All Forum Posts by: Carl S.

@Jai Reddy

Yes sir, we're going to be investing a little over $600k back into the property with exterior improvements, amenity upgrades and then will also implement an interior turn package of 2-tone paint, counter resurface, updated fittings & fixture along with appliances and flooring as need. The previous owner had replaced 100% of the HVAC units onsite in 2017, upgraded >90% of the units with LVP flooring along with approx 50% of the appliances within the last 36 months.

Thank you Curtis. I see you're local, let me know if you want a tour at some stage.

Hi Steve. We were right at a 5.5% cap on the T-12, but as a "price per pound", we're just over $42k/door which we feel is a great entry point for this asset.

Investment Info:

Large multi-family (5+ units) commercial investment in Tulsa.

Contributors:
Mike Vann 

Trident Multifamily - BP

Trident Multifamily

Atlanta Terrace is our 4th asset in the Tulsa MSA and less than 1.5 miles for 2 of our other properties, this is giving us great scale in the market. After months of negotiation through 2020, we completed our Reg D 506(b) offering/syndication and closed on this property in November 2020. Having a presence in the sub-market we identified that the rents were well below market and the property was not operating efficiently, perfect light value-add opportunity.

How did you find this deal and how did you negotiate it?

Great broker relationships and doing what we said we would do.

How did you finance this deal?

Freddie Mac 5-year Hybrid with 1-year Interest Only and zero pre-pay after year 2.

How did you add value to the deal?

In addition to moving rents to market and operating the property more efficiently, we uncovered an opportunity to build out 4 additional units.

@Sam Usman you need to look up the city’s zoning map and ordinance to see what is allowed, it should be available on their website.

@Lynn Gadd Check out Gregorio Real Estate Company. I moved my license to Rafael a couples months ago, $75/year sponsorship and transaction fees as low as $75.

@Guillermo Triana unfortunately not. Only lending in, Dallas-Fort Worth, Oklahoma City and Tulsa

@Kim Martorana unfortunately we don't lend in OH

We are actively lending and growing with new borrowers in Tarrant county and the DFW metro. We lend to first-timers, and we have more capital than what our current borrowers our using so reach out if you need a fix 'n flip loan ASAP. We keep it simple and easy. We'll gladly look at any deal and give you the terms that we could offer.

WHOLESALERS - Get your deals pre-screened by us so that your buyers know what lending is available to them and you can have certainty about them closing the deal.

FLIPPERS - If required, we are also able to assist with the sale/disposition at a reduced listing fee which gets you more $$ in your pocket!

@Richard J Reid, @Charles Carillo is a great resource!

I'm originally from SA and have traveled to Swakopmund a couple of times, really enjoyed it there! I'm in Dallas-Fort Worth, let me know if I can help.