asked for advice.
My advice: Tell them you want to work in the office and are not interested in WFH at this time.
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One of our former plumbing tradesmen came into to our office today.
He recently went off on his own since earning his own contractors license.
We setup his new laptop, Microsoft Office and template invoices for him to use.
Sometimes all you need is a little help to thrive.
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Only requesting this cement truck at my projects going forward!! Kobe!
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Shower stone going in. Natural light is make this room shine.
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When you get to the framing stage, it moves quick! Almost done with 2nd floor of our latest apartment development.
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I understand
@realEstateTrent
perspective but here’s a recent example a 12k sf house we built (as GC).
This is one of many large LA houses in high demand!
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I keep this
#retwit
account focused mostly on our RE investment business.
I am also a partner at my family’s LA based luxury homebuilder/general construction firm. We are more active on instagram for that business.
If you are on IG take a look at our page: LandmarkBuildersLA
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You want to design nicer apartment buildings?
Study hotel designs.
Here’s a few Im adding to my inspirational boards for future reference.
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When you get older you realize that a magic childhood was a direct result of your parents effort.
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Construction progress, starting to make a more conscious effort to document this type of content for our partners, LPs and team.
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Hack for Sub-Institutional Construction:
Offer to pay for materials directly for sub-contractors.
We will meet subs at wholesale stores and pay for flooring, HVAC equipment, Drywall, etc. directly.
Subs constantly give us their best price for labor and we keep it moving.
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ADU inspo from Alicante, Spain.
Can probably also be found in Venice neighborhood of LA.
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Best business credit card? And why?
Will be using it mostly for purchasing construction materials and paying it off monthly.
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I have a running list of properties all over LA that I drive by often that should be redeveloped into mixed-use.
This is 1/47. This shopping center should be 200 apartment units over retail.
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Wow. RETwit has already been very welcoming!
My background: Undergrad at USC, was on the football team Lane Kiffin Years
Started as an analyst at a big bank originating bridge and construction loans for institutional sponsors
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Can confirm Luxury Homebuilding is not a side hustle.
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While renovating one of our units we noticed that the view wasn’t pleasant.
The neighbor behind us was a hoarder.
Our tenants, everyday would be looking at that junk. I wouldn’t want to look at that.
We had our architect change and raise the window and boom, skyline views.
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The most interesting request I get from my wealthy contacts / network with teenage kids…
Can my kid work for your construction company in the summer?
Shocking how many parents realize they need to teach their kids the value of getting their hands dirty.
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@shawngorham
Subcontractors specifically in trades like demo, foundation, even framing are always going to get paid. Projects don’t start running out of money for the initial subs.
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The last 10% of construction / renovation always feels like the longest.
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Electrical Switchgear delivered on-site this morning after waiting 9 months from ordering.
If you know, you know - how much of a win this is in today’s environment.
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Call me old school but when traveling, I still prefer a nice hotel:
- Safety (Elevator key access)
- Daily room cleaning
- Room service / convenient retail in the lobby
- Gym access
Some Airbnb's were great but as the fees increased and service declined its not as appealing
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Lots of new followers, thought I would reintroduce myself.
- Previously - 10+ years in Institutional RE (All Asset Classes)
- Now - Partner at TRG Investments (vertically integrated RE Dev. shop), &
- Now - Partner Landmark Builders (LA Luxury Home Builder / GC Firm)
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I was speaking to a potential co-GP partner today.
One interesting strategy that they have successfully used on controversial development projects is allowing local police and fire fighters to use the sites for training purposes before demolishing the existing structures. 🤔
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My wife is running point on design for our home remodel later this year.
This is a strong contender for Master Bathroom inspiration.
cc: California.Daydreams - Interior Design
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@seandsweeney
@realEstateTrent
Bigger consideration is that this is bringing Costco to an underserved community in LA that has not had access to these retailers. Apartment renters have the hot dog amenity but this is more for the community.
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The real constraint to any real estate loan should be DSCR not LTV.
Being able to cover your debt service when values are dropping will be the single most important factor to get you through a volatile period.
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I have to give it to
@realEstateTrent
brand. Stopping by this strip mall (while waiting for my takeout food) has me thinking through: The lease roll over schedule, sales / psf of these tenants and the rent premium of the corner spaces vs in-line spaces.
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When is it OK to overpay for a property?
When you own the property next door.
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I had a meeting with an LP, but my kid had an important school function that I couldn’t miss.
I politely asked to reschedule. He asked why?
Instead of holding it against me, the investor acknowledged in person that this decision showed more about me than any slide on my deck.
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Devasting news. Artem was a good person.
After lunch, we toured his house while it was under-construction. He was super proud and we were going into the weeds on construction. We discussed the hustle, doing big deals and family.
Praying for you and your family, brother.
Am writing w incredibly sad news:
Our friend
@ArtemTepler
is no longer w us.
Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can.
Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.
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Highly underrated skill of RE Development.
Being able to connect and build trust with Suit & Tie's (Investor, Lawyer, Banker) and then switch up to motivate and build trust with the hardworking guys/girls working with their hands to turn an idea into the real thing.
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After ~2.5 years, LA DBS over-the-counter appointments are finally back. Had a 7:30 appointment to pick up RTI plans and was out with stamped plans at 7:45!
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We are about to find out who underwrote an adequate contingency budget and who didn’t.
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RE Development - Hyper Focused on the Details:
We walk every wall in our projects, laser measure and add builders cardboard shimming to our framing making sure each wall is straight prior to installing drywall.
These details matter. Go the extra step and take pride in your
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10 straight days of sunshine in LA would be great for my construction projects right about now.
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Luxury construction has a few unique factors to consider: “The Ferrari Test”
Does the driveway have enough slope to fit a Ferrari upon entering the subterranean garage?
We do this for all of our LA luxury builds and always makes for a fun day on the field.
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I get tons of deals to my inbox weekly.
We usually filter by location and vintage. Most are a pass at this point.
The few we like, we do a quick BOE (back of the envelope) screening before we even call and ask for brokers pricing guidance.
You should know your target
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Basic economics, supply and demand. So much housing is needed.
We’re going to keep building housing in LA at all ends of the affordability spectrum.
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All materials, equipment and personnel in & out of the job site are tracked and accounted for daily.
We buy most materials on credit and often find discrepancies with delivery fees and extra orders that never showed up on the job site.
Trust but verify.
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I made a promise to myself that there are two things I won’t cheap out on:
- My children’s education
- Waterproofing for my construction projects.
These are my non-negotiables.
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Aspiring Real Estate Pros:
If the below photo doesn’t make you itch, accept this as a reminder to get yourself out of the office this year and see your excel model IRL.
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This is a top of market broker response.
Due your diligence folks. It’s a bad day when you have to explain to your lender or investors that you didn’t do your homework and you overpaid for illegal units. &Don’t get me started on the liability risk of those units.
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Honestly, it has been very tough to post real estate content the last few days.
It’s hard for me to express some of the emotions I have right now.
Ukrainian President Zelenskiy turns down U.S. request to evacuate Kyiv, saying: "I need ammunition, not a ride" - AP 🇺🇦🇺🇦
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My best closed transaction. Today is my 5 Year Wedding Anniversary (yes, we really got married on April Fools)
& yes, we had the USC Trojan Marching Band at my wedding!
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Conversation with a lender today: "You are self-employed, and have been for less than two years"... "You are high-risk in our standards, we prefer a W-2 employee"
My Response: "You do know you could be fired by your W-2 job tomorrow, right?"
Lender: "Well...I see your point"
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Design Inspiration (but also quick getaway)
Hotel Californian, Santa Barbara, CA.
Highly Recommend.
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I started making it my personal mission to put as many olive trees in my projects as possible.
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What’s it like working in luxury construction in LA:
“Million dollar renovations to a happy home” - Ye
The amount of high-end flooring, countertops and tile that we demo and replace is absurd.
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Renovating our latest student housing project. Originally built in 1912.
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Most aspiring REPE professionals want to be “deal guys”
Goal should be becoming a well rounded Investor.
Asset managing a few deals will make you a more conservative deal guy but will help you execute.
You need to be able to deliver a return! Not just Underwrite one!
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When you hear the Spanish music, you know the job site is making progress.
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Development tip:
Before insulating and closing up the walls of your projects, take detail photos /scans of each unit, organize and save them.
We use
@Matterport
for this scan.
Once your project is completed, you will forget where valves/hookups are behind the walls.
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Surprising question I get from family friends and former colleagues:
Can my son work for your construction company doing some manual labor for the summer??
I worked on job sites every summer until HS and my only motivation was to get into college and work in an office with AC.
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College Football is back! Throw back to living my dream in the LA Coliseum ✌🏼
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Just submitted an offer on a MF land site (30k sf) near one of our current projects.
Our offer included three scenarios to move forward:
1) Long escrow, 18 months, close upon entitlements, solved to 6% UYOC
2) 60 day quick close, solved for 6.75% UYOC
3) JV with land
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My grandfather passed away five years ago today, his sacrifices are still creating opportunities for my family today.
Miss you and love you, Abuelito.
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At some point as a country 🇺🇸 we have to make a very clear decision and own that decision:
Do we want to provide shelter for cars or people?
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We are active right now as GC & Developer in LA, high-end spec homes (10,000+ sf), student housing (4-5 bedroom/bathroom units), multifamily and small lot residential.
Times are changing but we’re leaning in on our relationships now more than ever. Investors, Clients, Lenders.
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In addition to multifamily, our GC affiliate company has a track record of completing luxury housing in LA.
Biggest benefit is working with a variety talented interior designers in the city.
Helps us design cool spaces within our own projects.
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National credit retail tenants do not go to a certain market on accident.
Starbucks, Wholefoods, Target, Equinox. These tenants have extensive market and demographic research to back up a select location.
As an apartment developer, follow the retail data (and locations).
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The real estate GPs dilemma:
When discovering a burgeoning submarket early, you need to have a balance of both:
Conviction & Contained Secrecy
👇🏻 (1 of 4)
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Underrated competitive advantage in real estate investing:
The ability to gain rapport & respect from both your banker and plumber. Some have one, few have both.
The white collar and blue collar perspectives are both critical in the value creation process of real estate.
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Some complete projects in the hills.
The kind that make the construction process worth it.
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I made a promise to myself that there are two things I won’t cheap out on:
- My children’s education
- Waterproofing for my construction projects.
These are my non-negotiables.
(Rainy LA week tweet)
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