All Forum Posts by: Scott Titus

How did everyone's 2023 go? Did everyone hit their goal? 

I hit my goal of 100, actually got to 109, I've set my new goal to 500 units within the next 7 years. I know it's lofty, but I truly believe it can be done. We have done this all on our own without any outside investors and plan on getting to 500 the same way.

What about everyone else?

 Sorry to bump up an old thread, BUT we closed on the 24-unit and brought ourselves up to 97. Working on going under contract on another 16-unit currently and I'm hopeful we get that under contract by the end of the summer. Not to say it hasn't come with its challenges, but it's been great. How is everyone else doing on hitting goals??

@Christopher Olson

We currently own 6 apartment complexes and every one we’ve purchased off-market. All have been located through driving for dollars and mailing the absentee owners. I’m amazed at home many people hate D4D, but I’ve been super successful with it, so much so that we went from zero MF properties to 6 (73 units) in 2 years.

@Vincent Plant

I used Chris Nese at apiexchange.com 3 times, I’m happy to share his email if interested. They were incredible, took care of all of the heavy lifting and were incredibly patient with us. The first time we had no clue what to expect and they really took their time to explain everything.

@David Lund

This is a great topic, 2021/2022 were incredible years of growth for us. I've been MIA on BP for a while and this is a great way for me to try to get back on here. Between 2021/2022 we went from 5 duplexes and a few SFR's to owning 6 apartment complexes and having 73 units total.

Goal 1) to close a contract we have on a 24-unit, bringing us to 97 units.

Goal 2) to get under contract and close on a few other smaller MFR's and push us over 150 units.

Goal 3) take more time off my digital devices and focus more on family time. This has been something that’s been haunting me and is the most important to me. I’ve already started this one.

I cross posted this a week ago and am running into a dead end, any help would be VERY appreciative, whether it's guidance or a company that does this.  I am under contract on a property that currently has a HUD HAP contract and has had the HAP contract on it since the '80's. The seller is the original owner and has no HUD backed loan on the property, in fact they have no loan at all. I was told by our local HUD representative that we would have to fill out a HUD form 2530 and go through the Transfer of Physical Assets (TPA) process to complete the purchase of this property, even though we are not going to purchase this property with a HUD backed loan. The bank we have used to purchase of all of our properties and multi-families is a commercial lender willing to lend the money for this property, so we will not be using any HUD resources. I'm having trouble finding someone who can help me through this process and/or someone who can answer any in-depth questions about it. Is anyone here a pro at these sales/purchases that would be willing to help me out?  I understand I may need an attorney or hire a company, but want to find the right resource.

Thank you again,

Does anyone know if anyone who could help with this?

I am under contract on a property that currently has a HUD HAP contract and has since the '80's. The seller is the original owner and has no HUD backed loan on the property, in fact they have no loan at all. I was told by our local HUD representative that we would have to fill out a HUD form 2530 and go through the Transfer of Physical Assets process to complete the purchase of this property, even though we are not going to purchase this property with a HUD backed loan.  The bank we have used for the purchase of all of our properties and multi-families is a commercial lender willing to lend the money for this property, so we will not be using any HUD resource.  I'm having trouble finding someone who can help me through this process and/or someone who can answer any in-depth questions about it.  Is anyone here a pro at these sales/purchases that would be willing to help me out?  

Thank you all in advanced.

They did this to me on my second card, I have multiple LLC's and decided to open a card for each. The second one I opened, they hit me with a $4500 limit, I dropped $4,000 on it the first month and paid it back in full as soon as it was due. I did this for about 3 months and called them and told them it was getting silly for me to use the card with such a small limit. After some back and forth they went to $10k and another 6 months later I called them again and now it's $20k. Just be proactive, once they see you're responsible they'll raise it.

Investment Info:

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

Purchase price: $151,000
Cash invested: $215,000

This is a 16-unit multi-family complex that consists of 4 buildings with 4 apartments in each building, all one level.

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

We owned 2 SFR's and several duplexes, I was ready for the next step.

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

I found this property driving for dollars and sent the owner a letter, 3 month later I sent them a follow-up, another 3 months later I sent another. Finally the owner responded to me and we started to negotiate the transaction. Several months later we closed on the 16-unit complex and we began rehab immediately. We just finished up the rehab and have been fortunate enough to rent all of the units out as soon as each became available. This deal also led to us going under contract on three other multi-family complexes with the seller.

How did you finance this deal?

Commercial financing and some self-funding of rehab.

How did you add value to the deal?

Remodeled 12 of the 16 units and raised rents in 12 of the 16 units. Once the remaining tenants move out, we will eventually remodel them as well and raise the rents on those as well.