Nick Lind, Revere Real Estate
Imagine a 214% return on a real estate transaction?
Well, Nick Lind, the principal and founder of Revere Real Estate in Irvine, Calif. just did that for an investor by acquiring, redeveloping, and selling a property in Malibu.
The entire process took just 90 days, along with the connections to buy the property for well below market value, according to Lind, who worked as a financial and investment advisor for Prudential and was consistently among the top 5% of advisors in the country, he says.
“I was always on the lookout for solid, low risk alternative investments.”
In Southern California, that often meant beachfront properties.
“There’s a lot more insulation from market volatility that we find in coastal Orange County and Los Angeles County that the rest of the country doesn’t experience. There’s always going to be a buyer for a beach property.” he says. “So, in 2015 to 2016, I started investing with some of my clients into real estate. From there, one thing led to another and I started wanting to do this more than anything else.”
Lind returned to school at UCLA to earn his degree in real estate development and started Revere Real Estate with friends and business contacts from his personal life and his career as a financial advisor. In Revere’s eight years in business, Lind says the company has acquired and redeveloped dozens of properties up and down the coast of Southern California.
In most cases, Revere’s investors buy up obsolete or inefficient home sites, tear down the existing building, and build two or more stylish and high-quality houses on the site. Hermosa Beach and Huntington Beach, among other locations, are two of the beachside cities where Revere has recently completed projects. The Hermosa Beach project, for example, netted each side a 26.7% annualized returns to each participant in the deal.
The increased density, combined with the inelasticity of demand for homes in coastal Los Angeles County and Orange County, makes Revere’s projects “low-risk and high-return investments,” according to Lind.
The process and order of operations means that acquiring the sites and financing the project are the hardest part. Design and construction “are a breeze” because Revere’s “strong pro forma” means there are few changes to the interior and exterior designs of the homes, Lind adds.
To achieve his desired exit price for each property, Lind says he frontloads the project. As soon as the site is selected, he identifies any unique issues to the site and finds an efficient solution for them. Materials and design are pre-selected based on the comparative sales prices of other properties in the area.
The homes Revere builds sell for high-target prices. “The builders and architects pay special attention to elements like architectural transitions throughout the house and terminations of materials. I make sure to hire people with the same passion for interior and exterior design that I have.”
Revere Real Estate was listed the No. 2 Fastest Growing Privately Held Small Business last year in the Orange County Business Journal. Lind was nominated for this year’s CBJ Entrepreneur of the Year Award.
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