All Forum Posts by: David Ferrette

Where is SW Austin is the project going to be located?

I suggest you join the Investor Underground Facebook page for Austin.  If you ask for any type of contractor reference, people will quickly chime in with recommendations.  

@Karen Margrave

Below is a link to a community that is under construction.  At the bottom of the page there are floor plans and a link to 3D unit plans.  The plans also identify the square feet each one is.  Most of our projects are large communities that also include Assisted Living units.  We also have projects in construction that have cottages (duplexes up to 6 units) but those too are part of a larger community.  


https://www.arielpointesl.com/independent-living/

Completed my second BRRRR a few months back. It wasn't quite as good as my first one but it is a step in the right direction:

Purchased: $185k

Rehab: $15k + $4500 in closing on the refi

ARV: $232k

Rent: $1550

Refi: Pulled the original $185k out 

Cash Flow: Breaking even

Since I refinanced within 2 months of purchase, I could only refi out my original purchase price.  I am all in close to $20k with about $47k in equity.  The home is only 7 years old in an area that is building new homes right around the corner.  Should be a good long term rental.  

Rick,

There are several good MeetUps in the Austin area you probably want to check out.  

I am part of a team that has designed and built over 1000 senior housing units.  The category is Independent Living but really they are more like apartment and cottages for seniors.  We build exclusively for senior living.  Our living units aren't that different than typical apartment units and they don't need to be.  Of course we have our required % of accessible units but the seniors that need lots of help in their daily lives are in Assisted Living communities and those do need special design considerations.  

Phil, can you share some information on your development company?  I too develop in Austin but in the Senior Housing space.  I would like to hear how the self storage space is treating you in this area.

 We have developed several 200+ unit Senior housing developments (Independent Living, Assisted Living and Memory Care).  For a 200-250 unit community you are looking around 80-90 employees.  You can't think of this as a typical multi-family operation.  I would recommend you set a meeting with a local operator and get their opinion on what it would take to staff your community.

@Gary B.

Before you go down the path of turning the hospital into an Assisted Living facility, you need to determine if there is demand for those services.  For instance, if there are several existing facilities nearby running at 60% occupancy, why would you add more units to that area?  You would have a hard time leasing up your facility.  After you determine that the demand is there, move on to the next steps.  Your future bank will also require proof of demand.  

See everyone there.