He Specializes in Ground Up Development and ADU Builds in High Density Areas | Andrew Greer E52

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 30 May 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Rich sits down for an interview with Andrew Greer, local San Diego realtor and real estate developer with a team of 30 agents who specializes in infill development and value-add projects. Andrew has a background in home construction and flipping houses, but was inspired by the IRS to protect his money and decided to pivot from flipping to buy-and-hold investments. They discuss the pain points of building & selling new construction, office buildings, ADU permitting proc...

Transcript

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0:00.0	This is a prosthetic leg because I had to give it to the last lender.
0:03.2	No, so it's tough right now.
0:07.9	It's definitely tough.
0:09.0	We established our projects early on, the ones that we're in right now with a lot of capital.
0:14.8	More capital than at the time people thought we should have in it, but we just felt like the rate climate was going to switch.
0:20.7	So we were going in loaned to cost at like 60%. So we were heavily capitalized, which has allowed
0:27.0	us to get funding. Some other projects that get tighter, it just, it doesn't make a ton of sense
0:32.1	with our rates are at.
0:34.0	Welcome to the Rich Drummers Report where we talk real estate, business, and wealth building
0:38.8	all while keeping it real. No fluff, no BS. I hope that you enjoy the show.
0:43.3	All right guys, welcome to another episode of the report.
0:51.3	Today we are back in the studio here in downtown San Diego and I got a
0:55.8	very special guest who's actually local to the San Diego market and he
0:59.6	specializes in a lot of value-at projects here locally and he's got a team of 30 agents on the
1:06.7	realty side as well I got my man Mr Andrew Greer Andrew welcome to the show
1:11.8	hey thanks for having me.
1:13.2	Super excited to be here.
1:14.0	Love the setup.
1:14.7	This is great.
1:15.8	Yeah, dude, I appreciate you coming by, and what part of San Diego do you live in?
1:19.8	I'm up in the Del Cerro area, so the other side of the freeway from San Diego State I didn't go too far.
1:25.2	Yeah I'm excited to have this conversation with you because a lot of people I know in the space here locally
	...

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