All Forum Posts by: Matt Moreland

Originally posted by @Stephen Robertson:

@Billie Philpott

@Matt Moreland

Hi Billie, @Austin Hughes and I host and operate the Lubbock Real Estate Investors Group. We meet for lunch at the Orlando's on Avenue Q the third Tuesday of each month (12-1). There is no cost to attend (except for the lunch you order). We'd love to have you join us for our next meeting on May 21st. If you'd like to PM me your email address and phone number, I can add you to our mailing list so you receive updated about our event each month. We provide a presentation at each meeting about a topic of interest to RE investors, though most people seem to be the for networking more than anything else. I recently left my job and the support I've received from other members while transitioning (and rebranding) as a FT investor has been an amazing blessing.

We don't charge any dues or pitch any products/services, but we do make recommendations when we find something we like and are building a vendor discount list.

Matt, I tagged you as you mentioned knowing of several meetings but I don't think I've had the opportunity to connect with Tory yet at one of ours. We'd love it if you could join us for our May 21st lunch!

 I'll be there at this next one! I had been when it was at Skyviews but I don't think that you and I ever got the opportunity to chat. I'll make sure come and to say hello on the 21st!

@Billie Philpott

Welcome to BP!! Hope to connect with you soon, there are lots of us here on BP that invest in the Lubbock market. There are also several meetups that you’ll have to start going to and making sure you get to know everyone!

Best,

Matt

Originally posted by @Peter McDonough:

Tony, check out this RentCafe article on the decreased rents:

https://www.rentcafe.com/blog/rental-market/apartment-rent-report/rentcafe-apartment-market-report-october-2017/

Very interesting article, thank you for sharing this, Peter. I'm really curious as to how the average rent number was collected by Yardi Matrix for Lubbock. 

With the average rent being listed as $888 for the city of Lubbock, that leads me to believe that the "decrease" on paper is due to the large influx of student properties having rent listed by the bed as opposed to by the unit which is very common with the large resort-style properties. 

It is a fairly common misconception that the new student properties are cheaper, when in reality a 3 bedroom 2 bath renting for $700/bed is going to go for $2100/mo without utilities whereas a SFH of the same quality may rent for $1300-1600+/mo. My initial suspicion is that Yardi is measuring those several thousand rent rates listed in the upper 100s lower 1000s as individual units as opposed to the combined units they make up, which would explain the abysmal 8.8% drop in rental rate that I simply am not seeing.

I may stand to be corrected if the area researchers for YM account for that and determine how many of those listed rent rates are in a unit, but I could definitely see it being due to the speed at which they are having to collect all of the data for each market.

Do we have anyone from Yardi Matrix on the forums that would have some more insight on this?

@Tony Sawah Congrats on the second duplex! In my personal investing experience here in Lubbock, I have not seen any decreases in rent. The route I chose was newer build properties that would appeal to everyone, especIally working professionals desiring somewhere nicer than any non-student apartments. Seeing consistent rent growth with those in addition to healthy appreciation due to location in the path of growth. Lubbock is growing quickly, and the edges of the city seem to get further out each year. I actually worked at McDougal here in town as their investment analyst running the numbers on all of those multifamily developments mentioned above. Now that I am an agent focusing on commercial and multifamily, I definitely have a unique perspective. I would love to hop on a call and dig in deeper with you on the matter if you’re interested. A few recommendations on commercial lenders: •Centennial Bank (Travis Marlar is phenomenal) •City Bank (Sonny Garza) •PlainsCapital Bank (David Quintanilla) Hope this helps!

Hi, @Kyle Green! There are much more knowledgeable individuals when it comes to the Amarillo market, but I would be more than happy to connect you to some multi family deals in the Lubbock area. Feel free to reach out if you have any questions or want to discuss the Lubbock area further! Best, Matt

@Zachary Jones 1. Plenty to choose from here in town. Jordan and myself are both actively involved in the local market. I focus primarily on multifamily acquisitions and divestitures across the high plains and west Texas, and in addition to rental properties for clients in the Lubbock area. 2. A few to look into, but definitely give them a call and speak with them personally: •Carrie Broadus at McDougal •Russ Moore at Minnix 3. •Centennial Bank (Travis Marlar is great) •City Bank •Plains Capital A note on lenders — these local guys are able to provide much more favorable terms than an online or remote lender due to their extensive knowledge of the community (and oftentimes the asset itself). As Jordan said above, we typically see on-purchase cap rates in the 10-12% range on C class multifamily assets around here. Feel free to reach out with any questions you might have, and congratulations on making the great decision to invest in Lubbock!

Hi, Ryan!

Great question. Typically, the answer to that is going to be no. Usually anything within 1-4 units will not qualify for a commercial loan. However, this is not always the case as I have seen instances of LLCs acquiring commercial loans on sets of single family rentals between 2-4 units purchased as a package on one contract.

My best advice would be to talk to your preferred lender if you have one and see what they can do, or to call around to several banks and see what options are available to you.

Specializing in the purchase & sale of investment properties for individuals and institutions alike. I not only bring my personal experience as an investor with a multi-million dollar portfolio, but also my background in financial modeling and consulting to the table. These factors, combined with transaction experience and the network I have built across the country provide me with an overwhelming amount of leverage to help you accomplish your goals. 

Give me a call or shoot me a message today. (806) 224-1161
[email protected]

***CHANCE TO INCREASE TO MARKET RENT***

Beautifully updated 3/2/2 with refinished hardwood flooring, updated bathrooms, massive kitchen space with modern tile, vinyl wood plank flooring, new paint, new roof, new HVAC, and a massive corner lot. Tenant has been paying the same rent since 2014 ($1,040/mo) and knows that it is well below market ($1,400-1,600). Tenant is currently on month-to-month lease and wants to stay, but knows rent will need to increase.

Great opportunity for long-distance investors who want a steady and low-maintenance property that is cash flowing positive and has someone living there with pride of ownership. Tenants would like to stay another 6+ years, so if negotiated properly you could have a reliable long-term tenant.

Seller is willing to provide $2,000 allowance with acceptable offer. Bring all offers, and let's make something happen. See link below for more information or to schedule a showing:
More Info: 4802 41st St.

@Chandler Priest Hi, Chandler! Glad to see some other Lubbock folks wanting to invest in our community! I’m a local investor myself, and am always excIted to see others gettIng Involved. As far as Realtors go, I myself specialize in investment property sales here in the area, and would be more than happy to recommend several other peers so that you can find the best fit for you. For banking here in town, many of my clients and colleagues have had great experiences with Southwest Bank, City Bank, and the TTU Federal Credit Union. Please feel free to reach out with any questions you might have! Best, Matt Moreland