Brief Summary
This YouTube video documents a busy day in the life of Eric Crutchfield, a real estate developer. He discusses ongoing construction projects, a personal setback involving theft, meetings with potential fund investors and students, and provides updates on his various real estate ventures. The video also includes insights into the timeline for new construction homes and a tour of a current project.
- Eric is working on building lots on McMillan, with one already under contract.
- He experienced a theft of his laptop but is thankful for his safety.
- Eric aims to raise a $50-100 million fund to expand his real estate projects in Miami and Dallas.
- He mentors new students, guiding them through real estate development.
- Eric provides a tour of a construction project, highlighting unique design elements.
Intro
Eric Crutchfield starts the day with numerous tasks, including finalizing building lots on McMillan, servicing his McLaren 720, and checking on various construction projects. He has a meeting with a fund manager at 12 PM and a CPA call at 1:30 PM. Additionally, he needs to select tile cabinets and ensure all projects are progressing as planned. He mentions filming another video on Thursday, focusing on high-end homes in Highland Park and obtaining permits, which he anticipates receiving in less than two weeks.
Unexpected Setback and Business Goals
Eric recounts a chaotic morning where his laptop was stolen from his driver's van. He tracked the laptop, which led him back to his house where he found his cameras were down. He believes divine intervention led him to return home, possibly preventing a worse situation. Despite the loss of the laptop and Louis Vuitton bag, he is grateful everyone is safe. He is on his way to a meeting to discuss raising his own fund, aiming for $50 to $100 million, to expand his real estate projects in Miami and Dallas, as he wants to leverage other people's money instead of his own.
Mentorship Program Discussion
Eric engages in a detailed discussion with a potential student about joining his mentorship program. The conversation covers the student's background, financial situation, and real estate experience. The student shares his past experience with an Airbnb property in Dallas, which he sold after being banned from the platform. Eric explores the student's liquid reserves, credit score, and openness to business funding. They discuss the possibility of obtaining business funding to increase the student's capital for real estate ventures, potentially reaching around $200,000 to $225,000 for a better lot. Eric offers the support of his team and connections in Dallas to facilitate the projects. The next steps include completing a credit questionnaire to explore business funding options and deciding whether to proceed with the program using the available capital or wait for additional funding.
Roadmap Call with a New Student
Eric conducts a roadmap call with another new student, assessing his situation and goals. The student, who is local to Dallas, expresses his need for funding due to recent personal setbacks, including a divorce. Eric assures him that they will find a way to make the program work. They discuss the student's lack of real estate experience but strong credit score. Eric suggests that they can leverage the student's credit score to obtain business funding, which can then be used with a hard money lender for his first development deal. Eric shares that his platform was created last year and expresses his excitement to work with students from all backgrounds.
Project Site Visit and Design Details
Eric visits one of his construction projects, where he checks in with the electrician, roofer, and other workers. He notes that the floors have been delivered and the exterior painting is underway in preparation for gutter installation. Eric highlights the organic modern design, which brings stone elements from the outside to the inside. He points out unique features such as a pass-through window from the kitchen to the pool area, a reframed fireplace with a floating cap design, and a French drain system to manage water drainage around the property.
Interior Features and Construction Timeline
Eric continues the tour, showcasing a dry sauna installed at the request of a potential buyer. He envisions the adjacent space as a flexible exercise or gym area. He also mentions the addition of a steam shower downstairs, providing both steam room and dry sauna options in the house. Eric emphasizes the importance of offering unique features to differentiate Crutchfield Customs from other builders. He then discusses the timeline for new construction homes, noting that it varies based on complexity and price point. Affordable homes can take 3-5 months, mid-range homes 6-7 months, and $2 million homes 7-9 months. More complex, high-end homes can take up to 18-24 months.
Wrap-up and Call to Action
Eric reflects on a productive day with successful calls to new and current students, including securing $350,000 in funding for one student. He welcomes the new students and anticipates sharing their testimonials soon. He provides updates on his personal projects, including grading work and floor deliveries. Despite the setback of having his bag and laptop stolen, he remains positive and grateful that no one was hurt. Eric encourages viewers interested in real estate development to schedule a call with him or his team, emphasizing that he can help regardless of their financial situation or experience. He announces that new videos will be released twice a week and urges viewers to subscribe and hit the notification bell to stay updated.
