With so many market forces to consider, it may seem impossible to protect your business from upcoming changes that can potentially ruin deals.
Although you cannot control market changes, one way you can insulate yourself is through protective underwriting.
In this episode, we have a very special guest. Scott Choppin, Chief Executive Officer and Founder of The Urban Pacific Group of Companies joins us. He’ll be sharing his experience and knowledge on how to create protective underwriting with enough room to manuever for mistakes since as we all are familiar with, there are no perfect deals in the world of real estate.
If you want to learn how to overcome market changes through insulative underwriting, what the emerging housing demands are in the market today, priceless leadership advice, and other real estate tips and tricks, then this episode is a must for you!
- Stuart’s childhood growing up in a family of real estate developers
- How being an electrician opened his eyes in becoming an entrepreneur
- His role model to become a real estate developer
- Multi-earner households: Resilience and economic sharing
- Workforce housing: A demand that needs growing supply
- The upsides of targeting multigenerational households
- Why you must adjust your underwriting models to anticipate risk
- How to approach uncertainty in the market as a leader
- Why simpler deals are more profitable
- Appreciation: Why it can be only influenced not forced
- Why you must get ground with as many project variables as you can
- The necessity of assessing the market for reality vs. making assumptions
- How tenants are also seeking better deals during the pandemic
- Why leadership and followership are interchangeable
- How company culture reflects company leadership
About Our Guest:
Scott grew up as an observer of the real estate development world.
This is because the Choppin family has been active since 1960, which includes the development of the World Trade Center in Long Beach California, their hometown.
However, despite the fact that several members of his family were involved in the business, he never actually considered working in this field when he was young.
It was only when he worked as an electrician that he realized that he wanted to become an entrepreneur and that corporate life wasn’t his cup of tea.
Upon seeing a real estate developer first-hand and recognizing that this man was who he aspired to be, he began a career in this profession.
His company Urban Pacific was founded in 2000.
During this time, urban housing and living downtown wasn’t as popular as it is today.
But upon procuring the help of an expert regarding the future of housing, his company was born and has been in the business for 20 years.
In 2017, there was a lot of competition in this market with the possibility of oversupply.
And so, he set his eyes onto a new target.
He discovered a sector in the market that was being severy underserved, which was middle income or workforce housing.
Scott realized that these naturally multigenerational and multi-earner household was resilient.
More importantly, the demand for this type of housing kept growing in time.
So, from a former luxury background, Urban Pacific has evolved into a syndicator and developer of affordable housing communities.
Connect with Scott:
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