The Secrets to ADU Investing & How He Lost $500K on One Deal | Chris Luna E301

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 30 January 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if you could turn a single-family home into a high-cash-flowing multifamily property? In this episode of The Rich Somers Report, Rich sits down with ADU expert and real estate investor Chris Luna to break down the massive opportunities in ADU investing and the hard lessons he’s learned along the way—including how he lost $500K on a single deal.Chris shares:How he scaled his ADU development business in San Diego, leveraging zoning laws and underutilized properties.The deal that cost him $...

Transcript

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0:00.0	Hey guys, real quick, before we get started, I am hosting a free two-day boutique hotel investment
0:05.1	training Saturday, Sunday, February 8th and 9th, outlining exactly how you can get started
0:10.1	investing into boutique hotels and taking advantage of the tightening Airbnb regulations
0:13.8	and the 40 million retiring baby boomers. To register, simply go to hotelinvesting.com slash
0:19.7	podcast to save receipt. Again, that's hotelinvesting.com slash podcast to save receipt. Again, that's hotelinvesting.com
0:23.0	slash podcast to save a receipt. Now let's jump into the show. This deal hits the market, $18 million,
0:27.9	$2330, Grand Avenue. I'm like, I'm going after this. I got it. I'm in Grant's Real Estate
0:32.1	Club. You know, I feel like Grant can maybe help me raise money through the club, all this stuff. I go after the deal.
0:38.3	I get control of the deal, beat out some billionaires in town to get it.
0:41.6	It was a 39 unit in Pacific Beach.
0:43.6	And I'm thinking like, oh my goodness, I can't believe I just scored this deal.
0:46.7	I have 90 days to close it.
0:48.2	Interest rates shot up.
0:49.5	Call it three or four times, September, October, November, 2022.
0:52.8	I had an earnest money deposit of 500K. That was my
0:55.8	own money I put in that I lost because I could not close the deal. Welcome to the Rich
1:02.3	Strummers Report where we talk real estate, business, and wealth building, all while keeping it real.
1:07.0	No fluff, no BS. I hope that you enjoy the show.
1:14.9	Thank you. No fluff, no BS. I hope that you enjoy the show. All right, guys, welcome to another episode of The Report today.
1:19.4	I got someone who's doing big things here in San Diego.
1:22.4	I got someone who's taking advantage of the ADU laws out here in California.
1:26.8	He's got his own property management company.
	...

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