Inside Look at $250M+ Arizona Luxury Developer

If you want to be successful in luxury real estate, it's going to be super helpful for you to understand the exact process from going from a complete teardown like I'm standing in front of right now, all the way up to a finished project like the $10.6 million one that we're going to be walking today. So if you want to see all of the steps from, like I said, ground zero teardown to completely finished project selling for 8 figures, you're going to want to stick around. It's going to be so helpful for you whether you're talking to the sellers that you're going to be buying the deals from or talking to the developers that you're going to be selling those deals to. Understanding these different parts of the process is going to help you so much, and it's going to turn you into the expert that these people are going to want to do deals with. So speaking of that, let's talk about this teardown. Matthew, what's the story on this property here?

Yeah, so this property specifically I got under contract, uh, about a year ago. I got this property locked up for $3.5 million. That was a great price, and I probably could have, uh, made a couple hundred thousand dollars selling it to a developer. But what we ended up doing is I got a couple partners that I work with together. We ended up taking this property down for $3.5 million. Our plan was to do a development. Um, there's plans and permits all got put together, um, by MP, uh, Design and Development. And here we have a blank slate ready to go. We ended up getting an offer for it for $4.5 million a year later. This property just closed yesterday for $4.5 million with plans and permits ready to go. Trevor Crowe at Bink Development is going to be doing the build and development on this deal. Um, so you're going to get to see an inside look of what this house is going to look like. We'll throw some renderings on the screen. It's going to blow you away. Why this property is worth $4.5 million— if we go a little bit this way, these views of Camelback. So this lot has a grade to it. One of the cool things about development is when a lot has a big grade to it, you can take, I believe it's 2 to 3 feet from the highest point on the property and level the rest of the property to that. So they're going to bring in truckloads of dirt, actually a couple hundred trucks of dirt, about half a million to a million dollars in dirt. They're going to raise the property level up so that when you're sitting in the backyard, your view is just this perfect snapshot of Camelback Mountain, which if you know Arizona, it's an iconic place. Everyone wants to be able to see it. In this one, you're going to have a 180° view, which is why there's such a big premium on it. 4420, with Bink. Thank you so much.

I mean, a big truck could fit next to Come right here, come right here, because you'll be getting fined.

This is the man, the myth, the legend who we told you about, who's doing the development on the deal we just came from. So I'm gonna let him introduce himself and tell you a little bit about what he's got going on.

My name is Trevor Crowe. I'm the owner and founder of Bink Development. Currently we have 10 projects plus in development right now. You guys just saw Cactus Wren, that's one we're going to be starting soon. We just recently traded one in Arcadia proper for over $10 million. This is our next project coming. It's in Paradise Valley. Come take a look. She's Neptunian.

She's like Wait, which one?

Right south of us.

The Star House?

I think it is like a star house.

What's this gonna look like when it's done?

There's a really cool ceiling detail. It's all PNG, starts on the outside, comes in. There'll be an LED strip where you see that little recessed lighting thing right there. Fireplace, super cool, open on both sides. Family room, double island kitchen. Little bar area over here. Formal dining separated by a wine unit. It's like glass enclosure right here. You got a little bar.

Wait, how big is— where's the wine?

Wine is right here. So you'll see the, the red lines that are cut out, like right here. Yeah, this is all a wine unit.

So it seems that pretty much like every single house in Paradise Valley, that you've got to have one of those. Yeah, is that the case?

I mean, at this level, people are doing them, definitely. A lot of times they don't even get used.

Well, it's just—

I mean, they look beautiful. They look good. So formal dining, wine bar. Um, in fact, our wine unit that we did in Medio that you'll see later today, yeah, the lady wants to make it a rock climbing area for the kids. That's insane.

Yeah, lucky kids.

Double island kitchen.

On a lot of these deals, when subcontractors are coming in and out, they'll bang up the sides of the doors when they're bringing stuff in. So they put these on to protect it so you don't have a bunch of freaking change orders at the end, stuff to fix. Less blue tape.

Back kitchen.

That's the other thing I love about these houses, like you have one kitchen for show and then one to actually—

so this was set up as like a kids area because there's two kids bedrooms on this side. AV closet. You have back-to-back bedrooms, they all have walk-ins.

This is the AV closet? Yeah, this is about as big as my pantry.

Laundry and then gym. What's up, guy? Steam shower and then big-ass sauna.

Sauna and steam?

Yeah, sauna and steam.

Oh yeah, that is sweet.

I love them.

How important is a, uh, like fitness?

Huge now.

Yeah, super huge.

And you got to have the, the steam, the sauna?

We're doing all of them. In fact, all of our stuff now: steam, sauna, cold plunge, hot tub. This, this doesn't have a hot tub, but we're doing a cold plunge outside on that patio. Okay.

Will the pool have a hot tub?

People will have hot tubs too.

That can help.

So you just gotta make, like, there's no reason to have a membership of a lifetime. If you buy a house that would be made, it's like, no, you just take it.

You don't need it. I was thinking about that the other day though, because I'm doing a gym in my house and I'm like, but I like, I like the routine. I get my coffee.

I like going somewhere.

Yeah.

Also, I feel like you get a different workout, like you put yourself in a different environment.

I agree.

Trevor knows how to work out. Trevor was a former MLB baseball player, 14th pick in the MLB draft out of Arizona. We're going to throw up a couple of his highlights right now. And a better hitter through his career from this, the left side of the plate. Pumps that one to left center field. That one slices back, and that one for Trevor Crowe is an opposite field home run!

Welcome to the Astros, Trevor Crowe.

First hit with Houston, 1-0 Astros. That ball's hammered deep center. Back goes Crowe, still going back, dive, makes an unbelievable catch! Wide receiver Going to the back of the end zone. I mean, he used every inch of it. You're right, that was a terrific play.

Look at that. Owner contributed the land, it was paid for. We used the land contribution, we went and got all the debt for construction. We're doing the build at cost, and then we split the profit 50/50 on this. That's sweet.

If you're somebody who owns a property in a really nice area where they're putting up multi-million dollar homes and you'd like to do something like that, go ahead and send us a message and maybe we can work something out.

Because these are great deals. You don't have to get an investor.

Oh yeah, just—

I mean, it's so easy.

Your holding costs and stuff.

What the fuck are you guys doing?

Is that your new drone guy?

No, that's Jason.

Oh, he kind of looks like that.

So master bathroom, this is all glass. See, when you're in the bathroom, you can like see outside and see the mountain. And then there's going to be a recessed like curtain that you can just hit a button. The one thing I would have done differently, his and hers toilets. We only have one toilet. And then his and hers closets, which is one big closet. Yeah, there'll be a mirror in the middle, his and her sides, big shower, her makeup area.

Real quick question. Yeah, so you said the owner contributed a lot.

Yeah.

Uh, what is construction cost in something like this?

We're gonna be in a little bit over $6 million on our construction.

And what do you think the exit on that is?

We're probably gonna list for $16. If we trade in the $15s, it'll be a really good number. About $3 million at that number. Damn.

Yeah. And then if you were to buy from the homeowner if he were to sell it versus what he'll make on the profit?

We probably would have paid high 2s. I think his total take doing the joint venture will be close to 4.7, 4.8.

Oh wow, he's doubling his money.

Yeah, because when we do a joint venture, we give him an escalated price for the lot. So like, I offered him a cash price of $285,000, but I said if you contribute it to the joint venture Once it sells, we'll give you 3.3 for the dirt and then we'll do our profits.

But your 3.3 comes at the end of the project.

That's right.

You're paid back first.

Yep.

I mean, so that's one thing for you guys watching right now. If you're trying to find these deals from us, for us, and you have a homeowner who wants to sell, but maybe they own it free and clear and they're open to doing a JV, you can actually give them maybe the price that they're wanting if it's too much for a traditional cash deal right away. On a joint venture. So that's definitely something you guys got to keep in mind.

Yeah.

Always ask me like, well, are you sure we're going to make this? And for me, if I don't think at the end of the day my part of the pie is worth a million bucks, it's not worth me spending 2 years on it. Yeah. You know, so like I'll tell guys, we have a bunch of people send us stuff for JVs and like, no, there's not enough money in it, you know.

One thing buyers want on the back end on deals like this This house is 2 stories. It utilizes a lot of the views you're going to get from the second story. But for older people, you don't want to kind of cut out some of your buyer pool by not having an elevator. So if you're going to have a staircase, you got to have an elevator too. It's easier to get stuff up and down, groceries, whatever it may be. But we have an elevator shaft right here. So if you don't want to take the stairs or you can't, you hurt your knee, whatever may happen, you hit a button, go right up to your second level, so it's pretty sweet.

There's where the elevator comes up. This is going to be a sick feature when it's done. All wood paneling, and then wood paneling on this side. And this is a hidden door.

Oh, hell yeah.

So like barrel ceilings, there'll be wood paneling inside here, Venetian plaster up top. It's got cabinets, bar in here, like recessed LED lighting, TV, speakers.

What is this fucking drywall?

Soloro.

I didn't get— I didn't get drywall like that.

So what they do is they cut little slits in it and it makes it pliable. Yeah, it just makes it pliable.

This is insane.

Yeah, it's gonna be a sick barrel.

There's nothing fucked up. Hey, you were saying, uh, it's crazy the little details that people would never notice. What were you saying about the floors?

I was saying, so we reinforced the floor with plywood And then we left a half-inch depression and they come put some of this light, lightweight concrete in. So that way when you're on the second level, you don't hear downstairs and you get a firmer surface to walk on up here.

Yeah, no one wants a creak every time they step on it. There's levels to this.

Not if you're spending, you know, 8 figures.

So right here is a lounge, full bathroom, full closet, and then there'll be glass that separates the cabinetry glass door right here, and then this is the office.

Not bad view from the office.

There'll be railing, so this is like an operational walkway.

What are the windows?

They were $362,000 on this package, and it's a week.

Damn, that's a— that's what most people sell their flips for.

Yeah, dude, we have one. Our Invergordon, our window package is $1.2 million. Oh, that—

I was looking at the, uh, I was looking at the pictures on your website.

Gotcha. We're doing that one too. That's just—

what's the difference between a spec home and a custom home?

Custom is for a client.

Gotcha.

So on those, we're making a fee to build it, right? We're going to hand the home over to them, they're going to live in it, or they could sell it, they could do whatever they want with it. Like a spec, we're obviously building for sale, our fee is much lower. So right now we have 19 total projects going. 11 are spec and 8 are for clients.

Gotcha.

Okay, nice.

Yeah, pool in the middle. And then, Jason, how does the roof drain? What's the drainage on the roof? How does it drain? We're gonna find out in July, in late July when monsoon comes. It's all roof drains that run into 24 and 36-inch pipes.

None of the water ever hits the ground.

Oh wow.

It goes right to the wash. So there's a V in the roof, it comes down into one—

That drains up onto the other roof, and then that gets picked up by roof drains. Roof drains go down and they're piped into big pipes and then go out.

Yeah.

Yeah.

All right. There's a lot of underground here. Like those walls that you see out there are buried like 12 feet under the ground.

That's crazy.

Yeah, because you have a wash right there. Our wall has to be lower than the bottom of the wash so it doesn't erode. So even though it's only a 6-foot wall, it's like 12 feet below grade plus the 6 feet.

Million bucks basically to get to a pad.

So that, that's the site work that you're doing beforehand and getting all that shit set up.

And you do so much— I mean, what's the breakdown of the difference between a flat lot that doesn't have a wash or anything and a hillside in terms of site worth?

7 to 8 months and $750,000 in spend.

Crazy.

8 months is very—

I mean, up to a year.

We need to send this clip right now to homeowners that think their hillside property is worth as much as all the flat ones. I mean, you'd be lucky.

8 months, 9 months, it's closer to a year. Yeah, it depends how hard the drain—

how well— and, and how much drainage, how many—

I mean, retaining walls is huge.

You know, you can't—

you have to build one, pack it in, build the next one.

You know, it's just a process. And then how much hammering you're doing in that process too, because that takes forever. Yeah, so that's what you guys consider hard dig, right?

Yeah, yeah.

Well, like, this one was a hard dig, but our 63rd project was one of the hardest things I've ever had in my career.

That thing was hard.

It was like pure concrete.

Wow, it was really nasty. This stuff shales off, so once you get to it, it'll just pull away. Yeah, that one was just insane.

So on a deal you buy that has plans and permits ready to go, like the one we just came from, Cactus Ranch, what is like timeline change? Like, can you start in the next 30 to 60 days on the build if you have everything?

Yeah, we'll probably— if we have permits.

Don't you already have them for that deal?

We're probably 30 days away from permits, but we'll start demo. When's demo scheduled for Cactus Ranch? Yeah. About a month out. Yeah, cool. So it should be like demo, roll in. I think we're closing our loan on the construction July 10th.

Okay, so I need one thing from you before you guys demo.

Really?

The front door. Okay, this, this guy's— or this lady's husband made it for her.

Yeah.

Oh man, and he died, and he like carved the whole front door. She asked me that she wanted that one thing before we demo.

She gets it.

Door's wild. It's crazy, you know, I can carve the whole thing by hand.

No kidding.

Yeah, it looks stacked. I thought he would have stacked it all.

It was like his last project apparently before he like died. He like built that.

Do you have her address and stuff? Yeah. Oh yeah, get her our contact.

Yeah, we'll get her the door. Okay, we'll get her the door.

So you've seen a lot that was just closed on, you've seen one that the property is getting torn down, uh, we just came from the one that is about to be ready. Now let's take a look at this one that closed today for $10.6 million.

Hey MTV, welcome to my crib. Well, it's not my crib anymore. Come on inside.

Yo, this bed is fucking sick.

Yeah, what the hell am I doing with mine? I love this. That mirror makes this look so massive.

Yeah, you look down and watch. Oh yeah, we said the other closet was big, but the mirror makes it look even bigger. So you said they're tearing the street down, dude?

We start the 17th. I know the buyer is like, I'm really breed of spiders.

Oh, what?

What? Yeah, so they're taking it out.

It's so like quaint out there with the trees.

It gives privacy.

Also, imagine how much it would cost to get that tree there.

We're going to have to redo some of the travertine.

Yeah, that's why we waited to do it post-close.

Yeah, that's smart.

Now, if you're watching this video and you're like, man, I have a bunch of money, I'd like to be able to invest in these multimillion dollar deals, we have something coming up. We can't say too much right now, but we have something coming up where you could actually invest in these deals and take part in these massive spreads that you're seeing us talk about. If that's something you're interested in, there's a form down below that you can go ahead and fill out if you have some interest. Again, I can't say too much about it now, but if you fill out that form, you'll be the first to hear when we do actually launch exactly what it is we're going to be talking about.

I was with the Cleveland Indians for 3 years and the Houston Astros for 1 year, uh, while I was playing Major League Baseball. I've always had an interest in real estate. I started investing in it passively I was just funding deals, strictly an investor. Once I got out, I started raising capital for it, finding deals, putting them together, and then I go hire a builder to go build the product. In 2023, I wanted to control the build quality, the price, the timing, the schedule. So that's when Bink came about. Now we do everything from start to finish. We find the land, raise the money, put together and build the deals. Developing is very intensive. Right? You have all of your pre-planning, pre-construction, getting through the city, right? Finding and evaluating deals, raising capital, getting debt for those deals to get them to finish. Investing is a lot different. You get to participate with your money, get a share of the upside, and you're very passive. You get to see the project go, but there's no heavy lifting, there's no, you know, brain power used. You just participate in the upside and the profit.

Amazing. And last thing, you've done a lot of work with these two guys. What is it like working with Matthew and Tyson Smith?

Matt and Tyson are awesome. In fact, I had a phone call with an agent who's been in the business for 10 years today. I wish that he had Matthew and Tyson's knowledge about sourcing a good deal, underwriting for a developer, finding the right area, right? They are so good at that that they make my job easier, and when they send me a project, it gets way more precedence than even some of the most experienced realtors out there. Oh, there's Pat. What's up, man?

I thought you weren't back.

I thought you weren't back till Monday. Good to see you.

Good to see you too. I thought you weren't back till Monday.

No, no, yesterday.

Oh, nice.

You came back yesterday?

Last night. I got in on wake up this So I don't know if you remember, there were metal, uh, metal rails.

They wanted glass.

They wanted glass. So like all in the front, all in the black, not back.

How much change orders did they do? $300,000. And that's normal on these kind of deals?

I mean, it just kind of depends. Yeah, like Bronco, he almost did $2 million, but a lot— $1.5 million was landscaping.

Whitewash, is that what that is? No, no, no, like I just like when, uh, it reminds me of the Midwest. That's where my family's from. So my, my parents' first house they bought in Arizona, the metal side was on— I don't know if we know the metal side, but you're—

are you already seaside?

And so it was a very Midwest style house. And then my mom had like this come to Jesus where she was like, you know what, Eric, I want an Arizona style house. And she really wanted Midwest cuz she was sad they were moving to the desert. So my dad got her a Midwest house. They sold that, bought their current house, but that property, um, they on Exeter just sold as a loss for $8.6 million. It's 2.2 acres, so that would have been their retirement fund. Fuck, that's tough. I would have JV'd it.

Yeah, split the lot.

This is Taj Mahal? Yeah, Taj. Yeah, this is what you're getting in your house? Uh, yeah, I'm getting quartz Taj in my house, so it's like like this, but the less nice version. It looks the same. Yeah. You got any extra materials I can buy from you?

You can have them if we have them.

I need travertine. I need more countertop.

Look at that shit, dude. That is just— oh, that's so crisp.

Yeah, that is dope. You just push on everything.

What do you need a handle for?

Is this a drug?

Some kind of— this is a fridge.

Oh, it's a fridge.

Oh, for some water. And like, middle of the night, you don't have to walk all the way to the kitchen like you— somebody doesn't live in a $10 million house, like a broke—

yeah. Can you imagine being so broke that you don't have a— it gives it a good fridge in your closet.

Yeah, it does. The LED lighting gives it a good pop.

I realize like my closet looks like so poverty because I've got like It's— I just don't have enough space. Everything's like so tightly packed together. If you look at a closet where just like things are like hanging up and it's like there's a bunch of space in between, it just looks so much nicer.

How important is it on these luxury builds to have drywall that's super refined?

It is. This is actually like an 80% level 5. Like the property we just walked, Clearwater, is a true level 5, and we're doing that on all of our stuff going forward. This particular drywaller just like can't perform that level.

So I'm just curious to see what mine looks like. They said it's going to be level 5, but I guarantee it's going to be a step down from that. Level 5 is so hard.

It really is to do it perfectly.

I mean, this looks about as good as it gets.

This makes me want a basement so bad.

Yeah, vice versa.

I actually really like what, uh, Tom Cruise did. You know him, the Section 8 guy?

I see— I used to see his stuff all the time. He doesn't come up anymore. He—

InfoBeast. But he, uh, cuz you know, he's the Rolls-Royce cars flexing. In his theater room, especially with this, he got like, like those like movie theater style couch sort of things, but they're like the bright orange Rolls-Royce, like.

And I think like here, like with the starlight, yeah, it would be like you're in a Rolls-Royce.

So sick.

Are these just sound panels, soundboards? Yeah, yeah. Like, even at my small level of deals, like, I just got a text and he's like, hey, if you want to be able to control all the lights in the house from your phone, it's going to be this much. Do you want to add it? And I'm like, yep, I want to add it. Uh, I want to say it's like 8 grand.

That's not bad.

No, no.

A lot of people in Arizona aren't big fans of basements, but this is the your normal basement. The cool thing about this is it's like outdoor-indoor living even though you're under the house. So you can get all that extra square footage, but I mean, you can go right outside and have natural light. As you can see, there's a terrarium behind us that brings in a bunch of natural light, so it doesn't feel like you're in a basement like normally, all claustrophobic, not— no windows. I mean, you can walk right out here, go upstairs and be at the pool. It's a great entertaining area.

Yeah, who, who did the, uh, landscaping?

Uh, Pivot Pools subcontracted it out. I give them like a B, like a C on timing performance, but I think it looks okay.

I specifically—

yeah, for what we spent, I think this looks sick.

Well, this is sick.

That's awesome. That's the best thing Yeah, this is, this is their best bit, and the trees are cool.

I mean, it looks so clean. So did you guys have to dig this out to do this?

Oh yeah.

Is that considered hard dig to go down?

So yes, depending on what the soil is. This came up really easy. So we have this one and one on Exeter. Both those digs were relatively easy. We didn't hit a lot of rock, and we probably saved for 3 or 4 months compared to our hillside. Arcadia's dirt is much easier to dig in than PB, especially the hills.

Does part of that have to do with Arcadia was originally like orchards, orange orchards, and I'm guessing the soil is softer than it is closer to the mountain?

Yeah, I mean, you're literally digging into the mountain versus here it's just, you know.

Yeah, I know we're running into that same problem on my house. We— ours is up against Phoenix Mountain Preserve. Yeah, and they're starting to dig the pool and they're like, this is going to take a lot longer than we thought it was, which there was a rock clause and now we're using all of it.

It sucks.

And then for this dig, how many square footage did it add and what'd you guys exit per square foot?

We added 2,600 and change and we sold for just below $1,300 a square foot.

Dude, it's fucking hot.

Yeah, holy shit. One thing I'm excited for Arizona to do is they're redoing all the pavement in Arizona and making it a lighter color. Right now it's all dark black, and cement and pavement holds so much heat, and it heats up the whole city. As soon as you get up to North Scottsdale where there's not as many, like, roads that are all paved with blacktop, it's a lot cooler up there. And they're starting to repave pave a lot of them to help bring the temperature down in Phoenix, which will be sweet if they can figure that out. It's above my pay grade though. All right, well, thank you. Yeah, appreciate it.

Good to see you, man. Good to see you. Thank you, Trevor.

Appreciate it, man.

Of course. Nice meeting you guys.

Yeah, good to meet you too.

Yeah.

Oh, did you get that other one locked up?

Which one?

Jackrabbit.

Oh yeah, get that.

I mean, that's a home run. I will.

Tyson Smith, can you tell me about— who's this guy back here?

Oh bro, that's Gambler right here. This is my first son. I see, I've grown up with English Bulldogs, I've always had them. He's like my fourth one. He's my first one though, there's like my dog, not my family's dog. That right there, man, it's my pride and joy. I love this guy, huh? Yeah, in fact, it was one of my First, uh, this— he was my most expensive purchase for a long time. Paid $5,000 for him, and I remember I closed the deal for like $15K, and I was like, man, is it responsible to spend one-third of the money on a dog? But I'll tell you what, best money I ever spent. Well, listen, it's been a long day of looking at deals that have already came and gone and have made us money already, but now are, you know, making other people money. It's time that we find our next one, which Speaking of which, um, if you would like to actually send us our next deal, that we will happily pay you $100,000 for doing so, you're going to want to stay tuned in the next video where we're going to be showing you exactly what we're looking for and how you can find it. And if you do, it could result in a $100,000 check in your pocket. So if you haven't already, subscribe and turn on notifications so you'll be aware when it comes out.

So if you want to potentially invest in some of these ground-up developments in this luxury space that we're in here, click the link below and fill out this form, and you can be the first to know about it when it comes out. We can't talk too much about it right now, but we're super excited for what's coming. So fill out your information below and you'll be the first to know.