All Forum Posts by: Brock Holliman

Hello I need 4 tickets for BP Con in Orlando!

Anybody interested in selling? 😁

Investment Info:

Large multi-family (5+ units) other investment in Kissimmee.

Purchase price: $1,130,000

This is one of 3 buildings! Each building includes 6-7 individual Build 2 Rent townhomes. They all feature a very sleek & modern design.

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

This was an already approved and ready to go subdivision for the first 7 units. The other buildings behind had to go through the municipal development process which is always a pain. But the first 7 units were able to get some cash flow coming in while we wait.

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

I found these lots on the MLS. They were 2 different sellers, but we were able to close on them very quickly. Given the market conditions during the time of purchasing these lots, there wasn't a lot of negotiating when it came to price. We made a couple of attractive offers and got the deals closed.

How did you finance this deal?

I got a private money loan on the lots & construction. As soon as they were rented, I would refinance each property. They were all individually parceled, so it allowed for some flexibility.

How did you add value to the deal?

With owning a construction company that specialized in building, this made it easy for us to build our style product and quickly add the value big time. We also updated the exterior of the neighboring townhomes across from our first building. They were built in the 1980s and had a peach color paint and red tile roof. We painted that building white and painted the roof a gray color along with resurfacing the parking lot.

What was the outcome?

We refinanced the first 7 units at an average of 4% (miss those days!). They originally rented for $1595-1650. We now average $1845 per month and are all occupied with great tenants.

Lessons learned? Challenges?

Next time, we will go with wood fire walls on the second floors. This caused a lot of extra headache on the job along with unnecessary costs.

I run a real estate development and investing company, specializing in "build 2 rent" in Central Florida. We build new single family and smaller multifamily properties around the Kissimmee area and the Space Coast.

We are growing very quickly and need help with land acquisitions along with some investor relations. You will have all of the tools in place to succeed. You will work with 3 others that will help make your job a lot easier.

We are buying ~10-20 lots per month and need to jump those numbers up. You will be the key negotiator in the transaction and get paid a nice referral fee. Looking for someone that is aggressive and knows good communication skills.

We are looking for someone local - but slightly open to remote (very slightly).

What you make is based on your performance.  If you can just keep up our current pace, you will average over 100k per year.  There is so much room for growth.

@Shital Thakkar Correct - 190k/door.

Each building consists of the following: 

• 5 interior units 
•   -3bed/3bath 1365 square ft

1. And 2 End Units
2.    -3 bed/2.5 bath, 1507 square ft

These units will rent for $1,325-1,475 depending

As far as my lessons learned, thankfully I did my homework.  But I also had quite a bit of experience going into this.. just not in Florida.  Florida is one of the more strict areas for getting projects approved.  Just make sure that you are aware of all of the costs and challenges associated with developing land (utilities, parking, civil engineering, wetlands, setbacks, easements, how is your trash going to work?, how is your mail going to work?, etc.).  

Honestly there is too much to type on what challenges will be faced & what lessons will be taught (hopefully you can avoid them!).  Maybe I'll post a video on that soon.  

Investment Info:

Large multi-family (5+ units) other investment.

Sale price: $1,330,000

This is one of 5 buildings that we are starting on! Each building includes 7 individual "Townhomes For Rent". They all feature a very sleek & modern design. We are currently offering these as a pre lease for spring of 2020. Our plans are to sell the first 2 buildings and keep the remaining 21 units.

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

I have always wanted to get into the multi-family space. This is our first actual residential project that consists of more than 2 doors (duplexes).

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

This deal was just on the MLS! I picked up one lot and got it pushed through for a 7 unit "townhome for rent" building.

How did you finance this deal?

The lot was paid for in cash. The construction is being financed by a private money lender that I met at a conference in California.

How did you add value to the deal?

Since this was a ground up construction project, the value add was fairly straight forward. :-)

What was the outcome?

We are currently under construction. 2 of the 7 units are under contract and we plan to be sold out prior to completion at the end of March 2020.

Lessons learned? Challenges?

There were a ton of challenges and lessons that were learned since this was my first multi-family development dealing with Florida Water Management, wetlands, planning & zoning, etc.

Investment Info:

Small multi-family (2-4 units) other investment.

Sale price: $380,000

QUALIFIED OPPORTUNITY ZONE PROJECT: We are currently under construction on this duplex (that is under contract) that will perform some great cash flow numbers in an appreciating area of Kissimmee, FL.

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

These duplex lots that we acquired are located in one of the fastest growing counties in the entire country, Osceola County FL. The neighborhood in which these duplexes are located happen to fall in a Qualified Opportunity Zone (QOZ).

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

I found the lots off-market. The seller was actually in negotiations with another builder and had a verbal agreement to make a deal. Before the other builder could get a contract to the seller, I had one hand delivered to his door step 3 hours away in Miami!

How did you finance this deal?

We are financing these builds out of pocket.

How did you add value to the deal?

Since it was a ground up construction project, the value was added pretty easily. :-)

What was the outcome?

The duplexes are currently under construction and will be completed and closed by the end of March 2020. We are actively trying to pre-lease the units out for the investors purchasing the deal.

Lessons learned? Challenges?

Of course there are always challenges, especially when building from the ground up. But thankfully, nothing out of the norm has come up yet on this particular deal!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Thankfully I hold my own license to purchase, build, & sell my properties.