All Forum Posts by: Elijah Upchurch

Hello,

I work for a company looking to start a non traded REIT. Anyone know the process of doing so? Do I need to get in with the RIA network? If so, How?

Hello,

My name is Elijah Upchurch. 

I'm a student in my last year at Texas A&M University,  and as you can see by my subject line, my current mission is to fight and scrap my way into the multifamily industry from the start.  I'm looking to offer my time and labor to veteran MF investors in return for experience. My current strength and key focus is on deal analysis. Send me a deal and I want to run the numbers over and over  again in order to weed out my errors and tighten my accuracy. I would then love to play as big of a role as possible in pushing the acquisition to closure, then repeating the process. I don't mind making calls and having meetings in order to get any information that I need. If possible, I would like to get some hands on experience in financial structuring and raising capital on the equity side as well.

Within the next 5 years, my goal is to have a major hand in managing aqusitions for a primary or even subsidiary account of MF properties under the management of a RE fund. Then, within the following 5 years, (now at year 10) I hope to begin building multiple syndications and eventually a FUND! (Sorry for yelling, I just get excited talking about this stuff!)

Throughout these 10 years, I would also love to begin building my own portfolio, hopefully by starting with a partnership (let me prove what I know by analyzing  potential deals and pushing them to closure as said above), and then by heading an entire acquisition from pre-entry to exit.

I'm really excited to connect and speak with you all! Please, let me know what you guys think. It's hard to really explain yourself in one forum post, so I hope I didn't overdo it. 

If you think I sound crazy and over ambitious, then I would like to thank you for the compliment as I have worked extremely hard over the past 2 years to make myself that way. If you would like to know more about me, I have created a real estate related Instagram account where I plan on documenting my entire process, and to hopefully bring a little value (either now or in the future) to those in the same position as I am. The Instagram account is called "Broke and Growing".

I appreciate you guys taking the time to get to know me a little better. My contact information is in my Bio on my profile. Please, feel free to reach out!

Thanks again,

Elijah Upchurch

FIRST POST

1513 W 28th St, Bryan, TX 77803.

The asking price for the property is $156,000, however I’ve been in conversation with the listing agent and so far the seller has spoken of coming down to $147,500.

This property is fully renovated inside and out, and as you'll see I ran the numbers at a 12% COC and that encourages an offer at around $144,000, with a finders fee of $2500.

Description says, "Charming mid century 4 bedroom 2 bath recently renovated home that has new floorings, new energy efficient windows, new roof, hvac system, new granite countertops in the kitchen, bathrooms with newly renovated tub and showers with new shower tiles and with a three way split floor. The house has been too many upgrades to list out. Clean and move in ready. Close to downtown Bryan, shopping, Texas."

I ran the numbers using a small $1,000 renovation budget in case the paint needed to be retouched, and a $1600 per month rent price which in my opinion is about average for the area. I have CMA's for leases of 3 bedrooms at $1400 per month.

I assumed all expenses would be transferred to the tenants, and used an estimate of $1900 annually for property taxes, and $70 per month for insurance.

In this scenario I assumed an LTV of 80% amortized over 30 years.

The property is in a C+/B- area of town but an up and coming one. I have pictures of the current properties on the street that I would be happy to send to you and a quick comparison to the outdated google maps images of the street will show you what I mean.

In my analysis, I accounted for:

5% vacancy (My reasoning is that College towns have plenty of renters)

6% repairs

6% cap-ex

9% management

I've attached screenshots of the report I made through BiggerPockets, as well as screenshots of the property.

The seller is ready to close and would like to close quickly. Let me know if you would like more information! I'd be get you whatever you need!

Thanks,

Elijah Upchurch

email: [email protected]

phone: (817)-933-9352