Emerging markets we invest in:
Some Past & Current Examples Of Our Portfolio;
36 Rental House Portfolio - Kansas City
This portfolio in Kansas City was owned by the same seller, who also resided in the same market. The seller took good care of the properties and the portfolio was already stabilized and cash flowing, but the seller was ready to move onto another offering. All 36 houses were purchased for $875,000, significantly below replacement cost and below appraised values. Although the portfolio was already stabilized, the rents were below market and there was still value-add in implementing additional upgrades.
Since acquisition, our professional management team has implemented the same tenant retention programs that we have used on our multi-family properties; thus maintaining occupancy while improving the properties upon lease renewal.
Since acquisition, our professional management team has implemented the same tenant retention programs that we have used on our multi-family properties; thus maintaining occupancy while improving the properties upon lease renewal.
25 Rental House Portfolio - Jacksonville
All 23 houses were purchased as a portfolio from a local owner-operator in Jacksonville, which has recently experienced significant employment and population growth. The seller had been self-managing the assets for more than 25 years and was ready to retire. The tenants were under lease-option agreements and were therefore responsible for all property maintenance and repairs. This resulted in significant deferred maintenance to unlivable conditions in some of the houses.
Immediately upon acquisition, we hired an experienced property management company with over 1,400 houses under management in Jacksonville. All tenants were converted to new leases. All slow-payers and non-payers were evicted and an action-plan was immediately implemented to resolve all deferred maintenance issues.
Within 3 weeks of acquisition, one of the existing tenants that we inherited had a driveby shooting occur at their property. The tenant and occupants were uninjured. Our property management company acted quickly to ensure the tenant's safety and worked with the Jacksonville police department to secure the property. The tenant moved-out and the property was repaired and renovated shortly thereafter.
Not only has violent crime improved significantly in the areas, but property values and the overall safety of the communities have as well. This was primarily due to the the repositioning of the assets and property management's implementation of strict leasing criteria, criminal background checks, income verification, and 24-hour maintenance service. Gross rents upon acquisition were $14,500/month.
Gross rents after renovations are now $23,000/month...and still below market rents. Five houses still remain to be repositioned.
Immediately upon acquisition, we hired an experienced property management company with over 1,400 houses under management in Jacksonville. All tenants were converted to new leases. All slow-payers and non-payers were evicted and an action-plan was immediately implemented to resolve all deferred maintenance issues.
Within 3 weeks of acquisition, one of the existing tenants that we inherited had a driveby shooting occur at their property. The tenant and occupants were uninjured. Our property management company acted quickly to ensure the tenant's safety and worked with the Jacksonville police department to secure the property. The tenant moved-out and the property was repaired and renovated shortly thereafter.
Not only has violent crime improved significantly in the areas, but property values and the overall safety of the communities have as well. This was primarily due to the the repositioning of the assets and property management's implementation of strict leasing criteria, criminal background checks, income verification, and 24-hour maintenance service. Gross rents upon acquisition were $14,500/month.
Gross rents after renovations are now $23,000/month...and still below market rents. Five houses still remain to be repositioned.
Phoenix - Arcadia Duplex
Located within the path of progress of the trendy Arcadia neighborhood of Phoenix. Duplex was purchased for $168,000 in September, 2015. Invested over $60,000 in interior and exterior improvements. Sold for $326,000 just 12 months later.
San Antonio Apartment Complex
Located in the desirable Mahncke Park community (near Alamo Heights and Fort Sam Houston military base), this apartment complex was once the worst property in a good neighborhood.
Prior to the Dec 2012 acquisition, this 52-unit multi-family property was ridden with drug and gang activity, prostitution, convicted felons, burglaries, and many other ongoing issues on a daily basis. The property was also the scene of two separate shooting incidents on the same day resulting in a fatality.
Most of these issues were caused by the lack of professional management and ownership willing to invest the money for re-positioning. Today, the property has been fully renovated inside and out. By implementing experienced, professional property management and by working with the San Antonio Police Department, crime has reduced by 95% since acquisition. Even though the gross rents have more than tripled since acquisition, this apartment complex is still one of the most affordable in the area. After refinancing, the investors received 100% of their initial investment within 4 years and the property continues to cash flow today.
Prior to the Dec 2012 acquisition, this 52-unit multi-family property was ridden with drug and gang activity, prostitution, convicted felons, burglaries, and many other ongoing issues on a daily basis. The property was also the scene of two separate shooting incidents on the same day resulting in a fatality.
Most of these issues were caused by the lack of professional management and ownership willing to invest the money for re-positioning. Today, the property has been fully renovated inside and out. By implementing experienced, professional property management and by working with the San Antonio Police Department, crime has reduced by 95% since acquisition. Even though the gross rents have more than tripled since acquisition, this apartment complex is still one of the most affordable in the area. After refinancing, the investors received 100% of their initial investment within 4 years and the property continues to cash flow today.
For more examples of our past deals, check out our social media pages
UPCOMING OFFERINGS
Single Family Rental Portfolios
|
Investment Bridge Lending
|
|