All Forum Posts by: Account Closed

@Barbara Hlavaty Thank you! I see that you're from Lubbock so you would definitely know. :) 

@Andres Reales Sure! It was an off-market deal sourced privately from a commercial broker.  We've spent quite a bit of time building relationships with brokers in the markets we want to invest in and we've found that's made all of the difference!

@Nick Bennett Thank you!  We're really excited about the market...we have a lot of investors in the Midland/Odessa area that love investing in Lubbock as well. Cheers!

@Abel Curiel Hey Abel! Thought I may be able to help if you ever need feedback from someone in one of the higher-end Masterminds. I'm a member of Mark Kenney's group - just wanted to clarify that it's $35K but then your 2nd year renewal drops down to $10K. And you're right- it's not pocket change...and you'd want to be at a place where you're ready to dive in when you do commit at that level.  We were close to having our first large multifamily under contract and knew that we couldn't do it without the right mentor which is why it made sense for us to jump in. Good luck in your search- congrats on starting the journey! If I can be of ever be of any help please reach out. Cheers! 

Investment Info:

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

Purchase price: $8,381,000

This project consists of 2 properties, Mission Villas and Riverstone Apartments, totaling 173 units. They are located within a block of each other, in an excellent location right off the main loop of the city, and within walking distance to the city’s premier mall. While they are about 4 miles away from Texas Tech University, they are primarily comprised of a workforce demographic.

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

We are excited to execute the business plan of renovating 132 units, increasing rents, and capturing additional income that is being charged by adjacent properties. The appraisal came in before close with $1.8M day 1 equity. The appraisal is based on stabilizing the property and does not account for additional upside from renovations & raising rents.