Richard Sajous is a professional real estate investor and developer who is also a Partner at SBM & Capital. His development team has more than 10 years of experience in real estate investing and specializes in business management structures and business funding with more than 20 fix and flips under their belt. Overall, they've delivered over $100 million to small business owners in the past 5 years, focusing on real estate investment in Union and Essex county. In total, Sajous and his team have completing more than 9 flips in the past 3 years and are continuing to expand and grow their business. We recently spoke with Richard and asked him some questions about his background, his involvement in the real estate industry, and his experience working with Patch of Land. Click here to view Richard Sajous' profile.
Patch of Land Reviews: Testimonial with Richard Sajous of SBM & Capital
POL: How did you start out as a real estate developer?
RS: I have worked and invested in real estate since 1999. In 2000, I worked with a local developer financing low-income senior housing with tax credits in urban areas of New Jersey. A few years later, I formed a company and we began purchasing single family homes in Union County, New Jersey. single family homes were more streamline than commercial projects, and I felt more comfortable with rehabbing a property in 6 months or less over 18-24 months commercial projects. Since 2005, our company’s focus has been single family investments in-house and, with a finance background, we continue to assist commercial developers with financing.
POL: When did you decide to give real estate developing a shot?
RS: Developing relationships became my primary focus as most of my relationships and business colleagues all had some business related to real estate. From that point I saw the opportunity and decided to make it my focus.
POL: What was your first real estate investment/deal?
RS: I met an owner of a distressed single family in 2004 and decided to buy the property as an investment. After the purchase of $190k, I repaired the property and added updates. Afterwards, I placed it back on the market and was able to make an $85k profit after paying fees and expenses.
POL: What sections of country are you currently operating in?
RS: Our primary market is New Jersey. We invest in Northern/Central New Jersey which includes: Essex County, Union County, Hudson County, Middlesex County, Bergen County and Passaic County. We’ are also looking to expand into the tri-state area in the near future.
POL: How did you hear about Real Estate Crowdfunding?
RS: My attorney had a client using crowdfunding in November of 2014. So I started doing my homework, watching YouTube interviews, and also following the JOBS Act. From there I began attending Crowdfunding conferences in New York, California, and Florida.
POL: How did you hear about Patch of Land?
RS: My attorney had a client who had loans with Patch of land and we were introduced to Patch Of Land from the client.
POL: How many loans have you crowdfunded with Patch of Land?
RS: Our first deal with Patch Of Land was a Multi-family house in Elizabeth, NJ. Currently, we have 5 loans with Patch of land and look to secure 12 more deals by December of 2015.
POL: What was your experience like using Patch of Land’s real estate crowdfunding platform to secure your loan?
RS: It's a great team of people to work with. They understand the investor and the investor’s needs. Our point person, Jorge Gomez, has been great. We had the chance to meet everyone at their office and we are excited to continue the relationship.
POL: What benefits did you think Patch of Land offers over the competition?
RS: Patch of Land has the technology part down and they understand real estate investments hands on. Ultimately, the decisions are made to push the investor's success.
POL: How has Patch of Land helped you reach your business goals?
RS: Coming out of a very tight credit market, Patch of Land has been able to get capital to experienced investors with strong track records by allowing the crowd's voice to speak. That opportunity and avenue has strengthened our position and grown our company.
POL: Would you recommend using Patch of Land to your peers and colleagues?
RS: Yes, we have referred some of our colleagues who have gone to work with Patch of Land and will continue to do all we can to help grow with Patch Of Land as they continue to help us grow.
We want to thank Richard Sajous again for taking the time out of his busy schedule to answer our questions. We look forward to continuing our relationship and hope you enjoyed his testimonial and were able to learn how Patch of Land works for real estate developers around the country.
If you still have questions about real estate crowdfunding we encourage you to learn how to use the power of crowdfunding to scale & take your business to the next level by downloading our FREE Real Estate Crowdfunding Borrower Handbook.
Crowdfunding is transforming the way real estate professionals are accessing capital for their projects. By reading this handbook you'll soon discover the numerous benefits alternative lending has over using traditional banks or local hard money lenders.
