All Forum Posts by: Christopher Morgan

Hi BP,

I am an experienced Value Add Investor and Operator in Central Florida. We have 350+ units and we are looking for a local lender for smaller density buildings (5-40 units) with a value add component. Not all local banks understand IO/bridge/perm debt products. We are looking for a local banking partner that also understands the Central FL space coastal region. Usually these deals are too small for agency debt which is why we require a local credit union or bank partner. Specific areas include all towns/cities in Brevard and Volusia county. Thank you all in advance!

Hello team BP,

I am looking for a local contractor in North Charleston, SC who can assist with the renovation of 4 units. I have already completed 10 units but need help finishing the remaining units as other projects have come up. The remaining units are 1/1's and 2/2's. These units are distressed and will need lvp, paint, drywall repairs, electric and plumbing work plus fixtures, windows and HVAC. We already have appliances. I am happy to share "current" photos of the units as they exist today and "after" photos of the adjacent units we have since completed for reference. These will be for workforce housing, low/middle grade finishes and the work is primarily cosmetic. Thank you in advance everyone! -Chris

Thank you very much @John Harmon! I will reach out to Jud Smith and let him know how I got his contact. This is incredibly helpful. Is there a reason that Karen wouldn't want to discuss this property as well? Or is she likely focusing on another area? Thanks again, I really appreciate your time.

Hi BP friends, I am under contract on an 80 unit building in Aiken, South Carolina. We are looking for a larger property management firm in the area. Are there any recommendations with references that you all are able to share? This would not be a mom and pop operation and we would require robust reporting and communication. Please share your experiences good and bad! Thank you all.

Hi Brandon, I am looking for a capable property management firm in Little Rock to take over management of 34 units. Are you able to send me your contact? Thanks! 

Hi @Jay Zdunczyk, so no not really. It is somewhat odd property classification that many local banks don't like. This hybrid of MFH and motels is quite unique. Many of these buildings are funded with hard money which is a house of cards causing each new sale price to be considerably higher than the previous owner. The debt is crushing these owners. However, from the banks I did call that would take the loan, they required 35% down to reduce the risk. Agency loans were better but escrow reserves requirement didn't pencil. I spoke to many local banks, and the most sophisticated was Suzette Hill at Surety Bank in Daytona. She gets it. Let me know if you want me to DM her email and phone.

Hi @Sedrick King welcome back to Orlando. My firm is actively seeking multifamily properties in Central Florida. At the moment we have three properties and over 20 units under agreement and would like to identify more. Let me know if you have some time to connect, I’m based out of Orlando so it shouldn’t be too hard! Thanks.

Hi BP, I have a 70 unit MFH property under agreement in Ocala, FL. We are slated to close in 45 days and are currently looking for a Property Management firm to oversee our renovations project management (I live about an hour away, so I would need someone who doesn't need handholding on everything), typical property management responsibilities and also leasing. 

The obstacles I am running in to are extraordinarily high lease renewal fee's which I want to avoid. The property does currently have a property manager who sits in an onsite office to collect rent but I don't think it is necessary upon our acquisition.

Does anyone have an individual or firm who they have had good luck with in the past in this area? All feedback and advice is welcome. Thanks all!

Hi BP, I am hoping to identify some local lenders in Daytona Beach area that would finance smaller <25 units commercial multifamily properties. I am finding that given the transient nature of the area and residents, it is difficult to find a local bank finance partner. Any and all advice (not hard money) would be very welcome. Thanks all.

Thanks @Avery Heilbron that is super helpful. Funny, I thought I had attended every Meetup in Boston. Always happy to join and participate in another. Much appreciated!