All Forum Posts by: Lara Kimbrell

@Michael Ealy Well done!! I am trying to negotiate an industrial property with a similar plan.

I have a couple of opportunities to buy nice 1970s hotels for $15-20k/door. The rooms are large enough to convert into studio and 1 bedroom apartments.

I would love to talk with those who have done this to discuss your experiences.

I am analyzing an empty multifamily building (around 75 units) in LA that is for sale and being delivered empty.

I am having a bit of trouble running sales comps and rent comps because I can’t tell which sold comps were full or empty. I’m sure with rent control issues, that affects pricing.

Any tips or resources that might help?

@Joshua Rosenwald my team is investing in San Angelo and Hobbs. Are you in these markets also?

@Michael Le I am in Texas. My team has some deals in the works over 100 units B/C class. We are looking for sponsors to partner with.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $250,000
Cash invested: $48,000
Sale price: $399,000

I took a nice house in a great neighborhood and gave it a 2019 update. We opened up the kitchen, den, and living area to an open concept great room with an eat in island. Top finishes for this Bellaire beauty.

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

High return on a project in a highly desirable Houston neighborhood that did not experience flooding.

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

I found this deal on MLS among all of the post-Harvey flood houses.

How did you finance this deal?

I used hard money and a private lender to fund.

How did you add value to the deal?

I changed the floor plan to be open concept, completely rewired the house, complete remodel of the kitchen and bathrooms with modern features and design.

What was the outcome?

The house sold quickly for full asking price.

Lessons learned? Challenges?

The big challenge here was with the GC who would not meet our time deadlines. Finish work was shoddy, and I had to hire another contractor to finish the job and redo some poorly done finish work. It took much longer than it should have taken to get it to market.

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

Armando Solis is the excellent contractor who saved the day. I highly recommend him.

Awesome! I look forward to meeting you both @Bruce Petersen and @AndrewCaton

Thank you, @Rick Versace. Great information. I find myself in a similar situation. I am working with my partner on our first multifamily acquisition. We have the deal, have raised most if not all of the $5M equity raise, and I am working with a lendor. We need an experienced deal sponsor to meet Fannie Mae requirements as well as net worth and liquidity requirements. 

I am attending Michael Blank's Deal Maker Live event later this month in Dallas, and I look forward to networking with possible deal sponsors. I will be bringing copies of my deal and all of the numbers to share with those who might be interested. Any other suggestions on how I can be best prepared at such a large national networking event?

@Michael Hakes I use reonomy to locate apartments in my area of interest. The cost of the least expensive package is easily recouped in time saved.

Then it’s usually an easy task to find a number to cold call the owner or manager.

@Michael Ealy thanks for sharing your story. Overcoming adversity is a common thread in high achievers, I’ve noticed. Well done!