All Forum Posts by: Chris Bounds

I'm interested.

Updated! Click to view the Postlets Flyer.

Golfcrest Apartments

3045 Golfcrest Blvd., Houston, TX 77087

@Michael T.
No I self managed while I was rehabbing. I am listing it for sell next week.

Hi Dean, I'll e-mail you.

Quick update. Exterior rehab is basically done. Some minor touch up painting and that's it. Vacancy should be at 21% by the months end. It's been fun turning this thing around. Ok it wasn't ALL fun at the time, but looking back it was a good buy. Now I'm pursuing a refi while considering an off-market sell.

Golfcrest Apartments

3045 Golfcrest Blvd. Houston, TX 77087

1BR / 1BA Apartment Complex, 29 units Offered at $834,000

Year Built 1955

Sq Footage 17,400

Bedrooms 1

Bathrooms 1 full

Floors 2

Parking Uncovered

Lot Size 27,219 sqft

NOI: $67,756

This Class C property consists of 29 one bed / one bath units in two 2-story buildings located in the Gulfgate area off 45 South and 610 - a very HOT area for investors.

19 units leased at $520 and $525 per month (gas & water paid). One efficiency leased at $500 per month (all bills paid). 16 of 20 leased units are fully rehabbed. 4 units rent-ready. 6 units need rehab (Est $3k materials each). Managed by tenant.

Estimated Proforma Value: $1.1M+ at 8% Cap Rate.

Drive by property, but do not disturb the tenants. Serious inquiries only please. Act fast if you are interested because soon I am going to refinance and finish the lease out. Financial statements available for serious buyers.

@Bryce Y. No I'll just refi and enjoy the cash flow until I sell it. I will consider off-the-market sales before the refi. Afterwards, I'll likely sell as the 365 days nears to save on capital gains.

Thanks @Jon Klaus . It's been load of work, but also a lot of fun to watch it near completion.

This isn't much of an update, but vacancy is 34% now. Interior rehab is 90% complete and exterior rehab is about 50% complete. Once exterior is finished and cleared by the city I'll finish up the last few interior units. It's almost time to start working on the refi!

@John Stover

That's a good start! I'd expand on it, but good start. E-Myth Revisited helped me tremendously on how to think about business planning. I can't recommend it enough.

I offer some caution on MF properties though, at least 5+ unit buildings. I bought my first one in April. They are appealing, but if you're trying to rehab a distressed MF property it will require a lot more precision. Your experience, team, and systems are vital with MF to take on the additional risks that accompany the potentially huge equity & cash flow returns. There was a big learning curve coming from SF home investing. Don't let this scare you though. It's just something to consider. Of course, buying a preforming property with a good management team in place is another option. It will cost more and usually have a lower yield, but the risks should be lower too.