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All Forum Posts by: Chris Schleyer

Chris Schleyer has started 2 posts and replied 7 times.

Post: 499 Beech Street, Manchester NH.

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

Investment Info:

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

Purchase price: $183,000
Cash invested: $200,000

16 Unit apartment building in Manchester NH.

What made you interested in investing in this type of deal?

Property was purchased at auction for redevelopment.

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

The property was purchased at a forclosure auction.

How did you finance this deal?

Private funding and refi after construction.

How did you add value to the deal?

All units and common areas renovated. Increased rent and reduced expenses as a result.

Post: Manchester, NH multifamily market

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

My company is well established in Manchester with over 800 units owned and managed.  A recent NH Housing study found occupancy rates at 98% and that is in line with what we are experiencing. The value add deals are there, but not like in 2009.  There is a lot of potential right now to purchase moderate to market priced buildings and invest in bring them to the next level.  20% to 30% rent increases with "luxury" upgrades are very possible.  Neighborhood certainly matters with this model, but the result is higher rent, better tenants and reduced turnover and damage.

Bottom line is do not write Manchester off. This is our biggest city with the greatest potential for  long term growth and opportunity.  Happy to chat more about this one one one....

Post: NH Investor Resource

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

@Stephen Polizzi. My agency is open to such an arrangement.  We are a NNEREN / Realtor agency, so you would have to join those.  That would cost about $800 a year. We would not charge desk fees, etc.  If you would like to meet to discuss, let me know.

Post: NH Investor Resource

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

@Wisler Andre You were told correctly that you need a real estate license to provide property management services to third parties.  I am a NH licensee and that is the case here.  There are exceptions, such as working directly for an owner of property as a property manager.  The nice thing is you can get your license and hang it with a broker of your choice while working your full time job.  

Look for a broker who will let you hang your license with them with low or no costs to you.  Interview several brokers and explain what you are trying to accomplish and choose the best fit for you.

There are ongoing expenses to consider such as desk fees, Realtor dues, MLS fees etc.

I hope this helps.  

Chris

Post: NH Investor Resource

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

@Wisler Andre I spent about 11 years managing in Florida. I lived in Palm Beech but managed property in every major market.  At one time I managed about 1,000 units in Miami Dade area.  I would be happy to provide guidance.  What are some of the challenges you are facing now?

Chris

Post: NH Investor Resource

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

Axel, I read your profile.  Inspiring!  You are fortunate to have gotten started so young.  I think it would be a fine idea to meet up and talk shop.  I am out of town for the rest of this week, but perhaps we can get together in the following two weeks either at my office or for lunch.

Talk soon,

Chris

Post: NH Investor Resource

Chris SchleyerPosted
  • Real Estate Broker
  • Manchester, NH
  • Posts 8
  • Votes 6

Hello Fellow Investors!

I have worked in real estate for nearly 20 years. For the first 12 years I worked for several large scale national developers / property management companies in Florida where I rounded out my career as a Director Of Property Management overseeing a portfolio of over 2,000 apartments throughout the state.

In 2011 I moved back to my home town of Manchester NH to join my now business partners in growing a successful real estate development/property management company. Together, in the past 5 years we have grown a portfolio of nearly 1,000 apartment units while renovating an additional 200 or so homes and apartment buildings for resale.