Below are answers to our most frequently asked questions. If you can’t find the answer you’re looking for, feel free to
Legacy Investment
The Los Angeles real estate market is considered a premier market for both investors and homeowners. The LA housing market has seen a generally consistent increase in median sold prices on both a month-to-month and year-over-year basis. This points to a resilient market with sustained demand and a competitive landscape. This is due to a combination of factors such as economic growth, employment opportunities, and lifestyle preferences.
With the largest manufacturing base in the country, a fast-growing tech industry, and an increasing number of venture capital startups, Los Angeles offers an exceptionally dynamic economy. Add the attraction of the entertainment industry, the appeal of year-round sunshine, and the desire to live in one of the most exciting cities in the world, and it’s easy to see why LA has a proven record of consistent demand.
Limited supply is another key factor in the value of the Southern California real estate market. Housing in LA is sprawling and limited by geographic boundaries including the ocean to the west and the mountains to the north and east. The high demand and low supply have driven LA to become a market leader in both rent growth and property appreciation.
Deal-by-deal investing is when investors choose each individual property they wish to invest in. Whole-fund investing (often simply called “fund investing”) is when an individual invests in an entire portfolio comprised of multiple properties.
Deal by deal offers more direct control and flexibility since you can choose exactly which properties to invest in. Fund investing, on the other hand, offers an automatically diversified investment portfolio. This can reduce the impact of any poor performance in one specific property for a more average return.
The benefits of deal-by-deal investing include:
The benefits of equity fund investing include:
An ADU (Accessory Dwelling Unit) is an additional housing unit built on existing single-family properties. ADUs can be stand-alone structures built next to the main house, or they can be built into the property (by converting an unfinished basement, attic, or garage loft into an apartment, for example).
To maximize property value and investor returns, Gatsby often build a brand-new ADU next to the primary structure for our House Flipping projects.
Legacy Prime Property has a strong market niche, specializing in small to medium-sized projects with shorter timeframes and limited risk. We focus on value-add and ground-up construction projects where we can quickly raise the property value and increase the profitability of our investments under any market conditions.
Our key project type is multi-family new development with 4-6 units, but we also offer the following:
Our software and team are set up to handle each of these project types, but we always adjust to suit changing market conditions. Our goal is to focus on whichever property type has the best potential return for our investors at any given time.
Current and past investors have published reviews online, which we warmly invite you to review so you can learn more about the experiences of real-world investors working with Legacy. Having said that, we keep our investor’s personal information completely confidential, so we do not provide direct references outside of the reviews posted online by the investors themselves.
Absolutely! You can explore online reviews via the Better Business Bureau (BBB), as well as our Google Business Profile page and Facebook profile.
Yes, Legacy is registered with, and proudly accredited by, the BBB. View our BBB profile for more information.
No. The real estate opportunities listed on our platform are not intended to be used in 1031 exchange transactions.
Legacy does not currently offer a referral program or pay referral fees. But we truly appreciate investors’ help in spreading the word to friends and family. This exposure helps us grow as a company and allow us to offer more projects to our investors.
Our team of specialized experts handles every detail of your real estate investment, including:
We take care of the real estate investment process from start to finish, allowing you to maximize your ROI potential from the comfort of your home.
Here is a step-by-step guide to investing with Legacy Prime Property.
1. Sign up
Creating an account takes less than a minute. You just need to provide some basic info and confirm your email address. Once you have created an account, you have full access to all the information on our website, including investment details, financials, and the full track record of completed deals.
2. Get verified
To invest with Legacy, you need to be verified as an accredited investor in accordance with SEC policies. You can apply for verification and provide proof of income or net worth through our online application. You will be notified of the results of your application via email, typically in just one day.
3. Invest
Find investment properties that meet your goals. You can use the ROI calculator feature to view your estimated return on any investment. And when you find the right property, you can easily place the investment online. Our system will guide you through the investment agreement and provide wiring instructions.
4. Wire the funds
To secure your place in your chosen investment, you simply need to transfer the funds via wire transfer or ACH to Legacy’s secure account within five business days of placing your investment order online. You will get an email confirming that your investment is active as soon as we receive your funds.
5. Track your investment
You can easily track your investment through your online dashboard. A progress meter will show the current status of the project as well as a percentage of completion. Legacy uploads construction photos to your online dashboard regularly so you can follow the progress of the project. You will also receive email updates as your investment moves from one status to another.
6. Property sale
When the project is complete, Legacy’s team of real estate sales experts lists the property on the market for sale. We advertise the property to a wide range of qualified buyers, looking to drive the sales price as high as possible. Legacy reviews all offers and accepts the offer from the highest bidder. We then inform investors once the property is sold.
7. Disbursements
Legacy will send the investor distributions within 15 business days after the property has sold. The funds will be sent via wire transfer to the account you have listed on your Legacy profile. After receiving your funds, you have the option to reinvest them in another property to continue growing your wealth.
Legacy Prime Property is primarily an online investment platform, and our business model and software solutions are designed to allow investors to place investments and track them from the comfort of home. In an effort to streamline processes and maximize returns, we provide investment updates directly via the online platform’s investor dashboard. Additionally, Legacy’s Investor Relations team is available for phone calls and Zoom meetings.
Having said that, if you would still like to come to our San Jose headquarters and meet with us, we welcome appointments with all accredited investors. Before making an in-office appointment, you can complete the accredited investor application online to confirm that you are a qualified accredited investor. Then you can schedule an appointment to meet with us at the office. Please note: Legacy does not accept walk-in appointments.
Legacy has been in the industry for many years and has strong relationships with local real estate agents and brokers. Our properties can come from active market listings but are just as likely to come from off-market deals, such as foreclosures, probate courts, and auctions.
We believe in quality over quantity! Every investment opportunity posted on the website has gone through an extensive due diligence process performed by real estate experts and analysts to make sure we only bring the deals with the greatest profitability potential to our investors. We typically look for properties with transformation and value-add potential, as well as ground-up construction opportunities.
Before we make an offer on any property, our team of real estate experts and analysts conducts heavy due diligence to ensure high profitability potential and mitigate risk for our investors. The due diligence process for each property includes the following:
Legacy works with a large team of respected real estate agents and brokers to advertise and sell our completed properties. This team of agents has extensive experience selling properties in Los Angeles with specialized knowledge of our specific property types. Legacy has a solid reputation in the market and investor-buyers (and their agents) pay attention when we list a property for sale.
The goal isn’t just to sell the asset, but to command the highest possible price and best possible terms on the sale.
We do not offer to sell properties directly to investors in the deal. To ensure that we get the highest sales price possible and act in fairness to all investors in the project, we always list the property on the open market for sale to the highest bidder.
There are multiple ways to invest with Legacy Investment. You can invest as an individual, an entity, a trust, a retirement account, or a fund. Learn more about ways to invest.
The contracts and agreements provide legal assurances for the investors relating to the handling of funds.
All funds from investors are held in a non-interest-bearing account for the benefit of the investors. Each property is held in its own LLC with its own bank account.
Legacy Prime Property maintains an impeccable track record of completed deals. We are proud to say that since the start of the company in 2016, we have never lost money on a single investment. 100% of our investors have received their initial investment returned, along with a profit.
As with any investment, profits cannot be guaranteed. However, Legacy’s stringent due diligence policies are designed to minimize risk and maximize return potential for investors.
Once you place your investment(s), you will be provided with instructions to complete an online wire transfer or ACH. You will have 5 business days to complete the transfer to activate your investment. For wire transfers, there is a unique reference code, marked in red. Make sure you include this code when wiring the money.
Please note that if you have a daily wire transfer limit, you can do multiple wires on separate days until you reach your total investment amount. In this case, make sure you include the same reference code in all your wires.
Your investment starts the day you place the investment. As an example, let’s say you placed an investment on Jan 26th, but sent the wire transfer 5 days later. Your investment would still be listed with a starting date of Jan 26th, but the status would not change to “Active” until we received the investment funds via wire transfer or ACH. Investors receive a confirmation email once the funds are received and the investment is active.
For investment projects that include a rental period, investors will receive quarterly disbursements from any rental income during the rental phase.
For flipping projects or new developments that are built-to-sell, no income is generated until the property is sold. For those projects, investors receive their disbursement as a lump sum once the project is complete.
After a project is completed and sold, Legacy sends the distributions to investors within 15 business days. Investors can expect the funds to arrive via wire transfer to the bank account listed on their Legacy investor profiles
You can open a second account with Legacy, using a different email address than the one used originally. If, for example, you have an account as a private individual and want to start investing from an entity, you can open a separate account for your entity. This way, you can keep your private account as is, and have a second account under your entity.
Please note: the sign-up process will be the same for the second account as for the first account. This includes the accreditation process. Even if you already have an account that is verified, you will need to apply for accredited investor verification for your new account. After you have signed up, it will take you step-by-step into the accredited application where you can select how you want to invest and enter your new profile information.
Once you have placed an investment and your investment has become active (meaning we have received the funds), we kindly ask you to go to the My Profile page to complete the setup of your account.
We will need the following information from you:
After placing an investment, you will need to wire the funds to secure your place in the project. Please go to the Account tab and click on Wire Transfers to find the wiring instructions. We can accept funds via wire transfer and ACH.
You have five business days to send the funds to activate the investment. When we receive your funds, you will receive an email to confirm that your investment is active. (We typically need 2-3 business days to process the payment after we receive your funds.)
When your investment becomes active, you can track the investment from start to finish through the online dashboard. Go to the Account tab, then click on My Investments. This is where we update the progress meter, provide monthly status notes, and upload construction photos to allow you to follow the project’s progression. You can also view and download all relevant agreements and certificates from that page.
Legacy Prime Property’s strategy is to develop much-needed housing that appeals to today’s buyers and renters. We currently have a strong niche in the ground-up construction of small multi-family properties. Our success in the multi-family new development market is based on the following factors:
1. Adding value based on zoning law changes
The shortage of housing in Los Angeles prompted zoning law changes that allow property owners to convert certain single-family lots into multi-family developments of 4-10 units. This means developers can build more units in less space, which creates more housing in central areas, where it is needed most.
Through our industry connections, we can find and purchase affordable single-family lots below market rate. With our efficient construction systems, we can quickly complete development and list the new building for sale.
2. Setting selling prices based on rental income
Unlike single-family homes, which use sales comps to set prices, multi-family development prices are based on potential rental income. This means that multi-family listings are not as reliant on market conditions and market rates. Even if single-family home values were to drop, rental prices generally remain steady (or may even increase), which causes the sales price of multi-family properties to increase.
3. Meeting market demand
By building new developments that perfectly align with growing demand trends, we are able to generate strong returns, even in a stagnating market.
LA is a market of renters. And with increasing housing costs, today’s renters are looking to split the rent among multiple roommates. But to do this comfortably, they need large, 3-5 bedroom units, with all rooms being around the same size and each room coming with its own en-suite bath.
Interestingly, around 75% of the apartment inventory in LA has two bedrooms or fewer. So, but developing spaces specifically for shared living situations, we can meet existing demand.
4. Maintaining professional relationships to get the best deals
Legacy has been in the industry for many years and has strong relationships with all the right people.
Through our connections with local real estate brokers, for example, we’re able to get access to off-market deals, which may be priced below market. Through our banking relationships, we are in a position to negotiate the best possible rates. And with the volume of properties we handle, we can also negotiate deals with the best builders and designers in the area. Getting good deals at each step of the process means higher profitability potential for our investors!
Legacy’s multi-family properties are in demand by the following groups:
Single-family homes with ADUs (Accessory Dwelling Units) are in demand by the following groups:
In the interest of maximizing profits for investor Legacy does not employ an in-house construction team.
Instead, we partner with experienced general contractors and teams of skilled builders. This allows us to engage multiple teams when multiple projects are in progress and avoid unnecessary payroll expenses during brief periods between construction phases of projects.
Legacy has in-house project managers and operations managers to supervise every project. Additionally, Legacy handles all property inspections and construction draws, selects the material and finishes, and signs off on the completed construction project. So we are highly involved in the process from start to finish.
We work with the same construction teams repeatedly, which allows for easier communication and increases efficiency. We only work with well-established builders and construction workers who have a long track record of completing successful builds.
Does the construction work on a project have to wait while the funds are being raised?
No. Legacy makes sure that a project is never delayed because of funding.
Legacy Prime Property provides the funds upfront as needed so that a deal can proceed as scheduled. The investment is kept open on the website to let more investors join the project as it progresses. And, as more investors join the project, Legacy’s original funds are replaced by the new investors’ funds.
This is why all investment returns are prorated based on the time each investor joins a deal.
Legacy Prime Property is the syndication sponsor and managing member in each deal. This means we manage each project from start to finish. We carefully analyze potential deals, complete due diligence work on likely deals, and choose only the deals with the greatest potential for our investors. We then create the LLC in which the property will be held, put down the deposit to open escrow, handle all title and escrow documents, work with the lender to get the best interest rates, secure the loan, and make sure the project is staying on track with time and budget.
Legacy also handles everything on the investor side. We prepare the investment offering info for investors, keep investors updated throughout the project, provide customer service support, and take property photos. We also manage all accounting services including investor distributions, 1065 tax filings, and Schedule K-1s.
Additionally, Legacy oversees the building and construction side of the project. Once the property is purchased, we work with the architect to complete the building plans, submit the plans to the city for permit approval, hire and manage the general contractor (GC), supervise the construction team, handle property inspections, construction draws, select the material and finishes, and sign off on the completed construction project.
ROI does not consider any time frame; it only states how much return on investment a project made as a whole. The annualized return shows the ROI over a 12-month period. The annual return is useful when comparing investments because it allows investors to see how each investment performs over a standard one-year period.
To calculate your ROI (Return on Investment), divide your net profit by the total investment amount for a property. Multiply the result by 100 to see your ROI expressed as a percentage.
The ROI (Return on Investment) for a project is calculated based on the period from the day we open the investment on the website to the date we estimate the project will be completed and sold.
Your ROI is prorated based on the period during which you were an investor in the deal. For example, let’s say you are considering an investment opportunity with a full timeframe of 20 months under the “Deal level financials” and an estimated remaining timeframe of 19 months under the “ROI calculator.” If you were to enter the deal with 19 months remaining, your share in the profit would be prorated for the 19 months during which you were an investor in the deal.
Legacy’s proprietary software automatically counts down the days and calculates the estimated ROI for you based on the day you are viewing the investment. Importantly, only the actual ROI will vary based on your period of investment, the annualized return will remain the same for all investors in a project.
In the unlikely event that a project was to fall out of purchase escrow, Legacy would give the investors in the deal the option of either joining a similar project or getting their funds back.
We have two separate policies for our construction/new development projects.
When you have placed an investment with us, you will be able to track the investment through the online dashboard. Under the “My Investments” tab, you will be able to follow the project each step of the way.
We display the project’s progress bar to show the current status of the project, we upload construction photos regularly, and we update the “Property Status Notes” at the beginning of each month to explain what we are currently working on and update any changes to the estimated completion date.
Additionally, we send email updates when the project moves from one status to another. For example, when the property goes from the permit process into construction, you will get an email update.
Legacy Prime Property always estimates an initial timeframe from start to finish, with all stages including, architectural design, city permit, construction, property sale, escrow, and disbursement. Because Legacy focuses on the same type of builds we have prior experience in, we are typically good at estimating accurate timeframes.
But is important to know that timeframes are subject to change. Things can happen that are out of our control. Bad weather conditions can delay construction, materials can take longer than projected to be delivered, and the city can be behind on permits or even request additional permits without warning. General market conditions can also affect the time a property sits on the market for sale. These types of delays can happen with any real estate investment.
If there is a delay in a project, Legacy Prime Property keeps investors updated on the expected completion date via the “My Investments” feature on your online dashboard. The dashboard allows you to track the status of your project, including any potential delays. On our end, we work to resolve the issue causing the delay and resume the project as quickly and efficiently as possible.
In the event that a project needed additional funds to complete the development, Legacy would provide the money to the ownership LLC through a 0% interest loan, which would be repaid once the property sold.
Legacy carefully analyses market conditions to estimate the sale dates and sale prices of completed properties. However, with ever-changing market conditions, it is possible for a property to take longer to sell than expected or to sell for more or less than expected.
If a project takes a bit longer to sell than expected, we will continue advertising the property and update the investment status accordingly to keep investors up to date on the progression. Assuming the property still sells for the projected amount, the investors’ total ROI would not be impacted.
If unforeseen circumstances were to change the market so dramatically that it no longer makes sense to sell the property, Legacy would find qualified renters for the property, generating passive rental income for investors, as well as tax breaks through rental property depreciation deductions, until the market stabilizes, and the property can be successfully sold.
Please note: Legacy has never been unable to sell a property that was intended to be sold upon completion. But we are ready to do what needs to be done to ensure the success of every deal, regardless of how the market may change.
If the property sells for more than expected, the additional profits are shared among the project’s investors. If a property were to sell for less than expected, the ROI would be updated to reflect the lower-than-expected sales price.
All figures are estimated until the project is complete. Legacy cannot and does not guarantee a minimum ROI. If a property were to sell for less than expected, the ROI for the project would be lower than projected.
Please note that there would be multiple steps taken before deciding to sell a property for much lower than estimated. We could, for example, advertise the property for a bit longer until we find the right buyer at the right price. Or we could fill the property with tenants and stabilize it to attract more buyers and command a higher sales price.
legacy is proud to say that the majority of our deals have sold for more than our estimated sales prices. Please take a look at our completed deals to get a better understanding of the ROI investors have earned on our projects to date.
Legacy strategically purchases and builds properties that are in high demand, so it is very rare to have a unit empty for long. If a renter gives their notice to vacate, we can usually find a replacement tenant to move in within 30 days of the unit being vacated. In that case, you may only receive a partial disbursement from rental income during that period of time.
A market crash would not have much of an impact on our rental properties since our intention is to hold them for the long term. During a recessed housing market, we might need to wait to raise rents or refinance the loan. But we would continue to collect rents as usual while the market dips and then recovers.
For the properties that are renovated or built-to-sell, we may decide to hold the asset as a rental in the event of a housing crash. If we find that it’s a bad time to sell, we can place the property in service and collect rental income until the market recovers.
Go to the tab “Information” and click on “Completed Deals.” Then simply click on any of the properties to view the property address, before and after photos, and a summary of the financials and timeframe of each project.
Legacy Prime Property made a name for itself by establishing a strong track record of single-family house flip projects in the early years of our business. We have since shifted focus to multi-family new developments. We still love our house flip model since it allows us to quickly add value to a property, which gives investors a very short-term real estate investment option.
However, general market conditions limit how much value we can add and how large our profit margins can be. When there is low inventory, high interest rates, and high property values, home flips are less profitable for investors.
Legacy always focuses on projects that make financial sense under current market conditions. If you see fewer house flip opportunities, this is because there are fewer profitable home flip deals to be found and we are focusing on other, more profitable project types.
Coming soon investments offer a sneak peek at deals we will be offering in the future. You can view the property description and estimated financials for projects that will be coming available. You will be notified once these opportunities are open for investment.
Open investments are ready to accept funding today. You can view the property details, financial breakdown, and a full description of our plans for the property. And you can wire your investment to join the project with an ownership stake.
In most cases, we use the bank’s appraisal to determine the property value. In cases where the bank is not the appraiser, we use appraisers who are certified members of the Appraisers Association of America (AAA). AAA-certified members have at least 10 years of experience as licensed real estate appraisers. They have more experience, education, and expertise than other real estate appraisers, making them uniquely qualified to properly value our developments, renovations, and rental properties.
For deal-by-deal projects, we never ask investors for additional capital. Investors can never be liable for more than their initial investment in a property. In the event that a project goes over budget, Legacy Prime Property either 1) lends funds to the deal (with zero interest) and gets reimbursed that amount when the project is complete, or 2) gets additional funding from the lender in order to complete construction.
For deal-by-deal investments, Legacy accepts up to 90 investors in any given deal. For Fund investing, we accept up to 500 investors in any given fund
Investors cannot exit an investment early. The capital invested is used until the project is complete, at which point funds will be disbursed.
We accept both ACH and wire transfers when sending your investment funds. When you have placed an investment, you will be given the instructions for both methods. From the time you place the investment, you will have five business days to send the funds to activate your investments.
Legacy Prime Property clearly outlines the fee structure for each investment project under the “Deal Level Financials” breakdown. Legacy typically charges a development fee and a service fee on each deal. Please click on each specific investment opportunity to see the percentage split.
Legacy Prime Property collects a fee for managing all stages of the real estate process. The percentage of the fees can vary for each property type and LLC. The services include location scouting, opening and managing the LLC, buying and selling the property, securing the loan, handling escrow, applying for permits, managing the construction team, interior and architectural design, stabilizing the property, overseeing the management company for rental properties, accounting services, investor distributions, etc.
Based on restrictions from the SEC (Securities and Exchange Commission) rule 506c, only accredited investors can invest with Legacy Prime Property.
To invest as a non-US citizen, you need to open a US entity (Legacy can only accept C corporations), have a tax identification number (TIN), and have an American bank account.
You will need to work with a US-licensed attorney or CPA to set up your C corporation. Please note that this is not a service Legacy provides. However, many of our international clients have worked with Prime Corporate Services to open the C corporations and receive their TINs.
Certain types of retirement accounts can invest with Legacy. Currently, you can invest with any of the following account types: Self-Directed Solo 401(k), IRA LLC Single-Member, and IRA LLC Multi-Member.
Some retirement account types require that the investment property generates passive income for at least one year, or that a custodian manage the account. Therefore, we can only accept Self-Directed Solo 401(k), IRA LLC Single-Member, and IRA LLC Multi-Member at Legacy. All retirement accounts must be self-directed by the investor.
Legacy Prime Property does not offer services to convert one type of retirement account to another. However, we are happy to refer investors to IRA Financial Group for this service. The direct contact is Account Executive, Casper Dabek. Here is his information:
Casper Dabek, Account Executive | cdabek@irafinancial.com | www.irafinancial.com | schedule an appointment
Not exactly. While you can reinvest your earning into a new project, you must first receive the proceeds from your previous investment; we can’t hold your funds from one project and invest them directly into another project on your behalf. Once a project is complete, we will disburse the funds back to your bank account automatically. After you receive the funds, you can then choose to reinvest in a new property.
For legal purposes, investors cannot name “beneficiaries” on the Legacy platform. If anything were to happen to you, your share in the property would be passed along to the person named in your will, trust, or similar legal document.
You can, however, name an emergency contact in the platform. This field becomes available on your profile after you have placed an investment. And this is the party that Legacy would contact to arrange disbursements on your account.
All of our properties are covered by robust insurance policies, including:
For Legacy’s deal-by-deal investments, each investment is held in a stable LLC (limited liability company) ownership structure. The LLC structure is designed to separate the assets and liabilities associated with the investment project from the personal assets of individual investors.
The LLC will offer Class A Units to prospective investors in accordance with a Subscription Agreement. The economics and management of the LLC will be governed by an Amended and Restated Operating Agreement to which each investor will agree to be bound when investing in the LLC.
Legacy Prime Property acts as the Managing Member and owner of Class B Units in the LLC and has all voting rights. Investors are the members and owners of Class A Units in the LLC. As a holder of Class A Units, you have an indirect economic interest in the real property asset held by the LLC. The number of Class A Units issued to you is based on the amount you invest and the value of the equity in the underlying property at the time of investment.
Investors in Class A Units are “non-managing members” and passive investors of the LLC who do not participate in the day-to-day decisions of the project. Legacy Prime Property is the sole “managing member” of the LLC.
When placing an investment with Legacy, you will digitally sign the following:
Each contract is available to view and download before placing an investment. Our contracts and agreements are drafted by Manatt, one of the country’s leading law firms.
Legacy is registered with the SEC (Securities and Exchange Commission) under rule 506c and follows all applicable rules and regulations. We file each property’s ownership LLC with the SEC as well. To view the SEC registration for a given property online, go to the SEC website and search “Gi property X LLC” (replacing “X” with the investment project’s number (i.e. “Gi Property 62 LLC”)). It is because of SEC rule 506c that Legacy can only accept accredited investors.
No. Investors cannot be held liable for anything over their initial investment in a property. Each property is held in a stable LLC ownership structure, which separates this investment asset from each investor’s personal assets.
As with any investment we cannot, and do not, guarantee a profit. You can, however, view the returns from our track record to see our consistently profitable results. NOTE: Past performance does not assure future results.
Yes. Once you have wired your investment funds and your investment becomes active, you can view and download a property certificate. This certificate includes your full name, property address, investment amount, and target share in the property. It also confirms your ownership stake in the underlying real estate owned by the LLC. The certificate can be found under “My Investment” in the “Account” tab. Simply click on the investment for which you wish to view the property certificate.
Legacy Prime Property works with Manatt, Phelps, and Phillips LLP as an outside provider. Manatt is one of the country’s leading law firms, specializing in real estate and tax law. Manatt built Legacy’s legal structure and drafted our contracts and agreements.
Each GI Property # LLC is a single-purpose entity that is formed solely to hold title to the underlying investment property. Investors are direct equity holders (class A units) in each LLC entity in which they make an investment. Legacy Prime Property LLC is the managing member of each GI Property # LLC and holder of all Class B Units in each GI Property # LLC.
The Legacy companies are not required to register with the DRE (California Department of Real Estate) because none of our investment properties are subdivided into five or more lots or units. That said, Legacy works exclusively with real estate professionals who are licensed by the DRE during each stage of each project.
The property holding LLC will be dissolved and liquidated. In settling accounts after dissolution, the property and other assets of the property holding LLC will be paid or distributed first to the creditors of the property holding LLC and then to the members of the property holding LLC in accordance with the terms of the operating agreement of the property holding LLC.
If Legacy Prime Property LLC goes bankrupt, the operating agreement of the property holding LLC provides that Legacy Prime Property LLC may continue to be bound by said operating agreement as the managing member (and Class B Unit holder), or appoint a successor managing member, although a bankruptcy proceeding with respect to Legacy Prime Property LLC could, for example, lead to delays or reductions in distributions from the property holding LLC to Class A Unit Holders and result in insufficient funding of the property holding LLC and/or liquidation of the property holding LLC (and/or Legacy Prime Property LLC). Further, the rights and obligations of Legacy Prime Property LLC (and the Class A Unit holders of the property holding LLC) may be negatively impacted by the U.S. Bankruptcy Code. For example, a court officer or representative could be appointed to take over Legacy Prime Property LLC’s rights to manage and control the property holding LLC. For additional information about the risks associated with Legacy Prime Property LLC ceasing to act as the managing member of the property holding LLC, please see the Risk Factor identified as “The Issuer has limited or no operating history and no employees of its own” in the Summary of Terms.
To invest with Legacy Prime Property, you need to be 18 or older and be verified as an accredited investor.
There are five different ways to qualify as an accredited investor. If you meet any one of these five requirements, you can be verified:
Yes, international investors are welcome at Gatsby investment.
Yes, Legacy offers the chance for fund companies to invest into our investment opportunities.
Yes, Legacy Prime Property accept the following retirement account types:
An accredited investor is an individual or business that meets the SEC’s (Security and Exchange Commission’s) qualification requirements to invest in unregulated securities.
While anyone can invest in well-regulated securities like stocks, bonds, treasury notes, mutual funds, etc., the SEC is concerned about average investors getting into investments beyond their means or understanding. So, rather than allowing anyone to invest in anything, the SEC created an accredited investor standard. If individuals (or business entities) meet specific income or wealth requirements, they can access investment options with fewer regulations.
SEC regulations require that investors be accredited to invest in certain investment types, including Legacy’s real estate syndication investment opportunities. The SEC oversees most financial securities traded among members of the general public. This is generally a good thing because it provides a layer of protection for investors lacking experience or knowledge. But sophisticated investors want access to investment opportunities that the SEC doesn’t directly regulate. So the SEC created this accredited investor status to allow members of the general public to access innovative investment types. Being verified as an accredited investor means you’re deemed financially savvy enough to make sound decisions with your investment capital.
Legacy offers free verification through a confidential third-party service, Verify Investor. Once you create your Legacy account, you will be guided step-by-step to the online accredited investor application.
Before you start the accredited application, please make sure you have at least one of the following documents available:
Investing as individuals and retirement accounts:
Investing as an entity and trust:
License holders:
For Series 7 and Series 82, the reviewing attorney needs to ensure that the investor is currently working for a FINRA-member or SRO firm or is within 2 years since they were either terminated or left a firm and has not yet found employment with a FINRA-member). For Series 65, the investor may qualify as long as they are registered with a State to be in good standing. For this verification method, you simply need to enter your name as it appears on your license, your individual CRD#, and for Series 7 and 82 only, the name of the firm you are licensed through.
Holding a Series 79 does not automatically qualify you as an accredited investor, but if you can meet the SEC’s accredited investor criteria in terms of income or net worth, you can invest with Legacy. If the SEC expands the approved licenses to include Series 79 in the future, holders of the licenses in good standing could qualify as accredited investors at that time.
Currently, the SEC has approved the Series 7, Series 82, and Series 65 licenses for accredited investor status.
No, unfortunately not. In order to invest any amount in any Legacy project, you need to be verified as an accredited investor.
Individuals who hold certain certificates, designations, or credentials, such as Series 7, Series 65, and Series 82 licenses may qualify as accredited investors. The requirements for those are as follows:
A natural person holding General Securities Representative (Series 7), Private Securities Offerings Representative (Series 82), or Licensed Investment Adviser Representative (Series 65) registration in good standing. For Series 7 and Series 82, the reviewing attorney needs to ensure that the investor is currently working for a FINRA-member or SRO firm or is within 2 years since they were either terminated or left a firm and has not yet found employment with a FINRA-member). For Series 65, the investor may qualify as long as they are registered with a State to be in good standing.
To be verified based on these credentials, you simply need to enter your name as it appears on your license, your individual CRD#, and, for Series 7 and 82 only, the name of the firm you are licensed through.
Legacy Prime Property is governed by SEC (Securities and Exchange Commission) Rule 506c.
The SEC (Securities and Exchange Commission) is concerned about average investors getting into investments beyond their means or understanding. Real estate syndication investments, like those provided by Legacy, are regulated less strictly than traditional securities like stocks and bonds. So, the SEC created Rule 506c, to limit access to non-traditional investments like syndication to accredited investors only.
Unfortunately, not. All investors who intend to invest with Legacy must have their accredited investor status verified via our online platform by our third-party “Verify Investor.” This is because different verification companies may have different standards, and we need to ensure that each of our investors undergo a uniform, legally compliant review. All verifications performed by Verify Investor are done by licensed attorneys who are experts in this specific area of law. Therefore, Legacy only trusts Verify Investor to perform our verifications.
Legacy Prime Property works with VerifyInvestor.com, which is the leading resource for the verification of accredited investors, as required by federal laws. All reviews at Verify Investor are conducted by a licensed attorney who is bound by ethical codes of conduct to keep the information confidential and protect our investors’ information. Verify Investors’ platform utilizes robust security protocols and provides investors with the ability to hide personally identifiable information on the documentation they upload. This helps ensure that even the reviewers will not see certain highly sensitive information about the investor.
Legacy covers the application expense when investors complete the accredited investor verification application via our platform. As such, there is no cost to the investor to submit the application.
You are under no obligation to invest with Legacy after getting verified as an accredited investor. But please note that the verification is only valid for up to 90 days. If you don’t place an investment within this timeframe, your verification will expire, and you will need to apply again if you wish to invest at a different time.
Because Legacy pays the application fee every time an investor applies for accreditation verification, we must approve all future re-applications.
An accredited investor verification is valid for up to 90 days. You must make your first investment and complete the wire transfer within this time frame to avoid having to apply again. Once you have made your first investment, your verification remains valid with Legacy Prime Property permanently.
If you were once verified as an accredited investor via Legacy, but you didn’t place an investment within the 90-day period, you will need to complete a new application. However, before you can apply again, you will need to send a request to Legacy to “re-apply”. After your reapplication request has been approved, you can start the new application.
To send a re-application request to Legacy, go to the tab Account tab in your Legacy dashboard, click on Accredited Application, and click the Re-apply button.
There is no rule regarding how many times you can apply to be verified as an accredited investor. Each case is unique, and Legacy reserves the right to approve or deny each reapplication request, depending on the circumstances. Legacy Prime Property is charged an application fee every time an investor applies for verification. So we typically want to see that an investor is serious about investing within the verification period. If an investor has applied multiple times without investing, Legacy may request that the investor pay their own application fees for subsequent applications.
Legacy Prime Property was founded in 2024. Its first completed project was sold in 2025.
Legacy is the founder and CEO of Legacy Prime Property. As a seasoned businessman with over 30 years of experience in software development and business invention, Legacy had a goal to make rare real estate investment opportunities accessible to individual investors and make investing in these deals as easy as investing in stocks.
Legacy has a 100% success rate of profitable deals. No investor has ever lost money with Legacy.
Our average annualized net return to investors from 2017-2023 was 23%. You are welcome to view our full track record with every property we have completed from the start of the company until today.
No, Legacy has never lost money on a deal.
Legacy Prime Property is a private real estate syndication company.
All of Legacy’s properties are located in Los Angeles County, California.
Legacy Prime Property is looking for high-performance developers and general contractors (GCs) with an established history of completing profitable deals. If you are interested in partnering on a real estate deal with Gatsby, we invite you to sign up and submit your profile and potential project for our consideration.
Legacy Prime Property receives a development fee in exchange for managing the construction and development of the property, payable upon the closing of the acquisition of the property. We also receive a service fee at the end of the project, which is a percentage split of the profit of the investment. Please refer to each specific investment opportunity to see the percentage breakdown, as it may vary by project.
Legacy is proud to say that most of our investors are recurring clients who return for multiple new projects. Our investors often come to us through referrals from our existing clients.
Legacy currently does not offer opportunities to invest directly in the company. Investing in properties is the only way to invest with Legacy.
Our track record of complete properties speaks for itself, but many investors wonder how we consistently generate such high returns and have never lost money on a deal. Here are the factors that contribute to our success and continue to set Legacy apart from other real estate syndication companies:
Location
The world-famous LA housing market provides consistent growth with high appreciation and rental rates year over year. As one of the most desirable places to live in the world, there is always demand for the short supply of properties.
Unique Builds
We build smaller multi-family properties (4-6 units). However, each unit is spacious with 4-5 beds and baths. These units perfectly serve those who want to live with multiple roommates to split rent and create a more affordable housing option.
High Demand
Our properties are in high demand due to the shortage of comparable properties in Los Angeles. Most inventory in LA consists of apartment buildings full of units with 1 or 2 beds and baths. Our unique builds with 3 to 5-bedroom units put our properties in high demand by both renters and investor-buyers! And, by focusing on properties with only 4-6 units, our completed projects are affordable and easily financed by smaller investors. This ultimately leads to a faster, smoother sale at a favorable price point.
Zoning law changes due to housing shortage
Legacy takes advantage of recent zoning law changes which allow us to build multi-family properties on lots that were previously only intended for single-family homes. This creates much-needed housing in areas where it is needed most.
Adding Value and Forcing Appreciation
Legacy focuses on value-add and ground-up construction projects that allow us to add substantial value in a short amount of time. Instead of waiting for a property to appreciate over time, we can improve the property to force quick appreciation. Building small, time-effective projects from the ground up maximizes value-add, which maximizes return potential for our investors.
Economies of scale
Because Legacy builds multiple projects each year, we can negotiate lower pricing on material and labor. Our volume discounts create better deal flow and better outcomes for investors.
Specialized knowledge
Our team has specific, deep market knowledge that can only come from experience. By specializing based on both location and build types, we know what to do and what deals and builds to avoid. Fewer mistakes mean limited risk for investors.
Proprietary Software
Legacy has its own proprietary software to manage each deal from start to finish in a streamlined fashion. The software also allows investors to conveniently place investments online and have full transparency regarding the progress of each investment via the dashboard.
Due diligence
Legacy completes extensive due diligence checks on every property we target, including checking sales and rental comps, physically inspecting the property and surrounding area, and projecting financial outcomes for multiple scenarios. Our team of real estate analysts scout hundreds of potential deals and bring you only the ones with the highest profitability potential. We are highly selective with the deals and only target the deals with the highest profitability potential to our investors.
Financing
Legacy is backed by private capital, and we co-sign the loan for each project. Our long-standing lender relationships help us get favorable rates and terms.
Deals
Legacy has an extensive network of local agents and brokers. Our real estate experts know how to find deals, negotiate the purchase price and terms, and market the completed deals for profitable sales. Our industry connections grant access to off-market deals that individual investors would never be aware of.
Legacy Prime Property is based in California and is strongly focused on the Los Angeles real estate market. However, we are looking to expand our network outside of California to take on projects in other states as opportunities arise. Eventually, we want to be able to offer our investors diversification into different markets.
Legacy has no current plans to expand its business outside the United States.
Legacy is currently based in Los Angeles with a strong focus on projects specific to the LA market. However, we do have future goals of expanding into different areas so we can capitalize on new market opportunities and offer our investors diversification into different markets.
Legacy also continues to develop additional structures outside of our current Deal-by-Deal offerings. We are currently working hard on developing two Fund structures: one for an Equity Fund and one for a Debt Fund.
Legacy’s corporate office is located at 1661 Burdette Drive #A
San Jose, CA 95121. We are always happy to meet with investors. To schedule a meeting, please email info@legacyprimeproperty.com.
Legacy offers several advantages over other real estate investment platforms, including:
If you have trouble logging in, please give us a call at 615-610-0885 or email us at info@legacyprimeproperty.com
After you place an investment with Legacy, you can go to the My Profile tab on your dashboard to add an emergency contact.
There is a reset my password link on the login screen. Click this link and follow the steps to reset your password.
After placing an investment, you will be given the wiring instructions for your specific investment. You can also access this information by going to the Account tab and clicking on Wire Instructions.
You can schedule a call by clicking this link: https://www.gatsbyinvestment.com/contact-us
CONTACT US
info@legacyprimeproperty.com
615-610-0885
1661 Burdette Drive #A
San Jose, CA 95121
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