All Forum Posts by: George Genovezos

@James Wise

Hope so James. I'm looking for more properties now and more investors.

@Account Closed

@Account Closed

Will do.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Wichita Falls.

Purchase price: $450,000
Cash invested: $450,000

bought a run down mis managed 16 unit property, with my investors, for $450,000 Rehabbing units as they become available and increasing NOI. Was 1/2 full now we're at 3/4 full. looking to stabilize and return equity to my investors and a handsome profit.

Rinse. repeat

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

I like depressed deals where i can come in and add value. This was easy and cheap. Just need time.

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

Broker brought it to me. 1st time numbers were too high. 2nd time we could negotiate for a good price.

How did you finance this deal?

Cash. pooled money from investors. Some had cash some IRA's. Made it work.

How did you add value to the deal?

Paint the outside, painted the units, replaced carpeting, new fixtures...

What was the outcome?

Getting more for rents

Lessons learned? Challenges?

done a few of these before. Smaller deals. This is the biggest one so far. nothing scares me...

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

Sherry Patterson. She's awesome. DFW area

Thank you.

Amazon doesnt' have any customizing but I'll give ebay a shot. Did you get feather flags or a buildboard? or both?

Hi all,

I just aquiared a 16 unit building. It's 1/2 full and I'm trying to get some attention to the building and was thinking of getting some signs done.

the building does not have a sign? nameplate? billboard? with the building name and call in information. What have others done to stand up a billboard or something to show you have units for rent or who to contact?

I was also thinking of getting a couple of feather flags. For Rent ###-###-#### any recomendation where to get these done? I'm guessing an online vinyl sign shop so looking for recomendations.

Thanks!!!!

@Kai Van Leuven

Thanks guys. Now that you mention it, there is storage space right between the units. I'll measure it out and see if I can bring some washing machines in there. Maybe start with 1 washer and dryer and see how it goes. Throw in a vending machine for soap and softner and see if it helps.

Thanks!!! Hope you all had a merry christmas and may the new year be prosporous to all of us.

@Sant li

I have tons of space on the property also, the tenants are asking for it 

Thanks for the feedback. How did you keep the coat so low? Did you have to poor a foundation? What is the building made out of? Prefab or basic framing?

Where did you find the machines?

hi all,

 I just acquired a 16 unit. They are all 1 x1. No laundry hookup. 

I have space to build. Has anyone added a coin OP laundry building? 

If so how big, cost to build, cost to operate and is it worth it or profits?;)

Thanks 

@Carl Fischer

Here is the requirements from the IRA-owned LLC

4. The Operating Agreement must contain language sufficient to address IRA-related issues concerning Prohibited Transactions (26 USC 4975), The Plan Asset Rules, the allowance of subsequent or additional Capital Contributions and Unrelated Business Income Tax (including language that ensures that the Manager of the LLC will prepare and file all necessary tax forms with the appropriate taxing authorities, Federal, State and local).

Hi all,

I'm about to start a self directed IRA with kingdom and they require verbiage towards 26 USC 408, and 26 USC 4975. Anybody have a sample of this?